Analyst: 2019 Will be the Year of 2nd Layer Ethereum Scaling

2019-1-8 03:00

According to an Ethereum (ETH) network and community analyst, this year’s major trend for the decentralised smart contract platform will be layer two scaling technologies. Proposed upgrades to the network include Plasma and the Raiden Network, amongst others.

It seems that the Ethereum Foundation are aware of the pressing need to scale the network using second layer techniques too. To aid the development of such upgrades, it has granted one of the most active groups of Ethereum developers, Parity Technologies, with $5 million.

It’s No Secret That Ethereum Needs to Scale Fast

Eric Conner, the host of the “Into the Ether” podcast and founder of Ethereum information portal, EthHub.io, Tweeted a prediction for ETH’s 2019 yesterday:

2019 is going to be the year of layer 2 scaling for Ethereum.

— Eric Conner (@econoar) January 6, 2019

Even more so than the Bitcoin network, the number two cryptocurrency by market capitalisation is in dire need of a workable scaling solution. This was highlighted perfectly in 2017 when the decentralised collectable game CryptoKitties received a sudden influx of users, causing the underlying network to almost grind to a halt.

The goal for the Ethereum network has always been to host decentralised applications that would have the potential to revolutionise just about every industry you can think of. However, its efficacy in doing so is severely limited by the fact that the network cannot even take a few thousand people trading images of digital cats on it.

Clearly, the Ethereum Foundation is well-aware of the need to scale the blockchain sooner rather than later. The few people willing to experiment with decentralised applications at present are migrating over to rival smart contract platform EOS at a startling rate. This shift to a more advanced platform will likely continue too, unless adequate solutions are created fast.

In an effort to push those working on scaling techniques harder, the Ethereum Foundation has just awarded a research grant. According to a blog post by the group, Parity Technologies will receive $5 million to aid their continued experimentation towards scaling and other upgrades to the network.

The post outlined why Parity Technologies had been chosen to be the recipient of the “scalability, usability and security grant”:

“For several years, Parity Technologies has been an invaluable member of the Ethereum ecosystem for their leadership in core development efforts, their Parity Ethereum client and more… By all metrics, Parity is a major technical contributor to the Ethereum project, and they’ve notably done so as a self-financed and open-sourced effort since their founding.”

The Ethereum Foundation went on to list the areas of research it is hoping will be benefited from by the injection of cash. These include: developing Casper, sharding, light clients, developer tools, audits, and infrastructure improvements.

There are big upgrades already planned for 2019 for Ethereum. These include the much-anticipated Constantinople hard fork scheduled later this month.

 

Related Reading: Parity Hack and the Impact on the Ethereum Blockchain

Featured Image from Shutterstock.

The post Analyst: 2019 Will be the Year of 2nd Layer Ethereum Scaling appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Santiment Network Token (SAN) на Currencies.ru

$ 0.0865709 (-0.22%)
Объем 24H $210
Изменеия 24h: 9.95 %, 7d: 19.49 %
Cегодня L: $0.0865709 - H: $0.0865709
Капитализация $0 Rank 5672
Цена в час новости $ 0.3401 (-74.55%)

network layer ethereum scaling year analyst 2nd

Источник: newsbtc.com

network layer → Результатов: 81


[VIDEO] Crypto News Recap Dec 13th: eToro XRP, Opera, Bomb Threat Bitcoin Ransom, SWIFT CEO and More

eToro Crypto Trading App Sends Ripple's Notorious XRP Community an Official Apology eToro Crypto Trading App Sends Ripple's Notorious XRP Community an Official Apology Bitcoin's Second Layer Blockchain Tech, the Lightning Network, Not Ready for Mainstream Use Yet Bitcoin's Second Layer Blockchain Tech, the Lightning Network, Not Ready for Mainstream Use Yet Ripple CTO David […]

2018-12-14 08:32


Bitcoin’s Second Layer Blockchain Tech, the Lightning Network, Not Ready for Mainstream Use Yet

