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Ethereum

Vitalik Claims that ‘Ethereum’s Layer 2 Scaling Strategy Has *Basically* Succeeded’

Vitalik Buterin, the creator of Ethereum and founder for the Ethereum Foundation notes that Layer 2 scaling solutions on Ethereum are on the right track. He tweeted,

While everyone wasn’t looking, the initial deployment of ethereum’s layer 2 scaling strategy has *basically* succeeded. What’s left is refinement and deployment.

The Layer 2 scaling strategy pans beyond upgrades on Ethereum but includes Zero-Knowledge (ZK) implementations, state chains and the plasma framework. For deployment, wallet providers and users will need to choose these L2 solutions to carry out their applications. He added,

The challenge is that users would need to have wallets where their coins are stored in a rollup (or plasma). This is an adoption challenge, not a technical challenge (CC @metamask_io@ethstatus…).

Furthermore, the wallet providers and the rollup (or plasma) must ensure the security of L2 chains in their initial design. According to Buterin, if correctly designed in case of a crisis on the Layer 2 chains, it can assure quick withdrawals.

The Plasma Framework

The recent addition of USDT on OmiseGo can also be counted as a success of plasma. Plasma is not specific to a blockchain, but a framework initiated by Buterin and Joseph Poon, the co-founder of Lightning Labs. Matic Network is another plasma-based blockchain which went live with its main net yesterday.Binance Offer: Use this link to register & get 10% Off on fee on every time you make a trade 

Plasma allows scaling of interactions between blockchain-based digital assets, but those assets should be created first on the Ethereum-main chain. Hence, an application can leverage the speed and performance of OmiseGo, while relying on the security of Ethereum. Nevertheless, these second layer solutions will have to build a validating ecosystem or protocol that does not require confirmation with the base chain from time to time.

Apart from layer 2, Ethereum 2.0 will also add ‘sharding’ which will further increase the speed and capacity of transactions. Vitalik added,

Look forward to the future of Ethereum scaling! (Including sharding supercharging all of these techniques 100x further down the line)

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Cryptocurrency Ethereum (ETH/USD) is trading at 589. 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 bars. Ethereum (ETH/USD) forecast and analysis on December 15, 2020 As part of the Ethereum forecast, a test of level 572 is expected. Where can we expect an attempt to continue the growth of ETH/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 625. The conservative buying area for Ethereum is located near the lower border of the Bollinger Bands indicator bars at 528. Ethereum (ETH/USD) forecast and analysis on December 15, 2020 Cancellation of the option to continue the growth of the Ethereum rate will be a breakdown of the area of ​​the lower border of the Bollinger Bands indicator bars. As well as a moving average with a period of 55 and closing of quotations of the pair below the 520 area. This will indicate a change in the current trend in favor of the bearish for ETH/USD. In the event of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of the cryptocurrency. Ethereum (ETH/USD) forecast and analysis on December 15, 2020 implies a test level of 572. Further, growth is expected to continue to the area above the level of 625. The conservative buy zone is near the area of ​​528. Cancellation of the cryptocurrency growth option will be a breakdown of the level of 520. In this case, we should expect a continuation falling.

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