Study: Ethereum is More Popular than Bitcoin in India

Jana, Indian free internet provider has reported that according to its latest research, Ethereum is more popular than Bitcoin in this country
05 April 2018   1256

Quartz reported that Ethereum kept a 34.4% share of cryptocurrency search opposite 29.9% for Bitcoin when analyzing seeking requests between October 2017 and February 2018. By the end of February, alongside the tightening regulation in India, the interest in Ethereum had relatively risen twice than the one in Bitcoin.

Cryptocurrencies have been greatly demanded in India over the past year, sometimes Bitcoin was trading at a 30% bonus. The reason can be watched back to 2016, when the Reserve Bank of India removed high-value bills from circulation in a move that shocked the nation. It accentuated the value of a currency that isn’t controlled by a central official – the principal that determined the creation of Bitcoin more than 10 years ago.

Nevertheless, following previews from other central banks including the UK and the US, India’s central bank has been using regulatory impact on its local cryptocurrency exchanges and national banks. Ultimately, it has been declared that trading volumes on India’s popular bitcoin trading platforms have collapsed by 90%.

This decrease in trading volumes could illustrate that traders in India are moving away from centralized trading platforms. The might of cryptocurrencies is that they can be exchanged peer to peer. According CryptoCompare`s analysis, two-thirds of Indian Rupee transactions now take place on LocalBitcoins – a person to person bitcoin trading site that doesn’t rely on a centralized exchange in order to convert into fiat.

Growing interest in Ethereum reflects a general trend relatively to diversifying crypto-assets, it is the currency of choice for investing in Initial Coin Offerings. In a rigid market, traders have been searching for these crypto-startups in order to find returns. According to co-founder and CEO of Unocoin Sathvik Vishwanath, an Indian bitcoin exchange and as reported by Quartz, “The market is very, very dull,” as regulation and tax is weighing on people’s minds.

Probably the interest in Ethereum revealed by Jana simply reflects Sathvik’s spirits. The market has relived a difficult few months, Ethereum’s promise of decentralized apps and its ERC-20 based-ICOs offer the Indian market a more positive future in a bearish market.

We Need 100k Transactions\Sec, - Buterin

During the conversation with the head of Abra Vitalik noted that the developers are focused on several main issues - scalability, privacy and ease of use
21 March 2019   110

The founder of Ethereum, Vitaly Buterin, expressed the opinion that for the network of the second most capitalized cryptocurrency, it is vital in the long run to achieve a throughput of 100 thousand transactions per second. It is reported by The Daily Hodl.

During the conversation with the head of Abra, Bill Barkhidt, Vitalik noted that the developers are focused on several main issues - scalability, privacy and ease of use.

As far as the big problems, my top three at this point are probably scalability, privacy and usability. So scalability – the Ethereum blockchain right now can process 15 transactions per second. Really, we need 100,000.

Vitalik Buterin

Creator, Ethereum 

According to him, in the context of solving the problem of scaling, the Ethereum team has high hopes for sharding.

There are two major kinds of strategies that we’re working on for scalability. One is layer-one scaling and the other is layer-two scaling. Layer-one scaling basically means improving the blockchain protocol itself to process a larger set of transactions. And the main bottleneck with blockchains right now is basically every user has to download the whole blockchain. Which basically means the blockchain can’t hold more transactions than one guy’s computer can store.

And our solution to this, called sharding, basically means that you split up the different transactions to randomly selected, different groups of computers. And this basically means that the blockchain can process way more things than one single computer can hold. And that can increase scalability by maybe a factor of 1,000 or so, but then potentially even more, much later down the road

Vitalik Buterin

Creator, Ethereum 

According to Vitalik, Ethereum developers also continue active work on second-level scaling solutions.

So there’s two major classes of systems we’re working on in this regard. One is called state channels. And there’s a bunch of teams working on this. There’s a team called L4 in Toronto that’s done some really good work. And another project is Plasma. And there’s a lot of work that’s been done on that. OmiseGo is this decentralized exchange that’s building on plasma. There’s TheMatter. There’s more and more of these projects. And then, there’s one of our researchers, Karl Floersch, who has been working on implementation of a reasonably complete Plasma prime specification, which is the latest version of Plasma – which has some really cool features in terms of increasing scalability and reducing the amount of data you have to store.

Vitalik Buterin

Creator, Ethereum 

Discussing the problem of scaling, Buterin mentioned Bitcoin. According to him, developers should achieve a significant increase bandwidth of Ethereum network. Otherwise, the second cryptocurrency capitalization will not be actively involved in everyday transactions and a significant market share will remain behind BTC.

If Bitcoin wishes to just be a store of value, then realistically it’s probably fine, though I think they should switch to proof-of-stake. If they want to actually be a currency that people use for transactions, then I do think base-layer scaling, and also speeding up the blockchain and reducing block times at the base layer, is also something which is very important.

Vitalik Buterin

Creator, Ethereum 

On the last day of winter hardfork Constantinople hardfork took place on the Ethereum network.