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What is the Enterprise Ethereum Alliance (EEA) & how it can help Ethereum

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I don’t know if the Enterprise Ethereum Alliance (EEA) is something you have heard of before?

If not then I would like to explain what the EEA is and also talk a bit about why it matters and how it can help drive blockchain adoption and Ethereum success.

Some of the world’s biggest and most well-known brands are today members of the EEA. And they are actively working on creating tomorrow’s solution built on the Ethereum blockchain.

Right now the blockchain space is a very explorative space. There is yet no real mass adoption in terms of millions of people aroiund the world that are using blockchain technology in their lives.

Most blockchain projects like Ethereum, Tezos, Cardano, etc are still building and they are still in many ways considered startups.

Right now when I look around this space by visiting online blockchain and crypto forums, researching new technologies and businesses, I find that another key indication of why blockchain technology is still in its infancy space is due to the people engaging with it.

I primarily find three types of users that engage with the space and tech:

1 ) First is the people that building stuff

These are the people building for Ethereum, EOS, Bitcoin, etc. Either they come from a very technical background and are focused on solving the scalability and adoption issues. Or they are coming from a more entrepreneurial / business area

2 ) The second group is the big businesses exploring the value and ROI of blockchain

Here we got businesses of various sizes exploring the use cases of blockchain. And how they could move into using it for any future products or services.

They could be creating their own internal blockchain teams. Or using a consultancy to help them navigate and understand the potential of blockchain.

3 ) And last we’ve got the investors (retail and institutes) who are looking to profit from cryptocurrencies

And the final group is the investors. Retail investors like you and me. Or the bigger firms and investment companies that are looking to profit from trading or holding cryptocurrencies.

Or even investing in the blockchains themselves as VC investors or similar.

But outside of these three groups of core users there lack any clear understanding or purpose that blockchains, or even cryptocurrencies play.

But that could hopefully also be changed by the fourth group of people. The advocators.

And here we can see several groups of people with a passion and interest in this space continuously buildign and networking for the advancement of blockchain.

And EEA being one outlet, others can be found in other decentralised groups and communities. Often tied to Ethereum. But they are evident for most blockchains.

Ethereum website screenshot information about what Ethereum is

What is the Enterprise Ethereum Alliance (EEA)?

It is an open member-led organisation with a specific interest in the development of Ethereum, and Ethereum-based products and services.

If you visit their website you can find a clearer purpose of the EEA by reading their mission statement:

“Enable organizations to adopt and use Ethereum technology in their day-to-day business operations.”

https://entethalliance.org/about/

So the EEA both creates technical and industry specifications and blockchain certifications. Which different users can take advantage of and gain a better understanding of blockchain and Ethereum.

They also have open membership groups where people from different industries and roles can meet up to discuss, collaborate and work within different sectors. This could be for new financial services, healthcare, automobile, insurance, etc.

So a meetup part where you can find others with similar interest and explore different options together.

These are called Special Interest Groups (visit this link to find the current groups) and working groups.

Enterprise Ethereum Alliance website screenshot

Who is the Enterprise Ethereum Alliance (EEA) for?

The EEA is as the name says for Ethereum and enterprises.

Specifically you could say the EEA is for:

  • Helping enterprises learn about Ethereum and blockchain
  • Helping them to figure out how to build new stuff on Ethereum (private or public Ethereum)
  • Bring businesses, developers and Ethereum developers and startups together (think DeFi and business collaborations)
  • Create technical documents, guides and industry standards

The EEA wants to build movements, help to create technical guidance, run events, etc. Both businesses that want to explore how they can use and build on Ethereum in the future.

Then you have Ethereum with all the developers and startups that are currently building the future of dApps.

It’s been evident that since the birth of the blockchain and the launch of Ethereum that this technology needed help to go from the idea phase or proof of concept to real-world products and with global spread and mass adoption.

