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Ethereum Price Predicted to Climb in the Long Run as Buterin Explains Need for Higher Coin Values
Ethereum Price Predicted to Climb in the Long Run as Buterin Explains Need for Higher Coin Values

Top Cryptocurrencies by Number of Network Connections: EOS Has the Most, Nearly 300 Billion

  • Alexander Goborov
    🤷 Opinions

    Today, we bring you the latest stats on top cryptocurrencies and their respective network connections: EOS has the most, followed by Bitcoin and Ethereum

Top Cryptocurrencies by Number of Network Connections: EOS Has the Most, Nearly 300 Billion
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There are many ways to measure how strong a network’s presence is on the Blockchain. One can, for instance, choose to focus exclusively on finance and look at any given company’s market cap or price per each one of its digital tokens. In terms of computational power, a hash rate can be examined to calculate the speed a network is operating at. What can also be done to get a sense of a network’s power capacity is to work out how many network connections that network has. And this is exactly what we have done:

Top Cryptocurrencies

EOS

EOS was founded by the CEO of Block.one, Brendan Blumer, and the programmer Daniel Larimer, who is also one of the co-founders of Steemit. Despite the network’s comparatively young age―it came out only this year―and an avalanche of criticism from its archnemesis Ethereum, EOS is currently the seventh cryptocurrency in the world by market cap. To top it off, now EOS is also starting to approach 300 billion in network connections, the present number being 284 165 661 984, which makes EOS the most developed network in the world by this standard, no less.

Bitcoin

Despite the ongoing crisis which saw Bitcoin’s price drop by almost 50% in relation to its value from 3 months ago, the first crypto coin to have ever come out still to this day remains the first crypto coin by market cap, as well as price. In addition, Bitcoin’s computational power has been recently revealed to be as strong as ever with 47 quintillion 256-character hashes every single second. On this list, too, the network is baring its digital teeth with over 123 billion network connections, 123 102 796 362 to be exact, putting Bitcoin at our number two.

Ethereum

Vitalik Buterin’s creation was born as Ethereum Switzerland GmbH back in 2014 in the region of Central Switzerland, now commonly known as Crypto Valley. One of the most sought-after cryptocurrencies today and the third one in the world by market cap―courtesy of XRP’s sudden overtake from a month ago―Ethereum is also third on our list by the number of network connections: it has close to 116.5 billion of them,116 313 334 020 to be precise.

TRON

TRON was launched by Justin Sun in 2017 through Singapore based non-profit organization The Tron Foundation after its founder, a native of China, moved to the US to further his knowledge and expand business opportunities. Now based in San Francisco, Justin has led his fintech company, which also consists of a decentralized exchange, to become the tenth in the world by market cap. Concurrently, TRON is fourth on our list of network connections with over 35 billion of them, 36 133 988 865 to be more exact.

Dogecoin

Dogecoin, a crypto platform with its digital currency of the same name, was established five years ago, in December 2013. With its as unusual as it is adorable logo depicting a Shiba Inu dog from Japan―which became a widespread Internet meme in the months preceding the network’s launch―Dogecoin is the twentieth altcoin in the world by market cap today, based on stats at the time of writing. Although it cannot compete with some other networks’ capacities on this list, Dogecoin is at our respectable number five with almost 2.5 billion network connections, 2 351 728 353 to be precise.

Ripple

Ripple with its altcoin XRP is the second biggest crypto company in the world by market cap in spite of its seemingly low price of 30 US cents a pop. Initially developed in 2004 by Ryan Fugger from Vancouver, Canada, and subsequently launched in 2012 by Chris Larsen and Jed McCaleb, who is now with Stellar, the platform has a head office in San Francisco, California. Due to how the network is built, e.g. no mining is allowed, Ripple has under 2 billion network connections, 1 661 088 496 to be exact, our number six, which is clearly proving to be sufficient enough to stay among the market leaders.

Litecoin

Litecoin was the second major crypto coin after Bitcoin to have ever been launched, a feat successfully achieved in 2011 by Charlie Lee, a former Google employee and senior engineer at Coinbase. The ninth cryptocurrency in the world by market cap as of right now, Litecoin has over 1.5 billion network connections, more specifically 1 553 637 325, giving this platform the penultimate spot on our list. Incidentally, for those interested in bureaucratic details, The Litecoin Foundation is listed as a registered entity in Singapore.

Ethereum Classic

And finally, the last position on our list is held by Ethereum Classic, a network which is currently at number seventeen in the world by market cap. As the name implies, Ethereum Classic has the same roots as Ethereum; however, after a scandalous 2016 fork following a theft of 3.6 million Ether from venture capital fund The DAO, a decision was made to split the company into two. Those who wanted to improve the algorithm, including Buterin, formed Ethereum; those who dug their heels in and stood pat in the face of progress became Ethereum Classic. Now, the latter has just under 1 billion network connections, 921 664 623 to be precise, over 116 times fewer than Ethereum has today.

👉MUST READ Bitcoin Not Going Anywhere: Its Computing Power as Awesome as Ever

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Ethereum Price Predicted to Climb in the Long Run as Buterin Explains Need for Higher Coin Values

  • Jack Thomas
    🤷 Opinions

    Vitalik Buterin, the co founder of Ethereum, has come out and said that while the price of a coin is not that important, it is still a good thing for ETH to rise. He made mention of security, and the ecosystem development being better when the price of Ethereum is higher.

Ethereum Price Predicted to Climb in the Long Run as Buterin Explains Need for Higher Coin Values
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Ethereum is in a key phase of its development, having pioneered the smart contract blockchain. It is now in a position to take things further and grow its ecosystem as it looks to, for one, switch its algorithm from proof-of-work to proof-of-stake.

This development of the ecosystem will no doubt have an effect on the price of the Ether token, but more than that, Ethereum’s co-founder Vitalik Buterin has said that a higher Ethereum price is good for the development of the Ethereum ecosystem, as well as adds a higher level of security.

Essentially, it is a double-edged sword as the price of Ethereum is expected to rise when any cryptocurrency project is doing well, but the long term price prediction is then expected to rise, as Buterin adds it will help improve the project further.

Buterin’s beliefs

Buterin made his comments during an interview for Laura Shin’s crypto-focused “Unchained”.

In response to Shin’s question as to whether protocol designers and project leaders should be focusing on the question of a cryptocurrency’s price, Buterin spoke of how the Ethereum project had explicitly downplayed the importance of the asset’s value earlier on in Ethereum’s history.

“In part, it was counter-signaling to distinguish ourselves from other crypto projects that do pumping and lambo-ing way too much. But it was also about minimizing legal risk by basically trying to make the project seem more distant from something that would be covered by financial regulation.”

However, he has now gone on to explain that in today’s context, the price does in fact have a part to play.

“I can tell you what things are clearly important about why the price being higher rather than lower is good. One of them is obviously security. If the price is zero, then the network can’t be secure. That’s true in proof-of-work and proof-of-stake,” he added.

Long-term price prediction

With this being said, it makes sense that the price of Ethereum is thus being aimed at long-term growth. The project itself is working on improving its own worth and value as a blockchain project, and in that, the price of Ether should also naturally rise.

And, with a focus being on the importance of a higher price adding to the value of a blockchain project, this could even compound the growth of Ether's price in the long run.

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