|Ethereum (ETH) and Bitcoin (BTC) are the two major public blockchains in use. BTC is primarily associated with cryptocurrency transactions. Ethereum is also a distributed application environment, where transactions utilize smart contracts to execute instructions during a transaction.
There are the two major takeaways from the chart above:
Blockchain Is Small, But Still Meaningful. Compared to major global e-payments processing platforms, these remain small. They have, however, grown from zero to these levels in under a decade, and that growth happened without much institutional support. Regardless of what anyone thinks of the applicability of cryptocurrency or distributed applications, this is a very significant technical achievement.
Can Blockchain Get Larger? There are factors that could limit growth – Bitcoin’s two-day transaction confirmation times for example, but there are solutions to problems of scalability. Bitcoin Cash (BCH), a popular alternate form of Bitcoin with the fourth largest market cap of any cryptocurrency, has a development roadmap to a 1 terabyte block size, up from Bitcoin’s 1 megabyte size, or BCH’s current 8 megabyte size. Speeding up transaction times, resolvingregulatory issues and gaining further business/consumer adoption are critical for succes. While we believe the industry can mature and meet these challenges, these are significant hills to climb.