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Is Ethereum Dead? Will it reach $0?

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According to many of the cryptocurrency experts, it is estimated that the native asset value of ETH might reach 0. Ethereum dead now.

Understanding the requirement of Ether, which actually isn’t needed

 

Introduction

According to many of the cryptocurrency experts, it is estimated that the native asset value of ETH might reach 0. One must keep in mind, that these do does not refer to the Ethereum network itself.

The people in the cryptocurrency space who assume that the prices of Ethereum would not fall are in a wrong notion as for the amount of competition as well as the scalability that the network faces, it has made the value to fall down inevitably.

According to the experts, if Ethereum has to undergo a widespread adoption and dominate the overall cryptocurrency market then the prices of ethereum must fall. The article explains the various value propositions put forth by the official Ethereum organization.

 

Building amazing applications

The Ethereum platform is natively designed for the development and usage of smart contracts in a highly robust, secure, and easy manner. The smart contract powered applications have a globalized recognition as well as ownership of the property apart from having a great value in the market. Therefore the platform easily enables the Ethereum developers, in order to create a whole financial market, records of debts and liabilities are stored, and also the future trading is made automatic through a predefined instruction. In a nutshell, all the all the risk factors of decentralized applications would be eliminated if Ethereum succeeds as a value proposition.

 

No future of gas

It is generally observed that Ethereum asset, ETH has no actual value proposition as it is not being much concentrated upon by the official Ethereum organization itself. However, ethereum gas is the way in which, we pay transaction fees to the network.

The working mechanism of Ethereum gas can be perceived very easily through an illustration. Imagine that that four people are sharing a car which is a smart contract which needs to reach a particular destination. The driver of the smart contract or the car just need to add fuel to the car to make it run, this fuel is nothing but with ethereum gas. Practically, the fuel is utilized by the engine, but as in when compared to the Ethereum network there is actually no need of ethereum gas prices to run a smart contract. It is just a theoretical concept, therefore, there is an actual value proposition for ETH as gas. This might probably make Ethereum dead.

 

Eliminating the ethereum based fees

Imagine a network where the transaction fees are collected using the Ethereum gas. The intermediary Ethereum gas which the users pay to the network is just a conceptual abstraction. The users can also be the transaction fees directly to the minor in any cryptocurrency of their choice, the Ethereum is just an intermediary and common platform for everyone to pay the fees for their convenience.

We can explicitly specify the technical specifications of a particular miner with respect to a smart contract and their ethereum based fees can be debited by directly depositing the fees in the cryptocurrencies of their choice within a smart contract, and the smart contract would take care of everything else. This is probably another reason which would make Ethereum dead.

 

They are not able to prove Ethereum economic and abstraction and this will make Ethereum dead

The official organization behind Ethereum have come forward with 4 different explanation for the Ethereum’s value proposition, which turns out to be not much noteworthy enough.  

 

Lack of software support for the network.

According to experts it is estimated that the software requirements are highly complex as well as unreliable as their native asset of ethereum is a bit different from the ERC 20 best tokens, therefore, especially added functionalities must be made available in the wallets in order to make both of them acceptable. The argument might render Ethereum dead.

 

Difficulty in the pricing of ethereum.

The market abstraction of ethereum is difficult due to the inevitable need of monitoring market prices. They need to predict future prices, in order to get the high return from the ethereum blockchain network.

 

The existence of smart contracts which is not linked to the tokens.

The smart contracts have the capability to initiate a transaction and pay the fees in any cryptocurrency token of their choice. The contracts can also be integrated with decentralized exchanges in order to fulfill the order books. However, not all the smart contracts are linked to the Ethereum based tokens.  

 

The requirement of Ethereum for its Proof Of Stake.

Also, the Proof of stake algorithm with Ethereum network incorporates doesn’t actually require any kind of Ethereum and would probably make Ethereum dead.  

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Ethereum 2.0 Serenity: All you need to know

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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.

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

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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.

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10 Reasons why Ethereum price is never going to rise again

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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.

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