It’s Monday again, and it’s time to sum up the past week and discuss the key events of the crypto market! Feel free to express your opinion in the comments, and share news that were not included in our review.
So what was the big deal last week?
Ethereum founder admits network problems
Vitalik Buterin acknowledged the presence of scalability problems in the Ethereum network. He said that he did not expect a quick resolution of the situation. According to him, the situation does not require urgent solutions, and the company ‘has years’ until the network scalability at the basic level. That is why the company must now focus on second-tier solutions that will reduce network load and increase transaction speed in the short term. The company’s immediate plans were included in the Rollups roadmap presented by Mr. Buterin.
Ethereum 2.0’s dress rehearsal failed
Another piece of news that is directly related to the second cryptocurrency: last week, the Spadina testnet was launched, which was supposed to be a ‘dress rehearsal’ for the launch of ETH 2.0, but the launch was unsuccessful. Due to problems and bugs, customers again faced an increase in the transaction time, so the developers decided to launch a new final testnet Zinken on October 12, which will take into account all the errors found in the Spadina network.
A new company was started to develop Web 3.0 and DeFi
The company was named Mesh, and one of the co-founders of the Ethereum project became its creator. The company’s main goal is reportedly to unite disparate teams, products, and investments in the Ethereum ecosystem in anticipation of the era of Web 3.0 and DeFi, as well as to promote decentralized protocols and infrastructure, alongside with developing the Ethereum ecosystem.
Bitcoins ‘sleeping’ for 10 years became active
Last week, 50 BTC which had been idle since 2010, were transferred to a new wallet. This is not the first transaction of ‘sleeping’ bitcoins that took place in 2020: in May 2020, several transactions were made with coins mined in February 2009. At that time, the network of the first cryptocurrency was working for just over a month.
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