Fork and scalability

Since the recent hard fork, the difficulty and reward for mining were adjusted. On the 18 of October, the Ethereum network managed to process more than  500K transactions, around 5,000 more than its previous high, as usage has seemingly considerably increased in the previous months.

With the network now almost instantly confirming transactions in just 15 seconds, Ethereum is one of the fastest decentralized public blockchain.

What is awesome is not only the decentralized network is faster to process and verify transactions, the price also had a diet. As the network is able to clear the queue of pending transactions, the price you need to use as gas drastically decreased to $0.006 which is awesome considering an Ethereum transaction can carry any amount of money through the world.

Scalability is an important parameter when you’re developing solutions based on the blockchain and the Ethereum technology is moving in the right direction with the development of solutions able to scale as networks like banks in the future.

We definitely expect the amount of transactions to grow due to the adoption of the technology by big institutions and the release of decentralized applications (Dapp) that were founded in the recent ICOs. In the following weeks and months, working on the amount of transactions per day is an important problem and the Ethereum team and contributors should be proud of their hard work! (and hard fork)

Leave a Comment