New Diar Study: “Ethereum Touched Record Highs for It’s On-Chain Transaction Volume During December 2018”
According to a report released by analytics firm Diar yesterday, the total number of Ethereum on-chain transactions hit an all-time high last month (December 2018). To be a bit more specific, we can see that the number of tx’s scaled up to a mammoth 115 million by the end of December 2018.
On the above-stated matter, the folks over at Dair were quoted as saying:
“In terms of transaction count on-chain, the ‘supercomputer’ has found stability since October bobbing between 16–17 million monthly transactions.”
More On The Matter
At press time, it is worth mentioning that the number of on-chain ETH transactions associated with the United States dollar is currently at a 22-month low. For those who may not be aware, the U.S. dollar’s on-chain value last year lay around the $815 million marks (a figure that was pegged to be $1.1 billion in 2017).
In its report, a researcher for Diar further noted:
“A 97 percent drop in on chain transaction value from the peak in January versus December 2018 was, by and large, the cause of an 80 percent drop in Ethereum's price.”
Chart Showcasing the Monthly ETH On-Chain Transaction Volume (Source: Diar)
Other Information Worth Considering
- Processing charges associated with the ETH network are unlikely to interfere with the ecosystem’s growth because the network currently offers users with some of the lowest fees for on-chain transactions.
- The recent ETH Constantinople hard fork was delayed due to the discovery of a security vulnerability (that could have potentially allowed for the occurrence of a ‘reentrancy attack’).
For those of our readers who may not be aware of what a reentrancy attack is, it is essentially a vulnerability that allows potential hackers to steal altcoins from a particular smart contract by repeatedly requesting funds from the network (all while feeding the system wrong information about the miscreant's real ETH balance).
In rounding off this article, it is worth remembering that once the Constantinople upgrade goes live, it will be able to introduce cheaper gas costs (transaction fees) for some of the central operations (primarily storage) that can be carried out within the Ethereum network.