Wednesday, May 22, 2024

Ethereum News Today: Bitwala Added Ether to its Services

Ethereum is undoubtedly among the most popular cryptocurrency in the world. Below we have shared the latest updated regarding the same to keep you updated

Bitwala Added Ether to its Services

On January 7th, 2020,  Bitwala, the famous Berlin-based bitcoin bank announced that they have upgraded their services to include Ether. The coin belongs to the  Ethereum network and considered the second cryptocurrency based on its market cap. It is quite a big move for the company because ever since its launch in the year 2015, the company had only supported Bitcoin. The company states that it has added Ethereum because of the coin’s growing prominence in the decentralized finance movement. By expanding, the company is looking at the new opportunity to connect with Web 3.0.

This Toronto-based Start-up is Using Ethereum to Help Mongolian Farmers to Develop Sustainable Supply Chain, which is a Toronto-based startup has launched a blockchain-powered project that envisions to help Mongolian nomadic farmers. This project is executed along with United Nations Development Programs and aims to assist farmers to track and authenticate their cashmere products via the traceability platform of the company. The company is a digital transformation entity, which is exploring the application of blockchain within its sustainability initiatives. Its latest pilot project tests a sustainable cashmere value using the Ethereum based traceability platform.

Ethereum’s Block Rewards Witnessed an Increase of 25% in 2020

After the coin reduced its complexities associated with mining, the average block time of Ethereum has witnessed a significant drop. In merely 4 days of 2020, ETH has acquired over 25% time reduction for block rewards. This means that from now on miners can mine more ETH coins from the platform. Previously the average block time of ETH was 17.16, which is now lowered at 12.96 seconds.  On January 1st the quantity of new block was at 4,980, within 3 days this number increased to 6,570. The number of coins mined also says a tremendous increase from 10,237 to 13,437

Ethereum 2.0 is all Geared Up to Launch Sharding in 2020

Sharding has always been viewed as the ultimate solution of Ethereum to networking clogging. This scaling solution definitely is an important requirement for the growth of the network. Justin Drake who is a researcher at Ethereum Foundation revealed that the technology is expected to be implemented in 2020. Scaling solution is extremely important for the network and its growth. In the past week, ETH fees have been increased by 7000%, and that might be rooted down to network clogging. Sharding will enable the network to execute more transactions within lagging down.

Must Read: Bitcoin Price Rockets After Iran Attacks US Base In Iraq

Predicting the Price of Ethereum for 2020 – Is it Profitable for You?

Between January 1st, 2019 and January 1st, 2020, the value of ETH increased from USD 140.82 to USD 143.89 (2%).  As per the industry expert, Ethereum and Bitcoin are expected to hold 25% of the overall industry individually. Therefore the overall market capitalization would hit at USD 4.4 Trillion in 2020. Vitalik Buterin and Ullery suggested a total coin circulation of 100 Million. So the price prediction of Ethereum in 2020 would come around USD 11375, totaling its market capitalization at over 6 Trillion.

Monesh Kumar
Monesh Kumar
Monesh Kumar is a cryptocurrency and blockchain enthusiast. He trades cryptocurrencies and holds some but he prefers holding Bitcoin, Ethereum & Cardano.

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