There has been so much noise around the recent rise in Cryptos led primarily by Bitcoin that Alt. coins went into the backdrop. 2019 is an important year for the leader of the Alt. coins & the pioneer of the dApps platform – Ethereum, as it prepares to go through a major upgrade via a hard fork. One of the many signs of a maturing Cryptoverse. Before we talk about some of the recent developments in ETH, let’s take a look at the price action in the second biggest Crypto. While the 20% correction in Cryptos from the recent highs spooked some of the new entrants to the recent bull rally, others are taking it is as an opportunity to add to their positions.
ETH has rebounded well from the immediate support around $275 & the bullish momentum is still intact for now with higher lows in place. However, a penetration of this support level may extend the consolidation towards the bigger daily support at $225, which needs to hold for the bullish trend to continue. Moving on…
Friendly Fork
As Ethereum prepares to fully transition to a Proof of Stake (PoS) protocol with the Casper & Sharding upgrade in 2020-21, a community member intends to initiate what they are calling as a “friendly fork.” Dubbed as “Alternateth,” the network will act as a sister chain to the main Ethereum network validating ideas and proof-of-concepts before being incorporated on the main chain. In simpler words, Alternateth will act as the testing ground for the upcoming changes in the Ethereum blockchain.
The split which is expected to take place in two months’ time will first see the execution the Progressive Proof-of-Work (ProgPoW) mining algorithm – one which has been approved by developers for Ethereum main net activation, but hasn’t seen the light of day yet. The volunteer-driven network will also act to support the Ethereum developers. The project is still in early stages of development and has received private support from the community members for now. A non-confrontational initiative like this might eventually help the Ethereum blockchain towards a more stable, secure & scalable future.
Daily Transactions
With the increased interest in Cryptos, institutional interest & mainstream adoption – the daily transactions on digital asset networks continue to bounce back from the lows of January & Ethereum is no exception either. As per the Etherscan data, there were 1,004,170 (over 1 million) transactions confirmed on the Ethereum blockchain as of June 28, 2019 – a level last seen in May 2018. However, the network is still well under the 1,349,890 transactions level seen at the peak of Dec. 2017 bull run. Diar also recently reported that Ethereuem volumes on dApps recorded a new high of 776,000 ETH transacted in April. The high numbers of daily transactions point towards a healthy sign of Crypto revival.
Interoperability
ETC Labs, a San Francisco based incubator for ETC (Ethereum Classic – an offshoot of Ethereum) blockchain has announced it will create an interoperability solution for ETH and ETC blockchains. The solution will employ the cryptocurrency Metronome (MET) as the intermediary token, which will be transferable between the two blockchains. As noted in the blog, ETC labs will provide support for Metronome’s Validator Network – consisting of five decentralized off chain validators confirming the validity of Metronome transactions, thus ensuring reliability, security and prevention of double spend attacks. Metronome is an autonomous cryptocurrency created in 2018 offering features of self-governance, reliability & portability. In a related story ETC will undergo an Atlantis hard fork intended to take place at block #8,772,000 (around September 17).
Although Alt. coins led by Ethereum have somewhat lagged behind the recent gains seen in Bitcoin, but Ether’s upcoming upgrades coupled with the increased adoption in the form of enterprise blockchain solutions are going to give it more traction as year winds down.
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