Here the EEA comes in. But so does other groups and member-led organisations, and DAOs. DGOV being one of them.

So ultimately the EEA wants to build a foundation and springboard for new Ethereum-based services and products.

Similar to the blockchain space where we’ve got numerous amount of new blockchain platforms, like Ethereum and the rest we need ways to better collaborate between different blockchains we also need better ways to collaborate between different businesses.

So that’s fundamentally what the EEA wants.

Enterprise Ethereum Alliance membership list

Who are part of the EEA today?

Primarily it is big enterprises combined with some Ethereum startups (Jibrel, Request Network, Wanchain, etc) and various research organisations.

Some of the big enterprises that have joined the EEA are; JP Morgan Chase, Microsoft, Accenture, PWC, FedEx, BBVA, Consensys and many more

EEA board members list and logos

How can the EEA help Ethereum and blockchain adoption?

Some of you with who are a bit more familiar with Ethereum and the EEA might argue that lots of these enterprises that are building on Ethereum aren’t actually building on the public version of Ethereum.

That’s true for several reasons:

  1. Due to the current issues around Ethereum’s capacity (scalability, etc) – yet
  2. Due to the fact that many businesses are still exploring and they rather do so in a close environment – initially at least
  3. And lastly there are parties that will never fully build on the public version of Ethereum because they want certain control aspects and limit exposure/accessibility.

But the last category isn’t a bad category, nor bad for Ethereum. There are many use cases where the last group of privately built Ethereum blockchains might need to speak with other private blockchains.

And here the public Ethereum comes in to fulfil this need. So just because some businesses are building on private blockchains today doesn’t mean they will continue to do so in the future.

It’s about timing and value. And right now the public version of Ethereum can’t meet the needs of these businesses in current for.

But Ethereum 2.0 will take the next step to make this possible.

For me the main benefits of what the Enterprise Ethereum Alliance can do for Ethereum and blockchain adoption are:

1 ) Bring awareness to blockchain technology, how it works and what value it could bring to the businesses

2 ) Create a more standardised way for businesses to collaborate and work together with new industry standards, guidance, and certificates

3 ) Generate new businesses leads that will bring more business to Ethereum and increased interest and awareness to the entire blockchain space

4 ) Help Ethereum-based startups in different sectors meet with new businesses and help them go from startup to successes

Ethereum 2.0 the future of ETH and Ethereum

How can I become part of the EEA?

If you are intrigued by the idea of the Enterprise Ethereum Alliance and you are wondering if it could be of interest to you but not sure how, or why exactly?

Then I think it definitely be something worth looking into. Specifically if you are today:

  • Working for enterprise businesses that yet have ventured into blockchain technology. Maybe the EEA can help you learn how this could bring you future value and revenue
  • You are working for an Ethereum-based startup and you are looking for businesses to use your products or services. Or you are trying to find out more from the industry about what use cases are sought after
  • You are working in the financial, automotive, insurance, telecom, etc business and you want to discuss use cases of blockchain and Ethereum with other likeminded business people

If you are curious and think the EEA could be something for you then visit their website and learn more!

What is the Enterprise Ethereum Aliance?

Conclusion

In many ways the EEA is just another one of hundreds of industry membership groups. And these can sometimes be very promising as an idea or concept but difficult in reality to reach that potential.

The EEA is doing a lot of intersting work and sometimes it can also be hard to see the value it always bring to the table. At least if you are a true fan of Ethereum the public blockchain or an investor of ETH and you want the public version to grow in usage and adoption.

But sometimes these initiatives and even private blockchains can have a positive longterm effect on ETH and create a ripple effect.

I am following the EEA from the sidelines to see what value they will help to generate for Ethereum and other blockchains. And then as an investor of ETH I also hope that it can be one of many positive things that will help to drive the price of ETH up.

