- Microsoft is working with Ethereum to create new tokens
- Microsoft introduces Azure Blockchain tokens
- Vitalik Buterin said Azure might run into complications as Ethereum is currently congested
Ethereum News Today – Software giant – Microsoft – wants to work with Ethereum to create new digital currencies. The firm is working on a new way to make sure newly created digital currencies are harder to fabricate and easy to audit.
Microsoft Takes Azure Blockchain Token to New Heights
Azure Blockchain is a platform that has been used by many video game firms to develop tokens that players earn through playing the game. Now, the software giant is taking the system to a new level by spreading its services to firms such as General Electric. Azure functions through the blockchain of Ethereum, which is the most popular blockchain for creating DApps and digital currency tokens.
Ethereum (ETH) Price Today – ETH / USD
Nevertheless, this could result in issues in the long run, as Vitalik Buterin said that Ethereum is not very much scalable due to the traffic that already congests the network greatly. Recently, Buterin, who is the co-founder of Ethereum – said that Ethereum is terribly congested, thanks to the new tokens and constant apps that are always being added to the platform.
This has led to several issues such as very slow transaction times and high gas fees. Perhaps, the new Ethereum upgrade – Ethereum 2.0 – would come just in time to make things easier for every Azure client. The principal architect of Microsoft – Marley Gray – compared the capabilities of Azure with those of Amazon. Gray said:
“We’re bringing the kind of efficiency you see in Amazon Fresh and Amazon Now everywhere… because you’re closing the gap between parties collaborating together and working through business processes that will make everything from delivery services and getting meetings and appointments much easier and automatable.”
It seems we are evolving into an era where almost every firm wants to create its own digital currency. One of the biggest examples comes in the form of Facebook’s Libra project, which the social media giant announced last June. Facebook said that Libra would be a global digital currency that can be used to pay for services and goods all over the world.
Trust Needs to Be Established First
Facebook appears to be lacking in the trust department after years of scandal, including the stint with Cambridge Analytica in 2018. According to a new survey, not more than 3% of Facebook users would ever consider using Libra in the future. The launch of the project is even halted at the moment, as it is yet to get the approval it needs from regulators. China is also on the verge of creating its own digital currencies to monitor digital transactions and better understand the monetary habits of its residents.