In a new development which could open a new era in the history of the cryptoverse, Emin Gun Sirer, a professor at Cornell University, is looking at launching his own cryptocurrency and network. He will be receiving funding from several big VCs in the field.
Sirer said that the AVA network was going to be of a higher throughput, which will also be looking at reducing transaction time. The blockchain will also have an application which tracks supply-chains and keeps a tab on securities and gold.
Sirer said,“Many existing blockchains tend to be specialized, focusing on ensuring user privacy or functioning as a store of value. Ava aims to run as many transactions per second as Visa and with 1.35 second confirmation latency, which should enable all these applications, plus ones that aren’t even possible yet.”
Sirer stated that “every certificate will one day be represented on the blockchain,” while adding that the Ava network was trying to create the correct foundation for making that vision happen.
Ava Labs Inc. has already raised $6 million in funding, with the investors being Andreessen Horowitz, Polychain and MetaStable. The test version of the network will be rolled out on Thursday and the coins are expected to be released after Ava is launched publicly in a few months.
Avalanche protocol is one of the latest developments from Ava Labs. Team Rocket, an anonymous group, had last year come up with a new distributed way to verify transactions. The Avalanche protocol was designed to be more flexible and able than Bitcoin.
Emin Gun added,“You can create a digital asset on top of Ava, a coin X, And then you can say, I want my coin to support Bitcoin transactions as well as Zcash –- you can mix and mash features from different languages. And I want these features to be supported on this set of nodes.”
According to Sirer, Ava is also working towards securing large corporations as partners, and is planning to establish Ava chapters in cities throughout the world.
However, Cornell isn’t the only institution at the forefront of the crypto, blockchain revolution. According to reports, professors from seven universities have come together and are working on a digital currency called “Unit-e,” an initiative by Distributed Technology Research, a non-profit foundation.
Ava is expected to compete with Ethereum since the network will provide all the services that Ethereum already does.
Ethereum (ETH/USD) forecast and analysis on September 15, 2019
Cryptocurrency Ethereum (ETH/USD) is trading at 180. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator stripes.
Ethereum (ETH/USD) forecast and analysis on September 15, 2019
As part of the Ethereum forecast, a test of level 178 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 190. The conservative buying area Ethereum is located near the lower border of the Bollinger Bands indicator strip at level 176.
Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and closing of quotations of the pair below the area of 166. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Ethereum (ETH/USD) forecast and analysis on September 15, 2019 implies a test level of 178. Further growth is expected to continue to the area above the level of 190. The conservative area for buying Ethereum is located area of 176. Cancellation of the growth option of cryptocurrency will be a breakdown of the level of 166. In this case, we should expect a further fall.
Ethereum Breaks Out Against Bitcoin; Analysts Eye More ETH Upside
Ripple and XRPL Labs, which is a Ripple-backed company led by Wietse Wind, have been making a lot of efforts to boost the whole XRP ecosystem and trigger mainstream adoption of crypto.
XRP heads to thousands of ATMs
Ripple’s fundraising and development arm, Xpring has invested $1.5 million in the ATM company called Coinme in Seattle.
Coinme is currently operating 2,583 crypto ATMs across the globe and calls itself the largest Bitcoin kiosk network on earth.
The head of Xpring, Ethan Beard, said that he’s looking forward to seeing XRP debut on the company’s line of ATMs.
Ripple says the move into crypto kiosk technology is key to the expansion of the ecosystem, according to a press release.
“This is the kind of infrastructure we at Xpring want to support as it aligns with our mission to advance the proliferation and adoption of cryptocurrencies, such as XRP, to solve real-world problems.”
“This is Xpring’s first investment in the cryptocurrency kiosk industry. The funds will be used to obtain additional licenses to operate nationwide and expand to key international markets.”
Ripple invested more than half a billion dollars in companies that are building on blockchain tech via Xpring.
Ripple is expanding
We recently reported that Ripple is considering entering the global micropayments industry.
The San Francisco-based company has been checking out the way in which it can expand its reach beyond the cross-border payments industry.
You may know that so far they have been focusing on disrupting the cross-border payments industry with its products using XRP.
Along the way, the company was even able to surpass SWIFT, the traditional payments system that banks and financial institutions have been using for decades now.
The company has been making powerful efforts to eliminate the flaws that are plaguing the traditional payments system and offer people a flawless cross-border transaction experience.
Ethereum Mining Pools Push for a Block gas Limit Increase
In the Ethereum community, there are some concerns regarding the current network state. More specifically, it seems the network blocks are filling up quicker than anticipated with no immediate solution in sight. As such, it seems various mining pools are now looking for ways to increase the gas limit per block. A stop-gap measure, albeit an interesting development regardless.
The Scaling of Ethereum
It is a well-known secret how there needs to be a scaling solution for Ethereum. While initially designed to be implemented over a year ago, the switch has been postponed multiple times since. That in itself is not necessarily a bad thing, although it does paint a very interesting picture as to where the ecosystem is headed next. No rushed solution should be implemented by any means, as that will only cause more issues.
For the time being, there is no immediate fix to Ethereum’s scaling solutions. As such, the pending transaction queue continues to grow over time. Despite a big dip at certain hour of the day, the average sits close to 100,000 transactions at any given time. There are also concerns about potential spam or dusting attacks on the network, which help fill up the blocks even quicker. Several mining pools have now taken a stance to address this issue.
Raising the Block Gas Limit
Over the past few weeks, multiple Ethereum mining pools have started to raise the block gas limit to 10 million. Those pools include F2Pool, Spark Pool, and Ethermine. Although this is merely a test, these pools hope to convince the community this change needs to happen across the board. Whether or not that will prove to be a successful endeavor, is a different matter entirely.
Under normal circumstances, the Ethereum block gas limit sits at 8 million gas. A 25% increase of this kind is very significant, although it also highlights how dire the situation has become. Not all pools see this as a smart decision, as Nanopool is the only one still openly opposing this idea. That said, it only takes three pools to increase the capacity permanently. This creates a very intriguing situation worth keeping an eye on in the weeks and months ahead.
Ethereum 2.0 Can’t Come Soon Enough
Creative solutions like this one are nothing more than a bandaid on a hemorrhaging wound, in the end. It can offer some minor relief, but the big fix still needs to materialize. The sooner that happens the better, albeit, in the case of Ethereum, it will take a while. Their Ethereum 2.0 upgrade is supposed to increase the network capacity exponentially, although its release date remains unclear.
It is good to see the developers taking their time to ensure the upgrade works as expected. The last thing the network needs is a half-baked solution which only makes the situation progressively worse. Even so, the overall “usage’ of Ethereum seemingly continues to increase. That in itself can create additional problems if no other solutions are proposed by network participants.