Blockchain Live, EEA: Will this make Ethereum a standard
Blockchain Live, EEA: Will this make Ethereum a standard

Blockchain Live, EEA: Will this make Ethereum a standard

By Amelia Tomasicchio - 1 Oct 2019

Chevron down

“PoW is is expensive and no companies want that ever”,this is one of the key phrases of the speech by Chaals Nevile, developer of the Ethereum Enterprise Alliance (EEA) during the Blockchain Live event held September 25th in London.

The EEA is an association that works to define a standard for blockchain solutions for businesses, but can Ethereum really become a leader in this field using Proof of Work?

If “customers create use cases“, as Nevile explains, then EEA’s task is to satisfy companies – often also competitors – by providing the best possible experience in terms of “interoperability, performance, privacy and permissioning; these are the 3Ps“, Nevile explains. 

However, there is still the Proof of Work problem, which will necessarily have to be replaced by Proof of Stake to make Ethereum a standard, especially in the business world.

“Proof of Work is not an enterprise feature,” continues Nevile. So, with the upcoming Istanbul hard fork, can Ethereum be more successful?

Maybe not, given the delays caused by an error in the testnet.

Today, in fact, it is reported that the fork of Ethereum arrived earlier than expected (at block 6485846) due to a problem with the testnet, as explained by developer Hudson Jameson on Twitter.

The fork was scheduled for tomorrow, October 2nd, but many did not follow the arrival of the block in question and this led the testnet Ropsten to split into 2: one chain with the new update and another without.

The updating process, in fact, is manual and many people did not have their own software. This is similar to what happened a few days ago with EOS, when not all Block Producers (BP) updated their account blacklist allowing a user to liquidate in a short time as many as 200 thousand EOS (however, despite the decline of those days, EOS now registers a +10% thanks to the news about the SEC).

The fork of Ethereum

Yesterday’s damage, therefore, was not significant but could lead to a delay in the activation of the PoS next year.

Recently, Ethereum is also experiencing a number of difficulties such as fees that are more expensive than those of Bitcoin or the recent 25% increase in the GAS limit.

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eido. She is now the co-founder and editor-in-chief of The Cryptonomist.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.