Currently trading at about $208, Ethereum price is not seeing any action while facing stiff resistance at $210. Meanwhile, Swiss Federal railway trials the first digital identity pilot on Ethereum while Co-founder Joe Lubin says, “Ethereum is far in the lead as a viable candidate for web 3.0.”
Ethereum Prices Flat
At the time of writing, World’s second largest cryptocurrency is trading at $208.93 while in the red by 1.15 percent. The $21.5 billion market cap cryptocurrency is not showing any signs of a trend currently. The price is all flat with no sign of investors looking to sell at the current rate and without any trend, no money is getting in.
Ethereum is facing strong resistance at around $210 and in order to break above ETH/USD has to jump this resistance. In case the prices take a downward shift, the decline can accelerate.
First Digital Identity Pilot on public Ethereum testnet Rinkeby
Keeping the price aside, Ethereum is making headway when it comes to its use. According to the latest blog shared by Linium Labs, a Swiss-based company that aims to build decentralized systems towards a healthier society, with a focus on health and identity, the Swiss Federal Railway SBB is exploring how to implement its first blockchain use cases, specifically around certifications for its employees that work on railway tracks.
As for why Blockchain, it shares “Having multiple parties making entries on a record needed for public safety, ultimately linked to an individual’s identity, made this an ideal fit for a decentralised identity pilot. This would enable simple interoperability between all of the different actors.”
Moreover, “With the success of the identity trials in Zug, Switzerland, there was project confidence to test this on the public Ethereum testnet Rinkeby.”
This pilot could serve as a model use case for issuing and verifying the organizational credentials and be a part of Swiss ID and digital identity discussion.
Ethereum co-founder, ETH viable candidate for web 3.0
Recently, Ethereum and ConsenSys co-founder Joe Lubin spoke at the New York Times International Luxury Conference in Hong Kong. He believes blockchain and decentralization can spur innovation in the economy,
“We are going to to be more in control of our identity and our agency on these different decentralized networks and I think that’s going to create more wealth […] more interest in expressing ourselves, and I think there will be more appetite for luxury than less.”
Just last week at Web Summit in Lisbon, he shared,
“Ethereum is far in the lead as a viable candidate for web 3.0 largely because of its interoperable and radically decentralized nature. It may be a few years before our ecosystem achieves profound interoperability and decentralization in the base and higher layers. But that is okay. We can grow into the radical future we imagine as we take care of adoption, use case exploration, user interface, and user experience definition – all of which will keep us busy for years.”
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Ashutosh Singh from Computer science background is a full-time content writer at Coingape. His passion lies in writing and delivering apt information to users. Currently, he does not hold any form of cryptocurrencies. Reach out to him at [email protected]