BitShares Makes Blockchain History
BitShares has a lot to celebrate this week. For the first time in cryptocurrency history, the BitShares blockchain has recorded a new 24 hour record, according to Blocktivity.info.
Within a single 24hr period, BitShares reached 1,513,308 transactions, which averages to roughly 17.5 transactions per second (TPS). Currently, the BitShares blockchain ranks second behind Steem, which holds the record for 2,068,341 transactions within 24 hours (23.9 TPS).
So what has contributed to this massive spike in activity?
One theory is the legislative crackdown. As the SEC and CFTC hunt down illegitimate exchanges and cryptocurrencies, customers are flocking to established, reputable coins and blockchain technology. They don’t want to have to deal with fines or punitive action- they just want to invest or contribute to the industry. BitShares has proven its salt through numerous partnerships, use cases, and now, it’s trade volume.
Other explanations include the rise of investment platforms, wallets, and trading bots that are making trades more efficient than ever. Crypto investments are becoming largely automated, and BitShares is in a unique position to support large volume trades.
The Battle of Three Blockchains
In a recent Blue Rock Talk livestream, Stan Larimer, Godfather of Bitshares, discusses the ongoing competition between three of the largest blockchains: Bitcoin, Ethereum, and BitShares.
Using the metaphor of an athlete, Larimer starts by comparing Bitcoin as a sumo wrestler. BTC has the highest price, and the largest market cap. Bitcoin is the gold standard for value, and few would dispute that. However, Bitcoin has become largely congested leading to higher rates, fees, and longer transaction times. Due to its sluggish nature, Bitcoin is good for storing value, but not as a medium of exchange. Buying a single bitcoin on Binance could take a week to process- which could ultimately lead to thousands of dollars lost in the lag time.
In contrast, Ethereum is more like a dancer- agile and adaptable. Ethereum has proven to be more lightweight than Bitcoin, and through its programmability, is able to conduct a variety of different applications. Many businesses that tout advanced methodologies are in fact using an Ethereum protocol. In one incident, a crypto kitty game briefly congested the Ethereum blockchain, slowing all transactions to a halt. Once EOS catches up, however, it may give ETH a run for its money.
Finally, BitShares is the tennis player- quick and strong, with reliable performance. Ethereum can only handle 25 transactions per second, while BitShares is in a class of its own, handling transactions in the thousands. Already, businesses have adopted BitShares within their services, such as the Billion Hero Campaign.
FAQ: Which Blockchain is Best?
Perhaps the most common question we receive is which one, out of Bitcoin, Ethereum, and Bitshares, is the best blockchain for a business to be on.
The answer: it really depends.
What are the business’s goals? What are the needs of the blockchain? Each one presents a unique advantage- Bitcoin with its reputation and price, Ethereum for its use, and BitShares for its performance. Even in total transactions, Steem holds the record at 51%, followed by BitShares, Ethereum, and Bitcoin. BitShares would later take 30% of that market share, but for a business that does not deal with transactions, that may not be important.
Determine which goals a business is trying to meet. Is it to create a new token for a specific use case? Perhaps Ethereum may be best. But it if is to create a new high-volume market, then you can’t go wrong with BitShares.
The author is not an attorney or financial advisor. None of the content presented should be construed as investment advice or as legal advice.