CoinDesk Research has released a new report entitled Q1 2017 State of Blockchain.
Photo from CoinDesk.com
An article posted on CoinDesk today, June 8, 2017 highlights some of the key findings of the report with a focus on the Bitcoin “scaling debate”.
The article states in regards to Bitcoin that…
“Transaction numbers, block sizes and transaction fees on the bitcoin blockchain each reached all-time highs in the first quarter of 2017, proving the demand to use the network is now larger than ever.”
This is supported by three charts provided in the article.
1.Nearly 300k transactions occurred on the bitcoin blockchain every day
2. Increased transactions lead bitcoin blocks to average 92% of their 1 MB capacity
3. Rising transaction volumes and block sizes lead fees to average over $.60 each
The article comes to a very clear and concise conclusion…
“Without a doubt, the bitcoin network is now more congested than ever.”
The report is not limited to studying Bitcoin’s scaling issues, in fact the report provides a great amount of insight into the entire cryptocurrency sector.
A few of the other key findings I found interesting are as follows…
The report is a 124 page PDF, this is only a very small portion of the information in the report.
I would encourage you to read the original CoinDesk article as well as the Q1 2017 State of Blockchain Report in its entirety. I would also like to thank CoinDesk for their research, analysis and pursuit of understanding. This report is a great tool for all of us involved in cryptocurrency.
Be sure to check out this report and the other resources on CoinDesk.com
The full report can be downloaded in PDF format with the following link…
Click here to download the slides as a PDF.
Sources
http://www.coindesk.com/bitcoins-network-congestion-in-3-charts-transactions-blocks-fees/
Jun 8, 2017 by Alex Sunnarborg
http://media.coindesk.com/uploads/2017/06/state_of_blockchain_q1_2017.pdf
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