The idea behind the Bitcoin Lightning Network might’ve sounded something like this: we really don’t need to keep a record of every single transaction on the blockchain. Instead, the Lightning Network adds another layer to Bitcoin’s blockchain and enables users to create payment channels between any two parties on that extra layer. These channels can […]

2018-12-13 21:30


Фото:

LightningHood Website Features Promising Projects and Resources for Lightning Network

Bitcoin and Lightning Network enthusiasts recently launched a website dedicated to featuring projects supporting the speedy second layer solution. According to the LightningHood’s Medium blog post, published on December 2, 2018, LightningHood is keen to help the growing community by providing everyone in the ecosystem access to resources such as developers, Lapps, and nodes, and recognize the people working to.

2018-12-4 14:00


Фото:

Lightning Network Passes 4000 Nodes, Reaches All-Time Capacity High

Bitcoin’s nascent mainnet implementation of the Lightning Network (LN) has reached a new milestone, passing 4,000 nodes for the first time. Lightning Handles $750K Data from monitoring resource 1ML confirms the latest growth of Bitcoin’s second layer designed for fast er and cheaper payments, Lightning Network, which at press time November 13 had a total of 4,026 nodes, of which 2,910 were public.

2018-11-14 05:00


JURA ICO

JURA NETWORK has the vision of building the next-generation blockchain technologies. JURA encompasses the Fusus, a DAG-lattice data structure as the basis for a distributed ledger, a proof of utility consensus mechanism to self-regulate in a decentralized network, an anti-spamming proof of verifiable random time module, a sharding technology for scalability design, and an AI filter as the security layer.

2018-11-1 07:03


Here’s Why the Bitcoin Community is Viciously Attacking Blockstream’s Bank 2.0 Liquid Network

Today we begin with three questions: Is Blockstream building solutions such as Liquid which rely on the government for protection of the fulfillment of contracts? And: Is Blockstream intentionally crippling the throughput on the base layer so that most traffic has to go through their second for profitability? And: "Just Use Fiat" pic.

2018-10-27 16:07


Фото:

DevCon 4 Will Set the Stage for Ethereum’s Next Milestone: Constantinople

Ethereum is embracing the Constantinople milestone at the end of November 2018, after DevCon4 in Prague. Constantinople is the latest Ethereum release, introduced through a hard fork, that will include five Ethereum Improvement Proposals (EIPs):Bitwise shifting instructions (EIP 145) in the Ethereum Virtual Machine (EVM) allow for direct manipulation of bytes on the EVM layer.

2018-9-11 18:15


IOTA Finalizes Abra, Bringing It One Step Closer To Qubic Update

IOTA has published its monthly Qubic status update, announcing that the team has spent the past month finalizing its Abra programming language. This programming language will be used by Qubic, the protocol layer that will be used to implement smart contracts and payment gateways on the IOTA network: “August was all about cleaning up details… The post IOTA Finalizes Abra, Bringing It One Step Closer To Qubic Update appeared first on UNHASHED.

2018-9-11 18:08


Фото:

New Transport Layer bloXroute Promises to Solve Bitcoin’s Biggest Problem

bloXroute Labs and a team of Northwestern University students believe Bitcoin’s biggest problem, scalability, can be solved without affecting its chief virtue — decentralization. Northwestern and bloXroute Labs Are Working to Solve Scalability Issue Critics have always identified the limited number of transactions that Bitcoin’s network can process as its most significant problem.

2018-8-15 12:00


дальше еще 32 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum Layer-2 Scene Booming, Base Cumulative Revenue Exceeds $10 Million

Base, a layer-2 scaling solution for Ethereum built using the Optimism technology stack, has earned over $10 million in cumulative revenue since launching in early August 2023.  Taking to X on November 28, Erick Smith, the chief investment officer of 401 Financial, citing Token Terminal’s data, shared layer 2’s steady growth in revenue. Notably, as […]