Ethereum Surpasses One Million Transactions For the First Time Since December – Trustnodes

Ethereum Surpasses One Million Transactions For the First Time Since December


Ethereum has seen an increase of 200,000 transactions in just one day, rising to above one million for the first time in months.

In line with price, ethereum’s transaction levels have been gradually increasing from around a bottom of 500,000 to now above one million, but what caused this significant jump yesterday is unclear.

There were reports Binance was “doing a very bad job of sweeping: wasting gas, DOSing network, and leaving 0.005 in all accounts.”

Binance apparently accounted for 50% of all gas usage on the day, but now it appears things have returned to normal.

Yet a gradual increase in transaction numbers is now to be expected, with a ceiling at around 1.4 million per day. That means some headache for developers as the network is put under temporary strain.

Péter Szilágyi, an ethereum developer, says in reply to an individual suggesting geth was not running very smoothly.

“What you’re experiencing is not Geth getting worse, but the Ethereum chain pushing the limits of what the existing codebase can handle.

Two years ago the Olympic Ethereum network fell apart multiple times and clients couldn’t keep up syncing… that was 8GB in size, current Ethereum mainnet is 1TB for an archive node.”

A complaint we’ve anecdotally heard for quite some time. They then usually say Parity is a lot better as far as synching. There is competition between the two teams, but we do hope they have co-operative competition.

Beyond just protocol developers, other devs now have a responsibility to be very thrifty with on-chain usage.

Payment channels can be used in many instances, Truebit like solutions can be applicable. There are many optimizations dapp developers should utilize if for nothing else then because it is probably cheaper.

That’s because fees might soon begin to rise. Once the ceiling is hit, there would be competition to get in, and that competition would be through price.

All of it, however, is temporary. Hybrid Casper should allow for some increase in capacity. Arguably miners could also probably increase the gas limit to around 2MB, there are small optimizations at the network level.

One such optimization was launched only last month. So perhaps our 1.4 million ceiling is better estimated at around 2 million, but even there, at some point, there might be some temporary inconvenience.

That’s until sharding launches, which might optimistically come out in 12-18 months. At which point the network would be able to handle around 100 million transactions a day.

Even then, however, dapps should be a bit thrifty in utilizing the blockchain. So perhaps this temporary period can be used by dapps to implement such optimizations.



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