Missed by half, it's time to refocus on ethereum

Title of original article: "from 2015 to 2020,5 indicators to see the performance of ethereum"

Signor_Yuan Tokenview

From 2015 to 2020, ethereum has never stopped growing and is now a major player in smart contracts. Let's look at the performance of ethereum through Tokenview's ethereum chain, through the 5 indicators.

Block performance - ethereum has over 9,191,593 blocks

At 23:59:03 on December 31, 2019, ethereum released the last block of 2019, with the height of ethereum reaching 9,191,593. We recorded the moment using eth.tokenview.com, the eth blockbrowser developed by Tokenview.



Since ethereum's main network launched in 2015, as of December 31, 2019, ethereum nodes have occupied 3304 gigabytes of space, compared with 300.9 gigabytes for the bitcoin network.

In order to stabilize the burst time, ethereum has a difficulty bomb that increases the difficulty of mining. Because ethereum's difficulty bomb provides a value that increases every 100,000 blocks, never drops, and increases exponentially, at some point the difficulty bomb will quickly increase the network's difficulty, slowing the speed of the block. Appeared the phenomenon started in May 2017, when the solstice on 22 September October 15, during the etheric fang a piece of time consuming in 30 seconds, the average time consuming, the phenomenon lasted for 24 days, on September 29, 2017, the etheric fang out piece takes reached the highest in the history of 30.5 seconds, the block only 2829.

To solve this problem, on October 16, 2017, ethereum implemented a Byzantine fork to create new rules that improved the whole system. The Byzantine fork significantly reduced the difficulty of mining, which significantly increased the transaction speed of ethereum platform, but also reduced the mining reward from 5 ETH to 3. After the split, ethereum returned to around 6,000 units per sunrise. The issue resurfaced in December 2018, when ethereum launched Constantinople & in the wee hours of March 1, 2019; St Petersburg was upgraded to delay difficulty bombs and greatly increase platform efficiency, but the dig bonus was reduced to two from the previous three ETH.

After this upgrade, ethereum returned to the level of 6,400 units per day. On October 5, 2019, ethereum's difficulty bomb once again showed its effects, with the average block time increased. Although ethereum received an Istanbul upgrade in 2019, the main upgrade was to ethereum's underlying protocol and overall performance, with no plans to delay difficulty bombs. On January 1, 2020, ethereum underwent the muir glacier upgrade, which was designed to delay difficulty bombs again. After the muir glacier upgrade, the current block release time was reduced by approximately 25% and the sunrise block reached the previous average level of 6000+.

Trading performance - more than 611,556,651 transactions on ethereum net & NBSP;

As of December 31, 2019, the number of transactions on ethereum had reached a staggering 611,556,651.



On January 5, 2018, the number of transactions on ethereum reached an all-time high of 1,271,577. Ethereum had more than 523,000 transactions on January 12, 2020, not nearly as many as it had at its peak, but still very active, compared with fewer than 320,000 transactions in bitcoin. According to statistics, the total transaction value of ethereum in 2019 exceeded $144.2 billion, and the total transfer fee exceeded $37.4 million. Although ethereum has been able to transfer more stable COINS to ETH with lower fees, the total value of transactions is still lower than bitcoin.



As can be seen from the chart of daily transaction volume of ethereum in the past four years, the daily transaction volume of ethereum began to increase significantly since May 2017, and the transaction volume of ethereum on the day of January 14, 2018 exceeded 34.25 billion us dollars, which set the record of daily transaction volume in ethereum's history. The fever didn't return until the end of February 2018.

Market cap performance - ethereum is worth more than $15.8 billion



After less than five years of growth, ethereum is now worth more than $15.8 billion. On January 15, 2018, ETH prices soared to an all-time high of $1,389.18, giving ethereum a market value of more than $134.7 billion. The scores as the currency today the market capitalisation of $150.9 billion (the highest Zeng Chao $325 billion) has a larger gap, but as the first to launch programmable block chain, already has a good performance of the etheric fang, with its outstanding features, can be expected in the future for a period of time will continue to keep their smart contract platform's dominance.

Network performance - ethereum latest mining difficulty 2.09p, total network computing power 160TH/s

The consensus algorithm adopted by ethereum is POW (proof of work), that is, workload proof mechanism, that is, more work, more gain. The difficulty of mining the whole network is a relative value relative to the calculation force, which is dynamically adjusted. It represents the output value per unit time of every T calculation force. The more difficult the whole network is, the smaller the output value of force per T. As mentioned earlier, ethereum increased the difficulty of mining over time through the difficulty bomb. After ethereum enters 2.0, in addition to achieving higher scalability and decentralization, the consensus mechanism will be transformed from POW to POS (equity proof). Difficulty bombs also exist to prevent miners from boycotting the transition from POW to POS, but as the mining difficulty continues to increase, the impact of difficulty bombs can only be delayed by upgrading until the transition is achieved. Through the following chart of mining difficulty, we can also verify that the three upgrades in eaeum's history have successfully delayed the difficulty bomb, reduced the mining difficulty and kept the miners active.



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 greater capacity and more transactions per second to the platform. Implementing the POW to POS conversion will also reduce hardware waste, and Tokenview will keep an eye on the upcoming ethereum upgrade and related discussions.

Activity performance - there were 206356 new active addresses and 40,664 new addresses in ethereum
The number of active addresses and the number of newly added addresses are important indicators to measure the activity of block chain. The number of active addresses refers to the total number of addresses where at least one transaction has occurred in a unit cycle, and the number of new addresses refers to the total number of addresses (containing at least one asset) created in a unit cycle.



We captured the data of 1 solstice of January 2019 and 12 of January 2020 from the data graph of active address and new address. According to the data, ethereum added as few as 28,140 new addresses per day, with more than 630,000 new addresses added on November 28, 2019. On June 16, 2018, ethereum had nearly 1.55 million addresses transacting, a peak for that period.

It is worth noting that on January 12, 2020, the number of new addresses added to ethereum was 43,119, and the number of active addresses on that day exceeded 250,000. Ethereum network is currently maintaining a good level of activity.

conclusion

Ethereum has been around for nearly five years since 2015, and the feelings of ethereum fans, ethereum investors, and ethereum developers are hard to describe. Ethereum hit a record low price of $81.93 in December 2018, beating the all-time high of $1,422 in January of the same year, which undoubtedly dented the confidence of many ethereum fans. But by early 2019, ethereum was back in second place. The price on January 7, 2020 is $143.80.

Admittedly, ethereum's programmability, rich development tools, and other advantages are not perfect. Ethereum does have shortcomings such as poor scalability, a large number of counterfeit tokens, and performance bottlenecks. But we also recognize the success of ethereum, and its potential, based on the top five Numbers.

Based on the increasing application of ethereum, the demand for ETH and its liquidity are also increasing. The latest craze, DeFi (Decentralized Finance), is largely based on ethereum. Although DeFi is not unique to ethereum, there is no denying that many of the ideas for DeFi were first put into practice on ethereum, where DeFi has become the core focus of the smart contract platform.

In 2020, the eight major currencies including BTC, BSV, BCH and ZEC will be cut in half. Hopefully, ethereum 2.0 will launch this year and switch from POW to POS. Ethereum founder Vitalik also responded to ethereum's Chinese community, saying that ethereum 2.0 could launch in the first quarter of this year, or in the second quarter. Either way, 2020 will be a big year for ethereum, and one of the most interesting. What happens next for ethereum, whether ethereum can continue to dominate the smart contract platform and provide sufficient momentum for the DeFi ecosystem remains to be seen.

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