RATE Group | Ether cryptocurrency, a victim of blockchain success | Sci-Tech
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Ether cryptocurrency, a victim of blockchain success | Sci-Tech

23 Sep Ether cryptocurrency, a victim of blockchain success | Sci-Tech

Posted at 18:08h in Cryptocurrency News by

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Enthusiasts who process Ethereum transactions on machines like this one are rewarded with units of the ether virtual currency. Photo: AFP file

LONDON: For all the attention afforded bitcoin, it is its rival ether that is hitting the headlines, with the popularity of its blockchain technology Ethereum driving concerns that have sent investors fleeing.

Virtual currencies have struggled across the board this month after US investment banking giant Goldman Sachs pulled back from its plans to open a trading desk for bitcoin, damaging sentiment for the entire sector.

Ether has slid 20 percent in value, taking a further hit from comments made by Vitalik Buterin, co-founder of Ethereum, which powers the cryptocurrency.

Earlier this month, the 24-year-old Russian-Canadian programmer told Bloomberg that “the (Ethereum) blockchain space is getting to the point where there’s a ceiling in sight”.

A blockchain is essentially a ledger for recording transactions, which is both open to all who use…

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