The number of developers that are currently working on building dApps, seems to be on a bullish cycle despite the crypto market being in a prolonged bearish cycle. Most of the developers are drawn to Ethereum however there is little adoption so far. We are about to find out why in today’s ethereum news.
The research firm Longhash found out that only 10 percent of the dApps built on the Ethereum platform have any active usage and there are a total of 1812 Ethereum dApps with only 180 of them had ERC20 transactions.
Other research papers show that only 3 out of the top 50 dApps are built on Ethereum but other 47 are build on EOS and 21 on Tron. The main reason why EOS and TRON are leading in usage is that of Ethereum scaling issues. Both of the networks are able to process 2000-4000 transactions per second while Ethereum is only able to handle about 20 per second.
However, Vitalik believes that projects such as EOS and TRON are a centralized pile of trash by saying:
“When a blockchain project claims ‘We can do 3,500 TPS because we have a different algorithm,’ what we really mean is ‘We are a centralized pile of trash because we only have 7 nodes running the entire thing.”
Only looking at the daily active users doesn’t mean that you will always get the right perception or result. In open finance based dApps such as Dharma, daily active users are not the main thing it counts but the amount of financial activity that happens daily is what matters.
The most successful dApp on Ethereum is Maker DAO so far.
Craig Wright Calls Out Ethereum For Being Unable To Scale
“This network has already hit its limit and is effectively only being used to raise capital using illegal bucket shops that are designed in such a way that they can deceive nontechnical parties,” wrote Wright. “No technology released within Ethereum for the provision of computation or ICOs has been created that did not exist prior and in a more effective manner before this network was launched.”This isn’t the first time Craig Wright attacks Ethereum but Vitalik Buterin has also attacked Wright calling him a ‘’fraud.’’
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Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
Ethereum Rises 13% Overnight, Crypto Market Is Ready For A Recovery
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.”Over the past several months, Bitcoin and the rest of the market have shown similar price patterns. However, because the market had experienced extended periods of low volatility in the past few months, many traders expected the trend to continue. According to the cryptocurrency analyst DonAlt and his statement:
“I’m incredibly bullish on ETH for the next few weeks. I’d get a cardboard Vitalik cutout if I could just so I have it by my side 24/7. No matter what BTC does ETH will outperform the market in my mind. I’ll use dips as giant buying opportunities.”However, he also added that the movement was controlled and it is currently at a key resistance.
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