Connect with us

#Ethereum

Ethereum 1x Upgrade: All you need to know

Published

on

A large number of researchers and developers have started to discuss the proposed upgrade to Ethereum known as Ethereum 1x.

A large number of researchers and developers have started to discuss the proposed upgrade to Ethereum known as Ethereum 1x.

The code changes are still not confirmed but developers from all around the world are suggesting their different proposals in order to improve the usability of Ethereum- the world’s third-largest blockchain. The code is predicted to be created and accepted by the ethereum network users by June 2019.

Afri Schoedon, the manager for Parity Ethereum client had suggested implementing the upgrade on a separate blockchain of its own but other prominent developers and managers have suggested activating the changes to the existing blockchain network.

Ethereum 2.0 which was in the news lately after the Ethereum Dev Con this year which is being called as ‘Serenity’ by Vitalik Buterin, has a long roadmap and the production of Ethereum 2.0 will probably start in 2020 because of the new design specifications that will take time to be activated.

 

Ethereum 1x

Ethereum 1x sounds quite contentious at the moment but according to the Afri Schoedon, the first aim is the discussion of the ideas with the stakeholders so that the contentious word comes out of the picture.

Ethereum 1x was in a discussion in a closed room during the Devcon4 conference but some prominent community members were not satisfied as they believed that the discussion will be more satisfied with the involvement of the general public.

Therefore the first open meeting is planned for today i.e. 30th November at 14:00 UTC.

 

Groups for the advancement of Ethereum 1x

In the minutes of the meeting published by Dan Heyman, the program director of Pegasys, an Ethereum Blockchain development group it is mentioned that currently there around 4 groups working on the advancement of Ethereum 1x.

 

Alexey Akhunov, the leader of one of the groups is working for the introduction of “storage rent” on the ethereum platform. The storage rent’s purpose is to keep a check on the growth of all the applications and accounts being operated on the ethereum blockchain network. The larger the ethereum applications and accounts grow, the longer it takes for the new systems joining the ethereum blockchain network to download and maintain the copies of all the data.

As the data on the ethereum blockchain has been increasing rapidly over the years, a proposal to charge a fee for the users who store their smart contract data on the blockchain has been made in order to ensure the accessibility of the network for all the users.

 

Another contradictory proposal is to move parts of the data on the smart contract off the blockchain which will eventually put the responsibility of storing the data on the developers of different ethereum dapps. This mechanism is called the “stateless clients“. However, some developers have raised the concern as to how dapp developers will be able to share and update the off chain data.

The second group involved in the advancement of Ethereum 1x is exploring the possibilities of archiving the old data stored on the blockchain in a bid for relieving the pressure of the growing ethereum state.

 

The Simulation Group, the third group is analyzing the problems which occur on the blockchain due to the block size increase. A few studies have been made in accordance to analyze how blocks propagate through the blockchain network and what will happen when the gas limit is raised.

 

The fourth group is working on decreasing the cost of deployment of a smart contract. According to the fourth team, this would balance out the increase of cost for smart contract storage as proposed by “Rent One”.
Ethereum developers have put forward eWASM, a new virtual machine that processes smart contract code which will create “precompiles” comfortably.

“Precomplies” are smart contract operations optimized to run on the ethereum blockchain for a particular fee or gas. Currently, there are only a few “precomplies” running on the blockchain but the deamd is increasing.

Afri Schoedon, the parity ethereum client manager also mentioned that as there are only a few developers in the core development team of Ethereum, it will be very difficult to implement the high demand of “Precomplies” as they won’t be able to focus on other things then. Deciding the gas cost for a particulat smart contract operation is also very difficult.

Once the contruction process of Precompiles gets earlier, then the team plans to open eWASM for all developers.

 

All things considered, until the point when that future is acknowledged, etheruem 1x is imagined to support what Afri Schoedon calls as “out of the box” solutions.

#Bitcoin

Bitcoin Price: How Investor Emotions Affect Crypto Prices

Published

on

Bitcoin Price: The reason we see such a massive slump in cryptos this year can be attributed to the emotions investors felt when they lost.

It is always easy to confuse the way trading works these days. After so much digitalization some people think that the trades mostly happen through logic, algorithms and so on. However, this is not necessarily the case. One of the most significant factors about trading is the human emotions that come with it.

Try to imagine it. You’ve just made a trade and bought some Bitcoin. Now you see that the price is decreasing rapidly, so naturally, you get the sensation that it is time to sell it, but all of the advice on the internet is telling you to hold and wait. This is where the first problem is met as human emotions are starting to battle logic and hard decisions.

You may find it hard to believe if you’ve traded on other financial markets but these human emotions can have a toll on crypto prices. On other markets its very hard for these emotions to have a significant impact, because of how big the market is. But for cryptos, the market is very small, so a select few investors could make some change in the market if they buy or sell prematurely. Let’s look into the main reasons why people face emotional, moral and psychological barriers when trading cryptos.

