Connect with us

#Ethereum

Hate & sell ETH, Love Ethereum, say experts

Published

on

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.

#Ethereum

Ethereum 2.0 Serenity: All you need to know

Published

on

According to Ethereum Founder Vitalik Buterin, the Ethereum 2.0 Senerity is a realization of the research that ethereum is spending time on from 4 years.

Main Features of Ethereum 2.0

– Proof of Stake (Casper)
– Scalability (Sharding)
– VM Improvements (EWASM)
– Improvements to cross-contract logic
– Improvements to protocol economics

 

Serenity Begins

What is Serenity?

According to Ethereum Founder Vitalik Buterin, the Senerity is a realization of the research that ethereum is spending time on, over the last 4 years. Serenity is a new blockchain in the sense of being a data structure which will have to link to the existing proof of work chain. So the proof of stake chain will be aware of the block hashes over the proof to work chain and the users will be able to move ETH from the proof of work chain into the proof of stake chain.

 

Expected Phases of Ethereum 2.0

Phase 0: Beacon Chain Proof of Stake
Phase 1: Shards as data chains
Phase 2: Enabling state transitions
Phase 3: iterate, improve and adding technology

 

Expected Feature of Ethereum 2.0

– Pure proof of stake consensus
– Faster time to synchronous confirmation )only 8-16 seconds)
– Economic finality
– Fast Virtual Machine execution via EWASM
– 1000X higher scalability

 

Ethereum 2.0 Post Serenity Innovation

– Layer 2 execution engines
– Privacy
– Cross-shard transactions
– Semi-private chains
– Proof of stake improvements

 

However, Vitalik Buterin did not define the timeline as to when the Ethereum 2.0 will be released and the users will be able to see all these improvements.

One of the lead developers and researchers with the ethereum foundation Justin Drake said in an interview with CNBC that there have been mistakes by the ethereum community for overpromising which is mostly because of miscommunication and underestimating the complexity of things. In reality, the research on moving ethereum to a proof of stake consensus has been moving really fast in accordance to the blockchain space. He also told that the Ethereum 2.0 Phase 0 that is between the mainnet and the testnet will be released in 2019, the Phase 1 that is Sharding will be seen in 2020, the Phase 2 will be live in 2021.

Erik Voorhees, the CEO of Shapeshift wallet and exchange said in the Ethereum Devcon that he believes that Ethereum will be one of the main chains as it has the network effect and more developers than any other blockchain in the world. He also said that Vitalik does not personally control Ethereum and if Vitalik disappeared someday, the ethereum blockchain will still prevail forever despite that fact that the ETH market might crash for a month or so.

 

What is your take on Ethereum 2.0? Will it boost the price of ETH back to four figures? Tell us in the comments section below.

Continue Reading

#Ethereum

Ethereum Updates: Proof of Stake, Zero Proof Prototype, JP Morgan and more

Published

on

The Ethereum Dev Con in Prague has just wrapped up in a flurry of news and announcements. Vitalik has made some tantalizing announcements about ethereum.

The Ethereum Devcon in Prague has just wrapped up in a flurry of news and announcements. Vitalik Buterin has made some tantalizing announcements about ethereum stating that Proof of Stake is not far away. The serenity updates will see Ethereum moving from a Proof of Work to a Proof of Stake system which will be exciting.

Estimates predict a possible 1000X increase in ethereum speed brings it up to 15000 transactions per second. The updates will also include improvements to the ethereum virtual machine, cross chain contract logic and much more.

 

Ernst & Young ETH Zero-Proof Prototype

Ernst & Young made an announcement on 30th October about the launch of EY Ops Chain Public Edition Prototype which is the first ZERO Knowledge Proof Technology on Ethereum Blockchain. According to sources, the prototype aims to improve the current barriers that prevail in the transactions.

– Company’s ability to conduct transactions on the Public Blockchain securely.
– Improving Blockchain Adoption
– Enabling a traceability trail of the private transactions.

The prototype is set to launch in 2019 and could prove to be highly significant for the upcoming security token industry.

 

JP Morgan ‘big believers’ in Ethereum

Jamie Dimon, the CEO and Chairman of JP Morgan who had earlier said that he did not give a s**t about Bitcoin has recently endorsed Ethereum of having the abilities to provide practical applications to the financial world.
The JP Morgan team is developing a product named as ‘Quorum’ which is defined as an enterprise-focused version of Ethereum. A significant use of the product will be the tokenization of gold bars.

