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

Republished by Plato

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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

Opimas estimates that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping

Republished by Plato

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May 2021. Safekeeping of cryptocurrencies presents a challenge for institutions holding cryptocurrencies on their clients’ behalf. Cryptocurrency transactions are irreversible and anyone with full access to a wallet’s private key controls the cryptocurrencies that reside within it. Frighteningly, a number of institutional participants and even some large cryptocurrency exchanges rely on subpar custody approaches, leading Opimas to estimate that over US$190 billion worth of Bitcoin is currently at risk due to subpar safekeeping.

Luckily, a number of companies have emerged to address this problem. A new research report from Opimas—Crypto Custody: No More Excuses, authored by analysts Suzannah Balluffi and Anne-Laure Foubert—looks at the landscape of cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians as well as the size of the market for cryptocurrency custody and brokerage services.

Some key findings in the report include:

Many of even the largest holders of Bitcoin and other digital assets continue to rely on storage devices meant for individual investors. Although some of these self-custody devices and wallets are secure and reputable, the operational risk posed by this approach is significant for institutional investors. Furthermore, a chunk of institutionals’ cryptocurrency holdings sit in hot wallets on exchanges. In total, about 22% of institutional cryptocurrency holdings are safeguarded in these relatively risky manners (Figure 1).

Figure 1. CUSTODY METHODS UTILIZED BY INSTITUTIONAL INVESTORS 

 

Source: Opimas analysis.

There are no more excuses for lackadaisical safekeeping – institutions can now choose from several reputable cryptocurrency custody-enabling technology providers and institutional-grade cryptocurrency custodians. Yet no custody solution is equal – there is still no best practice when it comes to security and governance relating to private keys. For example, some providers may rely on time-tested Hardware Security Modules (HSMs), while others use a newer technology known as Multi-Party Computation (MPC) – see Figure 2.

Figure 2. A COMPARISON OF HSM AND MPC TECHNOLOGY PROVIDERS

Source: Ledger, Fireblocks, Opimas analysis.

Some cryptocurrency custodians have followed in the footsteps of traditional capital markets by adding prime brokerage services to their offerings, including trading and settlement, lending, margin finance, staking, reporting, and capital introduction services. Opimas estimates that the current annual revenues generated by the institutional crypto brokerage and custody market are roughly US$2 billion and will grow to nearly US$8 billion by 2026 – a sizeable portion of this coming from brokerage services (Figure 3).

FIGURE 3. THE MARKET FOR CRYPTO CUSTODY & PRIME BROKERAGE SERVICES IS GROWING 

Source:  Opimas analysis. 

  • Regulations surrounding institutions’ ability to store cryptocurrency have become clearer (and in some cases more favorable) in numerous jurisdictions. Notably, the Office of the Comptroller of the Currency (OCC) ruling in the US has allowed banks to store cryptocurrencies for their customers. This regulatory clarity has led a number of financial institutions around the world to provide trading and custody for digital assets. With the advances in brokerage and custody solutions, Opimas expects institutional cryptocurrency holdings to grow from 20% of the cryptocurrency market cap to over 50% by 2026 (Figure 4).

FIGURE 4. INstitutional cryptocurrency holdings over time 

Source:  Opimas analysis.

Source: PlatoData Intelligence

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Blockchain

Bitcoin (BTC) Price Prediction: BTC/USD Faces Rejection Thrice at the $60,000 Resistance Zone, Resumes Downward Correction

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Bitcoin (BTC) Price Prediction – May 9, 2021
Bitcoin bulls have broken above the $58,000 resistance but the bullish momentum could not be sustained. Today, BTC/USD traded as price reached the high of $59,450. The king coin is likely to retrace to $57,000 low if the bulls fail to break the $60,000 psychological price level.

Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

Bitcoin price was rejected thrice at the $60,000 resistance level. Buyers made frantic efforts to sustain the bullish momentum above the recent high but were repelled by overwhelming selling pressure. Consequently, Bitcoin has resumed a downward move as a result of a strong rejection at the resistance of $59,200. The current retracement will extend to the low of $57,000. Nevertheless, if price breaks below the $57,000 support, the market will continue the downward move. That is, the selling pressure will extend to the low of $53,000. On the upside, if price retraces and finds support above $58,000, the upside momentum will resume.