 

One Primary Example

Back in 2013, Bitcoin was sitting comfortably on the $1,200 mark. But it fell 50% when the Chinese national bank announced it would ban it in its systems. Everybody back then thought it would be a killing blow to cryptos, but as you can see it was not even a scratch.

This wasn’t logic affecting the price, and it was human emotions. Investors panicked and sold their assets immediately fearing that they were now obsolete when there were millions of people and thousands of exchanges in the world still accepting them. Don’t take the info at face value, do the research, listen to the experts and find out how dangerous it is before making any significant decision. You’ll need to do this quickly, however, as the panic spreads quite fast.

 

Moral Problems

Cryptos and morals aren’t the first things you’d imagine to have a connection, but they honestly do. Let’s look at it with a different perspective. You’ve just invested in a new crypto company that released their latest coin, and you already see that the development team is having some feud.

This immediately lights up your good alert, if you want to call it that. This gives you a sense that maybe this company will go under if the developers continue to fight. And you won’t be the only one. Many traders are affected by the politics of the company when some drama occurs, and they find it very hard not to have some concerns. The best thing to do here is to keep an eye on how things develop, and if there are actual threats that developers will leave the company, then it’s a good time to sell. Don’t sell prematurely, wait and see.

 

Psychological Problems

Human psychology is a fragile thing. Introduce it to any stress, and you will soon start seeing the cracks. The volatility usually creates the cracks in the crypto market. Many people can’t handle the mental pressure that comes with prices jumping up and down all the time. We are very basic beings, we like stability and when everything goes as planned. The moment something goes wrong, we panic. Remember the first time you started trading. You probably spend the whole day looking at the charts of your investment. The same thing happened to me when I first invested in Ripple and looked at its charts the entire day. Every time it would take a downwards direction, I’d have a mini panic attack.

The best thing to do in this case is to ignore it. If you have a long-term investment, ignore looking at charts all the time, keep focused on the news and how things develop. If you continue looking at the charts it will take a massive toll on your mental situation, your conscience will urge you to sell when there is a relatively big slump, but after the sell, we always regret it.

Another problem is when we are at a crossroads of, going with the crowd or following our path. Usually, for a beginner, it is one of the biggest mistakes to trade against the trend and go on their own, as they have no experience of the market yet. Although it is taxing on the mind to fall in with the crowd, especially in our day and age, it’s best to fall in line in the beginning.

 

Emotions We Feel When We Lose

The reason we see such a massive slump in cryptos this year can be attributed to the emotions investors felt when they lost quite a lot of capital during the January slump. We as humans tend to avoid losses more, than chase profits. It’s psychological as well. It’s more critical for us not to lose $10 than it is to gain $100.

After the slump investors became very disappointed with the market and avoided it altogether, further selling off their assets and bringing the price even lower, which at the end created an illusion of reinforcement for their disappointment and decision to leave.

 

How You Can Control Yourself

If you are a beginner, it seems impossible to control yourself when the price is falling. What you need to do is try to become a bit more patient.

First things first, try to avoid looking at the price every hour or day, think more long-term. When looking at the price think about 1month from now or even one year from now. It will calm you down.

When you see a feud happening in one of the companies, do more research. Find out why it happened and see similar scenarios in the past. If the past had people leave the company, then you have a good source to back your decision. Don’t just follow your gut.

If you have lost some capital with cryptos in the past, take a moment and trace it to a specific article or occurrence that it may have caused. Once you do, you’ll know exactly what caused it and will become more prepared in the future. If you want to get back in the game, go for a minimal investment to test out the waters.

Continue Reading

#Ethereum

Ethereum Miners are the best targets for Hackers, ETH mining is not profitable

Published

on

Down by 94% from its ATH, and currently trading at $87, Ethereum ETH mining has become a nightmare for miners. Hackers target Ethereum miners the most.

Down by 94% from its ATH, and currently trading at $87, Ethereum ETH mining has become a nightmare for miners. ETH mining is not only non-profitable but Ethereum miners are the best targets for crypto hackers according to a new report by ZDNet.


These crypto hackers are using a new way to steal your Ethereum with an enormous scanning effort to choose Ethereum wallets and ETH miners with an explicit vulnerability.

As per the report by ZDNet, crypto programmers are focusing on Etherum wallet and mining equipment through devices with an uncovered port 8545, the standard port for the JSON-RPC interface — an automatic API that sits on the nearby gadget and can be utilized to an inquiry for mining-related data.

Ethereum engineers had cautioned clients about the risks of uncovering the JSON-RPC interface when utilizing mining gear and Ethereum programming, educating clients to empower a secret word for the interface or enact a firewall to channel web traffic going to the powerless port.

By structure, the JSON-RPC interface doesn’t accompany a default secret phrase. It’s subject to clients setting one, which they once in a while do. For Ethereum wallets or mining gear whose port is left uncovered on the web, programmers can send directions to the API and remotely exchange assets out of the wallets.