 

Bancor: Ethereum and EOS Cross-Chain DEX

BancorX, a new platform by the Bancor decentralized exchange is now live and enables the conversion between ethereum and EOS based tokens on the blockchain. Currently, it allows the conversion of more than 110 tokens on both Ethereum and EOS blockchain. The BancorX project was established in collaboration with LiquidEOS, an EOS block producer. The project uses BNT tokens (Bancor Tokens) for the transactions. The BNT Token works on both EOS and Ethereum blockchain.

The working: When you convert an Ethereum token into an EOS token, it is first converted into BNT Token. After this, the BNT Token is transfered to the EOS blockchain and gets converted into an EOS Token.

Continue Reading

#Ethereum

10 Reasons why Ethereum price is never going to rise again

Published

on

By

Ethereum itself is falling behind in what it can offer its users. Since it is an ‘abandoning ship’ it is unlikely that the prices will upward movement.

Predictions of the end of ETH are gaining momentum. Apparently, such forecasts are stoked by the founder of the Ethereum himself, via latest admissions that the platform needs deep changes and without these new adaptations (say Casper or Plasma) the end could not be very far.  

Ethereum’s utility thus far has been its smart contracts. At a time when Bitcoin was the only thing around, the ‘smart’ technology of the new network caught everyone’s fancy. However, today this very ‘technology’ has seen vast advancements, and Ethereum itself is falling behind in what it can offer its users. Since it is an ‘abandoning ship’ it is unlikely that the prices will see any sort of upward movement.

 

The tirade against things at Ethereum is:  

1. Much of the initial phase of growth was due to “occult marketing.”  

 

2. The approach of the original devs is abandoned and many “trusts at governance level of ETH.”

 

3. Non-ethereum changes are introduced under the brand ship of ‘centralized’ trademark Consensus Systems Corporation.

 

4. Ethereum Futures shall not be in the same category as Bitcoin Futures because of the lack of sustainability on the Ethereum network. New assets which are pegged to Ethereum will also not be able to perform. Thus Futures cannot be an alternative plan to nurture the platform and revive it.

 

5. ERC20 power cryptocurrency token is a big challenge as users need to pay ‘gas prices’ and not use part of the transaction itself to pay the ‘trading’ fees.

 

6. ETH failed to scale

 

7. Forgot to secure contract authoring

 

8. Failed to be competitive

 

9. Public blockchain platforms have taken over from stable crypto assets which want to remain private. Hence, Ethereum is limited in what it can offer in the near future.

 

10. Proof-of-Stake is a dicey methodology over Proof-of-work which is common in bitcoin

 

While the above are some of the reasons which are driving the final nails into ETH obvious demise, there are several macro-level questions to the evolution of this ‘smart contract’ platform.

 

The Future

ETH issues are complicated – from software support issues to market pricing and non-token contracts and Point of Sales Ethereum, it currently is able to hold its own among the competition.

It is the future of ETH and it prices which are the question.

ETH inefficiencies dominate and is preventing mass adoption, despite the popularity of ETH.

The biggest crippling impact on Ethereum thus far has been the high attrition rates of decentralized applications or dApps.

Nearly all of the evolving and performing applications are moving to the EOS platform. These include the Tixico, Was, Insights Network and Medipedia. The EOS platform it appears is offering them a solution to the bottlenecks they face on Ethereum. The key factors which had seen rapid growth were – the blockchain’s own transaction speeds, but its biggest obstacle has been its inability to have a plan for sustainable growth. Eos platform allows blocks to be developed under 0.5 seconds, and also supports expansion up to millions of transactions.

Continue Reading
Advertisement blockonix.com

Live Crypto Prices

  • BTC
  • USD
  • AUD
  • CAD
  • EUR
  • BTC
    Bitcoin(BTC) 4510.53778315
  • ETH
    Ethereum(ETH) 134.613814386
  • BCH
    Bitcoin Cash(BCH) 232.294629818
  • EOS
    EOS(EOS) 3.7464558077
  • LTC
    Litecoin(LTC) 33.5590191528
  • ADA
    Cardano(ADA) 0.046500159
  • TRX
    TRON(TRX) 0.0144471799
  • DASH
    Dash(DASH) 109.576084631
  • XEM
    NEM(XEM) 0.0793482431

Trending