Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
Ethereum price goes up as bulls seem like waiting for major bullish action. The developers are teasing the community with ‘big code update’ and prepare several possible upgrades, both controversial and useful.
Since the lows of Q4 2019, Ethereum price and network have gained significant steam. The hash rate, transactions per day, and the number of active addresses all rising. The network currently consists of around 7,100 public nodes. During the last 24 hours, ETH shows $3,71 billion of the trading volume. Interesting to note that the recent 90,000 ETH sell-off by Jeff Wilcke via Kraken didn’t have much implication over the price. Jeff is one of the several Ethereum founders, together with Gavin Wood, Vitalik Buterin, Charles Hoskinson, Joe Lubin, and others.
No matter what, the key people continue delivering perfect code. The update in development – Serenity – will allow people to make an easy transition. Many of the miners already wait to jump from Ethereum 1.0 mining to the Ethereum 2.0 staking. The primary developers behind Serenity and ETH 2.0 GitHub page are Vitalik Buterin, Danny Ryan, and Justin Drake. Other names from the Ethereum community and blockchain space are there to help.
Ethereum’s On-Chain Fundamentals Grow Fast
More than 28,000 of the commits were added to the Ethereum protocol by developers of different sizes. The ETH project gives a start to more than 218 GitHub repositories. The vast majority of the new code attributes to the Solidity branch. This is a language that devs prefer using when writing decentralized applications. It is hard to learn and is very tricky, so the developers usually test their inventions before going public. If you don’t test your smart-contract, you could achieve something very bad with it, like the DAO hack or the White Hat rescue where the ‘good’ developers make money from the ‘bad hackers’, but then leave the tokens for themselves.
Within the new phase, Sharding and Casper are planned as the possible kick-ass solutions for security and scaling. While Sharding helps the network to grow both vertically and horizontally, Casper makes sure that the PoS is available. Looks like the developers have support from the miners, as the network’s hash rate only grows during the last several months. The average time between blocks is 13 seconds, so the network is working fast. Average blocks per day metric show an all-time high. Notably, only several smart contracts are responsible for the majority of transactions.
Why Ethereum Developers Meeting Could Pump the Market
In the coming years, Ethereum is going to become something much bigger than just a smart-contract platform and DeFi base. Right now, the network already serves more than 2700 decentralized applications. Although many of them are copy-paste, some have become very popular.
In January 2020, Ethereum created a special program called One Million Devs Initiative. The goal of it is to raise the number of Ethereum developers from 200,000 to one million by the end of 2020. The next Devcon 6 will help with the goal, as well as to announce the further specs of the network transition to PoS. Regarding Web 3.0, developers are planning to discuss the ‘dogfooding’ style of development, new ideas, messages, and tips.
The Ethereum Enterprise Alliance already gains support from the giants like Microsoft, JP Morgan Chase Co., Intel Corp., and more. During past Ethdev meetings, there was a temporary support form the Internet Archive and UNICEF. During the meeting, the attendee can browse among several speakers to listen to, with over 50 guests sharing knowledge for free.
Ethereum Dev meeting will become the first place on the planet where the ‘Beacon chain’ will be set. Beacon chain is the name of the next Ethereum main layer. It features PoS instead of PoW as the primary minting algo.
Ethereum Price Waits for Bull Momentum
Some experts like Ryan Daws claim that this is a perfect moment for the Ethereum bulls to play on the volatility. The final location for the meeting is unknown until now. But the Ethereum developers will set up the online channel so that people from around the globe could virtually attend the gathering.
Other notable developments in the network could become the major factor behind the price increase. While Ethereum facilitates support level at $225, if the bulls start acting, the price will surpass the $230-240 mark. Only then a major price increase could happen. Otherwise, the price could even dive below $208, per Aayush Jindal.
The only thing that could result in major troubles is the presumable controversy surrounding ProgPoW’s possible implementation. In case implemented, ProgPoW will significantly increase Nvidia mining profitability and decrease AMD mining profitability. And according to Bob Summerwill, one of the notable developers in the space, ProgPoW is not a very good idea.