TRON Network Surpasses 1 Million Daily Transactions Milestone
Competition among cryptocurrencies is positive for the industry. One area of contention revolves around having the highest transaction throughput. Associated with that statistic is the number of network transfers processed per day. New statistics confirm TRON is slowly inching ahead of other projects.
TRON Continues to Evolve
Any cryptocurrency network is only useful if people actively use it. Bitcoin, Ethereum, and XRP are all commonly used networks. Value is transferred between users on a very active basis. Network constraints somewhat limit the number of possible transactions per day. In the case of TRON, that limit appears to be well above the 1 million mark.
This news comes at a crucial time for the TRON project. Several weeks ago, the network finally hit 500,000 daily transactions. Ever since, that number has continued to rise at an accelerating pace. This new breakthrough means Ethereum is used half as often as TRON. An interesting statistic, considering how Ethereum is the more ‘mature’ of the two projects.
Several key factors contribute to this ongoing growth. First of all, TRON’s dApps are generating plenty of transactions. The top applications pertain to betting and gambling, two concepts which are always popular among cryptocurrency users. Secondly, it seems a lot of people are moving funds to and from exchanges.
Sustaining Future Growth is Critical
This new daily transaction throughput is a crucial indicator for TRON. The developers need to extend this trend as long as possible. Unlike other projects, it seems the network has room for future growth. Transaction costs remain relatively low at an average of $0.02. Bitcoin’s current fee is closer to the $0.4 mark, whereas Ethereum’s fees sit at $0.19.
The growing number of transactions coincides with another key statistic. Over the past two weeks, the number of network addresses has grown accordingly. An increase from 525,000 to 567,237 addresses has been recorded by TronScan. This further confirms there is a genuine network growth effect taking place right now. There is also the increasing popularity on Facebook to take into account.
Some of the recent ecosystem developments also make their mark. TRON Recently acquired BitTorrent Inc and uTorrent Web. It seems uTorrent is quickly becoming a big network block producer for TRON. At this time, the entity generated 106,425 blocks since its addition to the network. All of the pieces are slowly coming together for this cryptocurrency project, by the look of things.
Can TRON keep its momentum going? Let us know what you think in the comments below.
Images courtesy of Shutterstock, AdobeStock