- The surge in smart contracts on the Ethereum network suggests that adoption is growing in readiness for Ethereum 2.0.
- MyEtherWallet and Unstoppable Domain's new service will allow users to personalize their crypto addresses in relation to their domains.
Activity on the Ethereum network keeps on increasing in spite of the Coronavirus pandemic. According to an online-based analytics platform, Dune Analytics, smart contract deployed on the Ethereum network rose to 1,971,632 in the month of March. This was a 75% surge from the number recorded in February and by far protocol’s all-time high. Dune averages the smart contracts deployed on Ethereum at 670,000 in the last 12 months.
The surge in the number of smart contracts deployed happened at the time the cost required to deploy fell to $11,600 (one of the lowest). Interpreted, it could mean that Ethereum adoption is growing and the upcoming Ethereum 2.0 will get tremendous support from the developers.
Ethereum 2.0 will shift the network from a Proof-of-Work (PoW) consensus algorithm to a Proof-of-Stake (PoS) consensus algorithm. In so doing, Ethereum could increase the number of transactions per second and remove the scalability hurdles that have been keeping developers at bay. The new protocol will also allow staking, a feature that is set to be embraced by investors in the cryptocurrency industry as discussed on Wednesday.
MyEtherWallet partnership with Unstoppable Domains
MyEtherWallet, an Ethereum (ETH)-based website and application has entered into a partnership Unstoppable Domains, a platform that offers decentralized domains. The collaboration will see the release of the first ‘.crypto’ domain names. The domain names are designed to simplify cryptocurrency payments using readable addresses.
Conventionally, crypto addresses are made up of a 35 alphanumeric that is unique to every user. However, with MyEtherWallet and Unstoppable Domains, users will now be able to relate their domains with their wallets and be able to use addresses such as ‘yourname.crypto’ as they request for payments. The feature has not been rolled out for all browsers but users excess the service both on Google Chrome and Opera Browser. According to Brad Kam, Unstoppable Domains co-founder:
This integration shows that wallets are becoming much more than just places to store crypto. They are becoming portals to access blockchain products and services.
Also read: Ethereum Technical Analysis: Why ETH/USD rebound to $200 is unstoppable?
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: ADA, AVAX, TON in profit as BTC stalls at $100K
Altcoin market updates: ADA, AVAX, TON emerge as top gainers While BTC has stagnated on Monday, traders are redirecting capital toward mid-cap assets, driving the likes of Cardano (ADA), Avalanche (AVAX) and Toncoin (TON) above key resistance levels.
Ripple's XRP aims for $1.96 as WisdomTree registers for an XRP ETF in the US
Toncoin Price Forecast: Crypto whales spotted buying $30M TON in 4 days, amid Gensler’s exit
Toncoin price opened trading at $6.2 on Monday, up 27% since Gary Gensler's exit confirmation on November 21. On-chain data trends suggest a $7 breakout could follow as whale investors have scaled up demand for TON considerably over the last 5 days.
MicroStrategy set to push Bitcoin to new highs after 55,500 BTC acquisition, should investors be concerned?
MicroStrategy revealed on Monday that it made another heavy Bitcoin purchase, acquiring 55,500 BTC for $5.4 billion at an average rate of $97,862 per coin.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.