Ethereum-based dApp Being Used By Giant Utility Company

EDF Energy, a company that provides gas and electricity to homes and offices throughout the UK, has developed visual simulator software GPUSPH on iExec, a decentralized application that runs on the Ethereum (ETH) blockchain.

The GPUSPH simulator uses “smoothed particle hydrodynamics” for modeling fluids, in order to study water dams and the processes involved in lava cooling. EDF’s simulator software can run on standard GPUs and the program’s developers are currently exploring the potential benefits of running the dApp on a public chain, like Ethereum.

In statements shared with Coindesk, Gilles Deleuze, a Principal Researcher and Blockchain-related Project Coordinator at EDF, said:

In a wider perspective, [the] development of distributed computing is a credible scenario for the future, and blockchain may be a nice lever in this scenario. So, let’s explore it.

Heavy Computing Will Be Done Off-Chain

Released in 2016 on the Ethereum network, the iExec app’s initial development reportedly involved several years of research and testing. According to Jean-Charles Cabelguen, the Head of Innovation for iExec, the potential benefits of running the simulation software on decentralized networks, such as Ethereum, include clear monitoring of the computational power used by the app and being able to more accurately determine its processing state.

Acknowledging that the Ethereum blockchain is not yet able to scale, in order to handle a large number of transactions (which is a requirement for most enterprise-grade applications), Cabelguen noted:

The heavy computing is done off-chain and does not overwhelm Ethereum. Afterward, blockchain is used to reach a consensus on the validity of the results [computation] produced by [the app.] A hash of this result is stored on the blockchain.

Ethereum Will Be 1,000 More Scalable Within 18-24 Months

Joseph Lubin, the founder of ConsenSys, a Brooklyn, New York-based Ethereum-related development studio, recently revealed that the Ethereum network will be around 1,000x more scalable. This, after the set of upgrades associated with Ethereum 2.0 have been activated.

Lubin, whose comments came during an interview with Cointelegraph on May 11th, 2019, said that the Ethereum 2.0 update will be released in four different phases. He also noted that there are presently eight different research and development (R&D) teams that are building new Ethereum clients.

zk-SNARKS Tech Could Allow Ethereum To Scale To 500 TPS

Going to mention that the codebase modifications included with Ethereum 2.0 have undergone rigorous testing, Lubin said that future updates to the Ethereum network may also include the option to conduct private transactions.

In September 2018, Ethereum co-founder Vitalik Buterin had said that ZCash’s (ZEC) zk-SNARKs privacy technology could be integrated onto the Ethereum blockchain. Buterin had also claimed at that time that adding zk-SNARKS tech to Ethereum could allow the world’s largest smart contract platform to scale to 500 transactions per second (TPS).

Apple Users Score Crypto-Friendly Options; Trio Close Venture Equity Rounds

The top daily news from the cryptocurrency and blockchain space:

  • Opera’s crypto-, blockchain-ready browser hits Apple iOS.
  • Venture funding spree continues with trio of equity round closures.
  • Ethereum ERC-20 tokens to be tradable on a world-leading stock exchange by year-end.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $12,630.8 (-0.7%) and $327.5 (-1.1%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 5,051.6 (-0.1%).

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Opera’s Crypto-, Blockchain-Ready Browser Hits Apple iOS

Opera, the software technology company behind the popular web browser of the same name, announced its blockchain and cryptocurrency-ready Opera Touch browser is now available for iOS, the mobile operating system created and developed by Apple.

Opera Touch features “crypto wallet integration and Web 3 support,” meaning users can natively interact with blockchain-based applications; eliminating the need for a browser extension such as MetaMask.

Currently, Opera Touch only supports ERC-20 tokens, stablecoins, and non-fungible tokens. Support for other blockchains like Tron (TRX), however, is expected to be enabled by the middle of next year.

Venture Funding Spree Continues as Trio Close Equity Rounds

A total of three projects that, either directly or indirectly, form part of the fast-growing cryptocurrency and blockchain ecosystem, announced successful venture capital rounds.

The first was blockchain data startup dfuse, which raised $3.5 million in an equity round co-led by Multicoin Capital and tech giant Intel’s venture arm, Intel Capital. Commenting on his crypto-fund’s decision to invest in dfuse was Multicoin’s Kyle Samani, who, in a blog post, noted that the EOS-native dfuse will “be launching support for Ethereum in the next few weeks.”

The second was Imgur, one of the world’s leading image hosting platforms, which announced it raised a venture equity round worth $20 million from the XRP-integrated micropayments startup, Coil. “As part of the transaction, Stefan Thomas, Founder & CEO of Coil and former CTO of Ripple Labs, Inc., will be joining Imgur's board of directors,” stated a press release from Coil.

The third was now-former ConsenSys incubatee 3Box, a U.S.-based startup specializing in the decentralized identity space, which closed a Placeholder Ventures-led $2.5 million seed round. Other investors in 3Box included Venrock, CoinFund, Northzone, and ConsenSys.

Ethereum ERC-20 Tokens on Swiss Stock Exchange by Year-End

According to CoinDesk, Swiss security token startup BlockState is planning to “passport” six Ethereum-based ERC-20 tokens to R3’s Corda, a private distributed ledger technology platform.

“Before the end of the year, the tokens will be locked up in a smart contract on ethereum and “mirrored” versions of them will run on Corda,” the crypto media outlet reported, before continuing to report “the passporting will take place on the network R3 is building for the Swiss Digital Exchange (SDX) – part of SIX, Switzerland’s national stock exchange.”