Ethereum’s Byzantium is Being Tested Right Now
After the China annoucement regarding ICOs and Bitcoin exchanges – Ethereum suffered a drop in price too. The Smart Contracts cryptocurrency collapsed to a $200 low. For the last 5 months, this is a second time low after the July’s decrease to $149. However, the price went up to $288 in a few days due to the major news that Ethereum launched.
Ethereum’s Byzantium Is Now In Testing
Ethereum’s long awaited hard fork – Byzantium – is now officially in testing. It’s not live yet, it’s just in the testing phase on the Ethereum’s testing network – Ropsten. Right now, the hard fork will be in testing for a few weeks. Furthermore, nine EIPs (Ethereum improvement protocols) will be under testing. A more detailed article about the Byzantium’s updates can be read here. The improvements will minimize the exploiting potential of the Ethereum blockchain.
The testing period will take about 3 weeks and the Byzantium hard fork is likely to appear near October 9 – if no problem occurs in the testing period. A live infographic about Byzantium can be observed here.
Ethereum Will Have Visa-Scale Transaction Capacity In 2 Years
As people try to find different ways to issue a transaction – more and more people come across cryptocurrencies. Probably the biggest war in the cryptocurrency industry right now is between Ethereum and Bitcoin.
As one of the speakers from TechCrunch Disrupt 2017, Vitalik Buterin declared that Ethereum has the power to change major things in data and security. Most of all, his words made people believe that in the short future, Ethereum will have the Visa transactional power.
“Bitcoin is processing a bit less than three transactions per second. Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the Blockchain to replace Visa.”
Furthermore, the Ethereum creator announced its desire to enter in the gaming industry. As he claims, a better scalability and security is possible using Ethereum.
“You could run StarCraft on the Blockchain. Those kinds of things are possible. High level of security and scalability allows all these various other things to be built on top. Ethereum is a secure base layer that doesn’t have too many features.”
In conclusion, the tough week that Ethereum had was not an issue for their long term plans. As the blockchain is in a continuous development process – the future may surprise us.