53rd Richest Wallet Holds $25 Million in ETH Ahead of Ethereum Hard Fork
The Ethereum hard fork is right around the corner and ahead of this, a total of 41,905 Ether was disbursed into several wallets.
After this, the wallets were then combined into a single wallet that now holds the spot of the 53rd richest crypto wallet in the world, holding about $25 million. It is believed that the transfers were done in preparation for the hard fork that will be taking place soon.
The Ethereum hard fork is one of the most anticipated events in the Ethereum calendar because it is believed that it will solve a number of problems that currently plague the network, such as scalability. However, the hard fork has been postponed twice now but is expected to be done before the end of the month.
One of the pressing matters that has been discussed is that of speed. Contrary to what many would believe, Ethereum isn’t one of the most used blockchains for the top 50 d’Apps. Ethereum only has 6 percent of the market, losing out to TRON and EOS, who have almost a combined 94 percent of the market.
One of the reasons for this is the speed of blockchain, which is topped by rivals such as TRON. When asked about this, Vitalik Buterin has stated that speed isn’t as important as the efficiency of the Blockchain.
“The purpose of a consensus algorithm is not to make a blockchain fast,” Buterin said recently. “The purpose of a consensus algorithm is to keep a blockchain safe. When a blockchain project claims ‘We can do 3,500 transactions per second because we have a different algorithm,’ what we really mean is ‘We are a centralized pile of trash because we only have 7 nodes running the entire thing.”
What This Means
Ethereum supporters believe that the hard fork will turn these fortunes around and help Ethereum reclaim a good chunk of the market. Despite the postponements, much of the crypto community is gearing up for the event.
After this hard fork, called the Constantinople, the final stage in the Ethereum Network upgrades will be the metropolis hard fork and the account might end up moving or accumulating more funds ahead of that as well.
For now, it is now known who owns the various wallets and what the funds are for but perhaps some answers will be given in due time as Ethereum moves into the next stage of its life span.