Binance's CEO Changpeng Zhao has repeatedly mentioned his personal philosophy of creating on the blockchain whenever cryptographic markets are in decline. This can be seen in his most recent tweet only a few days ago when it referred to the current decline of the cryptographic market.
it has already passed many times. Secret of success? Keep your head down and build.
– CZ Binance (@cz_binance) November 19, 2018
Congruences with the situation of Ethereum (ETH)
Further following Mr. Zhao's philosophy and taking into account the recently concluded Ethereum conference for developers, we find out that the developers of this latest network are working hard on the famous smart contract platform. The Ethereum network was the first to introduce the concept of smart contracts that led to the ICO boom of 2017 and 2018.
However, the bear market has erased all the gains experienced by its native ETH digital assets. But as stated earlier, during a bear market, the best thing to do is build and create on the blockchain.
The developers of Ethereum are planning to accelerate the technical roadmap
News reaching CoinDesk's Ethereum World News indicates that the developers of the Ethereum network could work to accelerate the progress of updates on the famous platform. The need to quickly create solutions came from the recently concluded DevCon4 event that was hosted in Prague.
According to CoinDesk:
The minutes of four private meetings held at the Devcon4 conference at the end of October refer to an update called "ethereum 1x", which could be activated in June 2019.
The meeting that discussed the acceleration of the roadmap seems to have been attended by a few developers of Ethereum. Joseph Lubin was a remarkable participant. The complete list includes developers like Greg Colvin, Joseph Chow, Fredrik Harrysson, just to name a few.
Other updates discussed at the meeting include the following:
- System-level update probably by mid-2019 and not part of the rigid forks mentioned above
- The upgrades involve replacing the Ethereum virtual machine with the Ethereum flavored WebAssembly (EWASM). The EWASM it is defined as a new portable format, with dimensions and efficient load. WebAssembly aims to run at native speed using the common hardware features available on a wide range of platforms. WebAssembly is currently designed as an open standard by a W3C community group
- Introduction of rent or what is known as storage fees for smart contracts
summing upAs the bear market continues to thrive due to the Bitcoin Cash Hash Wars and SEC on ICOs, the Ethereum development team took this time to continue improving the network. The minutes previously mentioned in a previous meeting are a clear indicator of the fact that the team of developers wants to speed up the process of making the Ethereum platform efficient and extraordinary once again.
What are your thoughts on the possibility of accelerating updates on the Ethereum platform? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.