Ethereum, the second biggest cryptocurrency in the market, joined the bear’s realm as the coin dipped below its $200 mark, breaching its support level. The coin has been in the limelight due to its upcoming hardfork Constantinople and the patch up with Ethereum Classic.
The coin is hailed to have fallen prey to ICO sell-off, since the beginning of this year, which led to the coin tumbling from its all-time high. Moreover, according to an EY report, most of the ICOs based on Ethereum, which raised funds in 2017 failed even after entering the market. Nonetheless, it still remains to be the start point of major coins such as Tron [TRX] and EOS.
Irrespective of its price movements, Ethereum has been stepping up its development game. The coin is all set for its upcoming fork, Constantinople. The hark fork was launched on Ropsten Testnet, however, the launch was not as smooth as it was expected to be. There were several issues spotted as mentioned in the post-mortem report.
During the Parity implementation on Ethereum, a bug was discovered on the consensus. Rettig, a core developer, stated that it was not spotted in the testers as there was a confusion on terms such as Transaction and execution frame. This is also said to be contributing factors for the appearance of the bug.
Additionally, there was an issue related to the availability of miners on Parity, Geth or Aleth for Ropsten. The developer stated that there was a need for better understanding and control of mining Proof-of-work [PoW] Testnet. There was also a problem regarding the reach of Parity’s nodes in terms of automatically reorganizing themselves.
Moreover, the Ethereum Foundation announced yesterday that they are building bridges with Ethereum Classic Cooperative after 2 years of separation. To add to the event, the Foundation donated over 15,00 ETC and have made plans to work with each other in the future. The announcement read:
“The Ethereum Foundation and the ETC Cooperative are jointly funding Akomba Labs to build the ETH-ETC peacebridge to represent each chain’s transactions on the other. Fracticious yet semi-productive engagement between IOHK’s research team and Ethereum Research on proof of stake consensus algorithm”
This also included IOHK’s Mantis’ support to ETH along with the research teams working on Proof-of-Stake consensus algorithm. In addition to this, Charles Hoskinson, the CEO of IOHK spoke about Vitalik Buterin and Ethereum in a recent interview. The co-founder chose Ethereum as the best smart contract platform, citing:
“I’d say what Vitalik is doing with Ethereum is a perfectly legitimate approach. if you look at his philosophy with Casper and Plasma and moving from EVM to Web”