Research: Over the past ten years, 24 crypto networks have processed more than 3.1 billion transactions and transferred funds of $ 4.6 trillion

According to The Block reported on February 24, Blocknative, an Ethereum transaction record tracking company, found through research that 24 cryptocurrency networks processed more than 3.1 billion transactions from 2009 to mid-2019; collectively contributing to a total price of more than $ 4.6 trillion Of the transfers, 96% of which occurred between 2017 and 2019.


(From: Pixabay )

These 24 blockchains include Bitcoin, Ethereum, Ripple, Litecoin, EOS, Tron, Stellar, Tether, Ethereum Classic, Bitcoin Cash, Monero, BSV, Binance Coin, Dogecoin, Zcash , Verge, Tezos, Decred, Dash, Little Antcoin, Waves, DigiByte, Bitcoin Gold, and GAS. The criteria for Blocknative to select these networks is that they have the most transactions and transfers in CoinMetrics.

According to published data, the transaction volume of Bitcoin and Ethereum reached 259.2 million and 242.8 million in 2019, respectively. At the same time, Blocknative data points out that the transaction volume of the above 24 blockchain networks in 2019 was 1.1 billion.

The team also predicts that by 2023, the annual transaction volume of Bitcoin and Ethereum will exceed 1 billion, and that these 24 networks will generate nearly 20 billion transactions in the next five years.

However, Blocknative CEO Matt Cutler warned in a blog post:

"I suggest being cautious about this forecast, after all, it may not grow in a linear fashion in the future."

Nonetheless, these numbers are still much lower than traditional finance. For example, Visa reports that during the twelve months from September 30, 2018 to September 30, 2019, its total payments were $ 8.8 trillion.

Cutler asked:

If you compare cryptocurrency transactions with traditional payment methods, the former has a lot of room for improvement. However, it involves where future transactions come from. That said, encrypted networks increase throughput, but where does this increased transaction volume come from?

To this end, Cutler put forward the concept of "net new transactions", that is, transactions that cannot occur without blockchain, and believe that it will be the main driving force for billions of blockchain transactions One of the motivation. Cutler exemplified Ethereum Dapp-Sablier, an app that allows employees to receive incremental payments through smart contracts, but this has been difficult to achieve in the past.

Since Blocknative provides an API for Ethereum-based projects, it is necessary to track and confirm all inbound and outbound transactions. Therefore, the team was interested in knowing the total transaction volume on the market.

Cutler said:

The more transactions that occur, the more opportunities our infrastructure has to track and add value to these transactions. Therefore, we need to understand how many transactions have occurred and how many transactions will occur in the future.

In June 2018, San Francisco-based Blocknative raised $ 2 million from Foundry Group. Since its inception, the company has worked with 40 projects, but its services are currently limited to Ethereum.