{"id":423927,"date":"2020-05-14T17:45:37","date_gmt":"2020-05-14T17:45:37","guid":{"rendered":"https:\/\/uniquehot.com\/?p=423927"},"modified":"2020-05-14T16:54:24","modified_gmt":"2020-05-14T16:54:24","slug":"report-ethereum-has-a-stronger-network-effect-than-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/report-ethereum-has-a-stronger-network-effect-than-bitcoin\/","title":{"rendered":"Report: Ethereum Has a Stronger Network Effect Than Bitcoin"},"content":{"rendered":"<p><span style=\"font-weight: 400\">An in-depth analysis from IntoTheBlock took a look at the network effects of Bitcoin and Ethereum and found that it was much easier to calculate and track on Ethereum. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Ethereum\u2019s role as the facilitator of decentralized finance has the potential to amplify its network effects and attract more users, while Bitcoin\u2019s sparsely connected nature meant it has a much lower network effect value.<\/span><\/p>\n<h2><strong>Looking at Cryptocurrencies Through Network Value<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">While cryptocurrencies seem to have been analyzed through every metric imaginable, network effect isn\u2019t something frequently applied to digital assets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The analysis applied Metcalfe\u2019s Law, which states that the value of a network is proportional to the square of the number of its active users and is used to analyze modern tech networks such as Facebook and WeChat.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">When applied to Bitcoin, Metcalfe\u2019s Law came to an interesting conclusion. According to a paper from the Swiss Finance Institute, instead of being proportional to the squared number of its users, Bitcoin\u2019s network value appeared to be proportional to an exponent of 1.69 of the number of its users.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It\u2019s believed that Bitcoin\u2019s sparsely connected network is what caused the lower exponent.<\/span><\/p>\n<h2><strong>Relationship Between the Users of Ethereum and its Value<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Unlike Bitcoin, where only 1 million out of the 30 million addresses with a balance are active, Ethereum has significantly more addresses. <\/span><\/p>\n<p><span style=\"font-weight: 400\">IntoTheBlock\u2019s data showed that there are a total of 38.57 million addresses with a balance on the Ethereum network. However, only 380,000 are active daily.<\/span><\/p>\n<figure style=\"width: 1175px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/nIYEECE6ms36ZqTrEoVVXIqq5amC_9bG1iHTFNf59kTBD_EAJPS4PVIUj2xx6IP6BbAp4K9Tr23jGVub8D7BKukrbrbkLAPss40Cc-KIfdL4vXfsVAK_VJeQg1fG7nZFPZjeCiwN\" alt=\"The total number of addresses with balance on the Ethereum network\" width=\"1175\" height=\"329\"><figcaption class=\"wp-caption-text\">The total number of addresses with a balance on the Ethereum network. <i><span style=\"font-weight: 400\">(Source: <\/span><\/i><a href=\"https:\/\/medium.com\/intotheblock\/exploring-network-effects-in-cryptoassets-fb526ff48e96\" rel=\"nofollow\"><i><span style=\"font-weight: 400\">IntoTheBlock<\/span><\/i><\/a><i><span style=\"font-weight: 400\">)<\/span><\/i><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">As it is with Bitcoin, the number of active daily addresses on Ethereum is closely related to ether\u2019s price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cThis makes sense as users of ether can derive more value out of Ethereum if there are more users or applications using it,\u201d Outumuro explained.<\/span><\/p>\n<p><span style=\"font-weight: 400\">He also found that Ethereum\u2019s role as the infrastructure for DeFi has the potential to further amplify these network effects\u2014as more developers work on improving Ethereum\u2019s base layer, more dApps will be built on it, attracting more end users, and, in turn, more protocol developers.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This, according to the analysis, creates a network effect very similar to what is usually seen with big tech companies.<\/span><\/p>\n<figure style=\"width: 1310px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/GY34ckgy5Sqgf-3gD5VDD_oWdipFiLQ5ZVxrqvoNrz5mSTOMPI4XctecoCtFJ6NW0vRxX1aaVyDC11dZycFnMeRWQmpt1D_9OlL81aLWSLxMbrR1Rb1drEJGYZGT-Obf2I7cbsxE\" alt=\"Illustration representing network effects for smart contract platforms \" width=\"1310\" height=\"904\"><figcaption class=\"wp-caption-text\">Illustration representing network effects for smart contract platforms. <i><span style=\"font-weight: 400\">(Source: <\/span><\/i><a href=\"https:\/\/medium.com\/intotheblock\/exploring-network-effects-in-cryptoassets-fb526ff48e96\" rel=\"nofollow\"><i><span style=\"font-weight: 400\">Medium<\/span><\/i><\/a><i><span style=\"font-weight: 400\">)<\/span><\/i><\/figcaption><\/figure>\n<pre>Featured Image from Unsplash<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>An in-depth analysis from IntoTheBlock took a look at the network effects of Bitcoin and Ethereum and found that it was much easier to calculate and track on Ethereum. Ethereum\u2019s role as the facilitator of decentralized finance has the potential to amplify its network effects and attract more users, while Bitcoin\u2019s sparsely connected nature meant it has a much lower network effect value. Looking at Cryptocurrencies Through Network Value While cryptocurrencies seem to have been analyzed through every metric imaginable, network effect isn\u2019t something frequently applied to digital assets. The analysis applied Metcalfe\u2019s Law, which states that the value of a network is proportional to the square of the number of its active users and is used to analyze modern tech networks such as Facebook and WeChat.\u00a0 When applied to Bitcoin, Metcalfe\u2019s Law came to an interesting conclusion. According to a paper from the Swiss Finance Institute, instead of being proportional to the squared number of its users, Bitcoin\u2019s network value appeared to be proportional to an exponent of 1.69 of the number of its users. It\u2019s believed that Bitcoin\u2019s sparsely connected network is what caused the lower exponent. Relationship Between the Users of Ethereum and its Value Unlike Bitcoin, where only 1 million out of the 30 million addresses with a balance are active, Ethereum has significantly more addresses. IntoTheBlock\u2019s data showed that there are a total of 38.57 million addresses with a balance on the Ethereum network. However, only 380,000 are active daily. As it is with Bitcoin, the number of active daily addresses on Ethereum is closely related to ether\u2019s price.\u00a0 \u201cThis makes sense as users of ether can derive more value out of Ethereum if there are more users or applications using it,\u201d Outumuro explained. He also found that Ethereum\u2019s role as the infrastructure for DeFi has the potential to further amplify these network effects\u2014as more developers work on improving Ethereum\u2019s base layer, more dApps will be built on it, attracting more end users, and, in turn, more protocol developers. This, according to the analysis, creates a network effect very similar to what is usually seen with big tech companies. Featured Image from Unsplash<\/p>\n","protected":false},"author":531,"featured_media":423275,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625],"tags":[428,1144,78790,1946,8686,79112,76835],"class_list":["post-423927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-ethereum","tag-ethusd","tag-intotheblock","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Report: Ethereum Has a Stronger Network Effect Than Bitcoin<\/title>\n<meta name=\"description\" content=\"An in-depth analysis from IntoTheBlock took a look at the network effects of Bitcoin and Ethereum and found that it was much easier to calculate and track\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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