After a prolonged period of deliberations and hesitation, the co-founder and chief scientist of Ethereum, Vitalik Buterin, finally breaks his silence. However, this is related to the issue where he feels strongly about DeFi’s plans of incorporating conventional-based finance matters. From his viewpoint and opinion, he speaks about his fears and apprehensions regarding the pursuance of institutional capital. However, according to him, this is bound to bring about an incorrect form of regulation. 

However, this is in tune with his thought process, which he now generously shares, of that crypto, at the very present moment, is not at all equipped or prepared to be in the position of being gainfully incorporated with mainstream finance. His personal feelings are that the entire process should be allowed a fair amount of more time, and not at all at this very moment and period. He also airs his genuine concerns regarding the quickening fashion in which the situation transpires. 

Through a couple of tweets, however, he lays bare his point of view on the subject and reveals that, in truth, he is pleased and feels encouraged by the fact that many ETFs are being held up. However, this is about exchange-traded assets, where crypto is concerned.

In his experience, attaching regulatory features in the case of interfering with the inner functioning of crypto is far worse than regulations laid down, yet allowing crypto the freedom to act internally on its own accord. All of this, coming from an authoritative figure such as him, is bound to open the doors for further serious debates on the matter, which again, according to his mindset, will be a welcome factor.

The EIP-1559 release has worked fantastically for Ethereum as it surged from 2,728 dollars to 3,326 dollars since its release. The network has burnt over 230 million dollars in Ethereum in the period, creating scarcity for the token.

According to Bitcoin News, Ethereum is currently burning 12,000 dollars worth of ETH per minute. Dune Analytics is also following the network closely, tracking the amount of ETH burned ever since the London update. The network has burnt over 73,784 Ethereum in the first 17 days and continued the process.

Now, its ETH burning count has crossed 83,873 ETH. WIth Ethereum is currently trading around 3,309 dollars, meaning it has burned over 277,525,757 dollars worth of Ethereum. 

The network had already planned for this with the release of EIP-1559, the first changes that came through the London Hard Fork. The upgrade introduced a base fee that is algorithmically calculated for every transaction on Ethereum. However, instead of transferring the fee for the related transaction to miners, Ethereum is destroying the associated ETH.

As per EIP-1559’s authors, making sure that miners do not receive the base is crucial as it eliminates their incentive to manipulate fees to extract more gas fees from traders. The design is developed to protect Ethereum, fight inflation, and decrease risks associated with mining’s extractable value.

The model does not negate the reward for miners as they can still earn supplement fees as a gratuity. However, the latest update effectively changed the entire dynamic of the network. Ethereum is burning 12,000 dollars worth of Ethereum every minute to restrict miners from hauling profits on the network.

The upgrade also introduced more changes, including shifting from the PoW (proof-of-work) model to the PoS (proof-of-stake) model.

Businesses are becoming heavily reliant on technology, so they need a secure network and operate without intermediaries. Here Ethereum comes to their rescue. Ethereum is a public, open-source, blockchain-based distributed software platform launched by Vitalik Buterin in 2015. It allows users to build and deploy decentralized applications (dApps) through smart contracts. Ethereum can be used as both a private and a public blockchain.

Ethereum is the second-largest cryptocurrency platform after Bitcoin in terms of market capitalization. It is accessible anywhere in the world and has its own cryptocurrency called Ether. Ether is used by people all over the world to make payments.

Understanding What Enterprises Need

Enterprises need to embrace emerging technologies for incorporating new business models. They need a secure platform that could help them manage a large volume of sensitive data, which can improve business network accountability and operational efficiency. In a nutshell, the enterprise needs can be categorized as follows:

• Easy data allocation & management
• Faster deployment
• Permissioned networks
• Secure transactions
• Performance & scalability

Leveraging Ethereum for Enterprise Advantage

Ethereum works like a distributed ledger that allows transactions among enterprises. The unique programmability of the Ethereum blockchain makes enterprise networks strong. It is used in many industries such as banking, financial services, healthcare, supply chain, etc. Ethereum can be leveraged in many ways by enterprises:

