press release dated 16th September from Hedera has stated that the network now processes 1.5m transactions per day, more than Ethereum, which is an interesting feat and statement to make. The first question from many in crypto will be - why? Are these transactions from customer platforms that are being used by tens of thousands of users a day, making direct use of the power of Hedera? Or is the network simply processing large volumes of transactions to keep demonstrating it can and keep news releases up?
Hedera were not very specific with their information on these transactions.
'During its first year as a publicly available distributed network, Hedera averaged approximately 750,000 transactions per day, almost the same as the Ethereum network over the past year. In addition, this is approximately 18x the number of transactions the Ethereum network did (30-40,000 transactions per day) during its first year as a publicly available network.'
Comparing itself directly to Ethereum means Hedera sees itself as a direct competitor with a superior blockchain, but the maths doesn't add up. Bearing in mind we're in a DeFi boom right now, while the Ethereum network has been pushed to significant limits as a result, a still young and likely under used blockchain such as Hedera making these claims doesn't quite sit right.
Why is the Hedera network processing such high transaction volumes without big news of very very powerful applications or technologies making use of the network? This is not to say the transactions haven't happened, it's just why have they happened? What platforms built on Hedera are being used so much that 1.m transactions a day are being processed?
'Over the past month, the Hedera Hashgraph network processed an average of 1.5 million transactions per day, almost double that of the Ethereum network.'
Again, the past month has been a booming time for Ethereum, with hundreds of dapps and many Defi projects seeing huge user figures - but Hedera was double. Why?
'Over the past year, Hedera has added six of the world's leading enterprises and educational institutions to the Hedera Governing Council, including Avery Dennison, Google, LG, University College London (UCL), Wipro, and Zain Group. They join Boeing, Deutsche Telekom, DLA Piper, FIS (Worldpay), IBM, Magalu, Nomura, Swirlds (developer of the hashgraph algorithm), and Tata Communications in governing the direction of the Hedera Hashgraph network.'
Directly controlled by the types of corporations Decentralisation was created to take power away from, Hedera continues it's journey down Libra like governance route.
We will keep any eye on why Hedera is currently out performing Ethereum by 2 times.
