At press time, the world’s second largest cryptocurrency by total market capitalization is trading at a stable price point of $226.60— thereby showcasing a minor relative gain of around 2% since yesterday afternoon. However, for a brief period last evening, it appeared as though Ether was trying to make an upward push, with the currency breaching the $232 barrier for a short period of time before once again settling around the $225 mark.
17,000 TPS Rate Possible for the Ethereum Blockchain? Some Researchers Say ‘Yes’!!
Earlier in September, during the course of a back and forth with various crypto developers, Vitalik Buterin, the co-founder of Ethereum, said that by using ZK-SNARKS, the transaction efficiency of the Ether network could be scaled up to an impressive 500 TPS.
ZK-SNARKS is the foundational technology that underlies Zcash, a privacy-oriented crypto asset. However, earlier this week, a group of Ether researchers including Barry Whitehat, Alex Gluchowski, Harry R, Yondon Fu and Philippe Castonguay proposed another viable scaling solution called “snark-based side chains”, which could potentially raise the native transaction capacity of the ETH network to a staggering 17,000 TPS — a figure which is only rivaled by that of payments giant Visa at the moment.
Vitalik Buterin: “Ethereum ecosystem does not need me to grow”
In another piece of news related to blockchain savant Vitalik Buterin, the young billionaire said that the Ethereum network has reached a point in its evolution where “it could very well continue to thrive even if he spontaneously combusted tomorrow”.
Similarly, when questioned regarding whether he plans to “take a back seat” with the Ether project from here on out, Buterin replied in the affirmative, stating that “Already, much of the ongoing research is being done by (Danny Ryan), (Justin Drake), (Hsiao-Wei Wang) and others”.
Over the course of the past week, it looked as though XRP was primed to overtake Ether in terms of its total market share by percentage. However, during the past 48-hours, Ripple’s performance has cooled off dramatically, with the difference in the market caps of the aforementioned currencies now lying around the $2.5 Bln mark.