Ethereum News Round-Up: Ethereum smart contracts hit 2 million and MyEtherWallet partners with Unstoppable Domains
|- The surge in smart contracts on the Ethereum network suggests that adoption is growing in readiness for Ethereum 2.0.
- MyEtherWallet and Unstoppable Domain's new service will allow users to personalize their crypto addresses in relation to their domains.
Activity on the Ethereum network keeps on increasing in spite of the Coronavirus pandemic. According to an online-based analytics platform, Dune Analytics, smart contract deployed on the Ethereum network rose to 1,971,632 in the month of March. This was a 75% surge from the number recorded in February and by far protocol’s all-time high. Dune averages the smart contracts deployed on Ethereum at 670,000 in the last 12 months.
The surge in the number of smart contracts deployed happened at the time the cost required to deploy fell to $11,600 (one of the lowest). Interpreted, it could mean that Ethereum adoption is growing and the upcoming Ethereum 2.0 will get tremendous support from the developers.
Ethereum 2.0 will shift the network from a Proof-of-Work (PoW) consensus algorithm to a Proof-of-Stake (PoS) consensus algorithm. In so doing, Ethereum could increase the number of transactions per second and remove the scalability hurdles that have been keeping developers at bay. The new protocol will also allow staking, a feature that is set to be embraced by investors in the cryptocurrency industry as discussed on Wednesday.
MyEtherWallet partnership with Unstoppable Domains
MyEtherWallet, an Ethereum (ETH)-based website and application has entered into a partnership Unstoppable Domains, a platform that offers decentralized domains. The collaboration will see the release of the first ‘.crypto’ domain names. The domain names are designed to simplify cryptocurrency payments using readable addresses.
Conventionally, crypto addresses are made up of a 35 alphanumeric that is unique to every user. However, with MyEtherWallet and Unstoppable Domains, users will now be able to relate their domains with their wallets and be able to use addresses such as ‘yourname.crypto’ as they request for payments. The feature has not been rolled out for all browsers but users excess the service both on Google Chrome and Opera Browser. According to Brad Kam, Unstoppable Domains co-founder:
This integration shows that wallets are becoming much more than just places to store crypto. They are becoming portals to access blockchain products and services.
Also read: Ethereum Technical Analysis: Why ETH/USD rebound to $200 is unstoppable?
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