The Blockchain Week seems to have been a turning point for Ethereum. The Ethereum Foundation along with ConsenSys expressed during the week a certain urgency on the building of Ethereum 2.0. The upcoming version of Ethereum will be, to say the least, a major upgrade or an ambitious reinvention plan.
Ethereum’s Ether is one of the top cryptocurrencies. The Ethereum network uses a smart-contract system that facilitates the creation of tokens, decentralized applications, and more. Some of the current problems of Ethereum 1.0 are related to its scalability, which is the ability of Ethereum to be a world computer that handles financial transactions and hosts smart contracts and DApps without being unusably slow. There is also another problem which is a built-in rule that forces developers to switch from proof-of-work mining to proof-of-stake over time by slowing down mining rewards by increasing difficulty. The lack of a solution has been hanging over Ethereum’s head for a long time and the last main issue worth to be mention is regarding the platform’s security.
Security isn’t the main problem with Ethereum, but there are aspects of security that stand to be improved and it is one of the issues being worked on according to Ethereum Foundation. The Ethereum blockchain is today valued at $17.5 billion. Its broader goal with the upgrade is to erase ongoing bottlenecks to transaction throughput and significantly decrease costs on the network.
Ethereum 2.0 has been a term used to describe a series of potential updates to Ethereum to make it faster and better for a lack of better terms. Potential updates to address current scaling issues, issues with mining, and to some extent issues with security include proof-of-stake solutions Basically, every aspect of Ethereum 2.0 offers an answer to the above problems.
Based on interviews with numerous Ethereum veterans across organizations, it appears that crucial decisions are on the horizon. Vitalik Buterin, the most notorious co-founder of Ethereum, outlined himself some of the plans for making Ethereum work at scale in a proposal published during Blockchain Week. The proposal suggests he is considering increasing rewards for validators who would secure the operation of the next version of the world’s second largest blockchain.
Ethereum ranks number 2 on coinmarketcap.com, with a market cap of $27,055,213,918 and with an impressive volume of $11,413,095,202 in the last 24 hours. It is just behind Bitcoin on the global rank of cryptocurrencies. However, the two major coins match when it comes to the number of markets: 400!
Among the top 10 Ethereum markets on CMC, three are word’s top 10 exchanges part of ZB Group: EXX, ZBG and BW. It is important to mention that the group’s flagship exchange, ZB Exchange (www.zb.com), is soon approaching its 6 years anniversary. ZB Exchange was the very first to deliver ETH to mainland China back in 2013 and, in those early days for Ethereum, over 80% of all ETH was trading on ZB Exchange. ZB Group’s flagship exchange employs the strictest due diligence process in order to select and list only high-quality projects for its users to trade on.
About ZB Group
ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
