Ethereum may have become the main platform for the development of distributed applications (dapps). However, the issue of its scalability is driving developers to think about other platforms. Several notable projects have been relocated from Ethereum, choosing new platforms such as NEO and Stellar as their preferred platforms.
The market seems to be excited by the emergence of these blockchains. Due to strong encryption market adjustments in February this year, tokens strong performance, trading platforms such as eToro now begin to support NEO. These new partnerships, Stellar, have also been floating around. The adoption rate will only further help them in the password field their respective positions.
However, this should not remove the Ethereum's achievements to date. The platform has played an important role in introducing more crypto activity participants. Many blockchain startups have used the platform for token sales during the past year. It is also the most popular blockchain and smart contract development platform. According to the situation in Dapuzhou, there are already over 1,090 dapps now. Ether is a symbol of the Internet, it is the second largest cryptocurrency currency, the market value of more than 91 billion US dollars.
In particular, more and more projects are now gaining traction and usage is also increasing. The total transaction volume of Ethereum blockchain in February of this year has reached 160 million times, which is a considerable achievement since the blockchain was launched only in mid-2015. In contrast, Bitcoin's blockchain has recently reached 300 million transactions, even though it has been around for almost a decade.
Ethereum's popularity is not without compromise. As usage increases, more scalability issues are revealed. Unfortunately, scalability is not exactly its core strength for this platform. Blockchain currently uses proof of consensus algorithms that require a large amount of computing power to execute. The network can handle about 10 transactions per second (TPS). Compared with Visa's network, this figure is quite low, with an average of about 2000 TPS per year, which can handle the peak of 50,000 transactions.
The recent popularity of the virtual game CryptoKitties underscores Ethereum's scalability issues. The game allows users to own and breed virtual cats, which have proved very popular. The game launched in December last year, the transaction volume surge, bottleneck Ethernet network. This has a negative impact on the performance of other dapps running on the platform and is important enough for several companies to rethink their platform choices.
