Ethereum seeing up trends after JP Morgan endorsement

Ethereum is having a great time recording price increments on the cryptocurrency market as it draws even closer to a proof-of-stake system for its blockchain network. The network’s founder who’s been very silent lately in the crypto sphere mentioned in Prague this weekend that Serenity, which is in sense Ethereum 2.0, is closer than users even thought and will be the one big answer to the scalability issues that the network has been facing all this while. Like this news was not enough, JP Morgan Chase also announced that it had developed its own “enterprise scale” of the Ethereum blockchain.

After the announcements this weekend, Ethereum has spiked by 4% between Sunday and today and is presently trading a little above $210 about a week after it dropped to less than $190.

The network is presently operating at a capacity of 15 different transactions per second. Estimates and theories posit that this could even increase without increasing the charges in anyway, which many in the crypto space believe will be a win-win for users and developers together. The present proof-of-work algorithm that is being used by the network is very power intensive and usually takes a hard toll on the computers.

Buterin never mentions the exact time we will be seeing the new update but keeps on teasing the community that it is closest to the proof-of-stake network than ever. At this year’s DevCon 4 Conference he told the audience

“[the] launch is basically the milestone that we’ve all been waiting for, that we’ve been working toward for the last four to five years, and a milestone which is really no longer so far away,”

As though that alone wasn’t enough gas for the market, JP Morgan Chase bank revealed that it actually its Quorum enterprise Ethereum blockchain was actually a thing. Many people had long tagged JP Morgan as being a bank that was interested in crypto and blockchain but there haven’t really being any indicators from the American baking house in the affirmative. However, recently its blockchain initiatives chief, Umar Farooq, told Financial Review that the bank is a big believer in ethereum

“We are big believers in ethereum. There are people outside our firm using Quorum to tokenise gold, for instance. They wrap a gold bar into a tamper-proof case electronically tagged, and they can track the gold bar from the mine to end point – with the use case being, if you know it’s a socially responsible mine, someone will be willing to pay a higher spread on that gold versus if you don’t know where it comes from. Diamon is another example.”  he said

Other banks are also using Ethereum’s network as a building block to develop their own blockchain network as the Commonwealth Bank has also successfully used a blockchain created with Ethereum’s source code to issue out a bond to the World Bank.

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