For the first time ever, Ethereum yesterday had more than 400,000 transactions, a record for any public blockchain, and around 40,000 higher than Bitcoin’s record day.
The high transaction volumes haven’t caused much movement in Ether prices though, which have been pretty stable at around $300 over the last week.
Even though prices aren’t increasing much yet, the transaction numbers means the network is being used. And if it’s being used more than the other frameworks, then maybe the Ethereum framework has some intrinsic value, which at some point will ultimately be reflected in the price.
There definitely isn’t any lack of speculation in price increases in the community. Ethereum’s next major update, named Metropolis, is probably only a couple of months away. In the 35 days leading up to the last protocol upgrade, Homestead, Ether prices rose 430 percent, and investors are hoping it will see a similar run this time around.
Metropolis is bringing several protocol improvements to improve scalability, increase privacy, and reduce inflation. Among the most interesting updates is Zk-SNARKs, known as zero knowledge transactions, which will bring the privacy features of ZCash and Monero to Ethereum transactions. Users will have the option of sending transactions privately rather than having their address displayed on the blockchain. Basically, this will allow you to send money completely anonymously, and no one will know who sent how much to whom.
The upgrade also lets smart contracts pay for a transaction instead of users. This would allow the recipient or middleman in a transaction to cover the transaction fees rather than forcing the sender to pay. As a result, it will be easier for end users to use Ethereum-based applications, as they won’t have to buy Ether in order to conduct transactions.
The Metropolis update could also reduce inflation since it will reduce the mining reward by around 40 percent, from 5 Ether per mined block to 3 Ether per block.
TheBitcoinNews.com – Bitcoin News source since 2012
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored or guest posts, articles and PRs are NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise