The number of transactions with the world’s second largest cryptocurrency has once again crossed the one million per day threshold. The event reminds many of a similar scenario that happened in December 2017. While it is indeed excellent news, some reports suspect much wastage of Ethereum gas.
Binance Responsible for the Spike in Transactions
Ethereum saw a sudden increase of 200,000 operations on May 4, 2018, as a result of unknown reasons. Similarly, at the end of 2017, transactions along the network saw a sudden spike of over 150,000 in just a few days.
According to , the last time transactions crossed over 1 million per day was on February 1, 2018. In March and April, the number fluctuated between 500,000 to 750,000. However, what caused the sudden spike as of late is a bit of a mystery.
However, a Twitter user to Binance as the culprit and explained that the exchange had been “doing a very bad job of : wasting gas, DOSing network, and leaving 0.005 in all accounts.”
. are you purposefully buying half of all transactions, while using bad startgas and leaving dust in 10,000's of accounts?
— epheph (@epheph)
The user also shared a , showing proof that the Binance Wallet was performing multiple transactions in a minute, wasting gas. He also shared an image via tweet highlighting that one address is accounting for 50 percent of all transactions. The address belongs to Binance, which accounted for half of the gas used on May 4, 2018.
The more the gas wasted means, the higher the fees on the network. However, the following day the transactions went back to normal and left the network only temporarily strained.
(Source: )
Temporarily Straining the Ethereum Network
is the life of Ethereum network. Gas is the unit by which calculates the amount of computational effort required to complete operations on the network. Otherly, Ethereum gas is how the network estimates how much fees are to be paid for transactions, smart contracts or ICO’s.
In related news, an Ethereum developer Péter Szilágyi responded on to an individual pointing that is not running smoothly, Szilágyi stated:
“What you are experiencing is not Geth getting worse, but the Ethereum Sidechain pushing the limits of what the existing codebase can handle. Two years ago the Olympic Ethereum network fell apart multiple times, and clients could not keep up syncing [that] was 8GB in size; current Ethereum mainnet is 1TB for an archive node.”
In comparison, as per Blockchain.info, per day amount to 185,312, which indicates that Ethereum processes five times more transactions per day than .
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Strategic investing looks a lot different than it did just a decade ago. New and more powerful technologies have made some approaches obsolete while elevating the importance of things like computer algorithms and digital platforms. As wrote last spring, “The quants run Wall Street now.”
Since the start of 2017, cryptocurrencies are further altering the investment landscape by making it more diverse and creating lucrative markets where none previously existed.
Crypto markets are an increasingly compelling opportunity for all types of investors. Individuals are captivated by the intrigue of new digital tokens, and they are encouraged by the potential for more robust returns than through any other investment medium. Even institutional investors are beginning to forge a path into crypto markets.
Regulated bitcoin futures contracts offered by Chicago-based exchanges CME and Cboe are a compelling investment opportunity that are . Even banking giant is said to be getting in on the crypto action.
However, despite their popularity, crypto markets remain uniquely unpredictable. They are frequently characterized by wild price swings that can feel random and violent. Trading cryptocurrencies can be a daunting experience for the uninitiated.
What’s more, slow transaction speeds with high fees are a hindrance to more robust blockchain adoption that can further proliferate such markets.
In other words, while cryptocurrencies are exciting and progressively popular, their capabilities often leave much to be desired.
Now a new platform powered by a forward-thinking digital token is offering solutions that can enhance the future of financial markets.
ThinkCoin Powers the Platform of the Future
, a new digital token on the network, presents a tangible solution to problems related to asset trading, blockchain speed, and cost efficiency. This TCO token powers TradeConnect, a soon to launch blockchain-based financial asset trading platform.
Although TradeConnect is an early-stage platform, it’s ready to offer FX and CFD trading upon its launch. As it continues to advance, the exchange will provide trading options for commodities, derivatives, options, bonds, and other products. In total, TradeConnect will provide an outlet for trading any financial asset in the world using blockchain technology.
In a nod to the transformative power of the blockchain, TradeConnect eliminates the need for brokers or intermediaries in the investment process. Using built-in blockchain tools like smart contracts and tokenized value exchanges, interested investors are connected directly with willing sellers. This makes the investment process cheaper and more efficient for everyone. Rather than charging commissions, the platform is maintained by connection fees, which are based on the type of trading product, and those terms are laid out in the predetermined smart contract.
If the last decade has taught us anything, it’s that large financial institutions are fraught with challenges and their outsized, centralized nature doesn’t do them any favors. With TradeConnect, investors always maintain control of their money, and they aren’t burdened by substantial fees or commissions that typically accompany the use of a big bank.
The platform’s wallet will accept several of the most popular digital currencies including , , , dash, litecoin, and monero. To ensure speed and flexibility, all trades are processed off the blockchain, but those records are later uploaded to the chain where they remain immutable, auditable, and secure. This will make the process more efficient so that users can focus on making wise investments, not on the viability of their technology.
All of this is enabled by the ThinkCoin digital token, which is currently in presale and has a public ICO starting in May. A demonstration version of the TradeConnect app is available now in the Apple and Google Play app store.
Financial markets are quickly changing to adjust to new technologies and new investor proclivities. This comprehensive ecosystem is diverse and digital, and new platforms are helping it to thrive. ThinkCoin is emblematic of the broad investment priorities dominating the market. Things like smart contracts, p2p connections, and robust payment represent a bright foray into the financial future.
BTCManager does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as investment advice.
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