Ethereum unlike Bitcoin and other cryptocurrencies is a much more vibrant crypto asset when it comes to updates.
Thanks to coming into contact with a crypto enthusiast, I'm going to shed light on the three different updates and milestones that have been reached by the Ethereum platform.
Some of them include:
Liquidity Network
This is the platform's latest mooted update. This update or project seeks to move transactions from the Ethereum's blockchain into payment channels.
This move also allows the Ethereum platform to enable a larger adoption and use scale. This project is similar to another called "Lightning Network".
Like this project, Liquidity Network was specifically designed to enable users of Ethereum to carry out transactions back and forth without necessarily having to pay for how Ethereum coins (ETH) are moved on the blockchain.
To further explain, this new project allows users to pay a fee to start channels and also close them without knowing what happens in between those channels.
According to the co-founder of Liquidity Network, Arthur Gervais, the project is a central payment part that allows users to carry out two-directional payments among different people.
Accompanied by this, the Liquidity Network comes with a specially designed wallet that can not only send but also receive these types of transactions.
RuffCT Confidentiality Signature
While at the Ethereum Conference, talks were being held in regards to developing a technology that will ensure that information of users on the Ethereum platform is safe. A confidentiality signature was chosen named: RuffCT.
This signature has been described as a more confidential technology that others that have been developed prior to this time. Not only does this signature technology hide amount of transactions carried out, it also hides destination and addresses of the sender.
This technology does this in a secure way that does not rely primarily on any already trusted and established setup.
This major advancement in the confidentiality of user information will change the interaction pattern or model when it comes to the successful exchange of data.
Scaling Solution
At the Ethereum Community Conference that was held in Paris last week Thursday, Vitalik Buterin, founder of Ethereum offered a solution to the problem of Plasma.
Plasma is a system of smart contracts that aims primarily to increase the reckoning potential of the Ethereum platform.
Like every other technology that was designed to increase the capacity of the Ethereum platform, this scaling solution seeks to do the same by creating and offering various layers of smart contracts that can act upon the Ethereum block chain.
The introduction of this platform means that users will not have to download the entire plasma system as done before. Instead, they'll have to generate coins that will be deposited to the contract.
Users with the aid of this technology will only have to verify the accuracy of the plasma chain and its index they want to spend on.
Conclusion
The hot rivalry that has existed between NEM, NEO and Ethereum will definitely move it to achieve more milestones that will make it unrecognizable from what it currently looks like.