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Ethereum

Ethereum [ETH] is better because Vitalik is involved, says ShapeShift CEO

Priya

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Source: Unsplash

Erik Voorhees, CEO of ShapeShift, spoke about Ethereum 2.0, Vitalik Buterin’s influence over the Ethereum ecosystem and the real-life adoption of Ethereum and cryptocurrencies, in an interview with CNBC Crypto Trader.

The CEO started off by speaking about the scaling problems of Ethereum and the time taken to deliver what was promised by the Foundation. 

During the DevCon4, Vitalik Buterin, the co-founder of Ethereum, unraveled more information about Ethereum 2.0. Buterin stated that Ethererum 2.0 will have Proof of Stake [PoS], Scalability [sharding], VM improvements [EWASM], improvements to cross-contact logic and protocol economics. With these implementations, the network will be 1000x more scalable and increase the transactions to 14,000 per second. 

Voorhees said:

“Yeah, I mean it’ll either happen or people will move to other blockchains and other cryptos and that’s fine too. I mean this is a hyper-competitive industry where people are building the future of finance and there’s plenty of incentive in all directions.”

He further stated that Ethereum will be one of the main chains as it has the network effect and more developers than any other projects in the world.

Voorhees also spoke about whether the whole of the Ethereum ecosystem is centralized around Buterin. He stated that Buterin is “obviously” a point of centralization. He further added:



“But if Vitalik got hit by a bus and disappeared, would Ethereum go away? No, I mean it would get cut in half in price for a month or so but Vitalik doesn’t run Ethereum, he doesn’t control it. He’s just a major influence and he’s a brilliant person. So, Ethereum is better because he’s involved.”

The CEO of ShapeShift also gave his opinion on how long it would take to witness the real-life adoption of cryptocurrencies. Voorhees stated that adoption does not happen instantly. He went on to compare it to the adoption of the Internet, wherein it took a long time for people to accept the revolution. Voorhees added that adoption happens in over two decades.

Nonetheless, Voorhees stated the game assets non-fungible tokens on Ethereum platform will be one of the early things that will get mainstream adoption. He said:

“These tokens that basically represent game assets are going to be really popular. I think cryptokitties kicked off a huge trend and that’s gonna bring a lot of people that don’t care all about the crypto-side into crypto.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ethereum

Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks

Akash Anand

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Source: Pixabay

Ethereum [ETH]’s movement on the cryptocurrency charts has been termed ‘slow’ or ‘unresponsive’ by many people involved in the world of digital assets. This subtle attack on the Vitalik Buterin co-founded network has been a prolonged process with many betting on the “death of the Ethereum network” due to the rise of faster and more efficient technologies and blockchain networks.

The second largest cryptocurrency, however, seems to have taken all these comments in stride as new data emerged that 6 of the 10 highest usage days in Ethereum’s history occurred over the past 3 weeks. Data from Etherscan.io showed a rise to a peak as Ethereum recovered well after the downturn in mid-January. The astounding peaks in terms of usage were also made evident when compared to the usage data in December/January 2018, the time period when the cryptocurrency market had reached its all-time high.

Some users in the cryptocurrency space were still critical about the data, with dk_holdnaut, a cryptocurrency enthusiast tweeting:



“I have never seen or even heard about anyone using any Ethereum app. If it was truly decentralized and censorship resistant I believe the people that value these perks the most atm and have the most funds to devote would’ve build a drug market dApp by now.”

However, Ethereum’s competition, EOS and Tron are not far behind. Just recently Tron, the Justin Sun-led cryptocurrency had announced that the TRX mainnet had crossed 2.5 million accounts, beating Ethereum with 8 million blocks. Ethereum, despite having the chronological advantage, had only 7.5 million blocks.

Ethereum had taken another hit when EOS set the record for the most number of cryptocurrency transactions in one day. Daniel Larimer, the CTO of Block.one had tweeted:

“#eos recently set a record of over 70m actions processed in one day. An average of over 810 actions per second. Our team is making great strides in further optimization and scaling. #B1JUNE”





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