Header Ads

Trust God

ETHEREUM'S FURTHER IMPROVEMENTS........Having Greater Processing Power!


The Ethereum network, the second largest cryptocurrency in market capitalization has continued to make improvements to its network, though the price of bitcoin continues to run and creating wider price margin between the two coins.

The cryptocurrency world is in a fuss about Bitcoin and rightly so, with the cancellation of the SegWit2x hardfork and the sudden drop in pricing by nearly $1000 per BTC and the last weekend heavy bitcoin cash price surge, Bitcoin seem to be receiving all the attention in the crypto currency market

However, what is also undeniable is the improvements which Ethereum has achieved with the recent upgrade it had. Recent reports by the Ethereum Foundation indicate that Ethereum processed 44 percent more transactions than the Bitcoin Blockchain, showing the power of the Ethereum system.

Further, the total number of pending transactions for Ethereum has been stable between 30 and 300, while the same figure for Bitcoin has fluctuated anywhere from 39,000 to 47,000.

Fireinthebone gathered that the ZK-SNARK protocol, released on the Ethereum platform with the Byzantium hardfork, was quickly criticized by some tech insiders because of its risk of attack from quantum computers. While some had posited that the Ethereum fork would produce a Wall Street adoption boom, the risk from quantum computers has kept adoption steady.

A recent paper by Ethereum founder Vitalik Buterin indicates, however, that a new protocol called the ZK-STARK has been conceptualized in order to protect a full zero-knowledge transaction, even from quantum computing. This protocol relies only on hashes and information theory, rather than the ‘trusted setup’ of its ZK-SNARK cousin.

The upgraded anonymity, while perhaps necessary for such applications as public or fiscal Blockchain transactions, does come at a data cost - from 288 bytes to a few hundred kilobytes according to Buterin. However, in fields where anonymity is paramount, the additional data would provide something that no other system to date can accomplish - fully secure and fully anonymous transactions.

Certainly, the improvements in processing speed will meet with higher transaction volume as more tokens are waiting to be issued under the Ethereum network.

Powered by Blogger.