Renovation of Ethereum

Renovation of Ethereum

The Tech giants and many big banks are uniting together to upgrade the software programme that runs the Ethereum network. The group is set to debut soon in an international summit and is known by the name Enterprise Ethereum Alliance. In the summit, they will be demonstrating the current guide to the financial technology. The participating members are planning to show how they will be using Ethereum as a layer of settlement for the foreign exchange market.

Being distributed ledger Ethereum also uses blockchain as bitcoin for executing transactions and they don’t need any middleman help in that. The cryptographic balance sheet is spread across the network and gets updated as and when any transaction takes place.

The inventor of bitcoin invented the concept of blockchain nearly a decade ago and introduced to the world this whole new technique of transaction system. The Ethereum network then adopted the blockchain and started to explore many new sides of the blockchain. The member of the alliance especially the banks are interested in the count score. The tech companies of the alliance are trying to implement their own take on the blockchain technology.

The traditional financial firms are much interested in growing their “private” blockchain which means if any third party wants to join the network they have to seek permission from them on contrary to the original version of the blockchain. In the original version, anyone who wished to join the network could have joined without seeking permission from anyone as it was a public network.

The members of alliance group say that presently they are looking forward to building the private network but have the future plans to rope in the public Ethereum blockchain network and that will be open to all. A very strong public and private chain network are going to be built. The chain in the network will strengthen the other exponentially. The hopes are also there that Ethernet public-private network will be somewhat similar to intranet v/s internet. The protocols will be similar to both the networks but the configuration will differ.

The partners of the alliance group have the vision on the development of different use cases like supply chain management, payment between the banks, settlement after trade etc. above all the scalability and the security remains the top priority of the group. The technological companies will remain focused on developing the blockchain basis. To know more click Bitcoin Trader