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Ethereum Now Handles More Transactions Than All Digital Currencies Combined
- tromp 9y agoTo support this high transaction rate, Ethereum is also growing the full node storage requirements at an alarming rate: http://bc.daniel.net.nz/ http://bc.daniel.net.nz/
- tempay 9y agoWhat does the CPU usage graph represent?
- shazow 9y agoEthereum has a different blockchain design and ledger security properties than Bitcoin, an archival node is not required for a similar level of security (and is quite extraneous). From Vitalik, on the link you shared: > That chart is highly misleading. 300 GB is the size of a full archive node, which stores the history, present state and all historical states. The state itself is only ~1-2 GB and the history is ~10 GB. A pruned node would still store the full state and history, and so would be able to recompute any historical state if you really needed it, but it would only consume around 20 GB. If you only care about present state, you can go much lower. https://www.reddit.com/r/ethereum/comments/6zcoja/10_gb_in_2_days_as_a_bitcoiner_serious_question/dmuglq3/?context=1 https://www.reddit.com/r/ethereum/comments/6zcoja/10_gb_in_2... More interesting details in this subthread: https://www.reddit.com/r/ethereum/comments/6zcoja/10_gb_in_2_days_as_a_bitcoiner_serious_question/dmuht8y/?context=1 https://www.reddit.com/r/ethereum/comments/6zcoja/10_gb_in_2...
- gruez 9y ago>Ethereum has a different blockchain design and ledger security properties than Bitcoin, an archival node is not required for a similar level of security (and is quite extraneous). doesn't bitcoin also have a feature similar to this? except bitcoin's pruned node takes ~3GB rather than etherum's 20GB.
- shazow 9y ago> doesn't bitcoin also have a feature similar to this? except bitcoin's pruned node takes ~3GB rather than etherum's 20GB. No, not in the same way. A pruned Bitcoin node loses validation/state that you can't reconstruct, it does not have the same security properties. See the links in my comment.
- TD-Linux 9y agoYes, it is in the same way. In both cases you keep enough state to verify future transactions but not enough to rebuild up to the current state if it were to get corrupted. I don't see anything in your links that says otherwise.
- makomk 9y agoThe difference is that it's possible for new Etherium nodes to sync up using just the current state without having to trust the node they got it from or process the history, whereas new Bitcoin nodes have to either process the entire transaction history themselves or trust someone to give them a valid state copy. Also, pruned Bitcoin nodes are more analogous to Etherium nodes which only store the current state without any history (~1GB according to that link). I think the pruned nodes vbuterin talks about are roughly equivalent to unpruned Bitcoin nodes.
- TD-Linux 9y agoNope, Ethereum fast sync has to trust that peers don't give it an invalid state (it checks that all it's peers have the same state, but that is much weaker protection). https://github.com/ethereum/go-ethereum/pull/1889 https://github.com/ethereum/go-ethereum/pull/1889
- CryptoPunk 9y agoA 25 GB pruned Ethereum node is the same as a Bitcoin full node. A pruned Ethereum node is one that has pruned all intermediate states (the state refers to all account balances at a given block), which Bitcoin full nodes don't store (Bitcoin full nodes only keep a copy of the latest block's state, Ethereum full nodes keep a copy of every block's state). So a pruned Ethereum node and a Bitcoin full node both have the entire transaction history and the current state.
- deleted 9y ago[deleted]
- joosters 9y ago1) They've conveniently ignored many crypto coins with high transaction levels 2) It's believed that 68% of all ethereum transaction value is controlled by just one system - https://blog.cyber.fund/huge-ethereum-mixer-6cf98680ee6c https://blog.cyber.fund/huge-ethereum-mixer-6cf98680ee6c - A large number of ethereum transactions are just mixing coins to hide ownership.
