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Ethereum is Back in the Game: Daily Transactions Reach Yearly Highs. Smart Contracts and DApps Gain Popularity

While it is true that Bitcoin is grabbing everyone’s attention after its strong bullish spree, Ethereum is not lagging, and after a dark stage, it seems to be arousing the interest of users around the world.

Following a positive performance in term of prices, Ethereum proved that
it defeated the bearish sentiment. In recent days its usability has exploded
beyond the economic dimension, reaching a record of daily transactions never
seen in the whole year.

According to Etherscan, the number of daily transactions recorded in Ethereum was 908,208 on May 16, 2019. This figure had not been reached since May 4, 2018.

Ethereum is showing a peak in daily transactions

However, it is important to note that while last year’s peak was a trend
anomaly, which then recorded a sharp decline, now the number of Ethereum’s
daily transactions seems to have a sustained upward trend that began in
February of this year.

The gradient of this trend is very similar to that recorded in 2017 when Ethereum became very popular.

There are similarities in how fast Ethereum is growing. Comparison between 2017 and 2019
There are similarities in how fast Ethereum is growing. Comparison between 2017 and 2019

An Increase in DApps and Smart Contracts Show that Ethereum Has More Use Cases Besides Financial Transactions

While the number of transactions is proof of the increasing public interest in this blockchain another important fact to consider is that of how much Gas users consumed. As it is known, Ethereum is a blockchain oriented to the development of DApps and Smart Contracts and the more complex these developments are, the more Gas they will consume.

According to Etherscan the total daily Gas used on the Ethereum network exceeds 45 billion Gas, with a peak of almost 50 Billion by May 7, 2018. This represents 133% compared to February.

The amount of GAS consumed suggest that more complex tx are happening
The amount of GAS consumed suggest that more complex tx are happening

Also, ETH Gas Station shows that an average transaction requires a consumption close to 21000 GAS, however, the average of Gas consumed during the month strongly exceeds this amount.

This could show that beyond simple economic transactions, the public is
using more DApps and Smart contracts that require higher consumption because of
their complexity.

So far, Ethereum is the blockchain with the most active developments. Recently Joe Lubin (co-founder of Ethereum) and Jimmy Song (Bitcoin evangelist) made a bet on the adoption of DApps within 5 years. Lubin believes that by that time Dapps will be extremely popular, while Song believes that this trend will be a failure. 

The post Ethereum is Back in the Game: Daily Transactions Reach Yearly Highs. Smart Contracts and DApps Gain Popularity appeared first on Ethereum World News.

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Stellar Registers 500% Increase in Active Accounts During the Last 6 Months

The Stellar Network continues to grow not only in terms of market capitalization but also in the interest it generates in the public. XLM favorable behavior has led it to increase its price to the point of surpassing Bitcoin Cash, displacing it from fourth place in the ranking of most important cryptocurrencies by capitalization.

According to data obtained from Stellar Expert, a Block explorer and analytics platform for Stellar Network, its growth has been especially strong during the last half of the year.

Stellar started the year 2018 with 162,847 active accounts. By mid-year —in the climax of a bearish streak — over 512k accounts had been registered. However, after that, and during the last semester of 2018, Stellar’s expansion was remarkable, exceeding 2 million active accounts.

These figures represent more than ten times the number of users the network had at the beginning of 2018 and five times the number of registered users registered at the start of the second half of the year.

Stellar’s official Reddit account shared the news with emotion, commenting that “It took almost four years to get from 0 to 1,000,000 accounts, and only two months to double the number” This prompted a series of responses in which users shared their impressions about what could be the causes of such extraordinary growth.

2,000,000 accounts from Stellar

For many users, the most important causes of growth are the massive airdrop conducted on the occasion of the partnership between Stellar and the famous wallet and the exponential growth of Diruna, an Indonesian project that seeks to develop a Marketplace based on Stellar technology.

The airdrop announced by the Stellar Foundation consisted of more than $20 in XLM for every user of the famous wallet (formerly known as and its hardware wallet. The total amount of the airdrop is $125 million, making it the most substantial airdrop token in the history of cryptocurrencies.

Likewise, the growth of the Diruna project has registered more than 1,000,000 active accounts, which makes it one of Stellar’s most important developments. Diruna is an online marketplace project that allows payments in DRN, a token that runs on Stellar’s blockchain.

The post Stellar Registers 500% Increase in Active Accounts During the Last 6 Months appeared first on Ethereum World News.

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Top Exchange Binance Eyeing $1 Billion in Profits for 2018

CRYPTOCURRENCY EXCHANGES–Leading cryptocurrency exchange Binance is thriving despite 2018 seeing a massive downturn in pricing for cryptocurrency. As alluded to last month by Arthur Hayes, co-founder of exchange BitMex, the falling price of cryptocurrency has yet to dampen the growth most exchanges are seeing throughout 2018. While investors scramble to secure their funds and find profit in the bear market, exchanges continue to win through their model of trading fees and other miscellaneous charges such as for withdrawals. Compared to traditional brokers, such as E-Trade, Charles Schwab or other stock picker portals, the fees imposed on crypto-based transactions are minuscule, often costing users less than a quarter of a percent of the total value transferred.

Ben Delo, who founded BitMex alongside Arthur Hayes in 2014, made headlines earlier in the week when it was revealed by The Daily Mail that he had become the youngest self-made billionaire in Britain’s history, and the first “bitcoin billionaire” to emerge in the United Kingdom. Clearly, despite the tug-of-war capital flowing in and out of the industry of cryptocurrency, exchanges and their employees are managing to flourish in the uncertain landscape of the market.

Binance, currently ranked number one among cryptocurrency exchanges by daily trade volume, has told Bloomberg it expects to turn a profit of $500 million to $1 billion by the end of 2018. Despite the exchange facing significant technical difficulties throughout last week, which brought trading to a halt and raised the ever-present concern of a hack (and also gave investors the iconic response “funds are safu”), Binance CEO Changpeng Zhao told Bloomberg the company netted 300 million USD in revenue through the first half of the year, with the customer base growing past 10 million users.

While other exchanges such as Coinbase have boasted a higher customer base, Binance has managed unreal growth through the first year of its existence. Zhao founded the exchange in July 2017, after raising 15 million USD through an ICO. The company now experiences an avegrage turnover volume of 1.5 billion USD daily, with the customer base growing from a reported 2 million users to start the year.

Given the murky landscape of cryptocurrency exchanges, the lack of regulation and the potential for government crackdown in many countries around the world, the competition for trading platforms has been scant compared to the profit to be made. In addition, established exchanges such as U.S. based Coinbase have struggled to capitalize on demand, being accused by Business Insider of having insufficient resources to handle their customer load as well as a 134 pages of complaints filed with the SEC.

Compared to Coinbase, which offers four cryptocurrencies to buy and sell, Binance is a near-industry leader in cryptocurrency selection for trade. However, it suffers from the ease of use and accessibility that other mobile-based platforms provide to customers. As it stands, the average investor just getting into cryptocurrency will find some difficulty navigating to Binance, even if the registration process itself is fairly simplistic. But, that only reveals how much room the exchange has left to grow, and the untapped customer base it can expand into.

With the acceptance of cryptocurrency exchanges as banks and financial institutions in South Korea, and the looming possibility of regulation in a number of other countries, the landscape of exchanges could swell as companies and entrepreneurs look to capitalize on the massive trading profit.