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Ethereum 1x Upgrade: All you need to know

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A large number of researchers and developers have started to discuss the proposed upgrade to Ethereum known as Ethereum 1x.

A large number of researchers and developers have started to discuss the proposed upgrade to Ethereum known as Ethereum 1x.

The code changes are still not confirmed but developers from all around the world are suggesting their different proposals in order to improve the usability of Ethereum- the world’s third-largest blockchain. The code is predicted to be created and accepted by the ethereum network users by June 2019.

Afri Schoedon, the manager for Parity Ethereum client had suggested implementing the upgrade on a separate blockchain of its own but other prominent developers and managers have suggested activating the changes to the existing blockchain network.

Ethereum 2.0 which was in the news lately after the Ethereum Dev Con this year which is being called as ‘Serenity’ by Vitalik Buterin, has a long roadmap and the production of Ethereum 2.0 will probably start in 2020 because of the new design specifications that will take time to be activated.

 

Ethereum 1x

Ethereum 1x sounds quite contentious at the moment but according to the Afri Schoedon, the first aim is the discussion of the ideas with the stakeholders so that the contentious word comes out of the picture.

Ethereum 1x was in a discussion in a closed room during the Devcon4 conference but some prominent community members were not satisfied as they believed that the discussion will be more satisfied with the involvement of the general public.

Therefore the first open meeting is planned for today i.e. 30th November at 14:00 UTC.

 

Groups for the advancement of Ethereum 1x

In the minutes of the meeting published by Dan Heyman, the program director of Pegasys, an Ethereum Blockchain development group it is mentioned that currently there around 4 groups working on the advancement of Ethereum 1x.

 

Alexey Akhunov, the leader of one of the groups is working for the introduction of “storage rent” on the ethereum platform. The storage rent’s purpose is to keep a check on the growth of all the applications and accounts being operated on the ethereum blockchain network. The larger the ethereum applications and accounts grow, the longer it takes for the new systems joining the ethereum blockchain network to download and maintain the copies of all the data.

As the data on the ethereum blockchain has been increasing rapidly over the years, a proposal to charge a fee for the users who store their smart contract data on the blockchain has been made in order to ensure the accessibility of the network for all the users.

 

Another contradictory proposal is to move parts of the data on the smart contract off the blockchain which will eventually put the responsibility of storing the data on the developers of different ethereum dapps. This mechanism is called the “stateless clients“. However, some developers have raised the concern as to how dapp developers will be able to share and update the off chain data.

The second group involved in the advancement of Ethereum 1x is exploring the possibilities of archiving the old data stored on the blockchain in a bid for relieving the pressure of the growing ethereum state.

 

The Simulation Group, the third group is analyzing the problems which occur on the blockchain due to the block size increase. A few studies have been made in accordance to analyze how blocks propagate through the blockchain network and what will happen when the gas limit is raised.

 

The fourth group is working on decreasing the cost of deployment of a smart contract. According to the fourth team, this would balance out the increase of cost for smart contract storage as proposed by “Rent One”.
Ethereum developers have put forward eWASM, a new virtual machine that processes smart contract code which will create “precompiles” comfortably.

“Precomplies” are smart contract operations optimized to run on the ethereum blockchain for a particular fee or gas. Currently, there are only a few “precomplies” running on the blockchain but the deamd is increasing.

Afri Schoedon, the parity ethereum client manager also mentioned that as there are only a few developers in the core development team of Ethereum, it will be very difficult to implement the high demand of “Precomplies” as they won’t be able to focus on other things then. Deciding the gas cost for a particulat smart contract operation is also very difficult.

Once the contruction process of Precompiles gets earlier, then the team plans to open eWASM for all developers.

 

All things considered, until the point when that future is acknowledged, etheruem 1x is imagined to support what Afri Schoedon calls as “out of the box” solutions.

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Token Taxonomy Initiative: Enterprise Ethereum Alliance & Microsoft

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Token Taxonomy Initiative built as a technology-neutral initiative will operate across different blockchains currently having Ethereum, Hyperledger & Corda.

The Enterprise Ethereum alliance and Microsoft have brought together the major enterprise blockchain providers behind a new project aimed at helping businesses develop the proper crypto tokens for their particular needs.

