As investors seek the “next Bitcoin”, Ethereum has held slow dominance. It was passed by Ripple (XRP) briefly two times in a years time, in May of 17′ and a week and a half ago. However, currently, it remains the clear second on the market by almost $60 billion. Both development teams on Bitcoin and the Ethereum network are facing the same issue, scalability. Transaction times on the Bitcoin blockchain have slowed exponentially and yesterday transaction times were around 2,000 minutes. The current fees associated with withdrawing Bitcoin and converting it to your fiat currency on Coinbase is currently around 60% (BTC/CAD). This is to cover the cost of the slow transaction time and the high fee. Bitcoin.org has even changed their website’s language, as you can see from the comparison photo below.
The lightning network is the project that is supposed to speed up the current Bitcoin blockchain, by adding a “layer” to the top of it for micropayments. Its current test net is running and it is being used but has endured several bug issues.
Ethereum’s main development team is working on scaling the Ethereum blockchain by way of quadratic “sharding.” In a Github post posted two days ago, the founder of Ethereum, Vitalik Buterin, points out the specs as to what sharding will look like. He held a developer meeting recently and anticipated that the fourth phase should be completed “in a month and a bit.” “Then from there we’re going to try and shard it into a working test, a kind of test network,” Vitalik said. If the Ethereum team can get this up and functioning faster than the lightning network, this could mean big things for the cryptocurrency. As you can see from the chart below, Ethereum’s market cap is just under $84 billion from Bitcoin’s market cap and could very well pass the coin this year. What do you think? Leave your thoughts in the comments below.
- Cyberthreat 2018 event aimed at UK cyber techies
- UK local councils under massive cyber attack pressure
- Java vs Go: Which programming language is best to learn?
- A quarter of British adults trust social media platforms with their data: Survey
- Five ways new businesses can benefit from Artificial Intelligence