Even as the markets are bleeding red, cryptocurrencies are trying to project progress as the community gets uncertain about market movement. Ethereum [ETH], the third-largest cryptocurrency on the CoinMarketCap list, has been facing a backlash from the community due to its performance graph. However, the community could rejoice in the news that the cryptocurrency would soon be able to process 1 million transactions per second.
The token would be achieving the task with Raiden Network [RDN], a protocol that envisions scaling token transfers on top of the Ethereum network, reported Bitcoinexchangeguide.
Raiden Network has successfully deployed the initial version for the same on Ethereum mainnet, known as Red Eyes. Raiden Network informed about the Red Eyes release through a blog post and noted an alpha testing release. The firm requested the users to be careful while using it and secure their nodes before using, while also explaining the network is not production ready as of now. The blog noted:
“We are excited to announce that the Raiden Network Red Eyes release is live on the Ethereum mainnet! The Red Eyes release is an alpha testing release. It is absolutely crucial to read this post including the security notes carefully before using the software,”
The release will enable developers to open, top-up, close and settle payment channels. The firm’s aim for the release is to test smart contracts and the core protocol on the Ethereum mainnet.
The network is similar to the Lightning Network as it aims to provide scaling solutions for Ethereum’s scaling issues. This will enable the coin to reach 1 million transactions per second, something that will help to boost the community’s morale. This development will also enable cheaper and faster off-chain transactions as compared to those processed on the Ethereum’s main network.
The network appeared to be congested earlier this year as Ethereum was traded almost near its all-time high. The reason mentioned by the publication was the increased usage of CryptoKitties and other decentralized applications [dApps] that required to process more transactions.
As the Lightning Networks helps Bitcoin to improve its scalability, Ethereum is also gearing up for the same. This could lead to the top cryptocurrency, Bitcoin and the third-largest cryptocurrency Ethereum, to process millions of transactions without any trouble on their respective networks and might re-establish the community’s faith.
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Grayscale Investments: Ethereum Trust [ETHE] receives FINRA approval for public quotation on OTC markets
Grayscale Investments, a digital asset management firm, made an announcement with regard to the second largest cryptocurrency in the market, Ethereum. The platform stated that the Financial Industry Regulatory Authority [FINRA] approved its Ethereum Trust, ETHE, making it the third publicly quoted investment product. The other two publicly quoted investment products are Grayscale Bitcoin Trust [OTCQX: GBTC] and Grayscale Ethereum Classic Trust [OTCQX: ETCG].
Grayscale Investments stated on Twitter,
“Our team continues to bring new opportunities for investors to gain exposure to digital currencies. We’re pleased to share that Grayscale Ethereum Trust received FINRA approval for a public quotation on
@OTCMarkets under symbol: $ETHE* https://gryscl.co/2M4wVER (1/2)”
In a blog post, the platform stated that each Share of ETHE would be equivalent to 0.09662399 Ethereum, as of 30th April 2019. Further, the asset management firm also stated that the Ethereum in each share would decrease over a period of time as ETHE would not “generate income” and the Ethereum would be “regularly distributed” to clear-out expenses.
It further stated,
“There will be no trading volume in the Shares’ public quotation until the Shares are DTC eligible, which ETHE is expected to receive soon. Investors will be able to find current financial disclosure and Real-Time Level 2 quotes for Shares of ETHE on the OTC Markets website once trading commences. “
The ‘announcement of this announcement’ was made yesterday by Barry Silbert, the CEO of Digital Currency Group, thereby creating a buzz. Barry Silbert had stated on Twitter,
@GrayscaleInvest for some big news at 9 am NY time tomorrow. Announcing an announcement (yeah, that’s how I roll)”
To add on, the firm had recently launched the #DropGold initiative, with its main focus being prompting investors to invest in the digital gold, Bitcoin. The firm had stated,
“Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold. […] Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold.
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