Self-Governance Initiative Is Crucial For All Cryptocurrencies

By dan saada May 27, 2019 0

The price of Ethereum is progressing towards a bullish momentum.  Most of the shortcomings of Ethereum revolve around speed and scalability.    The new sets of upgrades associated with Ethereum 2.0 are focused on resolving these issues.  The upgrade will consist of a new proof-of-stakes (PoS) algorithm along with other kinds of codebase modifications like sharding.

The current proof of work (PoW) consensus algorithm consumes anywhere from 3 through 18 minutes to process the smart contracts depending upon the network congestion.  The slow processing times make it very hard to deploy the code on Ethereum.

Vitalik Buterin, the co-founder at Ethereum, stated, “Ethereum 1.0 is a couple of people’s scrappy attempt to build the world computer; Ethereum 2.0 will be the world computer.”

The features included in Ethereum is an overall paradigm shift, which can take some time for the investors to be able to grasp and digest.  However, the strength of the process lies in the fact that it will bring in a high degree of flexibility to Ethereum.  Thereby, it will get a lot easier to introduce simple changes in the future as needs warrant.  

Several Ethereum Investment Proposals (EIP) are being consistently submitted. Several of the proposals have been discussed at length by the core developers. Several of them have been tabled for future discussions.  Most of the EIPs are receiving only tentative approval.

XRP was priced at $0.383 after going down by 1.87% in the next 24 hours.  The market cap of XRP is currently at $16.121 billion, and it registered $1.29 billion in trading volume.

The price of Stellar Lumens [XLM] was at $0.125.  This was after the price fell by 1.56% in the past 24 hours.  The token stood ninth on the top 10 list, and it had a market cap of $19.302 billion with the 24-hour trading volume set at $844.41.

Earlier this month, a meeting was organized in Chicago, a group of traders from more than 35 cryptocurrency firms which included industry players, stated that “A community-wide effort is important to improve compliance standards thereby preventing liabilities that might stem from trading with bad actors or dealers that trade with bad actors. A self-governance initiative something that regulators are keen to see.”

This meeting was organized at a point in time when Binance experienced a significant security breach issue where the hackers were able to draw cryptocurrency worth 7,000 Bitcoin.