Ethereum 2.0 Serenity could have a Happy Holiday Season
Ether could have a serene Christmas? You don’t say! Let’s not forget that on January 9th, 2017 Ether was worth $1,305.58. Today, it’s worth $220.45. However if we are to believe Vitalik Buterin, proof of stake could be closer than we think.
Speaking at a conference in Prague, Buterin outlined the path to Ethereum 2.0, which he now calls Serenity, that is designed to solve Ethereum’s scalability issues. You can literally watch it here.
- Casper and transition to proof of stake
- Scalability improvements via a process known as sharding
- Protocol enhancements
Dubbed “Ethereum 2.0”, it’s under pressure to manifest its updates faster as the race to public blockchain scalability will become more intense in 2019 and 2020.
Ethereum founder Vitalik Buterin has basically signaled a switch to so-called proof-of-stake is “no longer so far away.” We don’t know if this amounts to PR or actual evidence of progress.
However there’s been a lot of press about Bitcoin’s energy consumption of late and either way you look at it, in a PoS system, the energy cost of mining is far lower than it is in a PoW system, making Ethereum more adaptable to the future.
Even if Bitcoin’s price remains stable for the course during the Holidays, Ethereum’s price could have an upswing. One reason is a more active Ethereum Futures product.
U.S. bank JP Morgan Chase revealed it had created an enterprise version of the Ethereum blockchain. J.P Morgan Chase is of late behaving like a technology company and endorsing Ethereum.
The Quorum ecosystem is an enterprise version of Ethereum that has been designed to run any application that requires high computational speeds as well as large throughput processing power. It’s also getting increased backing, including from J.P. Morgan Chase. It amounts to Umar Farooq, Head of JPs Blockchain Initiatives, being apparently bullish on Quorums’ use of tokenizing gold bars in the custody of various financial institutions. Sounds pretty Serene!
If JP Morgan states that cryptocurrencies are here to stay, it’s another layer of confidence for the digital asset market. With Bakkt and Fidelity Digital Asset Services on the way, Ethereum will be even more front and center.
Jamie Dimon might not own BTC, but that hardly matters. Serenity is what it is and blockchain both centralized and public are becoming a bigger part of our lives each month, each year. Ethereum 2.0 “Serenity” is a 1000x scalability promise. Their ability to deliver it will decide the fate of Ethereum. Already it’s one of the major contributors to GitHub and is attracting a steady stream of the world’s most talented software engineers due to the incredible demand for blockchain engineers.
Crypto is a bit like Cannabis, total legalization is inevitable and digital assets could be a bit part in the future economy that’s destined to have a cryptoeconomics aspect. It’s hard not to be bullish about Ethereum’s chances of being a big part of this.