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In Depth: Non Fungible Tokens: Cryptokitties, Decentraland, ERC 721, ERC 1155

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Non fungible tokens (NFTs) can be the reason for the next bull run of cryptocurrencies. We give you an analysis of Cryptokitties, Decentraland and more.

Cryptokitties: Each kitty is unique or non-fungible

Non-fungible tokens are different from fungible tokens or coins such as Bitcoin, Ethereum or other cryptocurrencies. To understand this in a better way, each Bitcoin is created equal and each non-fungible token is not created equal. Fungible tokens have a characteristic of having similar qualities, for example, an ether can be changed with another ether and the value is the same.
Cryptokitties was the first blockchain app or game to get widespread users. Every kitty is a non-fungible token, which means each kitty is different from another kitty and can be collected.

 

Decentraland: Each piece of land is different

Decentraland lets you buy virtual land. It is non-fungible and you can buy a piece of land. Some land is expensive than another piece of land. Some users prefer to buy central land for advertising. Users can put or would want to put ads in this virtual universe when other people are spending time in this virtual universe. Each land being unique or rare has its properties and ultimately its different price.

 

ERC-721: Creation of Non-Fungible tokens on the Ethereum Blockchain

Like ERC20, ERC721 is also an interface that defines a set of behaviors and events that the token contract can do which involves the ownership, information or movement about non-fungible items that can be a piece of land, or a kitty or other pets or any other collectible. Majority of the games on Ethereum are built of ERC 721 protocol while all ICOs are built on ERC20 protocol. In a nutshell, ERC-721 is for things or thing-like tokens

 

ERC-1155: A universe of ERC-721

In ERC 721 you can define only 1 type of non-fungible item. For example, you can create a dog or a kitty but if you use ERC 1155, you can launch a bunch of non-fungibles in a single contract. So a better game can be built on ERC-1155.
An ERC 1155 can be used to build a whole universe of non-fungible items or characters. An example of this can be using Cryptokitties in Decentraland. So digital assets owned in one game can be used in another game.

 

Does it sound interesting?

Stay tuned for the next article on NFT (Non-fungible tokens) soon.

#Ethereum

ETH Long Term Trading Signals: 22 Oct

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Bias for ETHEREUM (ETH)– Ranging

Resistance Levels- $250, $270, $290

Support Levels- $160, $150. $140

 

ETH continues in the ranging scenario in its long-term outlook.  The bullish pressure that saw ETHUSD up to $242.62 at the resistance area breaking the strong 34-EMA on 15th October was short-lived as the bears forced the candle to close at $213.14.

 

ETHUSD chart

ETHUSD chart

 

The bears had been in control of the market with ETHUSD down to a low at 203.53 in the support area.

ETH Price below the two EMAs a sign of bear pressure while the relative strength index is at 44% and its signal lies parallel which implies consolidation.

The cryptocurrency is ranging and trading between $240.00 in the upper supply area and at $180.00 in the lower demand area of the range. Patience is needed for a defined trend to show up. This means a breakout at the upper resistance area will be a good buying opportunity or a breakdown at the lower support area will be a selling opportunity.

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Why Ethereum has no future and why ETH will never rise again

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Why would Ethereum never be a mainstream network for the Dapps ever again?

 

Citing various inefficiencies of Ethereum

Ethereum, as a cryptocurrency blockchain platform was very popular during its initial days, but has a number of cryptocurrency enthusiasts have opted for the platform in order to develop their decentralized applications or simply invest in the project have realized the bottlenecks in the blockchain project and have constantly been switching to other better counterparts ethereum counterparts. There are many reasons why Ethereum has to distance itself from mass adoption. Below are some of my personal opinions in this matter, which clearly breaks down the inefficiencies of the project.  

 

Many DApps have been switching to other platforms from Ethereum

In July 2018, the EOSBet DApp shifted to the EOS blockchain platform, due to its more full spectrum of facilities, contrary to Ethereum. Billionaire Token, tixico, Medipedia, Insights Network, Wax and many other decentralized applications have followed the trend. Why would so many Decentralized applications migrate to the EOS blockchain platform? It is inevitable that the customers would have experienced some or the other kind of bottleneck with Ethereum network, which in this case, was predominantly its speed and no vision for future sustainability. Most of the prominent figures of these Decentralized applications have quoted the Ethereum’s ecosystem didn’t suit their current requirements.

 

Even the Ethereum gas price concept is obsolete

As started here. Let us assume that a new ERC20 power cryptocurrency token has been developed. Now to initiate buying orders for the coin, the users need to pay the transaction fees in gas. Even the miners choose the transaction based on the gas price. Therefore, this creates an artificial dependency of the new XYZ coin on the existing Ether. Which, indirectly results in an instability in the Ethereum network. The concept of gas price can be eliminated, as instead, the users can pay the transaction fee from a part of their transaction. Therefore, unnecessary complexities can be reduced, which are being adopted by the current Ethereum network.

