Ethereum has been one of the most promising platforms when it comes to the world of blockchain technology. The platform has been ranked among the top names in the world of cryptocurrency and blockchain led innovations for years - the value of the ETH cryptocurrency token grew by 9000% last year and is expected to do even better in 2018.
Vitalik Buterin, the founder of Ethereum believes that it is the technology powering a cryptocurrency that makes or breaks the currency’s value in the long run. A large number of people have shown immense faith in the technology that Ethereum brings to the table. The Ethereum blockchain is quite different from that of the Bitcoin blockchain and many even believe it to be superior.
While only time can tell which of the two is the superior platform, the Ethereum blockchain was originally created because of the limitations of the Bitcoin blockchain. Ethereum networks allow users to do much more with the help of decentralized applications which run on the platform. People can also make transactions and purchases using these apps.
These decentralized apps and programs that are running on the Ethereum blockchain are causing a daily transaction of Billions of dollars - over $23 Billion was traded in the last 24 hours - nearly a Billion dollars every hour. Another statistic that might blow your mind is that this is worth all transactions on Bitcoin, Bitcoin Cash, Litecoin, Dash, BTG and ETC put together!
The Ethereum Blockchain handles these immense loads really well. While transactions worth $23 Billion were easily processed - though a little slower than usual, it was still better than the Bitcoin blockchain which would have tanked out at the thought of these massive volumes. At a time when Bitcoin transaction fees is rising and the network congestion is causing things to move really slow, Ethereum stands out as a shining example of a better blockchain technology.
However, Ethereum isn’t flawless either. There has been a major slowdown of the Ethereum blockchain and transactions are taking much longer to process. However when compared to how other cryptocurrencies might handle this kind of a load, Ethereum does stand out better and more prepared.
Moreover, with Ethereum networks getting congested, the team of developers is looking at solutions. For now it appears that the Casper Protocol, as well as techniques such as second level scaling will help ease things out. Unfortunately, it might take as many as five more years to scale the entire blockchain.
For many who have faith in the Ethereum networks, this is a sure-shot indicator that in the long run Ethereum will overtake Bitcoin. However - such speculations have been going on ever since Ethereum was conceptualized.
Vitalik Buterin, the Ethereum co-founder has been rather dissatisfied with people investing in cryptocurrencies for the money and not for the technology. He feels that the industry at large isn’t serious enough. His fears are valid too. However, if anything, this stellar performance adds a validation to Buterin’s belief that in the long run it is more about the technology than about the price.