At press time, Bitcoin’s closest rival is trading at a price point of $225.50, thus indicating a small increase of around 2% in its value since yesterday afternoon. Over the course of the past 72+ hours, ETH has continued to hover around the $230 mark– a sign which points towards a stagnating economic trend which might not be good for the premier digital asset.
As can be seen from the chart above, Ether touched a relative low of around $217 a few hours back before quickly gaining traction and scaling up to beyond the $225 region once again. Additionally, it is also worth mentioning that Ether’s total market cap has remained steady around the $23 Bln mark over the past few days.
EEA Joins Hands With HyperLedger
Ethereum was back in the news yesterday after it was announced that the Enterprise Ethereum Alliance [EEA] was partnering with Hyperledger to foster the development of novel cross-border blockchain technologies.
In relation to the aforementioned matter, Ron Resnick, the Executive Director of EEA had the following words:
“Collaborating through mutual associate membership provides more opportunities for both organizations to work more closely together. In addition, Hyperledger developers who join the EEA can participate in EEA Certification to ensure solution compliance for projects related to the Enterprise Ethereum Client Specification.”
Despite its Existing Issues, Ethereum is Still One of the Best Crypto Ecosystems Today
According to a recent op-ed piece by Philip Hutchins, the CTO at Storj Labs (a decentralized cloud storage provider), Ethereum is still in the “best position currently to scale long term”.
Talking about how this can be achieved, Hutchins noted that the solution to Ether’s scalability problems can only be addressed via two core means, namely ‘Sharding’ or through the use of the ‘Raiden Network’. He also made it clear that simply adding nodes to the Ether network does not help scalability since every individual transaction still has to be verified by each separate node with the Ether blockchain.
As many of us may already know, Sharding is the process by which the Ethereum network can be reduced to smaller, more quantifiable blocks that can act independently— thereby allowing for the system to scale indefinitely. On the other hand, by making use of the Raiden Network, off-chain transactions can be made possible, which again solves the issue of scalability to a large degree.
Final Take
While a lot of people have continued to question whether the Ether ecosystem is really ‘future ready or not’, people like Hutchins believe that as more and more Ethereum use-cases continue to emerge in the market every day, the faster we will come close to scaling the network effectively.
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