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Ethereum (ETH) to Integrate With Chinese Blockchain BSN. Why Is This Important?

News
Mon, 06/29/2020 - 11:08
Vladislav Sopov
Haseeb Qureshi, managing partner of the Dragonfly Capital investment fund, has released exclusive information about the PRC's plans to advance Chinese blockhain BSN
Ethereum (ETH) to Integrate With Chinese Blockchain BSN. Why Is This Important?
Cover image via stock.adobe.com
Contents

Mr. Qureshi claims that he has received information about the upcoming integration from multiple sources. The formal announcement about the partnership will be released soon.

Chinese blockchain to integrate public decentralized systems

According to the seasoned investor, the Blockchain Service Network or BSN, which is backed by Chinese state-owned enterprises, is considering integrating with well-known public blockchains. Ethereum (ETH) and Nervos Network (CKB) will pioneer this partnership.

Chinese blockchain network to integrate with Ethereum (ETH) and Nervos Network (CKB)
Image via Twitter

Mr. Qureshi admits it's still questionable whether Chinese regulatory officials will acknowledge this integration and support it. Typically, the authorities of the PRC distance themselves from being recognized as interacting with the public network.

Blockchain Service Network is backed by the State Information Center (a government IT think-tank), China Mobile and Union Pay state-owned enterprises.

It acts as a permissioned distributed system for business, research and public administration purposes. Integration with the largest dApp hosting Ethereum (ETH) and the prospective PoW-solution Nervos (CKB) would significantly boost its adoption and performance.

Is this important?

Mr. Qureshi claims that this integration could be a 'big deal'. Firstly, it would greenlight the very concept of public blockchain integration into Chinese state-backed distributed systems.

Moreover, it would facilitate the adoption of crypto-related innovations in China. Interaction with public blockchains can make the existing systems much more decentralized.

It should be noted that the price of the Nervos Network Token (CKB) pumped almost 17% on this tweet. According to Coingecko analytical instruments, the project is now ranked #88 by market capitalization.

As covered by U.Today, the decision of Chinese leader Xi Jinping to launch a 'Blockchain +' initiative resulted in a 'Xi Spike' of crypto market capitalization. On October 25, 2019, every major coin experienced double-digit gains and this was the latest example of a short-term rapid bullish spike.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)