Block Production for Ethereum is Picking Up After Constantinople Hard Fork
Block production has commenced on the Ethereum network, after its implementation of the Constantinople hard fork on the 28th of February.
The New Ethereum
The block commencement activation also initiated the EIP 1234, as ETH goes back to its initial difficulty standards.
ETH proponents also recorded a 9-second increase in block time, moving from 22 to 13 seconds.
The Ethereum working team had anticipated achieving a proof of stake based network a lot earlier. Regardless, the ETH network has maintained the mining process as an alternate solution.
New Ethereum Mining Landscape
The hard fork has also reduced the reward to 2 ETH/ block, this reduced reward may imply that there won’t be an open season on block mining.
Considering the reduced mining rewards, mining has only improved by a bit, to slightly above 151TH/s.
Ethereum Vs. Bitcoin
According to info published by Blocktivity, the ETH network processes about 529,000 transactions per day. Surprisingly, the BTC network processes over 674,000 transactions per day.
This is contrary to previous reports, as the ETH network processed a lot more daily transactions than that of BTC. The relative decline in transactions was due to the decline in activities pertaining to their ICO, and reduced distributed App adoption.
The ETH price has been relatively stable at about $137, after a failed attempt of achieving the $200 range. The trade volumes of ETH are currently about $4.2 billion per day, as ETH is usually traded in pairs. ETH still records a volume of about 13% of all trades.
The dAPP Effects
As documented as at the 8th of March, MyCryptoHeroes leads the bunch of ETH based dApps, with 1,700 users per day. Although most ETH dApps have an average of less than a thousand users per day.
TRON and EOS dApps daily usage far exceed that of ETH based dApps, as data by DappRadar records daily users in their thousands.