ETH Price Gains Momentum As ‘Big Four’ Consulting Firm EY take Very Unusual Step to Drive Ethereum Adoption

 Ethereum (ETH) price has taken positive movement on its chart in the last few hours thanks to a general bullish cryptocurrency outlook and some favorable ethereum news. In ethereum news today, ‘big four’ consulting and professional service firm has released software for businesses based on ethereum blockchain technology. More than that, the firm has done something very unusual to drive ethereum. This comes as ethereum developers discuss the best approach to eth hard fork 2019 to prevent the kind of delays encountered with ethereum Constantinople hard fork.

EY to launch Ethereum Software for Businesses

EY (or Ernst & Young) is releasing software that will allow corporate users to adopt ethereum blockchain technology. On Tuesday, April 16 the firm announced that it would soon launch the protocol that would run on the public ethereum blockchain and be used by companies between their branches and across industries.

What is EY Ethereum blockchain project all about?  

The Ethereum software developed by EY is part of a project internally known as “Nightfall” which has been in the works for about a year now. The firm has about 200 blockchain developers on the project which it hopes will eventually launch by May 2019.

Nightfall uses blockchain-related privacy technology known as zero-knowledge proofs to enable private transactions between companies on the ethereum blockchain. This transaction could be between different units within a business or between businesses across industries like supply chains, logistics, etc.

Furthermore, the solutions will run in the Microsoft Azure cloud environment and will be integrated with familiar enterprise software from SAP.

EY takes Unusual Step to Drive Ethereum Adoption

Paul Broody, EY’s global innovation leader for blockchain, explained during a briefing that the purpose of the project is to boost ethereum blockchain adoption.

“We want to maximize adoption and community involvement, we want people to adopt it, and adapt it, and improve it,” he told journalists.

To achieve this purpose, Broody explained that the codes of ethereum-based software will be made open to the public. While open source codes are become common, EY’s approach takes it up a notch; it is totally open to the public with no license or control whatsoever.

“The cleanest way to make everybody use it is just to give it away with no strings attached,” Broody explained adding that, “If [EY] retain ownership, people may not invest that much time and energy in something they might not control.” According to him, the gesture is “a million dollars worth of stuff we’re giving away.”

Ethereum [ETH] Price Prediction 2019

EY Makes Bold Ethereum Prediction

EY, a strong advocate of blockchain technology put a huge vote of confidence on ethereum. A company representative said EY chose Ethereum blockchain because of its belief in its scalability.

He explained:

“While private blockchains are useful, they don’t solve the problem of a massive, scalable transformation.” noting that “A bunch of silos doesn’t scale too well.”

Furthermore, he predicted that enterprises will come to embrace public blockchains just like they have now embraced public cloud storage. When this happens, Broody predicted that the public blockchain of choice will be ethereum (ETH).

As Smartereum reported, ConsenSys founder Joseph Lubin recently made a similar bold ethereum prediction. He said in a recent ethereum price prediction 2019 that ethereum will replace the likes of VISA, PayPal, and eBay to become the platform of choice and trusted global payment layer.

For ethereum to attain such lofty height, ethereum developers must sort out concerns like scalability facing the blockchain in future hard forks starting with eth hard fork 2019.

Ethereum developers Resolve ETH hard fork 2019 Issues

As Smartereum reported, ethereum core developers in a discussion moderated by Developer Tim Beiko is seeking a definitive solution to eth hard fork 2019 after the issues faced with the ethereum Constantinople hard fork. Among ongoing deliberations for eth hard fork 2019 are suggestions for quarterly network upgrades against longer period hardforks.

ETH Price Today — 1 ETH to USD

1 eth to usd is trading at $166.4 which is about 2% higher than its value as at yesterday. Ethereum is in recovery mode just like the rest of the cryptocurrency market in green. The 24-hour trading volume of ETH is $5.38 billion while it’s market capitalization is $17.59 billion.

Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.


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