Find other guides:

  1. What is 2FA?
  2. Best ways to buy ETH with PayPal
  3. Best Ethereum wallets
  4. Buy ETH with a credit/debit card

Source: https://gocryptowise.com/blog/what-is-the-enterprise-ethereum-alliance/

Blockchain

Bitcoin dominance is an irrelevant metric unless…

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The volatile cryptocurrency market has given way to multiple metrics for the market observers to analyze and predict what’s coming next. One such metric has been Bitcoin dominance, but as per Su Zhu, it should not be relevant to you unless you are a billionaire.

How so?

The CEO of Three Arrows Capital opined this after noticing the trend of the newcomers avoiding Bitcoin and Ethereum and opting for risky crypto tokens. When the largest digital asset was stuck in a wider correction period, altcoins like Dogecoin [DOGE] grabbed much attention. This was possible due to the hype created by Tesla CEO or, self-proclaimed “doge-father,” Elon Musk and the Doge community.

However, understanding the newcomers’ enthusiasm Zhu opined that if he were to bet on projects now, he would choose Solana and Avalanche.

Despite the popularity of altcoins, the exec remained bullish on Bitcoin and Ethereum as he expected, the former to flip gold’s market cap, and the latter to eventually hit a value above $25,000. Bold predictions, but nothing we haven’t heard before.

However, newcomers were more bothered about the dominance metric but as data suggested, Bitcoin dominance has recently been falling. The dominance was hit earlier but recovered to form a peak at 49.25% on 30th July. But given the correction phase that followed, the dominance of BTC fell and was last noted to be at 40% on 10th September.

It is interesting to note that despite plenty of adoption related news such as that of El Salvador, coming in over the past few weeks, it looks like the dominance has remained unaffected by it.

Source: CoinMarketCap

Twitter user and crypto enthusiast, @HsakaTrades also noted that Bitcoin dominance was not a relevant metric for anyone who has a “sub mid 9fig portfolio]. Agreeing with Hasaka, Zhu added,

“To clarify, if you’re holding for 5+ yrs, you shouldn’t be thinking about btc dominance in the first place. And obv btc and eth have a strong place in that portfolio.

If you’re allocating actively atm, and think debating btc v eth v alts is a good framework, you’re ngmi.”

While this advice could stand true for experiences, long-term trader interested in making money, but not the ones looking out to invest in tech. This was especially highlighted in the comments wherein the crypto users were upset about the CEO’s Solana [SOL] recommendation that recently witnessed an outage.

Nevertheless, the trading advice and strategies differd from trader to trader and Zhu’s opinion to not focus on the BTC dominance, prebably stemmed from a hodlers perspective. While interesting projects were now erupting in the crypto space, it looks like Bitcoin’s dominance, not only in terms of price, but as a crypto project could be challenge.

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Source: https://ambcrypto.com/bitcoin-dominance-irrelevant-for-anyone-not-10figs

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Blockchain

U.S. Treasury Targets Stablecoins in Latest Regulatory Risk Assessment

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As regulatory pressure mounts in the U.S., policymakers are putting stablecoins at the top of their agendas.

Citing “people familiar with the matter,” Bloomberg has reported that officials are crafting a policy framework set to be released in the coming weeks. Their primary concern is ensuring that investors can reliably move money in and out of tokens, it added.

The anonymous insiders are worried that a “fire-sale run on crypto assets could threaten financial stability and that certain stablecoins could scale up dangerously fast.”

Strengthening Regulatory Efforts

The Financial Stability Oversight Council is also preparing a formal review into whether stablecoins pose an economic threat.

The officials are focusing on how stablecoin transactions are processed and settled and whether market conditions have an impact, it added. Tomicah Tillemann, global head of policy at a crypto fund run by venture capital giant Andreessen Horowitz, commented:


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“It is significant and very consequential that we are witnessing early steps to create a regulatory framework around digital assets. That’s a big deal.”

The report, when released, will go to the President’s Working Group on Financial Markets. The body includes key agency heads such as Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Securities and Exchange Commissioner Chair Gary Gensler.

