What Happens During 60 Seconds on the Most Popular Blockchains (August 2017)
Hello Everyone,
Another great day for crypto and the total market cap is breaking recording, currently on 121 BILLION US DOLLARS. If you think about it, it’s pretty crazy and not conventional for a rational market. If you remember around April 2017 the total market cap was 25 billion which means that we have around 500% growth. Together with all the hype, ICO boom and speculations I decided to dig into the actual activity on the different blockchains.
I woke up in the morning, sat in front of my computer with my morning coffee and decided to do a small research about the average number of transactions on the top 7 cryptos (Please note that I could not find any data on NEM and IOTA so I just skipped them). Now the logic behind my research is: If we think about the mass adoption of blockchains we need to take a look at the amount of activity in the network and at the end of the day this activity is mostly measured with transactions.
So I went and collected the data from the different blockchain explorers and calculated (manually :) ) the average number of transactions of the last 7 days per 60 seconds. These are the results I got:
To be honest with you, I was pretty stoked to find out the XRP is leading by far and currently, around 339 transactions are executed per minute which is 49% of the total transactions within these blockchains (Isn’t that surprising? ). In addition, Bitcoin holds only 19% of the total transactions with 135 transactions per minute and Ethereum passed it with 173 transactions per minute which are 25% of the total transactions. As you can see all other blockchains are relatively neglect-able.
Just to compare it with traditional use cases, VISA, is currently processing around 2000 transactions per SECOND - which leads to the conclusion that blockchains have a lot of potential growing up.
These numbers make you think ha?? I wonder how this chart will look like one year from now.
Please feel free to write any thoughts, questions or comments. Any feedback is welcome.
I wish you a great day!
BTC Tx volume will hit a wall eventually as the transaction fees are highest among all cryptos. XRP has some of the lowest fees and bankers use it. So that's expected. ETH was never meant to be a Cash Alternative.
In few years time the volume will favor Dash and NEM more and more.
I heard IOTA has no fees. Yes, zero Tx cost. I'm looking forward to see how that would turn out to be.
Steem does 630,993 per day or like 14 per second, 'which is more than Bitcoin and Ethereum and Litecoin COMBINED!' pls refer to https://steemit.com/steem/@jerrybanfield/1-data-point-proving-the-value-of-steem
That's an amazing statistics. At the end of the day, I believe that transactions number is the best indications for adoption. Do you agree?
I agree, the fact is that many cryptos are so called 'roadmap' cryptos or 'white paper' cryptos, without much to show (yet). Steemit on the other hand is widely used (300,000) and successful in rewarding positive social interactions via internet.
Great post, this is a really good point about the potential of cryptocurrencies. The strength comes with the mass use of them. It seems like Ripple is doing quite well!
The lower the barrier of entry will be, the more transactions you will see.
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