We’ve all been focused on Bitcoin, the Chinese ICO ban and Ripple’s lawsuit woes that it seems we have missed Ethereum slowly growing in the number of users as well as the computational power.
Yesterday, the Ethereum network achieved a new record, processing over half a million of transactions in less than 24 hours.
While the usage of the network is increasing exponentially, its fees remain unchanged. Holding a cheaper price than many other networks, most of its transactions can be completed at around $0.70.
It is predicted that the network will increase in its volume as the Metropolis hard fork comes along with many anticipated upgrades for Ethereum. Byzantium, the first half of the fork, will be brought online on September 17th.
This volume increase is very encouraging for Ether investors, however, it is very important that the Blockchain implements scaling solutions to handle this volume in the near future. As the volume increases, the scaling solutions are critical at providing a good service to the users.