1. Easy Data Allocation & Management: Ethereum’s smart contract functionality and decentralized system make data allocation much easier. It enables network participants to manage their systems with their private data and mediate transactions without a central authority.
2. Faster Deployment: Ethereum integrates all-in-one software-as-a-service (SaaS) platforms like Hyperledger Besu and Kaleido, which allow enterprises to deploy and manage private blockchain networks easily. Thus, making it convenient for enterprises to keep cooperation consistent among them.
3. Permissioned Networks: Ethereum uses permissioned networks to control network access, data storage, and private transactions. For example, Hyperledger Besu and Kaleido’s Blockchain Business Cloud enable enterprises to form Ethereum-based private/permissioned blockchain networks in which privileged nodes act as regulators or gatekeepers.
4. Secure Transactions: Ethereum’s secure cryptographic allows enterprises to exchange private value-making transactions. The privacy in Ethereum can be achieved by forming private consortia with private transaction layers. Added layers of privacy help businesses to benefit from the resilient mainnet of Ethereum. Ethereum is the most hack-resistant network to date.
5. Performance & Scalability: Ethereum is designed to sustain scalability within an enterprise. The Proof of Authority consensus enables private consortia networks built on Ethereum to outperform the public mainnet. This facilitates hundreds of transactions per second or more depending on network activity.

Future of Enterprise Ethereum

Gone are the days when creating a permissioned blockchain network was considered time-consuming and expensive. Ethereum’s interoperability with the public mainnet will offer enterprises global reach, extreme resilience, and high integrity. It will also enable enterprises to have the lowest cost business model.

With Ethereum, enterprises can perform customizable private transactions while working together to build shared, secure, and future-proofed IT infrastructure, as per ETH News. It offers enterprises free access to their SaaS platforms to configure a custom blockchain environment that will lead to more innovation. Ethereum’s blockchain protocol comes with a dozen applications across various categories that could be technologically beneficial for enterprise businesses.

Conclusion:

As an affordable, open, and go-to blockchain protocol for enterprises, Ethereum has achieved real-world adoption in the enterprise world. Enterprise Ethereum Alliance, a blockchain consortium, is one such effort toward Ethereum enterprise adoption. The alliance has 450 enterprise business members with corporates like Microsoft, JPMorgan Chase, Accenture, Intel, Cisco, and others.Developers at Ethereum are continuously working on making its blockchain’s protocol better and more secure. Simply put, enterprises can use and customize Ethereum to their network needs with increased privacy and controlled permissions as well as secure and faster transactions. You can find out more on Ethereum from our other pages.

Hubi, a global digital economy service provider has recently announced that it will launch ZEC, QWC on March 5, 2020. The schedule regarding the launch is;

The users will be able to deposit ZEC, QWC on March 5, 2020, 14:00 (UTC +8) 

ZEC/USDT, QWC/USDT trading pairs will be available for the users on March 6, 2020, 14:00 (UTC+8) and the users who want to withdraw ZEC, QWC can make the withdrawals on March 7, 2020, 14:00 (UTC+).

ZEC, better known as Zcash is the first blockchain system to use a zero-knowledge proof mechanism that provides complete payment confidentiality along with maintaining a decentralized network that uses a public blockchain. The feature that makes ZEC different from other platforms is that while making a transaction, ZEC automatically hides the sender, recipient and the amount of all transactions made on the blockchain network. 

The users who have access keys can only see the details of the transaction. It is up to the users, as they have full control over whom to provide the private key view. ZEC mainly has two types of funds- Transparent Fund which is much similar to Bitcoin and Private Fund that highlights privacy. Private Fund Transactions are completely confidential whereas transactions from a transparent fund can be publicly checked.

QWC was launched back in the year 2017. Known as Qwertycoin, QWC is a cryptocurrency designed for regular usage by people. With the main motive of protecting privacy, QWC aims to provide its users from both public and business sectors with faster and efficient means of transactions which is decentralized and direct.