Today, Ethereum made history by processing one million unique transactions in a 24-hour period.Ethereum is the first digital currency to pass this momentous threshold. The news comes after previous reports that the digital currency already processes more transactions than all other digital currencies combined. In some ways, the one million transaction milestone seemed inevitable. The currency observed a rate of growth continuously boosted by its own momentum. This snowball effect reached its highest point with CryptoKitties, an Ethereum-based blockchain game that recently congested the network due to its popularity. The high volume of transactions could have significant impact on the future of the fintech industry, as it signifies growing adoption and reaffirms the need to future-proof the currency’s supporting technology.
In its current state, industry experts like Vitalik Buterin agree that the platform cannot sustain its growth. The network faces congestion and huge energy consumption that continues to increase alongside its number of daily transactions. Regardless, in the battle to inspire global adoption, Ethereum processing more transactions is good news for the currency. Continuing to sustain this growth is reliant on overcoming latent issues with blockchain technology. Proposed solutions come in many forms, and Buterin and team have outlined their plan to have the same transaction capacity as Visa within a few years.
Despite Ethereum surpassing all other digital currencies in terms of transaction volume, Bitcoin is still regarded as the world’s leading digital currency. This is due to Bitcoin’s increasing mainstream popularity, and it’s high value and market cap. However, overthrowing Bitcoin is not necessary for success. Ethereum saw a significant rise in price over the last few months, and its developers intend for it to become far more than just a measure of value. The Ethereum blockchain is the backbone for many exciting projects in the blockchain industry. With the platform continuing to prove itself on a global scale, it seems increasingly likely that mainstream adoption is on the horizon.Image credit: TechCrunch
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