Ethereum (ETH) Joins the Upward Run, As We Await Caspers
The crypto market has suffered from a critical decline in the last three weeks, as the bears kept raging on. Ethereum (ETH) traded for as low as $557 yesterday, its lowest price level in more than a month. The upward run of EOS has started what now seems to be a chain reaction.
Entering today, Ethereum has picked up pace after yesterday’s critical levels as major cryptocurrencies are leading a comeback as the crypto market climb is now in full swing. Ethereum is above the critical levels, trading at $603.65 registering a 4.61% value rise in the last 24 hours.
Ethereum maintains its position as the second largest cryptocurrency with an estimated market cap of $60.158 billion USD. Things are beginning to shape up for the assets in the crypto space, although still grossly undervalued, the prices are climbing and the Ethereum has a little more to excite enthusiasts and holders.
Casper: The Future of Ethereum (ETH)
Ethereum’s current blockchain can only handle about 13 transactions per second, limiting the usage capabilities of distributed applications on the platform. Ethereum has already begun works on a consensus method change, which would implement the sharding scaling solution and put a permanent end to the scalability issues plaguing Ethereum.
According to Ethereum’s co-founder and CEO Vitalik Buterin, the Proof of Stake protocol will propel the future of Ethereum. Casper is not a single project, but two ongoing projects; Casper the Friendly Finalist Gadget (FFG) and Casper the Friendly Ghost: Correct-by-Construct (CBC).
Casper the Friendly Finalist Gadget (FFG) is a hybrid POS/POW consensus mechanism and would be the first project to be implemented by Ethereum. Casper the Friendly Ghost will use the Correct-by-Construct (CBC) protocol. The five major benefits of Casper are:
- Energy efficiency
- Economic security
- Highly scalable
- Create a transition to PoS and
- Will help Ethereum achieve Decentralization
The Consensus method launch of Ethereum, Casper has been in development for years now, but we have already witnessed a glimpse its capabilities. When Casper’s Testnet was launched in January, Ethereum hit over $1,000 USD for the first time. Updates on Casper can be found here.
Confirmation of Ethereum’s Advanced Blockchain Platform
The almost unending possibilities of Ethereum’s network has been acknowledged by numerous people and organization in the past, most recently Google. The Co-founder of Ethereum, Vitalik Buterin has decided to stick with Ethereum after the tech giants Google approached him for a possible collaboration for an undisclosed blockchain project.
Vitalik Buterin shared a screenshot of an email showing the offer from a Google recruiter, Elizabeth Garcia, the twitter post in which he shared this information has long been deleted. Google’s approach is just confirmation of the promise Ethereum’s blockchain holds.
Barely three days after Buterin shared the offer from Google, CEO of Golem, Zulian Zawistowski has publicly stated that Ethereum is the most promising blockchain in the cryptoverse and no other blockchain protocol comes remotely close to the potential and applicability of Ethereum.
Ethereum’s immense contribution to the development of the crypto industry cannot be overemphasized, providing solutions to multiple blockchain problems, most recently Zilliqa’s application of Sharding, Ethereum’s scalability solution. Ethereum (ETH) may be undervalue at the moment, but if there’s anything that is worth holding on to, is the future potential of Ethereum.