Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance
Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance.
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Source: Chain News
Original title: Ethereum's performance in the past five years based on five major indicators
Original title: "From 2015 to 2020, the performance of Ethereum in five indicators"
Author: Signor_ Yuan
What is the overall performance of Ethereum from 2015 to 2020? Five indicators: blockchain, trading, market value, network, and activity, let me tell you the answer.
We know that Ethereum has Cryptocurrency (ETH) that can be used for payment. Like other blockchains, Ethereum has the characteristics of being difficult to tamper with and decentralized. Ethereum is the world's leading programmable blockchain. On Ethereum, we can code various smart contracts. At present, thousands of developers have developed various decentralized applications (dapps) through Ethereum.
From 2015 to 2020, Ethereum has never stopped its pace of development, and now it has played an important role in the field of smart contracts. We can see the performance of Ethereum through Tokenview's on chain data and five indicators.
Block performance - Ethereum has exceeded 9191593
At 23:59:03 on December 31, 2019, Ethereum unveiled the last block in 2019, and the height of Ethereum block reached 9191593. We recorded this moment through the ETH block browser ETH.tokenview.com developed by Tokenview.
Since the Ethereum main network was launched in 2015, as of December 31, 2019, the space occupied by Ethereum nodes has reached 3304GB, while the Bitcoin network at this time is 300.9GB.
In order to stabilize the blasting time, Ethereum has a difficulty bomb that constantly increases the difficulty of mining. Since the value provided by the Ethereum difficulty bomb increases once every 100000 blocks, it never decreases, and shows exponential growth, so at a certain point in time, the difficulty bomb will rapidly increase the network difficulty, causing the block output speed to decrease sharply. This phenomenon began to appear in May 2017. From September 22 to October 15 of that year, Ethereum took about 30 seconds to produce blocks, twice the average time. This phenomenon lasted for 24 days. On September 29, 2017, Ethereum took 30.5 seconds to produce blocks, the highest time in history, and only 2829 blocks were produced on that day. In order to solve this problem, on October 16, 2017, Ethereum carried out a Byzantine bifurcation, created new rules, and then improved the whole system. The Byzantine bifurcation significantly reduced the difficulty of mining, which significantly improved the transaction speed of Ethereum platform, but the mining reward also decreased from 5 ETHs to 3 ETHs. After the bifurcation, Ethereum once again recovered to about 6000 pieces per day. In December 2018, this problem reappeared, and Ethereum conducted Constantinople& St. Petersburg was upgraded to delay difficulty bombs and significantly improve platform efficiency, but mining rewards were reduced from the previous 3 ETHs to 2. After this upgrade, Ethereum has returned to the level of 6400 blocks per day. On October 5, 2019, the Ethereum difficulty bomb showed its influence again, and the average time of block production increased. Although Ethereum was upgraded in Istanbul in 2019, it mainly improved the underlying protocol of Ethereum and the overall performance, and did not include plans to delay the difficulty bomb. On January 1, 2020, Ethereum upgraded Muir Glacier, aiming to delay the difficulty bomb again. After the upgrade of Muir Glacier, the current block time has been reduced by about 25%, and the sunrise block has reached the previous average level of 6000+.
Transaction performance - the number of Ethereum online transactions has exceeded 611556651
As of December 31, 2019, the number of Ethereum network transactions has reached an astonishing 611556651.
On January 5, 2018, the number of transactions of Ethereum on that day reached a record high of 1271577. On January 12, 2020, the number of Ethereum transactions exceeded 523000, which was less than the number of transactions in the peak period, but Ethereum network transactions were still very active, while the number of Bitcoin transactions in the same period was less than 320000. According to statistics, the total transactions of Ethereum Network in 2019 exceeded 144.2 billion dollars, and the total transfer fees exceeded 37.4 million dollars. Although Ethereum has transferred more and more Stablecoin to ETH with lower fees, the total transaction volume is still lower than Bitcoin.
From the data chart of Ethereum's daily trading volume in the past four years, it can be seen that Ethereum's daily trading volume has increased significantly since May 2017, and on January 14, 2018, it set a historical record of Ethereum's single day trading volume with a trading volume of more than 34.25 billion dollars. The heat gradually calmed down until the end of February 2018.
