Cryptocurrency

Bosch New Products Likely to Run On the Ethereum Blockchain


Photo: Bosch USA / Facebook

Bosch, a leading global supplier of technology and services, has surprised Ethereum supporters: the company has started working with the Ethereum blockchain and is planning to connect their products with it.

Last week, the annual conference BCW 2019 was held in Berlin. There Bosch announced their new project that is expected to be backed by Ethereum. The company has revealed they have been testing electric-car charging ports that will communicate and transact autonomously with a vehicle, which is a use-case for Ethereum.

As Bosch stated, the Ethereum platform ‘allows such projects, including for example, in the case of Bosch applications, autonomously charging and paying EV.’ Since 2017, the company has been working with IOTA, and Hyperledger.

Bosch spokesperson said:

“Since all existing DLT are still in an early stage, we monitor each of them closely, without a particular focus on any existing technology.”

She added:

“There is no strategic favor for any existing technology. We have evaluated Ethereum, Hyperledger and IOTA in small prototypes before.”

Worth noting, Ethereum has a significant advantage over its competitors: neither Hyperledger nor IOTA can claim to be fully open source. Earlier, Ethereum also performed well in RWE EV trials in Germany and demonstrated that it can serve charging stations across the country. However, how exactly Bosch is going to implement Ethereum and its smart contract technology remains unclear.

New Ethereum Projects

Recently, at the 2019’s Blockchain Week in New York, Ethereum founder Vitalik Buterin announced two new projects that are expected to revolutionize not only the crypto sphere but also a number of other industries. They are the decentralized prediction market platform Augur (REP) and the decentralized blockchain resolution platform Kleros (PNK).

Augur will serve as a decentralized prediction marketplace and enable users to create their own markets, make bets, and sell shares based on the outcome of any event that takes place. As for Kleros, this blockchain dispute resolution platform provides fast, secure, and affordable arbitration in essentially any scenario.

Further, Buterin noted that the Ethereum network is ready for the upcoming Ethereum 2.0 upgrade, as all the research breakthroughs are already in place, and only the implementation of the research developments is left. He said:

“We’ve actually already had all the research breakthroughs we need for a full implementation of eth2. This has been the case for about a year now.”

For the initial phase of the Ethereum 2.0 upgrade, the developers have launched three testnets. A cross-client testnet is set to be launched soon. The mainnet ETH 2.0 will be fully launched in 2020.

Ethereum Price Fluctuations

After all the Ethereum news and amid the upcoming Ethereum upgrades, there is speculation that its price is likely to surge. Over the past month, Ethereum has jumped from lows of $155 to highs of $275, then it dropped slightly and stabilized at its current price levels.

According to Mayne, a well-known cryptocurrency analyst, Ethereum needs to break through $260 in order to further extend its upwards movement.

A cryptocurrency trader under the Twitter name TheCryptoCactus believes that the coin may surge towards $300.

At the moment of writing, Ethereum trades at $234.92 per coin. Its market capitalization makes up $ 24,9 billion.





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