- DennisP 9y agoWhich coins with high transaction levels do you mean? I'm not aware of other fully-public blockchains that have comparably high levels, though maybe I'm missing something. With permissioned chains it's much easier to reach high throughput. The so-called mixer has been debunked here before. It actually looks like exchanges, and the temporary addresses they generate for deposits. That does mean that a large portion of transactions are with exchanges, but that shouldn't surprise anyone, and would be the same on Bitcoin.
- joosters 9y agoBitShares and Steem, for example : http://blocktivity.info/ http://blocktivity.info/
- CryptoPunk 9y agoBitShares and Steemit are both highly centralized. Their architecture is very similar to a traditional server client set up: they have a small number of trusted nodes, and non validating clients that depend on them. And the transactions in Steemit at least are generally very low value, with 1-cent upvotes and article/comment entries making up the bulk of them. In comparison, the average value of an Ethereum transaction is $10,000.
- joosters 9y agoCentralized or not, they are still digital currency, or crypto coins, both use a blockchain. The centralization is a moot point, you are picking at hairs. The value of the transactions may differ, but at least the Steem transactions are more likely to be 'real', that is to say they are transferring value from one person to another. See my earlier comment about how a large proportion of ethereum 'value' is merely shuffling coins between different wallets of the same owners.
- mrwong 9y agoBitcoin was a good proof of concept, the true value will come from things like Ethereum and others. Even thought the ICOs are in a clear bubble right now, the mechanism behind the ICOs is a solid one and could provide low friction VC funding for the next generation of Start Ups. Taking out rent seeking institutions like Private Equity banks, VCs and traditional banks will create a lot of value. Ethereums first mover advantage for the ICO market will proof to be of a huge value in the race for the dominating world crypto currency.
- joosters 9y ago...the mechanism behind the ICOs is a solid one... Only if you ignore the very large risk of SEC enforcement, given that most ICOs are securities. (and claiming that ICO investments are 'donations', like some have tried, isn't going to cut it!)
- mrwong 9y ago95% of People on this planet are not affected by the SEC. (they live outside of the US)
- alexasmyths 9y agoThe same entities in other parts of the world will take similar action, because of the inherent problems with ICOs as a financial instrument. But it won't matter - the SEC won't have to do anything. After the flood of ICO's this year - investor will see how most of them are bust, and will pull their money out. The market will correct itself on that one.
- mrwong 9y agojust like the market corrected after Bitcoin hit 1$ the first time 10$ the first time 100$ the first time 1000$ the first time. 8000$ the first time. Sure markets correct, but somehow the ride continued. I love how Silicon Valley was ridiculing industries like print, brick and mortar commerce and old-media for not adopting to the new future technologies. But now that something appeared that challenges SVs status quo, they do just the same and dismiss it. I think this shows that legacy thinking is a psychological problem and not an IQ problem.
- heheocoenev 9y agoThis is wrong. bitshares and steem both handle more tx’s than ethereum.
- seansoutpost 9y agoI came here specifically to make this point
- billylindeman 9y agoThis is wrong. STEEM has the highest transaction rate
- seansoutpost 9y agoThis is really misleading. ETH may handle more than the top crypto m by market cap, but Steemit and Bitshares dwarf all of these combined by number of transactions.
- CryptoPunk 9y agoSteemit and Bitshares aren't decentralized cryptocurrencies: https://news.ycombinator.com/item?id=15766583 https://news.ycombinator.com/item?id=15766583
- ftlio 9y agoYou consider Ethereum to be decentralized? I don't see its governance structure being any different than neoliberal central banking. Hence Ethereum Classic.
- uhhhhhhh 9y agoTitle: Ethereum Now Handles More Transactions Than All Digital Currencies Combined Digital currency does not require decentralization, not sure why you and others keep bringing this up. They aren't claiming to be the biggest decentralized, they're claiming to be the biggest digital currency period.
- pakitan 9y agoYou may be correct from a strictly technical point of view but then "digital currency" becomes a meaningless term. After all, one could argue that USD is a "digital currency" as well, given that cash transactions are a minuscule part of all transactions. Also, I can easily devise a "digital currency" which handles billions of tx/s...between address A and address B.
