Ethereum Solutions- Let’s Improve the Coin!
According to data released on the Coin Telegram, Ethereum is the second biggest digital asset. Recently, the coin has experienced scaling challenges, putting experts to the test on how to improve its presence. In this article, we highlight some of these solutions.
Increasing its accessibility to institutional players
TrueEx, a Fintech company based in New York through its affiliate True Digital Holding, and ConsenSys- a blockchain tech company have collaborated to form a benchmark rate for Ethereum prices. TrueEX is a Designated Contract Market-DCM, with full accreditation from the CFTC- Commodity Futures Trading Commission. The partnership and the launch of Ether benchmark will help create the infrastructure for ethereum`s adoption by institutions.
Funding Ethereum open source projects
Open sources are the stepping stone to Ethereum`s growth. Last month, six reputable blockchain projects OmiseGo, Golem, Raiden, Maker and cosmos in conjunction with Japanese Global Brain, founded the Ethereum Community fund. The fund`s initial budget is $100 million pooled by the six founders and will finance projects to improve Ethereum.
On the other hand, Vitalik Buterin announced the withdrawal of his advisor shares of $1.8 billion in OmiseGo project and $370 million from Kyber network. The money will go to a private fund that will finance open source projects aimed at improving Ethereum blockchain network.
He further resigned as an advisor to all blockchain project except OmiseGo and Kyber network, adding that all his incentives from the two will go to the improvement of Etheruem protocols. All projects enrolling for Buterin`s fund must be open source and non-profitable. A similar criteria will apply when giving the ECF fund. The grants will range from $50000 to $500000 with some projects getting more depending on their length and the solutions.
Improving the scaling network
Joey Krug, augers co-founder and chief investment officer at cryptocurrency venture, raised an alarm on the scarcity of open source projects and developers. Every day, the ethereum network processes over a million transactions and without new inventions brought on board, the network will always struggle. According to Fred Ehrsam, the system needs 100-folds improvement, if it is to support these decentralized applications.
In the past few months, for instance, the introduction of decentralized applications such as Bankor, Cryptokribs, Ethercraft and cryptokitties has increased the network`s struggle. An application like cryptokitties highly congests it due to the multiple transactions after an order is executed hence the need for an effective scaling solution. Sharding and Plasma are solutions that can expand the block chain`s transactions capacity, but the two need funding from organizations like ECF to speed up the development.
All these are moves aimed at improving the coins presence in the market. Developers with better solutions can apply for grants and funding to better the Ethereum network usability.