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#Ethereum

Hate & sell ETH, Love Ethereum, say experts

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It has been predicted that the ethereum network is going to experience a downfall as the network itself might come to a standstill.

Understanding the future scenario of the Ethereum network:

 

Opening thoughts

Ether along with many other cryptocurrencies like Bitcoin, Bitcoin cash, litecoin, Monero without cash have been providing. Ether is highly fluctuating in nature, and therefore, nothing can be expected when it comes to the price prediction. The Ethereum coin highly been popular, and in particular, when compared to the Bitcoin, the Ethereum network has experienced an exponential popularity, whereas Bitcoin remains under the scope of linear popularity itself. With over thousands of cryptocurrencies to choose from, Ethereum and Bitcoin have been the most prominent ones that can be opted for long-term investments. But when it comes to higher transaction fees, there is no comparison to Ripple.

 

What is Ethereum?

Ethereum is also very well known as the Queen of cryptocurrencies, as it has enabled the developers throughout the world in order to initiate their own cryptocurrency based projects, based on the standard provided by the Ethereum network which is the ERC-20 protocol. Also, the smart contract functionality has enabled the developers, for the development of various Decentralized Autonomous Organisations which independently run based on the Ethereum network. ETH or Ether is the cryptocurrency token which is effectively made use of by the environment. Also, a separate ether gas is required by the network for its maintenance.

 

Ethereum has a dark future

It has been predicted that the ethereum network is going to experience a downfall as the network itself might come to a standstill. The actual value proposition of the ethereum network is absolutely null as it has been checked practically, that there is no need of the cryptocurrency token Ether, and even the concept of gas price is absolutely ambiguous. However, the accusations are not accepted by the official Ethereum community and they have come up with their own set of defenses. They claim that both Ether as well as the gas price which are supposed to be utilized to run the Ethereum based smart contracts are highly essential for their sustainment.

 

Is Ether gas really needed?

Also, the Ether gas prices are worth nothing as there is no hardwired requirement of Ether gases in order to run the Ethereum network. The reason why it is currently being incorporated is that the developers at the Ethereum, have inherently designed them in such a manner. There is absolutely no need for the usage of the gas, to initiate the transactions at the fundamental level. One might argue that this particular gas price is required to pay the rewards to the miners of the block.  This contradiction can be disproved. Instead of paying the fee to the miners in the form of gas price, a certain amount of value which is being sent during a transaction might be deducted and automatically be sent to the miner’s address, instead of using the Ether gas.

 

Technical implications of Ether on the network

Inherently we all know that the native cryptocurrency token of the Ethereum network is Ether and is very much dissimilar to the ERC 20 powered cryptocurrency tokens. therefore there are a lot of software implications which had to be incorporated in various accounts as well as the cryptocurrency wallets in order to support both of them. Therefore, eradication of Ether would result in energy optimization on an overall basis. In fact, it is certainly very vague to assume that many cryptocurrency professionals in the Ethereum community and predominantly Vitalik Buterin considers adding complexities to the network is not a better way to achieve economic abstraction and the ecosystem gains.

 

Closing thoughts

The allegations have been imposed on one of the fastest cryptocurrency Blockchain platform, Ripple, that it is a centralized cryptocurrency and hence must be debarred from the list of cryptocurrencies. Now even Ethereum network seems to have joined the bandwagon, as the future conditions of the network don’t seem to be optimistic due to the allegations as well as scalability issues of the network. However, considering the current situation about the market, Ethereum is highly incorporated in order to commercialize and democratize usage of smart contracts. Nevertheless, the future of Ethereum cannot be predicted as any an unexpected event might change the opinion.

#Bitcoin

XRP is now #2 Cryptocurrency, Ripple overtook Ethereum

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XRP is now officially the #2 cryptocurrency in the world with over $2.4 Billion Market Cap. The recent increase in the market cap was due to the rapid surge in Ripple Price after the XRapid Launch news was published.

The market cap of Ripple is now $23555443, which just surpassed Ethereum’s market cap of $23367070

Bitcoin Market cap stands at #1 at $116228274

 

Ripple Price Rise

XRP  Price broke all the obstacles and went to a swift uptrend against both Bitcoin and US Dollar. With the surging price, the total market cap of the cryptocurrency also noticed an enormous hype making Ripple the #2 Cryptocurrency after Bitcoin; beating Ethereum on the Cryptocurrency Market Capitalization list. More and more banks are utilizing the Xcurrent platform including the recent adoption by PNC , USA’s top financial services group.

 

Ethereum Price Decay

The former #2 cryptocurrency Ethereum noticed a vast decay in the previous few weeks with the reasons starting from large OTC selling by ICO’s (Initial Coin Offerings) and the ethereum miners backing out saying that ‘Ethereum Mining is no more profitable’. Ethereum price dropped down from whooping $450 in August to $190 a few days back. This has resulted to a huge number of prominent investors and traders opting out of the Etheruem Cryptocurrency stating that Ethereum has no future now.