- uhhhhhhh 9y agoOne could argue you can stretch any term to mean something and then it becomes meaningless. That doesn't make the argument valid. In your case, you're wrong because Digital Currency means "Only Digital", where the form of exchange is of information not something physical. FIAT currencies are pretty much all excluded by definition. Digital currency is the criteria THEY specified. When making vague hand wavey claims to your superiority, you should expect people to point out how silly it is to make vague hand wavey claims and how that usually means the claim is BS. If they wanted to compare to decentralized blockchain based p2p currency then they should have said that. They didn't, so any digital currency that beats them in transactions proves them wrong. Its really not that hard to make truthful statements. "We're the highest transaction decentralized digital currency on the market". One additional word to clarify and no one here is arguing this point.
- g09980 9y agoFor those who don't follow the markets, ETH just cleared its all-time-high of $420 about twenty minutes ago. This is a big deal because such numbers weren't seen since June.
- nvr219 9y ago> $420 nice
- viach 9y agoDoes it also mean that Ethereum blockchain size is growing faster than all digital currencies combined?
- js4 9y agoWho cares. The protocol has so many other issues. Anyone who has worked with ETH will tell you that it isn’t really designed as a currency. A large chunk of the transactions are exchanged who must transfer deposits to other addresses. This is a hack that everyone does because Ethereum doesn’t allow you to send from multiple addresses reliably. Also tracking deposits from contracts is a nightmare. The nodes don’t work well at scale. Contracts can’t be changes (so you have things like the issues with parity multi sig contracts). The list goes on and on.
- Buttes 9y agohttps://ethereum.stackexchange.com/questions/19640/how-to-send-from-multiple-accounts-to-the-one-account-in-the-contract https://ethereum.stackexchange.com/questions/19640/how-to-se... Hah wow you weren't kidding. Amateur hour. To add to your list: no checksum for addresses. If you typo the recipient address, the client will happily render your ether unspendable.
- remcob 9y agoEthereum doesn't use UTXO like Bitcoin, so there is no inherent need to spend from multiple accounts. If you still want to do so, it's easy to write some smart contracts that allow you to do this. I don't see the use-case though. Also, there are checksums for addresses: https://github.com/ethereum/EIPs/blob/master/EIPS/eip-55.md https://github.com/ethereum/EIPs/blob/master/EIPS/eip-55.md I don't know anyone who would manually type an address though.
- joosters 9y agoIf you aren't meant to type in ethereum addresses, why does all the ethereum software provide a textbox to let you type it in? Are they doing this to let you shoot yourself in the foot? Are they plain malicious or just extremely dumb? While you may not know anyone who manually types in an address, there are plenty of stories about people who do (and make a typo) on reddit & other discussion boards.
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- kapauldo 9y agoIs there any way to know which transactions are for goods and services and which are for speculation? That is a necessary number to interpret this headline.
- EGreg 9y agoMore than Ripple? Can someone substantiate this claim with data?
- jstewartmobile 9y agoHN is in bad shape when blatant clickbait like this makes it to the top.
- rothbardrand 9y agoSaw an analysis awhile back that over %60 of Ethereum transactions are from a mixer. So artificial.
- chanfest22 9y agoThese 24h transaction volumes are simply not correct. https://www.cointracker.network/rates https://www.cointracker.network/rates
- marmalade92 9y agoI see so many 0.01 ETH transactions, are those included?
- koksikus 9y agosteem handles more transactions than top 20 combined. I like how they ignore half of the market.
- lee101 9y agoLooking like ethereum is very mature technology these days, it's the companies and smart contracts that are built on ethereum that are a risk now, much like Bitcoin how we have centralization from having exchanges or wallets like coin base everyone uses. Keep up to date with the live forecasts at https://bitbank.nz https://bitbank.nz Ethereum doing fairly well recently