The Healthy Growth Of Bitcoin Network
A large number of traders have not been able to make money this year due to the market correction that stopped the occurrence of bull in 2017. The price of Bitcoin ranged between $6 and $9. Despite the fact that the industry has been campaigning for more numbers, the vlogger has focused his videos on the security of the system. He explains in his video that the hash rate of Bitcoin has increased by 300% implying that more and more people are taking time and money to mine the coin. This also implies that the system has become more secure due to the consistent growth of the ledger.
The vlogger goes a step further and states that the hash rate of Bitcoin is estimated to be worth $100 million. Despite the negativity brought about by harsh critics who are experts in financial matters Bitcoin network has survived and remained alive. Some of the critics have nicknamed Bitcoin rat poison but the coin has continued to gain popularity and security. The governments have also struggled with coming up with rules and regulations that guide the network.
The vlogger explains that the network on Bitcoin has continued to experience significant growth than what was expected and the start. Similarly he Ethereum network has experienced the same level of growth experienced at the Bitcoin network. The famous developer program Truffle has continued to be downloaded by many users due to the lowering of the price. The program is much cheaper compared to what it was in January. According to statistics, there are 50,000 downloads of Truffle have been recorded every month. It is forecasted that more than 500,000 developers will come on board by the end of the year.
50,000 New Developers Added To The Ethereum Network
After pointing out the statistics, the vlogger got a lot of reactions from his followers on Reddit. Some said that he was misguiding the masses of people by spreading such inflated numbers making the members look like fools. However other followers were more positive. One follower supported the numbers saying that it might include institutions and organizations.
However, the numbers should not just amaze the followers but the amount of effort being carried out by the developers. The Ethereum network has developers that have been able to create unique contracts and other decentralized applications. According to the vlogger, only 900 Dapps had been developed by the end of 2017 but today they have developed more than 1,500 Dapps. He predicted that by the end of 2018 2,000 would have been developed.