Ethereum: Important Network News

It’s Monday again, and it’s time to sum up the past week and discuss the key events of the crypto market! Feel free to express your opinion in the comments, and share news that were not included in our review.

So what was the big deal last week?

Ethereum founder admits network problems

Vitalik Buterin acknowledged the presence of scalability problems in the Ethereum network. He said that he did not expect a quick resolution of the situation. According to him, the situation does not require urgent solutions, and the company ‘has years’ until the network scalability at the basic level. That is why the company must now focus on second-tier solutions that will reduce network load and increase transaction speed in the short term. The company’s immediate plans were included in the Rollups roadmap presented by Mr. Buterin.

FORSAGE.io — what does this information mean to us? The high commission fees and long transactions on the Ethereum network became one of the reasons for the early launch of the platform on the TRON blockchain. At the same time, the ETH platform continues to work and develop, although this is difficult due to the instability of the Ethereum network and problems with its scalability. The steps taken by the creators of ETH to stabilize the situation are good news for all members of the FORSAGE community.

Ethereum 2.0’s dress rehearsal failed

Another piece of news that is directly related to the second cryptocurrency: last week, the Spadina testnet was launched, which was supposed to be a ‘dress rehearsal’ for the launch of ETH 2.0, but the launch was unsuccessful. Due to problems and bugs, customers again faced an increase in the transaction time, so the developers decided to launch a new final testnet Zinken on October 12, which will take into account all the errors found in the Spadina network.

FORSAGE.io — what does this information mean to us? Let’s hope that the launch of the Zinken testnet will be successful since it will bring us closer to the launch of Ethereum 2.0, and therefore, to solving the problems of the ETH network.

A new company was started to develop Web 3.0 and DeFi

The company was named Mesh, and one of the co-founders of the Ethereum project became its creator. The company’s main goal is reportedly to unite disparate teams, products, and investments in the Ethereum ecosystem in anticipation of the era of Web 3.0 and DeFi, as well as to promote decentralized protocols and infrastructure, alongside with developing the Ethereum ecosystem.

FORSAGE.io — what does this information mean to us? Such actions provide proof of the fact that the ideas of decentralization which are shared by all members of the FORSAGE community without exception, are becoming more widespread and accepted in the world. This fact pleases us since decentralization means financial freedom, transparency, and new opportunities for everyone.

Bitcoins ‘sleeping’ for 10 years became active

Last week, 50 BTC which had been idle since 2010, were transferred to a new wallet. This is not the first transaction of ‘sleeping’ bitcoins that took place in 2020: in May 2020, several transactions were made with coins mined in February 2009. At that time, the network of the first cryptocurrency was working for just over a month.

FORSAGE.io — what does this information mean to us? This is an interesting fact that shows us the development of the digital finance market, as well as the growth in the popularization of blockchain technology. All this cannot but rejoice us, because the development of these areas speaks of the gradual onset of a new economic reality, of which we are all a part.