Altcoin Analysis: Which Blockchain Is Used the Most?

July 29, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Mass application is still a buzzword in the crypto space. How far are we? Are blockchains already used on a large scale? To anticipate, no, not at all. However, among the projects, there are a few that are more used and those that are less used. This is not necessarily related to the price.

We look at the page blocktivity.info, which shows the usage of different blockchains is displayed. The activity does not count the transactions but the operations. So a transaction can involve multiple operations. For platforms such are Ethereum or Tron may have function calls in a transaction involving a series of operations. For example, when the smart contract distributes tokens to different addresses, this can be triggered by a transaction, which can then result in significantly more operations. The AVI value is a metric that represents the relationship between market capitalization and activity. The higher this value, the more price potential the project has if one evaluates the price according to the activity.

Image credit: Block’tivity

We pick the most popular projects out.

1. The EOS Blockchain

The EOS blockchain is by far the most widely used blockchain. Through the dPoS consensus mechanism, the network is able to handle a large number of transactions per second. Also, only delegates are selected who demonstrate a high-class performance. Thus, arithmetic operations in smart contracts can be carried out quickly. A study has shown that about 75% of all transactions at EOS come from bots. Of course, this does not say anything about the power of the network, bots can be used anywhere. Even excluding the 75% bot operations, EOS is still the most widely used blockchain at 19.8 * 0.25 ~ 5 million operations per second.

2. The Tron Blockchain

Tron also uses the dPoS design and can show a lot. There are 27 delegates who carry out the operations.

3. The Kin Blockchain

Kin is the token of the US popular Messenger service Kik. Kin uses the Stellar code as a basis, which they have adapted and developed further. Kin has a particularly high AVI because it only occupies the 272nd place by market capitalization, but is ranked #3 by activity.

4. The Steem Blockchain

The social media platform, Steem, has the most users in the blockchain field and a correspondingly high level of activity. It is a dPoS blockchain.

5. The Bitshares Blockchain

Bitshares, one of the first decentralized exchanges that maps and trades multiple assets, is also based on the dPoS consensus mechanism.

6. The Bitcoin Blockchain

The father of all cryptocurrencies, Bitcoin, is only ranked 6th in the list and is already reaching its limits, at least in terms of utilization. For the first proof of work blockchain in the world to be able to move upwards, technical additions such as lightning or sidechains are needed.

7. The Ethereum Blockchain

Also, Ethereum is currently based on proof of work and therefore has to suffer from the scaling problems. Solutions like the proof of stake protocol Casper, Sharding, Plasma or State Channels are already on the way.

The division of the entire blockchain activity

It should be noted that not all projects are listed on blocktivity.info. Of the listed, EOS has the lion’s share with 67.2% of activity. It will be interesting to see if EOS can maintain its position or whether the technical innovations of the competition will significantly change the cake.

Author: Marko Vidrih