The CEO of Binance, Changpeng Zhao, has on numerous occasions mentioned his personal philosophy of creating on the blockchain whenever the crypto markets are on the decline. This can be seen in his most recent tweet only a few days ago when refering to the current crypto market decline.
Congruencies With the Situation Facing Ethereum (ETH)
Further using Mr. Zhao’s philosophy and also keeping in mind the recently concluded Ethereum Developer Conference, we find that developers of the latter network are hard at work building on the famous smart contract platform. The Ethereum network was the first to introduce the concept of smart contracts that brought about the ICO boom of 2017 and 2018.
However, the bear market has erased all gains experienced by its native digital asset of ETH. But as earlier stated, during a bear market, the best thing to do is to build and create on the blockchain.
Ethereum Developers Planning on Accelerating the Technical Roadmap
News reaching Ethereum World News from CoinDesk indicate that developers on the Ethereum network could be working to accelerate the progress of upgrades on the famous platform. The need to build solutions quickly came about from the recently concluded DevCon4 event that was hosted in Prague.
The minutes from four private meetings that took place at the Devcon4 conference at the end of October, refer to an upgrade named “ethereum 1x,” possibly to be activated in June 2019.
The meeting that discussed the acceleration of the roadmap seems to have been attended by few Ethereum developers. Joseph Lubin was one notable attendee. The full list includes developers such as Greg Colvin, Joseph Chow, Fredrik Harrysson, just to name a few.
Other upgrades discussed in the meeting include the following:
- System-wide upgrade probably for mid-2019 and not part of earlier mentioned hard-forks
- The upgrades involve replacing the Ethereum Virtual Machine with the Ethereum flavored WebAssembly (EWASM). The EWASM is defined as a new, portable, size- and load-time-efficient format. WebAssembly aims to execute at native speed by taking advantage of common hardware capabilities available on a wide range of platforms. WebAssembly is currently being designed as an open standard by a W3C Community Group
- Introduction of rent or what is known as storage fees for smart contracts
Summing it up, as the bear market continues to thrive due to the Bitcoin Cash Hash Wars and the SECs stand on ICOs, the development team at Ethereum have taken this time to continue improving the Network. The aforementioned minutes from an earlier held meeting is a clear indicator that the team of developers wants to accelerate the process of making the Ethereum platform efficient and great once again.
What are your thoughts on the possibility of accelerating upgrades on the Ethereum platform? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.