On December 19th, 2017, Ethereum became the first digital currency to process one million transactions in a single day. Reports had previously shown Ethereum processes more transactions daily than all other digital currencies combined. Therefore, the milestone was considered inevitable given the currency’s continued growth and momentum.
Ethereum has boosted its transaction momentum thanks to its blockchain game, CryptoKitties, where players collect and breed digital cats. CryptoKitties has become so popular, it has led to some network congestion and slower transaction times.
The rise in transaction numbers and the challenges this creates can be a positive thing. For Ethereum, sustained growth requires finding and solving issues as they arise. Industry expert and Ethereum co-founder Vitalik Buterin has already been working to future-proof the currency. The goal for continued growth is to increase transaction capacity and reduce energy consumption within a few years.
It’s not a popularity contest
Although Ethereum has surpassed other digital currencies in transaction numbers, Bitcoin is still the more popular choice. Bitcoin is the leader in the digital currency market worldwide, thanks to its high value and market cap, and its mainstream appeal.
However, Ethereum and other currencies do not have to overthrow Bitcoin to make their own splash. Ethereum has risen in value significantly in the previous few months and continues to be involved in many blockchain projects.
As Ethereum continues to grow and prove itself globally, mainstream usage is increasingly likely.