30 Million CRYPTO transactions on the Testnet today. Not the usual consensus. Let's discuss what this could mean?
The testnet has had a record amount of transactions in the last day, and as pointed out by /u/sfc0026 they're mostly cryptocurrency transactions.
**What does this mean?**
The usual transactions close to this volume are consensus calls. I.e. submitting a message to the network for a permanent place on the ledger. This is what we'd usually see from the large use cases wanting to submit irreversible information to the public ledger.
However, cryptocurrency transactions are actually all about accounts and actual HBAR. So, less about using HBAR to use the network, but the actual movement of HBAR across accounts. Here is the list of API calls that make up Cryptocurrency transactions:
**What could be using 30 million cryptocurrency calls in one day?**
Good question! If you looked through the calls in the Cryptocurrency API, you'll see it really comprises of 3 types of call:
* Get, change and delete account information. Includes getting HBAR balances, transaction receipts.
* Moving HBARs around and getting payment information. I.e moving HBARs between accounts, getting payment receipts, payment history, livehashes (used to authenticate and prove ownership of transactions)
* **Staking information**. Includes, getting amount of HBARs proxy staked, which accounts are staked to which nodes, and importantly as part of the [CryptoUpdate](https://docs.hedera.com/guides/docs/hedera-api/cryptocurrency-accounts/cryptoupdate), you can set the **proxyAccountID** to set the account to which you want to proxy stake your HBARs. I'm also not 100% sure, but I assume this would include the distribution of HBAR staking rewards.
This could be a number of use cases. It could be Dropp, which are using HBAR to perform microtransactions, some sort of HBAR wallet/Exchange, or (Unlikely bu...