 

Token Taxonomy Initiative

It is being called the Token Taxonomy Initiative and is being built as a technology-neutral initiative which will operate across different blockchains currently having Ethereum, Hyperledger, and Corda, the biggest enterprise blockchain solutions and this initiative already include large partners IBM, ING, JP Morgan, Intel, and Microsoft, all with the aim of creating token standards for business users across all network.

 

The process for the development of enterprises which is basically going to be as simple as a drag and drop approach. This initiative is a big leap for particularly in terms of actually kicking open the doors for enterprises to enter the space and say that it is quite easy to use this technology.

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Analysis: Will Ethereum Rise in 2019?

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There is a great possibility that the price of Ethereum might never rise again, At least not to the figures it earlier achieved.

Bitcoin and Ethereum have been leading the cryptocurrency market for quite some time. While bitcoin blockchain’s main motive is to track the transactions, Ethereum’s main motive is to run the codes of DEX or decentralized apps.

While most people feel that bitcoin will always lead the cryptocurrency market, some believe the cryptocurrencies such as Ethereum might overtake bitcoin in the future. Currently, a group of companies known as Enterprise Ethereum Alliance supports the Ethereum blockchain who are working hard to improve the overall functionality of the blockchain.

 

Can Ethereum rise in 2019?

While Bitcoin is a store of value and most people use bitcoin as a form of investment, Ethereum is mostly used by software companies for development of their own dapps.

Ethereum saw a tremendous rise in price as well as in market capitalization during the ICO era which might have ended last year. In 2017, there was a boom in the overall ICO market and most Initial Coin Offerings collected their investments in the form of Ethereum. This had led to a massive demand for ETH as investors had to purchase ETH first in order to invest in other initial coin offerings.

Ethereum Price Chart

Ethereum Price Chart

The price of Ethereum reached more than $1400 at the start of 2018 and people started to feel that Ethereum might even overtake bitcoin soon. However, as months passed in the year 2018, both the price and the market capitalization of ETH experienced a massive mall which might be related to the end of ICO era. Cryptocurrency analysts also believe that the massive selling of Ethereum by Initial Coin Offerings who had been storing them as investments was the main reason for the fall in the price of ETH. Thousands of ICOs started selling their ETH holdings when they saw a bear market coming upfront.

 

Why ETH might never rise again:

There is a great possibility that the price of Ethereum might never rise again, At least not to the figures it earlier achieved. One of the reasons for this is the rising popularity of other blockchain platforms such as TRON who are direct competitors to ETH and some are even performing a lot better than Ethereum. The overall development of ETH blockchain seems to be quite slow and thus people have started to adopt other blockchains which are more suitable for their products and perform better than the Ethereum blockchain.

 

Another big reason why Ethereum might not rise again is the end of the ICO era. The number of initial coin offerings has seen a tremendous decrease last year and even lower this year. Also, the interest of investors has shifted from Initial Coin Offerings now as they do not see a safe and profitable future in investing in ICOs. As one of the major reasons for the rise of ETH was the ICO market and now with the end of the ICO era, Ethereum might never see those robust bulls again.

 

The following article is not financial advice. Readers are requested to do their own research and analysis before making any investment decisions in the cryptocurrency market which is highly volatile.

 

What do you feel about the future of Ethereum? Tell us in the comments section below.

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Ethereum is not a Security: SEC Chairman confirms Commission Staff Analysis

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Jay Clayton, the Chairman of the SEC and an American attorney gave confirmation on the Commission Staff’s Analysis that said that cryptocurrencies such as Ethereum are not securities.

 

Ethereum like tokens are not securities:

The SEC chairman has responded to a letter signed which was signed by Tedd Budd and several other colleagues after asking that whether the policy that would put forward last year by William Hinman, the director of the Divison of Corporate Finance should be regarded as the policy of the SEC or just a judgment of the Securities and Exchange Commission’s staff.

Jay Clayton responded to the letter by stating that he agrees to the statements of William Hinman that was made during the June 2018 speech that concern the digital tokens or cryptocurrencies. He said that he agrees that if a digital token is offered as security is not fixed (static). It might be offered first as security as it might meet the definition of an instrument contract, however, the position might change over time if the digital token is offered in a manner that does not represent that definition anymore. He agreed with William Hinman’s clarification about how the digital token might not represent the definition of an instrument contract.

 

The response letter by SEC Chairman Jay Clayton:

jay-clayton-response-1

jay-clayton-response-2

 

jay-clayton-response-3

 

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