The co-founder of Ethereum, Vitalik Buterin, is in the latest news surrounding the cryptocurrency. More specifically, Buterin revealed his plans to scale the Ethereum network and with that accommodate a nearly 3,200% increase in the transactions without the use of second-layer technologies such as Plasma.
Buterin wrote a post on an ETH research forum which was published on Saturday. In it, the co-founder of ETH said that the altcoin can borrow a technological innovation from the privacy-centric cryptocurrency Zcash to “mass-validate” ETH transactions.
The technology is named ZK-SNARKS, allows relaying nodes to “verify the correctness of computations without having to execute them” or “learn what was executed,” according to the post published on the Ethereum Foundation blog.
As Buterin wrote:
“There are two classes of user: (i) transactor, and (ii) relayer. A relayer takes a set of operations from transactors, and combines them all into a transaction and makes a ZK-SNARK to prove the validity, and publishes the ZK-SNARK and the transaction data in a highly compressed form to the blockchain. A relayer gets rewarded for this by transaction fees from transactors.”
According to Vitalik Buterin, the integration and adoption of the ZK-SNARKS technology could allow Ethereum to process a maximum of around 500 transactions per second, from the current 15. This is not only a 3,200% increase but also a massive improvement from Plasma and other second-layer scaling solutions that increase the network capacity.
Crypto Stamp Collectibles Now Available On The ETH Blockchain
Polish Bank Uses The Public Ethereum Blockchain For Documentation
“We know exactly in which block of Ethereum the document with a given hash is published. If we know the block number, we also know the timestamp [...] We know that the document was published some time ago and hasn’t been changed in that time [if the hash stored on the blockchain is identical to the hash calculated from the document], so we can prove it hasn’t been replaced on our servers.”Meanwhile, the best cryptocurrency news sites show that Alior has reportedly developed the blockchain solution in response to the changing regulations in Poland, where the Office of Competition and Consumer Protection in 2017 ruled that website pages do not constitute a "durable medium" necessary for issuing the customer documents. Then, the Polish bank came up with a blockchain solution that provides online documentation through a suitably durable medium. The management at Alior also said that it is the first bank to use a public (as opposed to a private) blockchain for its customer service. The blockchain strategy lead, Tomasz Sienicki, was also featured in the altcoin news for stating:
“We want people to verify that we did everything right and we don’t conceal anything. If we say the documents are actually verified and authentic, everybody can check it and confirm [...] That’s not possible using a private blockchain.”All of this proves that the Ethereum blockchain is still in demand as one of the most popular solutions out there. On another note, it proves that the Polish bank Alior is keeping up to date with new technologies and knows how to implement them.
Google Cloud Services Now Support Ethereum Smart Contracts
“Participants in prediction marketplaces allocate capital to speculate on future events in general. One area of intense interest is which smart contract platform will predominate because, being networks ecosystems, their value will follow a power law (i.e. winner-take-all) distribution. There are many differing opinions about which platform will succeed, as well as how success can be quantified.”The reports in the latest cryptocurrency news explain how smart contracts can be helpful for these tech giants and how Google’s services can be used in these tech giants. Google Cloud Services will apply hybrid applications will be built on the cloud infrastructure using the blockchain technology. While Google has yet to follow the path of Telegram and Facebook and announce some broader blockchain integration, they do however understand the importance of helping companies who need the blockchain. The mainstream service providers that offer blockchain services is the best way to mass crypto adoption. When the smaller companies find out that they have easy access to blockchain services, they are most likely to consider the technology and integrate some form of the decentralized ledger technology.
Ethereum’s ETH 2.0 Serenity Upgrade Will Launch By January 2020
“So the idea here is try and launch the deposit contract ahead of the target genesis [block], so that we allow time for validators to make deposits. And then one idea here is to basically do a deposit contract ceremony at Devcon. One of the reasons to have this very public ceremony is so that we can all agree on the exact address of the deposit contract and avoid scam deposit contracts.”The Ethereum foundation researcher also explained how activating Ethereum’s ETH 2.0 genesis block on January 3rd could avoid the holiday months during the winter and could be perfect timing with the 11th anniversary of the Bitcoin genesis block network. Previously this month, the tech giant Microsoft released VeriSol which is an open-source smart contract verification tool for Ethereum to the Microsoft Azure computing platform’s cloud. Ethereum also saw its daily gas usage record getting broken by the end of May. Moreover, ETH 2.0 testnets are starting to materialize as well which gives the builders the opportunity to get familiarized with the Ethereum future.
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