Bitcoin Vs. Ethereum As Settlement Networks
Comparing the volume and efficiency of settlement on the base layers of the Bitcoin and Ethereum networks.The below is from the latest monthly report by the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.“We need to move NFTs onto the Layer 2 ecosystem to cut fees. However, doing that *right* requires good cross-rollup portability standards, so the ecosystem can avoid getting locked into one particular L2.” - Vitalik Buterin, Creator of Ethereum Many....
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Bitcoin’s settlement efficiency has been improving which means more value can be sent for lower transaction fees. The Bitcoin network’s value settlement efficiency has been improving steadily recently, with more being settled for lower fees.Over the past week, the Bitcoin network has transferred or settled an average of $95,142 of value for every $1 worth of fees.The on-chain settlement efficiency has been gradually increasing since May as more has been moved around the network during the bull cycle.On-chain analyst Dylan LeClair made the observation using data from analytics provider....
The unintended consequences of the ethereum hard fork continued to mount this week as new problems became apparent due to the ongoing popularity of two competing networks. A week ago, there was one ethereum, a decentralized computing platform that’s drawn outside attention for applying the cryptocurrency concept to develop new Internet applications. But due to a schism in how people think the platform should work, there are now two ethereum networks (ethereum and ethereum classic), both of which use an almost identical history. The thinking was one blockchain 'winner' would quickly emerge....
Payment giant VISA has significantly moved in the digital currency space by expanding its stablecoin settlement services to the Solana (SOL) blockchain. According to recent announcements, the company aims to enhance the capabilities of traditional payment systems through this pilot program, which is currently in the testing phase. This initiative is expected to improve cross-border settlement speeds and offer a modern option for clients to send and receive funds through Visa’s treasury. In collaboration with merchant acquirers Worldpay and Nuvei, this expansion reinforces....
An unannounced Ethereum hard fork disrupted service for users and underscored the differences between the two largest blockchain networks. The post “Unannounced” Ethereum Hard Fork Proves Not All Blockchain Networks Are Built The Same appeared first on Bitcoin Magazine.
Financial institutions have invested significantly in the development of Blockchain technology. However, the Asia Pacific MD of Ripple feels that cost savings are not expected to be significant in the securities market. Dilip Rao at the 2016 AFR Banking & Wealth Summit says: “Where blockchain has had the most impact is where there are a number of networks, but they don't talk to each other very well. There is no obvious trust between these networks, a central authority.” According to Mr Rao, cost savings are likely to be less where there is a homogeneous network with a central....