 

The rise of other better options for the decentralized applications and smart contracts

 

The EOS blockchain platform is the only one of its kind, in the cryptocurrency domain, which is giving a head to head competition to the Ethereum Blockchain

The EOS blockchain platform is the only one of its kind, in the cryptocurrency domain, which is giving a head to head competition to the Ethereum Blockchain

 

The cryptocurrency blockchain projects such as Tron or EOS are slowly overtaking the mainstream market of the Ethereum network. The scalability provided by the EOS blockchain platform is unmatched as blocks are developed every 0.5 seconds. It has also be designed in a way to expand with the future demands up to millions of transactions. Therefore, when better options are already available, then why the client base would choose an underperforming platform? Tron has also put forth figures which clearly explains the current situation.  

 

Even Ethereum Futures has no future

Referring to this news. In the recent days, many proposals submitted to the Securities and Exchange Commission by various financial organizations, to avail permission to trade Bitcoin futures. On similar lines, even the Ethereum community has come forward to initiate the Ethereum futures. But one must have basic sense in mind, that when the Ethereum network itself on a constitutional basis, is not capable enough to sustain itself, then adding on a significant trading asset pegged to Ethereum will do no good, other than adding complexities to the network.

 

Even Vitalik Buterin accepts the fact

In an article, published on the website techcrunch.com which discusses various inabilities of Ethereum network. Interestingly, the inefficiencies mentioned in the article were agreed upon by the founder of the Ethereum project, through Reddit. Vitalik Buterin himself agreed that, if necessary changes were not implemented immediately then the downfall of Ethereum is not far. He even mentioned that the team members are looking forward to, two possible methods of saving the Ethereum network from the destruction.

 

 

Future of Ethereum protocol

In brief, the Ethereum network was highly popular during its initial days, only because of the sole reason that it had introduced smart contracts to the Crypto world. But as better options are available now, the network has become obsolete, and no further price surges may be expected. If the network is unable to implement its Plasma or Casper models to scale the Ethereum network with the current requirements as soon as possible, the network would be on the state of extinction.

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Ethereum hardfork Constantinople to be delayed until January 2019

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Ethereum (ETH) core developers have reached an accord to delay a planned hard fork of the convention until January 2019 in a gathering Friday, Oct. 19.

Ethereum (ETH) core developers have reached an accord to delay a planned hard fork of the convention until January 2019, in a gathering Friday, Oct. 19.

The fork, dubbed “Constantinople,” was first trialed on Ethereum public testnet Ropsten on Oct. 13, and had been slated to be activated on the main Ethereum blockchain before the finish of Oct.- Nov. this year. A testnet is basically a simulated form of the essential network that enables developers to experiment with smart contracts or upgrades without paying “gas” (calculation expenses) for their execution.

Towards the finish of their hour-long gathering yesterday, the devs at last reached an agreement that the Constantinople will at “the most punctual” come in late January 2019.

Amid the gathering, one dev jested it may be less questionable, or “political,” to change the term for the transition from “hard fork” to “update.”

Yesterday’s gathering trailed Constantinople’s debut on Ropsten Oct. 13 had kept running into a progression of obstacles; in front of its activation at block 4,230,000, the fork slowed down at block 4,299,999 for two hours, with testnet miners neglecting to enact the transition. Ethereum client engineer Alfri Schoeden explained at the time this was because of “an accord issue” that had set off a “three-route fork” among Geth and Parity (two Ethereum clients).

In notes distributed in front of yesterday’s gathering, Schoeden sketched out that “[r]ecently included hashpower caused reduced blocktimes and caused this hardfork to happen substantially sooner than anticipated on a Saturday,” which he recommended is “by all methods the worst time for a hardfork.”

He indicated the way that the fork happened only six days after the latest Geth client discharge, and 1 day after Parity’s, leaving users without adequate time to update. The devs likewise found an agreement bug in Parity, as indicated by an “after death” presented on the “Cooperation of Ethereum Magicians” prior this week.

Schoeden noticed that “not a solitary” user was mining the Constantinople chain, henceforth the two-hour delay to begin processing block 4,230,000. Also, the network does not presently have a testnet fork screen, he stated, beside http://ropsten-stats.parity.io, which “does not uncover insights about the distinctive chains.”

In light of the issues, engineer Hudson Jameson got on another dev’s “good” proposal amid yesterday’s gathering, which would be to “frequently spawn and min[e] impermanent testnets to test transition into Constantinople [… ].” On a “baby” testnet, Jameson considered, “if something turns out badly we’ll know it before long.”

As beforehand reported, the Constantinople hard fork is a framework wide Ethereum update intended to expand the network’s proficiency, and outstandingly incorporates plans to decrease block rewards for miners, and to acquaint changes with the network’s agreement mechanism that would make it more impervious to ASIC miners.

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