Cryptocurrency and ICO news 12.07.2018

RISE conference: Bitcoin to reach $60.000, Ethereum enters 2nd dev phase

Julian Hosp, co-founder and president of crypto wallet TenX, told CNBC during the RISE tech conference in Hong Kong that he expected to see bitcoin’s price fall to $5,000 when it reached its December highs, and he remains confident that a $60,000 price this year is feasible.

Hosp acknowledged that a major positive event will be needed to achieve the $60,000 price this year. Such an event could be a country making a positive announcement about bitcoin or a bitcoin exchange traded fund (ETF) coming to fruition. Should such an event not occur, Hosp admitted it will take more time for bitcoin to reach $60,000. He said the price will need to surpass the $10,000 mark by August. Should this happen, media coverage will be positive, making the $60,000 price possible.

At the same time, Ethereum co-founder Joseph Lubin said that the Ethereum blockchain has entered phase two of its development, following the launch of the most complicated app on its protocol. The open-source developer community of Ethereum has been focusing on the development of layer-two solutions Plasma and Sharding, which combined have the potential to increase the capacity of the Ethereum blockchain network to one million transactions per second.

Essentially, solutions like Sharding and Plasma leverage the security of Ethereum’s layer one protocol to securely process information in a highly efficient manner. Because Plasma operates as a multichain protocol with a network of minor blockchains while processing small payments as a micropayments channel simultaneously, the integration of the two solutions are expected to create an ecosystem wherein any decentralized application (dApp) can be deployed and operate without facing scalability issues.

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