Ethereum price is surging and on March 13, it reached its all-time high market cap of $2.74 bln.Analysts are attributing the rising trend of Ethereum price to the community’s demand for cheaper, faster, more flexible and a developer-friendly network.Since early 2016, Ethereum developers have been criticizing Bitcoin due to its limited functionalities and restricted flexibility in comparison to the Ethereum network.Bitcoin experts including Litecoin creator and Coinbase Director of Engineering Charlie Lee argued that a network can’t be flexible, cheap and efficient without compromising security.As seen in late 2016, when Ethereum underwent four consequent hard forks, the consequence for prioritizing flexibility and functionality over security was quite evident.One of the hard forks designed to bail out investors in the decentralized autonomous organization (DAO) led to a split chain, which the community feared, creating Ethereum Classic.However, as the Bitcoin Blockchain became more congested and an increasing number of transactions started to get delayed for up to 48 hours, developers, users and businesses began to seek out for alternative networks to use.

The majority of users that searched for other altcoins or alternative networks migrated to Ethereum.According to Iuri Matias, the developer of Embark, a framework for Ethereum Dapps, there are currently more developers working on Ethereum and its infrastructure in contrast to Bitcoin.Matias emphasized in a series of statements that more developers are working for or with Ethereum because of its flexibility.Hudson Jameson, Blockchain consultant and a developer for the Ethereum Foundation noted that the Ethereum Foundation alone has over 60 volunteers or full-time employees and 50 of those individuals are developers.While the Bitcoin community has 416 contributors, Matias stated that if only core infrastructure developers are concerned, the Ethereum network as a larger development community.Bitcoin companies like Purse, a Bitcoin marketplace known for its Amazon discounts and Bitcoin peer-to-peer merchants platform, are developing frameworks like BCoin, which allow developers to code applications for an alternative implementation of the Bitcoin protocol written in node.js.

As it is javascript-based, it is more friendly towards app developers focusing on user experience.John Lilic, a member of the Ethereum decentralized application production studio ConsenSys and founder of the Afghanistan-based coding school Code to Inspire, further emphasized that transactions are cheaper within the Ethereum network.“Transferring $2 mln worth of eth in under a minute for less than $0.01 in fees.More reasons why Ethereum [is better].” Since transaction fee within the Bitcoin network varies greatly depending on the size of the transaction, costs for some transactions could go over $1 in some cases.Within the Ethereum network, however, most transactions are identical in fees.Experts and analysts argue that Ethereum transactions will become expensive in the future if it confronts scalability issues even remotely similar to the Bitcoin networks.Until that time comes, it seems as if the Ethereum network will grow larger in size, in terms of user base, the development community and market cap.

_ Here's how it works: Anybody can ask a question Anybody can answer The best answers are voted up and rise to the top up vote down vote favorite 9 What is the function of Gas Limit parameter in Ethereum?ukash to bitcoin forumIs it involved in mining or something else?bitcoin qt speedethereum mining-theory up vote down vote In Ethereum, gas is a measure of computational effort.bitcoin etf live streamTo each operation, a fixed amount of gas is assigned (e.g.easy bitcoin miner for linuxadding two numbers costs 3 gas, calculating a hash costs 30 gas, sending a transaction costs 21000 gas [1]).bitcoin fork 2015

Since computation is expensive (mind that it has to be done by every full node in the network), excessive consumption of gas needs to be discouraged.Therefore, each unit of gas must be paid for (in Ether) by the sender of the transaction that triggered the computation.bitcoin smaller unitsUnfortunately, it is often not easy and in general even impossible to know in advance how much gas a transaction will need eventually.Therefore, transactions have a gas limit field to specify the maximum amount of gas the sender is willing to buy.If the gas used exceeds this limit during execution, processing is stopped.The sender still has to pay for the performed computation, but they are protected from running completely out of funds.The transaction gas limit also protects full nodes from attackers, who could, without a gas limit, make them execute effective infinity loops.If such a transaction would take longer than one block to process, it could never be included in a block, and, thus, the attacker wouldn't need to pay for it.

[2] Additionally, blocks, too, have a field called gas limit.It defines the maximum amount of gas all transactions in the whole block combined are allowed to consume.Similar to the maximum block size in Bitcoin (measured in bytes), its purpose is to keep block propagation and processing time low, thereby allowing for a sufficiently decentralized network.In contrast to Bitcoin, it is however not a constant.Instead, miners have the option to increase or decrease it every block by a certain factor.[3] [1] See the Yellow Paper for a breakdown of operations and the respective gas costs (Appendices G and H) [/ethereum/wiki/wiki/Design-Rationale#gas-and-fees [3] See the Yellow Paper Equations 40 to 42 for the exact rules Did you find this question interesting?Try our newsletter Sign up for our newsletter and get our top new questions delivered to your inbox ().up vote 3 down vote The current gas limit can be checked on the network stats page.It's currently 3,141,592 (pi million).