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Ethereum Network Boasts Record Transactions Day

Blockchain, FinTech, Investing, News, Opinion | August 15, 2017 By:

The ethereum network may have set a new record for total transactions in a 24-hour period by a public blockchain, according to co-founder Vitalik Buterin.

Buterin tweeted today that 410,000 transactions were recorded in the last 24 hours, more than any blockchain ever. That’s compared to 255,362 by bitcoin, according to statistics compiled by Blockchain.info. The ethereum network transaction volume had little effect on ethereum ether prices, which have traded around $300 over the last week.

The high activity has been attributed to activity on the Hong Kong-based digital currency exchange Bitfinex, where a high number of wallets have been created in response to a new ethereum-based trading and discussion platform called Ethfinex.

Bitfinex said the new platform is a hybrid community and information hub for ethereum-based projects, designed to facilitate learning, discussion and analysis while providing access to a trading and crowdfunding platform available for ethereum ERC20 tokens.

To accelerate the development of on-blockchain exchange, the Ethfinex platform will pioneer a hybrid decentralized architecture, allowing decentralized exchanges to plug into it and trade with Ethfinex customers, as well as each other.

The company is also planning a new token called the Nectar token (NEC), which will act as a loyalty reward for token market-makers on the Ethfinex exchange. Facilitated by the Nectar token, the long-term vision is to move towards a completely trustless exchange, with gradual decentralization of ownership to its community of users.