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In recent weeks, crypto has returned to the honor. Bitcoin, Ethereum (ETH), among other digital assets, has absolutely jumped. Although no specific fundamental factor has been imputed to the recent rally, it is widely accepted that certain information, such as Fidelity's institutional platform and Ethereum integration of a proof of participation (PoS), have pushed up prices.
But one notable commentator says that a key development, the move from Ethereum to PoS (Serenity) technology may not be happening as early as the optimists expect.
Related reading: The price of bitcoins gained on average 77% after consensus, altcoins 161%
Ethereum 2.0 can be pushed up until 2021
Per CoinTelegraph, during a panel titled "The Smart Contracts War Comes", Ryan Selkis, of the data analysis start-up, Messari, drew the attention to the weaknesses of the point-of-sale system. He claimed that the consensus mechanism, which removes energy-hungry miners for authorized full nodes that can process Ethereum blocks, is "not proven to work". Selkis, who is the CEO of the aforementioned company, adds that the current proof of the work system can be "even good enough" for a long-term scale up.
And so, he added that he did not expect "Proof-of-Stake and Ethereum 2.0 to take place before the end of 2021 at the earliest".
The news comes after Justin Drake, from the Ethereum Foundation, noticed last week that the code specifications for phase zero were "on track" and should be finalized by June 30th. Once finalized, developers can start building code based on these specifications, making sure everyone is on the same page. For those who do not know it, the zero phase, also known as "tag chain", will allow validators, rather than minors, to participate in the Ether game and vote on the improvement proposals.
Curiously, however, Selkis seems to be entirely optimistic about Ethereum and its short and medium term prospects. In a recent tweet, a longtime industry insider said that with all the things that should happen during Blockchain Week in New York City, "you have to be crazy for short. He then claimed that the bear market was "over" and explained that the next "epic race" for Bitcoin and Ethereum was about to happen.
You have to be crazy to start New York blockchain week in the middle of an upward trend.
The bear market is over. Start the next epic bull race. *
(Does not necessarily apply to most assets outside BTC / ETH) https://t.co/Ul97XTjIw0
– Ryan Selkis (@twobitidiot) May 11, 2019
Ethereum (and Bitcoin too) always looks attractive
Despite all this, Ethereum remained tempting, the project providing many other bullish developments.
For example, at the end of April, rumors revealed that Samsung, one of the world's largest tech stores, was planning to build an Ethereum-based blockchain that would house its own token. The use of this asset is unclear, but the source suggests that the blockchain could be passed on to Samsung Pay, the technology tech's fintech app.
In the same vein, JP Morgan and Microsoft announced the launch of a partnership to implement Quorum, the former Ethereum channel, in the Azure Blockchain service of the technology company, allowing for more adoption. off the blockchain.
And more recently, a "senior official" who knows the US Commodity Futures Commission (CFTC) says the regulator is entirely amicable towards Ethereum. He / she explained that "we can be comfortable with an Ether derivative within our jurisdiction", thus confirming the hearsay that the CFTC's cousin, the Securities and Exchange Commission ( SEC), considers ETH as a non-title. This means that if a stock exchange such as GCE or CFTC asks for Ethereum futures, the agency is likely to approve such a proposal.
Featured image of Shutterstock
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