Bitcoin to encounter tough competition from ether in the upcoming future – BC Focus

With the relentless overhaul of the computing power, the hype of bitcoins gets subdued by the emergence of ether. As reported by the sources, the current market capitalisation of ether is $73 billion. There is, indeed, a strong ground for ether to give a tough competition to bitcoin.
Ether is all set to compete and surpass bitcoin. This is because it can provide layering of software applications on transactions. Big players are associated with this world of digital currency including Bitmain. They aim for ether to enhance their profitability.

Mining of the digital currencies involves computational solving of complex mathematical problems. This enables the generation of new coins by the transactional processing.

The developers of Ethereum blockchain have aspired to make it a world-class computer. This superior quality technology would enable millions of computers to get connected together. Also, machines supported by graphics card would assist in sustaining the public ledger.
As per the documents of Ethereum blockchain, the web connection of the participants “gives Ethereum extreme levels of fault tolerance, ensures zero downtime, and makes data stored on the blockchain forever unchangeable and censorship-resistant.”

Bitmain comes up with a newer version of hardware. These hardware for computers help to provide disproportionate powers. This facilitates the confirmation of transactions. This latest hardware has the potential to set aside lesser significant miners. Lucas Nuzzi, senior analyst at a company called Digital Asset Research described it as “a nightmare for decentralisation.”

Endeavours are being made by the ethereum developers to curb such an invasive act. Vitarin Butalik, the co-founder of Ethereum, ratifies the fading away of the risk. The risk can be circumvented by the use of Casper software.

The software would help to remove the role of miners. This facilitates conducting transaction in a different manner. As a result, the base of the involved participants would enlarge. However, the date of deploying Casper software is undecided. This uncertainty procrastinates the project, as a whole.

The community members have even proposed the idea to utilise ASIC or Application Specific Integrated Circuit based computers. These ASIC based systems function more efficiently than any other phones, graphic cards or PCs. In May, Bitmain made an announcement about mining Zcash by using the first ASIC based computer. Last month, Bitmain confirmed the use of ASIC miner for mining Ether.

Bitmain has given an affirmation about the efforts to prevent reaching the threshold of transaction process. In an email statement, Bitmain assured that the step “would not be in the economic best interests of any participant in a cryptocurrency ecosystem as it would weaken faith in the currency, causing its value to fall.”

The Bitmain website informed that Ether miner worth $800 will be shipped in July. The miner is designed to deliver hash rate at 180 megahashes per second. As per the statement released at the company website, “We expect the miners to deliver higher performance and efficiency when they are ready to ship.”
Thus, Ethereum is a significant project which continues to grow, irrespective of the mining speed.

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