Bullish for ETH: Number of Ethereum nodes exceeds that of Bitcoin for the first time
Ethereum is booming – and now the so-called “decentralised computer of the world” has surpassed Bitcoin in terms of the total number of nodes, as new data shows.
Data from the Ethereum node service and technology company Bitfly show that the Ethereum Bitcoin System network now has 11137 active nodes. Bitcoin, however, has 10981 active nodes.
There are now more #Ethereum nodes than #Bitcoin nodes.
Bitcoin: 10981https://t.co/E0viD19GZthttps://t.co/rnf9ZWuW5Y pic.twitter.com/lFOd6UwPYb
– Bitfly (@etherchain_org) November 29, 2020
Nodes (“nodes”) are essentially the backbone of any block chain system. They store the block chain data and can run on commercial servers as well as on the average user’s computer.
All block chain nodes are interconnected and constantly exchange the latest data with each other to keep the network “up to date”. The data is therefore stored, distributed and preserved within the block chain, with nodes containing a complete copy of the block chain’s transaction history being referred to as “full nodes”.
The growth of the Ethereum network has now surpassed Bitcoin, although it was created more than six years after BTC. This can be attributed to the large number of applications, instances and products running on Ethereum compared to Bitcoin, which is used less as a technical network and more as a digital asset.
Where are all the Bitcoin nodes located?
2820 nodes, Bitnodes. The US is now the leader in the introduction of Bitcoin nodes (in terms of “reachable” nodes), with over 1847 nodes (16% of the network) located in the country. The tech player Germany is next in the list with 1712 nodes (15% of the network), while France is far below with 578 nodes (5% of the network).
Interestingly, China, which controls much of Bitcoin’s hash power, does not appear to have any traceable Bitcoin hubs.
The Ethereum network experienced strong growth last week with over 2,200 nodes added after 23 November. This coincides with the upcoming launch of the ETH 2.0 network, where Ethereum is moving from its current proof-of-work consensus design to a proof-of-stake mechanism.
Phase 0 will start today on 1 December. It is the first in a series of different phases.
Following the introduction of ETH 2.0, Ethereum is expected to offer a faster network, lower fees and greater scalability – a step that could take years to complete in its entirety.