Bitcoin Global News (BGN)
November 29, 2018 -- ADVFN Crypto NewsWire -- Since its all-time
high of over $1400 this January, Ethereum has been experiencing a
tumultuous, mostly negative year in terms of its price movement.
Central to this almost constant downward spiral are certain
perceived issues related to scaling. While the sheer volume of
reports on this subject can cause a lot of confusion, defining
their scaling problem as being two-fold can help.
Firstly, by the numbers, it does
not seem that the Ethereum Network is ready to handle a major load
of users that would be akin to widespread adoption. For all
intensive purposes, it appears that this problem is nowhere close
to being solved as it involves gaining the consensus of the
majority of the network’s developers to do so.
Secondly, as with all Blockchain
projects, Ethereum developers are still trying to figure out the
most reasonable formula to attract users en-masse. After about six
months of little news on the subject, it appears that today,
progress is finally beginning to be made.
As you may already know, ConsenSys
Labs is the venture capital fund that has incubated and funded many
Ethereum-based projects, including the popular Metamask
wallet.
Today, Coindesk announced that
ConsenSys is leading the seed round for a Blockchain startup called
Aztec, which just might be able to help Ethereum incentivize
widespread adoption. To understand why this is the case, it is
enough to know one capability that current users of the Ethereum
network lack.
In short, the network and its’
transactions are not private. Aztec aims to make this a reality
with a proprietary protocol that will implement zero knowledge
proofs.
Just in case you are not familiar
with what these are, just think about a technical framework that
obscures everything about a transaction except its value.
Therefore, true privacy is essentially achieved.
As time rolls on, if this framework
is implemented, perhaps businesses will feel truly confident in
adopting the Ethereum network at scale as Coindesk
suggests.
By: BGN Editorial Staff