The report expresses that mining rigs makers and Ethereum wallet engineers have done their bit to confine the harm caused by this risky interface by notice clients of the need to include a secret word. Others have gone the outrageous course of expelling the interface through and through, however, since this was certifiably not an assembled exertion, the issue holds on.

While there had been a lot of Ethereum scanning efforts in the course of the most recent two years, this is the first run through outputs have been accounted for in a bear advertise. Truth be told, the report refers to information from Tory Mursch, fellow benefactor of Bad Packets LLC, who told the news outlet that the output crusades tripled in December, contrasted with a month ago, when prices were steady.

 

“Despite the price of cryptocurrency crashing into the gutter, free money is still free, even if it’s pennies a day.”

 

Last year alone, hackers stole $32 million from Ethereum wallers using a small bug in multi-signature wallets. Is Ethereum really ready for medium and large-scale adoption with these vulnerabilities? Or is ETH a useless asset? Comment below.

Continue Reading

#Ethereum

Do We Really Want To Tokenize Everything? And Can We?

Published

on

It’s not only gold that’s being tokenized. Other precious metals are also up for trade via blockchain technology. Stocks, bonds, and shares too.

Over the last year, there has been considerable discussion over the tokenization of physical assets. That is, having something tangible, like a bar of gold, represented by a token on a blockchain, like Ethereum or Bytom, so that there is an immutable record of ownership of the asset. This asset can then be traded or sold without the need for a middleman to keep a record of the transaction – and take a commission for his troubles – thus making the transaction safer, faster, and less expensive.

It’s not only gold that’s being tokenized. Other precious metals are also up for trade via blockchain technology. Stocks, bonds, and shares are all said to be next, and security token offerings are one incarnation of this move. In fact, STOs are hotly tipped to be the next big thing.

It seems anything worth anything is ripe for tokenization.

 

So, Everything Is Tokenizable?

Any blockchain that is capable of executing a smart contract (like Ethereum and Bytom that I mentioned earlier) offers the ability to have part-ownership of an asset. Recently, Andy Warhol’s famous painting, ’14 Small Electric Chairs,’ was tokenized and sold at auction. Over 800 bidders bought a 31.5% stake in the painting, which had a reserve price of US$4,000,000.

 

But who gets to hang it in their dining room and for how long?

I don’t think anyone is actually going to get the opportunity to have this piece hanging up on a wall in their home anytime soon, but what if this was not a painting but a luxury yacht. Not many of us can just go out and buy a luxury yacht, but what if twenty people wanted to and decided to buy one together?

It is possible to execute this type of transaction via smart contract on a blockchain. Twenty YCHT tokens could be issued, and each owner would receive one. They would have an immutable record of ownership that they could trade or sell to another party at any time. But the token would also show how much time that person would be able to have on the yacht. In fact, in an IoT kind of way, access to the boat could be restricted simply by not having the right blockchain-based digital ID credentials with you when you go to start the yacht’s engine. There’s plenty more that can be achieved with a smart contract, but you get the idea.

The same functionality can be used for cars, vacation homes, rental agreements, the list goes on, and there are plenty of companies out there trying to make these things happen right now, but I won’t go into those here.

 

Do We Want This?

Since most blockchains are decentralized and, therefore, have no central governing bodies to mess with the record as it suits them to, smart contracts that allow people to share ownership of an asset between them is an ideal solution. However, disputes could prove an issue.

Let’s say Owner 5’s three-year-old spilled apple juice all over the back seat of the shared car. Owner 7, the next car user, spots the damage and requests Owner 5 pay for cleaning. Owner 5 says that the spill had occurred before they got the car. What then?

One idea would be to have CCTV in the car so that the other owners can check back through the footage to see what really happened and to decide who should pay for what. But this is veering towards an Orwellian 1984-style totalitarian, panoptic mess that society should be aiming to avoid.

Smart contracts run on Ethereum, Bytom, Stellar, or any other capable blockchain certainly stand to make our lives simpler. However, smart contracts are still in their early days, and much work needs to be done with them before they can be deployed in fully mainstream applications.

Continue Reading
Advertisement BitcoinAdvertising.com

Live Crypto Prices

  • BTC
  • USD
  • AUD
  • CAD
  • EUR
  • BTC
    Bitcoin(BTC) 3781.44771351
  • ETH
    Ethereum(ETH) 103.79093531
  • EOS
    EOS(EOS) 2.6214959555
  • BCH
    Bitcoin Cash(BCH) 116.18841572
  • LTC
    Litecoin(LTC) 30.5391348064
  • TRX
    TRON(TRX) 0.0160116926
  • ADA
    Cardano(ADA) 0.0358155785
  • DASH
    Dash(DASH) 75.9632501944
  • XEM
    NEM(XEM) 0.0686118207

Trending