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Ethereum News

Elon Musk Post Temporarily Lifts Ethereum (ETH) Prices, Will He Join the Network?

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Yesterday, the Ethereum scene was lit up. Twitter was “flaming” and Ethereum search count exploded as Google Trend data shows. It had all to do with Elon Musk, the rather controversial but ingenious founder of Space X and Tesla, an automobile company banking on a future of zero-emission and environmental conservation. No surprising, Elon is open to tech. With Space X and Tesla publicly trading with multi-billion market caps, it’s not hard to see why the crypto and more specifically, the Ethereum space glowed after his tweet.

While it may be expectations around the recent ETH price lull, it may also be the development around Ethereum. The founder, Vitalik Buterin responded, inviting Elon to the next Devcon set for Q4 2019 and even listed some yet to be fully explored possibilities that can be executed from Ethereum. These include “A globally accessible financial system, including payments, store of value, also more advanced stuff like insurance, Identity: “sign in with Facebook” -> “sign in with an Ethereum account, no intermediaries”. Also web of trust…” While doing so, he mentioned about Hurricane Guard, powered by Etherisc. Hurricane Guard is an insurance company that will offer relief for Hurricane victims all over the world by automating pay and releasing claims should wind speeds exceeding certain limits is recorded within a 30 mile radius off the affected home or business premise.

Will HyperLoop Leverage on Ethereum?

Although it is not yet overt whether Elon said yes to Vitalik’s invitation, it is said that HyperLoop One, which claims to “revolutionizing terrestrial transportation” and actively offering “services to innovators and universities across the world interested in high-speed transportation technology and solutions,” may apply blockchain technology to cure the broken transportation system. The transport system, even if it glorified to be super fast or sleek, is undoubtedly expensive and damaging to the environment. Even so, it is not yet clear which public (or private chain) HyperLoop will be based on. All the same—and assuming he joins the people’s team, the advantages of Ethereum are numerous.

HyperLoop will no doubt shape the public transport system by introducing efficiency and laying the blueprints for other to follow suit. But a major application will be how the network will come in handy in the creation of trustless and censorship-resistant contracts between digital assets. If anything, the platform was made for everything and anything. All this is because of the smart contracting capability, its open source and permissionless nature opening up doors of infinite opportunities for the willing. Besides, it is community driven with no point of control and therefore if Musk decides to create an application in Ethereum, we may see the demand of Ethereum (ETH) spike in the medium to long term.

Jason Lee is a writer for various crypto publications and manages a small team on Medium. His love of technology and inquisitive nature set him up with crypto back in early 2016 and he hasn’t looked back since. In his spare time, Jason enjoys rock climbing and wakeboarding.

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