bitcoin’s top rival Ethereum is up 90% in 2017 and readying its next big move
Marco Streng’s computer servers are what make Ethereum tick.
Thousands strong, they whir day and night, solving the complex math riddles that are essential to verifying transactions on the hottest new platform in the world of cryptocurrencies and blockchains. Without these machines, or those deployed by Streng’s biggest rivals, there would be no Ethereum.
But mining, as the practice is called, is costly and inefficient and, frankly, a bit weird. And Ethereum’s developers have always envisioned a time in which the cumbersome process of brute-force computing would be replaced by a system that relies simply on collateral. That time, some four years after the network was first proposed, is now. The developers want to put this “proof-of-stake” model, called Casper, into place by year-end.
The stakes are high. If Ethereum is going to take advantage of the potential that companies like JPMorgan, Microsoft and IBM see in its underlying transaction technology, the blockchain, as the potential backbone that could reshape modern business and finance, it needs to gain wide adoption to become something of a de facto standard.
Published at Thu, 02 Mar 2017 00:06:19 +0000
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