 

Can Ripple Maintain the #2 position now or will Ethereum take back revenge? What are your thoughts on the same? Tell us in the comments section below.

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#Daily Price Analysis

Ripple XRP to overtake Ethereum ETH on CoinMarketCap

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At $0.4672 on reporting time, Ripple's XRP is about to make it to #2 in position in terms of Market Cap, as reported by Coinmarketcap.com

A whooping 43.96% Increase in Ripple in few hours

At $0.4672 on reporting time, Ripple’s XRP is about to make it to #2 in position in terms of Market Cap, as reported by Coinmarketcap.com

 

Reason can be Saudi Arabia’s National Commercial Bank Joining RippleNet

In spite of the poor economic situations of the previous couple of months, Ripple’s XRP has been performing admirably in the crypto space. This can be credited to its normal joint effort and organizations with various banks and firms.

As of late, Ripple declared that the National Commercial Bank (NCB) of Saudi Arabia has joined RippleNet. Crypto specialists have been envisioning this move by Saudi Arabia’s Commercial Bank and are trusting that this excellent passage of Ripple into the nation will change their financial framework.

Over the previous decade, the Kingdom of Saudia Arabia has been one of the biggest wellsprings of settlements worldwide. As indicated by the World Bank, in 2016 around $308 million was sent into the KSA, while $37 billion in settlements were sent from the nation.

According to the report, RippleNet would fill in as a medium for associating with other money related foundations over the globe to NCB. Right now, RippleNet has a worldwide client base of in excess of 5.4 million. With the assistance of RippleNet, NCB will have the capacity to offer quicker and more straightforward international installment administrations to the majority of its related customers.

This installment portal will be actualized utilizing Ripple’s blockchain technology and will assist the bank with connecting with money related organizations in North America and Asia in the underlying stage, and later spreading worldwide.

 

Ethereum ETH’s poor performance?

ETH has encountered basic adversities in price more than $1100 to $400, which it by then hit the price extent of $167 before recovering to $224.20, at the time of reporting. This might be one explanation behind the abatement in the hashrate as the diggers can’t deal with the expenses of intensity, gear bolster, and other related expenses. Cooling the apparatus has transformed into a huge expense in light of the way that a lot of warmth is made amid the time spent mining, in like manner there is a need to cool the equipment off to avoid the dissolving of sections.

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#Ethereum

Ethereum ETH: Reason for drop: No one wants to mine ETH anymore

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Ethereum [ETH] has seen a gigantic 20% drop in its hashrate. It is said to be one of the greatest drops in ETH hashrate over the previous year.

Ether Hashrate drops from 294 TH/s to 246 TH/s now

Ongoing data from Etherscan.io demonstrates that Ethereum [ETH] has seen a gigantic 20% drop in its hashrate. It is said to be one of the greatest drops in ETH hashrate over the previous year and is said to be on indistinguishable scale from those that have happened since its creation. The hashrate has dropped from 294 TH/s [Terahashes per second] to 246 TH/s.

 

From 300 TH/s to 270 TH/s in August

In August, ETH had as of late seen a drop from 300 TH/s to 270 TH/s. The 30 Terahash drop had panicked the network, raising worries about diminishing security on the stage. It is estimated that the ongoing drop happened because of basic change or in light of the fact that mining ETH was not productive any longer.

 

A 80% +ETh price Decline and still continuing

ETH has experienced critical misfortunes in price more than $1100 to $400, which it at that point hit the price scope of $167 before recouping to $206, at the time of reporting. This may be one reason for the decrease in the hashrate as the miners can’t take care of the costs of power, equipment support, and other related costs. Cooling the gear has turned into a significant cost in light of the fact that a great deal of warmth is created during the time spent mining, accordingly there is a need to chill the hardware off to evade the dissolving of segments.

This development may be demonstrative of a more major issue for miners down the line. By accepting the price to stay steady, a decrease in the issuance of ETH by 33% would result in the decrease of the miner’s fiat income by 33%. There are a couple of productive ASICs which are created so as to mine Ether, however these ASICs exercises are not being appeared in the data as a result of the ricocheting hashpower of some cryptographic forms of money.

It was expressed that Proof-of-Work [POW] mining has been an exceptionally aggressive and vitality concentrated business, prompting a portion of the miners getting ready for an outcome of a decrease in hashpower. This has prompted them being efficient and not requiring any focal coordination or specialist securing the business.

This development marks Ethereum achieving the cost of creation floor, like what Bitcoin looked in 2014-15. The Bitcoin arrange saw a significant fall in its hashrate around then, bringing about various Bitcoin mining task declaring financial insolvency.

 

Will ETH reach $53 soon? Let us know your views in comments below.

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