Posted on

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.

Posted on

Cardano’s (ADA) Sponsored Distributed Futures Research Releases Uses Case

Cardano (ADA) is of the blockchain project driven by research. The fact that the blockchain platform evolved from research and boasts of advanced features than any protocol yet developed, these attest to the scientific philosophical evolution that it claims.

To better make Cardano appear outstanding, Cardano Foundation, the overseer of Cardano invests enormously in research, believing that it will give the blockchain platform the opportunities to stand on the shoulder of giants –scientific researchers and philosophers.

In an announcement today, Cardano foundation declared that the Long Finance’s Distributed Futures research programme, which is sponsored by Cardano Foundation is launching its latest report entitled “Smart Ledgers & Collective Defined Contribution Pensions”.

According to the announcement, the report, which is a work of quality researchers, expatiates how Smart Ledgers could be used in pensions. The research is led by Dr. Con Keating, who is Head of Research at Brighton Rock Group, Associate Professor Iain Clacher of the University of Leeds, and Research Fellow David McKee of the University of Leeds.

Today, followers of trends in technology see Smart Ledgers as the ‘next big thing’ in technology. This technology evolved from a combination of mutual distributed ledgers known as blockchain: multi-organisational databases. It is used for cryptocurrency since 2009.

Smart Ledger comes with embedded programming and sensing, giving it the advantage to combine semi-intelligent with autonomous transactions.

Although, the report would be made public on Wednesday, 25 July, the research stands as the latest use case on Smart Ledger revealed by the joint research.

The statement states that the report aims at providing “an overview of how and where Smart Ledgers could be used in pensions, and in particular how pension schemes could be administered using such technologies.”

“Smart Ledgers are likely to be useful in all forms of pension structure e.g., defined benefit, defined contribution, hybrid schemes, and collective defined contribution.”

The report shows the way in which Smart Ledgers could serve as a platform for pension arrangement.

Cardano has been investing in technology to better its platform. The idea has researchers as its bedrock.

loading…