In late July, Yellen called for urgency in regulating stablecoins after stating that they are not adequately supervised. Gary Gensler echoed the sentiment in early August, stating that regulators must act to protect investors from fraud.

Also, in late July, Acting Comptroller of the Currency, Michael Hsu, said regulators are looking into Tether’s commercial papers to see whether each USDT token was really backed by the equivalent of one U.S. dollar.

Tether has repeatedly issued assurances that its reserves are fully backed but has yet to produce a full independent audit.

Stablecoin Ecosystem Update

Tether remains the market leader with a current supply of 69.4 billion, according to the Tether Transparency report. This is close to the all-time high for USDT, which tapped 70 billion earlier this week.

Of that total, 36 billion or 51.8% is based on the Tron network, with 33.8 billion or 48.7% running on Ethereum. USDT supply has grown by 232% since the beginning of the year.

Rival stablecoin, USDC, from Circle currently has 29.3 billion in circulation after gaining 651% in terms of supply growth so far in 2021.

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Source: https://cryptopotato.com/u-s-treasury-targets-stablecoins-in-latest-regulatory-risk-assessment/

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Blockchain

Cardano, Chainlink, MATIC Price Analysis: 19 September

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Most altcoins in the market have been consolidating or recording losses over the last 24 hours. Cardano fell by 3% and inched closer to the support line of $2.20. Chainlink also depreciated by 5% and was trading closer to its three-week low price. Lastly, MATIC was seen moving closer to its one-week low price of $1.29 after registering a loss of 5% over the past day.

Cardano (ADA)

Cardano, Chainlink and MATIC Price Analysis: 19 September

ADA/USD, TradingView

Cardano lost 3% of its valuation over the last 24 hours. The altcoin was priced at $2.33. Over the last few days, ADA has been consolidating. The nearest support line for the coin stood at $2.20 and then at $1.72. 

On the four-hour 20-SMA the alt’s price was seen below it, indicating that the momentum belonged to the sellers. The Relative Strength Index was below the 50-mark. The Chaikin Money Flow also was seen below the half-line as capital inflows were low.

MACD witnessed a bearish crossover and flashed red bars on its histogram. If ADA moved on the upside, the first resistance mark stood at $2.49, toppling which it could retest $2.79. The other price ceiling stood at the multi-month high of $3.04. 

Chainlink (LINK)

Cardano, Chainlink and MATIC Price Analysis: 19 September

LINK/USD, TradingView

Chainlink was priced at $27.80 after it recorded a loss of 5% over the last 24 hours. LINK’s nearest price floor was at $27.78. Falling below which the coin could trade near its three-week low of $24.45. 

Parameters pointed towards negative price action. On the four-hour chart, LINK’s price was below the 20-SMA. This reading suggested price momentum was inclined towards the sellers. The Relative Strength Index was below the half-line.

Awesome Oscillator flashed red signal bars. MACD also displayed red bars on its histogram. On the flipside, once buying pressure revives, the altcoin could attempt to retest the $32.37 resistance mark and then revisit $35.83. 

Polygon (MATIC)

Cardano, Chainlink and MATIC Price Analysis: 19 September

MATIC/USD, TradingView

MATIC depreciated by 5% and was trading at $1.39. The altcoin’s immediate support line was at $1.29 which also is the one-week low price level. The other price floor was at its over a month-long low price point of $1.07. 

Bollinger Bands converged, indicating that price volatility would remain low over the upcoming trading sessions. MACD was bearish with red bars on its histogram. The Relative Strength Index was also seen below the half-line. 

MATIC’s movement on the upside could mean that the coin would meet with its first resistance at $1.42 and then at $1.54. Toppling over these levels, the coin could revisit its multi-month high of $1.76.

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Source: https://ambcrypto.com/cardano-chainlink-matic-price-analysis-19-september

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