Market value performance - Ethereum market value exceeds US $15.8 billion
After less than five years of development, Ethereum's market value today has exceeded 15.8 billion US dollars. On January 15, 2018, the ETH price soared to a record high of $1389.18, and the market value of Ethereum exceeded $134.7 billion. Although there is a big gap between this achievement and today's market value of Bitcoin of $150.9 billion (the highest was over $325 billion), as the first programmable blockchain launched online, Ethereum has achieved good results. With its outstanding characteristics, it can be expected that it will continue to maintain its dominant position in the smart contract platform for some time in the future.
Network performance - the latest mining difficulty of Ethereum is 2.09P, and the computing power of the whole network is 160TH/s
The consensus algorithm adopted by Ethereum Network is POW (proof of work), that is, Proof of work mechanism, that is, more work, more pay. The difficulty of mining across the entire network is a relative value relative to computing power, which is dynamically adjusted and represents the output value per T of computing power per unit time. The greater the difficulty of the entire network, the smaller the output value of computing power per T. As mentioned earlier, Ethereum has been increasing the difficulty of mining over time through the difficulty bomb. After Ethereum enters 2.0, in addition to achieving higher scalability and decentralization, it will realize the transformation of consensus mechanism from POW to POS (proof of equity). The existence of difficulty bombs is also to prevent miners from boycotting the conversion from POW to POS. However, as mining difficulty continues to increase, the impact of difficulty bombs can only be continuously delayed through upgrades before achieving the conversion. Through the following trend chart of mining difficulty, we can also verify that the three upgrades in the history of Ethereum successfully delayed the difficulty bomb, reduced the mining difficulty and maintained the activity of miners.
Ethereum Berlin hard fork is tentatively scheduled for June this year, when Ethereum may increase the block size from 1M to 8M, and Ethereum 2.0 will bring more capacity and more transactions per second to the platform. The transformation from POW to POS will also reduce hardware waste. Tokenview will continue to focus on the next Ethereum upgrade and related discussions.
Activity performance - Ethereum has 206356 new active addresses and 40664 new addresses
The number of active addresses and newly added addresses are important indicators for measuring blockchain activity. The number of active addresses refers to the total number of addresses that have undergone at least one transaction within the unit cycle, while the number of new addresses refers to the total number of newly created addresses (containing at least one type of asset) within the unit cycle.
We extracted data from the active and newly added address data graphs from January 1, 2019 to January 12, 2020. It can be found from the data that the minimum number of new addresses added by Ethereum every day is 28140, and the number of new addresses on November 28, 2019 exceeded 630000. On June 16, 2018, Ethereum had nearly 1.55 million addresses in transaction, reaching the peak in this period. It is worth noting that on January 12, 2020, the number of new Ethereum addresses was 43119, and the number of active addresses on that day exceeded 250000. The Ethereum network is currently maintaining good activity.
summary
Since 2015, Ethereum has gone through nearly five years. Whether Ethereum lovers, Ethereum investors or developers of Ethereum, the feelings of Ethereum must be inexplicable. In December 2018, Ethereum fell to a record low price of $81.93, compared with the record high price of $1422 in January of the same year, which undoubtedly hit the confidence of many Ethereum fans. But at the beginning of 2019, Ethereum returned to the second place in market value. The price on January 7, 2020 was $143.8.
It is undeniable that although Ethereum has such advantages as programmability and rich development tools, it is not perfect. Ethereum does have such defects as poor scalability, a large number of counterfeit tokens, and performance bottlenecks. But through the five performances of Ethereum shown in the above data, we also recognize its success and great potential.
With more and more applications based on Ethereum, the market demand for ETH and its liquidity are also increasing. The recently popular DeFi (Decentralized Finance, namely decentralized finance or distributed finance) is mainly built on the Ethereum network. Although DeFi is not unique to Ethereum, it is undeniable that many DeFi inspirations were first practiced on Ethereum, and DeFi has become the core focus of the smart contract platform.
In 2020, eight major currencies including BTC, BSV, BCH and ZEC will be halved. If successful, Ethereum 2.0 will also be launched this year, and the switch from PoW to PoS will be realized. Vitalik, the founder of Ethereum, also replied in the Ethereum Chinese community that Ethereum 2.0 may be launched in the first quarter or the second quarter of this year. In any case, for Ethereum, 2020 will be a very important year and the most noteworthy year. What will happen to Ethereum next, whether Ethereum can continue to dominate the smart contract platform, and whether it can continue to provide sufficient power for DeFi ecology, remains to be seen.
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