Ethereum Network Noted Major Growth in 2017, Analytics Firm Claims

The Ethereum network is growing at an accelerated pace. With hundreds of tokens issued on top of this technology, things look rather promising. Additionally, there’s substantial growth in the number of dApps making use of Ethereum’s technology. All of this seems to hint at a bright future for this project in general.

Ethereum Attracts a lot of People

The overall interest in the Ethereum ecosystem cannot be denied. Alethio’s Christian Crowley recently shared some interesting statistics regarding this particular situation. According to the company’s analytics, Ethereum is now home to over 700 tokens issued on top of this blockchain infrastructure. Most of the tokens adhere to the ERC20 standard, albeit some are exploring ERC223 as well.

While that is impressive, it only tells part of the story. The more intriguing statistic is how there are over 1,000 dApps live on in development. These distributed applications make use of the Ethereum blockchain in many innovative ways. Accessing these dApps is also becoming a bit easier thanks to a handful of dedicated efforts.

Perhaps the most impressive statistic is the transaction throughput. Alethio claims close to 1 million transactions are processed per day. Considering how nearly 100,000 new users join the network daily, that number will continue to increase. Whether or not the network can handle it, however, will be a different matter altogether. Scalability remains a pressing problem in the cryptocurrency world.

What Comes Next for Ethereum?

All of the statistics provided by Alethio paints an interesting future for Ethereum. All aspects of the project are of great interest to many different users and companies. The number of potential applications for blockchain technology is virtually limitless. With close to 30 million unique ETH addresses, another milestone is about to be reached later this year.

On the technical side, the protocol will undergo big changes as well. The switch to proof-of-stake is inching closer every week. While not a full-fledged removal of mining right away, it will introduce some major changes regardless. Given all of the negativity surrounding cryptocurrency mining’s electricity usage, such a switch seems more than warranted.

Everything looks very positive for the future of Ethereum. Even so, things are always subject to change in the world of blockchain and cryptocurrency. Other projects are also making their mark on the dApp and token industry these days. Competition is always a good thing, especially in the world of blockchain and cryptocurrency. How that will play out for the world’s second-largest cryptocurrency by market cap, remains to be seen.

 

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