A high level of activity and demand for computing power on the Ethereum blockchain has led to congestion on the network. As a result, transaction fees on the platform have skyrocketed. So let’s lay out the ongoing development on the network and the work being done to alleviate these fees...
Ethereum is a decentralized, open-source, and distributed computing platform. And at its core, it’s a blockchain.
What set Ethereum apart from day one was its computing ability to execute smart contracts. This enables users to build, execute, and verify decentralized applications (dApps) via the blockchain. It’s why Ethereum is being dubbed “Web 3.0.” What separates Ethereum today is the development on the network. It’s second to none, thanks to its 1,100-plus developers. They’re bringing major progress to the project through enterprise development, DeFi, and the Ethereum 2.0 upgrade.
Enterprise development – over 700 global initiatives, including Ernst & Young’s Baseline protocol, which Coca-Cola is running a trial on for its bottling network... JPMorgan ,Chase’s Quorum blockchain, which is home to a few hundred banks that merged with ConsenSys last month... and Ethereum’s Microsoft Development kit, which just surpassed 12,000 downloads.
DeFi – over $8 billion of value locked up. This is up from around $500 million one year ago – a 1,500% increase – and highlights the growing usage of Ethereum dApps.In fact, the growth and high demand has made network congestion an issue. But Ethereum already has solutions available in the form of layer 2. One of these is OMG Network, one of our other holdings. OMG Network is expected to relieve some of the issues the network is experiencing due to DeFi’s recent popularity.
Ethereum 2.0 – a massive overhaul that will bring enterprise usage and DeFi to even greater levels and provide a long-term solution for network congestions. The first portion of this upgrade is expected around the new year. It’ll continue to roll out more releases over several years. The end result is virtually unlimited scalability, increased security, and higher speeds.
Ethereum’s roadmap is substantial. And with the most developers in the space working on it, it’s ready to see mass adoption and a surge in price.
Ethereum is a decentralized, open-source, and distributed computing platform. And at its core, it’s a blockchain.
What set Ethereum apart from day one was its computing ability to execute smart contracts. This enables users to build, execute, and verify decentralized applications (dApps) via the blockchain. It’s why Ethereum is being dubbed “Web 3.0.” What separates Ethereum today is the development on the network. It’s second to none, thanks to its 1,100-plus developers. They’re bringing major progress to the project through enterprise development, DeFi, and the Ethereum 2.0 upgrade.
Enterprise development – over 700 global initiatives, including Ernst & Young’s Baseline protocol, which Coca-Cola is running a trial on for its bottling network... JPMorgan ,Chase’s Quorum blockchain, which is home to a few hundred banks that merged with ConsenSys last month... and Ethereum’s Microsoft Development kit, which just surpassed 12,000 downloads.
DeFi – over $8 billion of value locked up. This is up from around $500 million one year ago – a 1,500% increase – and highlights the growing usage of Ethereum dApps.In fact, the growth and high demand has made network congestion an issue. But Ethereum already has solutions available in the form of layer 2. One of these is OMG Network, one of our other holdings. OMG Network is expected to relieve some of the issues the network is experiencing due to DeFi’s recent popularity.
Ethereum 2.0 – a massive overhaul that will bring enterprise usage and DeFi to even greater levels and provide a long-term solution for network congestions. The first portion of this upgrade is expected around the new year. It’ll continue to roll out more releases over several years. The end result is virtually unlimited scalability, increased security, and higher speeds.
Ethereum’s roadmap is substantial. And with the most developers in the space working on it, it’s ready to see mass adoption and a surge in price.