Bank of England Governor Warns on Crypto Investment
Andrew Bailey is the governor of the Bank of England who has warned crypto investors of the inherent dangers of cryptocurrency investment. The governor argued that cryptocurrencies lacked intrinsic value. According to him, “I would only emphasize what I’ve said quite a few times in recent years, [and] I’m afraid they have no intrinsic value. I’m sorry; I’m going to say this very bluntly again: Buy them only if you’re prepared to lose all your money.” Bailey’s comments are coming at a time when crypto markets are characterized by a huge spike in crypto prices. Major altcoins such as Polkadot, Chainlink, and XRP have also seen vertical price actions.

BTC/USD – 4 Hour Chart

Bitcoin risks another downward correction as the king coin faces stiff rejection at the $59,450 resistance. The Fibonacci tool has already indicated a marginal upward move of Bitcoin and a possible reversal. On May 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 1. 272 Fibonacci extension or the high of $59,819.90. From the price action, BTC price has reached a high of $59,450 and has commenced a downward move.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://insidebitcoins.com/news/bitcoin-btc-price-prediction-btc-usd-faces-rejection-thrice-at-the-60000-resistance-zone-resumes-downward-correction

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Blockchain

Dogecoin dumps following mention from Elon Musk on Saturday Night Live

Republished by Plato

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Meme cryptocurrency Dogecoin finally got its long-awaited shoutout on Saturday Night Live — but despite hodler hopes, the immediate result has been a violent dump.

First teased by entrepreneur and DOGE cheerleader Elon Musk in late April, the Tesla CEO finally mentioned the digital asset on live television tonight in his opening monologue of the sketch comedy show. The reference was a throwaway line from Musk’s mother, who joined him onstage and asked if her Mother’s Day gift would be Dogecoin; Musk replied that it would be. 

In the minutes afterwards, $DOGE dumped upwards of 25%, falling as low as $.50 from $.66 highs at the start of the show. It has since partially recovered, trading at $.52 at the time of publication.

An hour before the episode began, the price of DOGE sat at $.66, down from an all-time high of $.72. A pair of bearish headwinds may have shared responsibility for the pullback: Musk himself seemed to try and get ahead of the hype, urging followers in a Tweet to “invest with caution,” and a host of new data indicates that many investors may be rolling their DOGE profits into other, largecap digital assets

Additionally, Barry Silbert — the founder and CEO of Digital Currency Group, the parent company of crypto investment vehicle company Grayscale — announced a public short on DOGE via the FTX exchange. In a series of follow-up Tweets, he revealed that the position was $1 million in size, and that any proceeds or remaining funds after closing the short would be donated to charity. 

(It’s unclear if Silbert was is using “we” in reference to Digital Currency Group, one of its portfolio companies, or is simply and bizarrely using a plural pronoun in reference to himself). 

Many DOGE investors were nonetheless holding out hope for a high-profile shoutout on what looked to be a major pop culture event. NBC, the studio behind SNL, chose for the first time ever to live-stream the episode on Youtube, per the Wall Street Journal.

Even a mention could have significant impact on the price of DOGE as well: the meme currency has proven to be susceptible to price movements based on positive social media volume, and multiple studies have shown that Tweets from Musk often lead to price appreciation. A mention on an even bigger platform was thought to potentially lead to even greater gains. 

Leading into the premier of the episode, Alameda Research trader Sam Trabucco (who said in a previous Tweet that he was “studying the typical SNL episode structure to try and understand when a DOGE mention would be the most natural”) speculated that if a joke or mention didn’t come in Musk’s opening monologue, it would be “all over.”

Despite arriving during the monologue, traders nonetheless responded negatively. It remains to be seen if a DOGE-centric skit later in the show can perhaps turn the speculative asset’s fortunes around.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/dogecoin-dumps-following-mention-from-elon-musk-on-saturday-night-live

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