Update of the ETH network. We discuss news
Literally today, the crypto industry has replenished with an innovation for the second cryptocurrency on the market. Cryptocurrency received a solid update from a third-party developer that improved the anonymity and security of Ethereum translations. Let’s discuss in more detail the news that ETH received. So let’s get started.
Who is behind the update?
The authors of the major innovation are the consulting company Ernst & Young (EY). This is not the first time a consulting business giant has shown interest in smart contracts and other technologies from ETH. But now the company has moved from words to deeds and presented a public beta version of its software code. It is worth noting that work on a global update from third-party developers began last year. In October 2018, EY already tried to develop its own update for “digital silver”, but the protocol did not receive due popularity.
What did the developers bring?
In fact, the update is quite massive. The code simultaneously improves the performance of the coin system and guarantees better digital security. Without going into technical details, we can say that the new version of the technology from EY is much better than the original Ethereum.
Based on the Zero-Disclosure Protocol (ZKP), it simplifies growth and transfers within ETH. More specifically, now everyone can transfer 20 transactions simultaneously, the commission is $0.05. Agree, good performance, as for an unofficial update.
The creators of the update plan to create a kind of add-on for ETH. The plans include corporate transfers that will not be entered on the Blockchain. Consequently, the participants in the transaction can be 100% sure that their data (including wallets and the amount of transfer) will remain secret forever. Skeptics immediately asked a logical question: will such a development increase the level of fraud in the Ethereum system?
Yes, there are some contradictions to the main ideas of cryptocurrencies, but in practice this is a very useful innovation. We can only wait for the reaction of the community to such bold plans. Most likely, the differences will not go away and the developers from EY will have to reconsider their views. ETH should not become a tool for fraud. And ideas about completely anonymous transfers only bring cryptocurrency closer to this status
How did the update affect ETH?
Unfortunately, Ethereum is currently experiencing a bad time. However, after the update was launched, the price of the coin instantly rose. However, the benefits of updating from Ernst & Young are not limited to price increases.
The development of such serious enterprises shows that the crypto industry is still interesting for large enterprises. Businessmen boldly undertake the development of their own Blockchain solutions, and this is wonderful. EY representatives openly declare that the future lies with Blockchain and cryptocurrencies like Ethereum. According to company representatives, by the beginning of 2030, most of all business agreements will be drawn up using cryptocurrencies.
We are sure that other large companies will be inspired by the EY experience and will also be engaged in creating their own solutions for large coins. Initiative developers attract the attention of ordinary users and miners. Thus, the cost of cryptocurrency will also grow. And will alow us to earn money.
Recall that from day to day a complete restart of Ethereum is expected. Soon we will see Ethereum 2.0, so as not to miss this event, follow all the news of the crypto industry on our website. We publish only new and interesting material. Thank you for your attention. Good luck!