By
Tolu Ajiboye
April 23rd, 2024
Ethereum price has broken $250 after JPMorgan has demonstrated its interest in a partnership with ConsenSys. This could push the Ethereum price to new heights as developer is preparing to Ethereum 2.0 transition.
JPMorgan is paying attention to Ethereum blockchain and has offered a partnership to ConsenSys. Currently, Ethereum trades around $251, showing the signs of incoming action. The price goes up on a set of news.
Reuters informed that a possible partnership between the big bank and the Ethereum giant. The article tells that ‘according to people familiar with the plans’, the official announcement is going public in the next 6 months. And there are 25 specialists worldwide working on the blockchain by JP Morgan.
The CEO of JPMorgan was constantly telling the public that Bitcoin and cryptocurrencies are bad investment decisions. People who know this market well understand that, if some big person talks about cryptocurrency, it’s an act of promoting. No matter whether you spread negative or positive, people start talking and that’s the goal.
Indeed, JPMorgan is not solely against cryptocurrency. The inner managers were playing with the Ethereum blockchain for some time. Not just to find the biggest flaws possible. They wanted to find the proper system for some needs and named it ‘Quorum‘. The news hit the ears telling that JPMorgan could have the plan to merge their inner Ethereum-based blockchain with the ConsenSys startup ecosystem.
ConsenSys in some way a whale-company for the Ethereum ecosystem led by Joseph Lubin. It gathers around talented developers with certain skills.
Joe Lubin is a charismatic leader using extraordinary management tricks, like giving big vision for the future. He levels up different Ethereum projects and then looks at which ones bring profits. Many o the projects fail. ConsenSys management, however, looks calm and always come to help the new ventures.
Sigma Prime Show Testnet Capable of Supporting 100,000 Validators
The Sigma Prime startup invented the Lighthouse project to help the Ethereum 2.0 network. They have a testnet that is capable of supporting 100,000 validators. They want to apply extensive testing to Ethereum 2.0 network client before it goes live.
This week, Lighthouse developer Paul Hauner posted a video on Twitter with the overview of the ETH 2.0 testnet client they built. The testnet will use 3,2 million of fake Ethereum coins during the tests. For the ecosystem, this is a huge jump to the future. The Ethereum ecosystem has been asking developers to provide scalability and staking features. Because of programming burdens, this is impossible to do via just the update.
To solve scalability they implement database sharding. The transition from PoW to PoW/PoS and then to PoS will not be easy, as Buterin only admire perfect code. Outside help, as seen from the Lighthouse example, needs time. Lighthouse is just one of the several planned implementations and upgrades for the ETH 2.0 network. The developers refused to pick C++ and wrote the client with Rust. They did put lots of effort to make the app use less of computer memory, increasing efficiency.
The other Ethereum 2.0 clients we can observe now are Prysmatic and Nimbus. Those are both competitors and friends because the Ethereum network is based on a principle of a multitude of reference clients. The more teams create SPV wallets and full node clients for some network, the less chance that all the nodes could go offline due to a similar bug.
Developers Say Ethereum 1.0 is Here to Stay
There is a small risk that the Ethereum 1.0 will continue operations even after the transition to Eth 2.0. Famous Bitcoin guru and ‘Mastering Ethereum’ author, Andreas Antonopoulos, says that ‘Ethereum Classic-style’ scenario is not something impossible:
“Of course there is a possibility that [the Ethereum 1.0] chain will continue to be mined. There are some issues there. Because there is a difficulty ‘bomb.’ And things like that may need to be diffused. But also there’s always the possibility that there will be people who object to the transition to Ethereum 2.0 and decide to fork the code and continue Ethereum 1.0 in some fashion. Just like Ethereum Classic happened…”
Trenton van Epps, Danny Ryan, and a bunch of other Ethereum developers made a big post saying that ETH 1.0 will probably stay for some time.
The developers are sure that their transition will run smoothly. And that there will be two blockchains, but no two separate coins. They claim ‘Ethereum Classic 2.0’ is almost impossible here. But only time will tell what’s going to happen with Ethereum after the update.
The Ethereum 2.0 is not programmed to immediately ‘kill’ the original chain. The 1.0 version will co-exist with ‘new Ethereum’ for quite some time, which is normal. Developers are sure that participants have to take time to review everything, as well as to upgrade their nodes and software.