TRON's Transaction Volume Keeps Growing, Passes Top 4 Cryptocurrencies Combined

Justine Pope
  • Recently, Tron (TRX) has had a gradual increase in transaction volume, and now the daily number of transactions for TRX is greater than that of BTC, ETH, BCH, and XRP combined.
  • Some believe TRX’s transactions are coming from newly launched gambling dApps.

Tron (TRX)’s transaction volume has been steadily growing this month, and as of recently it has officially passed the top 4 cryptocurrencies by market cap in number of daily transactions. According to CryptoCompare, the top 4 cryptocurrencies by market capitalization are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ripple (XRP).

Using data from Tron’s block explorer, the cryptocurrency's network processed over 1.3 million trasnaction on November 9.

TRX transactino countFrom TronScan.org

To compare, data from BitInfoCharts shows that the blockchains from other top cryptocurrencies haven't been hitting TRX's levels, as their ocmbined transaction fall short of 1 million during said time period.

BTC, BCH, ETH, XRP transaction volumeFrom: BitInfoCharts

Why is this happening? Some believe the increase in TRX transactions is due to all of the video game dApps being launched on the platform. On October 2, Tron launched Magic Academy, a wizarding game. On top of that, Tron’s multiple gambling dApps have been incredibly popular. As reported by CryptoGlobe, gambling dApp TronDice has paid out over $5 million in winnings to users.

Some argue that dApp platforms, like TRX, ETH, or EOS have inflated transaction counts because the dApps use “zero value” transactions to interact the game with the blockchain. This can be confirmed by looking at average transaction value. Using data from CoinMetrics, we can see that although TRX's transaction count is climbing, its average transaction value (in USD) is still magnitudes lower than that of the other cryptocurrencies.

Average Transaction Value, from CoinMetricsAverage Transaction Value, from CoinMetrics

It should also be noted that EOS has more transactions per day than TRX. EOS’ high transaction count could also be due to gambling dApps, which have become very popular on the platform as well. In addition, EOS has completely fee-less transactions, which means users are more inclined to interact with the blockchain.

EOS, TRX Transaction Volume, From CoinMetricsEOS, TRX Transaction Volume, From CoinMetrics

New Public Blockchain Hedera Hashgraph Launches with 26 Dapps

Michael LaVere
  • Hedera Hashgraph launches open access to its mainnet blockchain with 26 dApps. 
  • Network will support 10,000 transactions per second, in addition to smart contracts and file services. 

The Hedera Hashgraph team has announced the successful launch of its public blockchain mainnet on Sept. 16, which includes 26 decentralized applications. 

Hedera Launches Public Mainnet

According to the release, Hedera Hashgraph is now open to the general public after months of being in a closed beta network for select developers.

Hedera claims to be have a faster consensus algorithm than the blockchain used by Ethereum and Bitcoin, capable of supporting 10,000 transactions per second. The open-access mainnet also allows users to operate smart contract and files services, with the team planning to increase the network’s speed “methodically throughout the remainder of 2019.”

Heredera’s Hashgraph achieves this transaction throughput thanks to a unique feature called gossip, which sees nodes within its network share information – gossip - on transactions, and subsequently gossip on gossip to record each event on the network and create a hashgraph of information.

The network reportedly achieves consensus and is secure by a virtual voting process, where the hashgraph technology uses nodes to ensure Byzantine fault tolerance. Hedera further has a Consensus Service under development that will be made available to the public later in the year. 

Mance Harmon, co-founder and CEO of Hedera Hashgraph, said, 

We are thrilled that, through open access, dozens of decentralized applications are now live and running on the mainnet, along with mirror nodes and other parts of the ecosystem designed to expand Hedera’s reach and adoption.

Hedera uses “council members” to run nodes and maintain the decentralization of the blockchain. The 39 council members, which include IBM and Boeing, also govern changes to the software. 

The enterprise-focused network has earlier this week seen its cryptocurrency, HBAR, get listed on leading cryptocurrency trading platform OKEx as three new trading pairs – HBAR/BTC, HBAR/USDT, and HBAR/USDK were added.

In a press release Andy Cheung, OKEx’s Head of Operations, stated:

Hedera and OKEx share the same goal of building a trusted, safe, and fair digital future for everyone through developing a neutral, open-access infrastructure. With such a powerful, enterprise-grade ledger technology, we believe it is a big step forward in mainstream adoption of decentralization. We are excited to support the Hedera platform and continue to lead this industry forward.

To celebrate listing HBAR, the cryptocurrency exchange launched a 500,000 token giveaway that will see holders and market makers who create maker orders on OKEx have a chance to win a share of the HBAR tokens being given away.

The first 5,000 traders to trade a HBAR trading pair, OKEx’s announcement reads, are also entitled to a share of 150,000 of the half a million HBAR being given away, in proportion to the volumes they trade.

Featured Image Credit: Photo via Pixabay.com