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Analysts Expect Ethereum Price to Pop as Buying Pressure Builds

Ethereum

Ethereum and the aggregated crypto markets have incurred a decent amount of buying pressure today which coincided closely with Bitcoin’s rapid surge into the upper $11,000 price region. 

This price surge marks an extension of the choppy price action that the markets have incurred over the past several days, and analysts are now noting that Ethereum may be posed for significantly further gains in the near-term due to the aggressive buying pressure that is underlying its latest move up.

Ethereum Surges into Lower-$300 Region as Buying Pressure Mounts

At the time of writing, Ethereum is trading up over 3% at its current price of $308, up significantly from its daily lows of $293.

ETH’s latest move up has allowed it to climb to fresh weekly highs, although it is still down significantly from its one-month highs of $353 that were set in late-June when Bitcoin parabolically surged to $13,800.

Ethereum’s price surge today has been driven by an influx of buying pressure, which is reflected in its 24-hour volume, which has risen from recent lows of $7 billion to its current levels of $9.3 billion.

Importantly, although ETH has experienced some positive price action today when denominated against USD, it is currently trading down over 1% against its BTC trading pair, and one analyst believes that this could signal where it is going next.

“$ETH – ETH / BTC leading the way for the USD Pair? If Ethereum loses $300 again, I will be interested in short position to ~$270. If it does pop I will be looking to short ~$330 as well,” UB, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.

Will Aggressive Buying Pressure Lead ETH Higher?

Although Ethereum’s BTC trading pair may spell trouble for its near-term price action, another popular figure within the cryptocurrency markets is quick to note that ETH has been incurring aggressive buying pressure in recent times.

Su Zhu, another popular analyst on Twitter, explained that most funds were previously underweight in Ethereum, which may be the root cause behind the recent influx of buying pressure.

“$ETH for the last week is the most aggressively upward-moving large-cap alt. I’ve seen some ppl tweet that this means there will be an alt szn, but I think most alts will continue to underperform in ETH terms. Speaking across the fund manager space, everyone is underwgt ETH,” he explained in a recent tweet.

Although it remains unclear as to which direction Ethereum is heading in the near-term, if funds are, in fact, buying into the cryptocurrency, it may soon surge back up to its recent highs around $350.

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Open-Source Platform Lets Users Build Their Own Blockchain in Under 10 Min

An open-source blockchain platform says the industry is going the same way as the internet: Just like websites, every business now wants their own chain.

An out-of-the-box solution says it enables anyone, even with no experience, to build their own blockchain in under 10 minutes.

According to Nuls, businesses are going through a similar evolution as they did with the early internet, when every company wanted their own website: They now want their own blockchain. And although these firms may not fully understand how to deploy blockchain technology, they are aware of how their business may benefit from it.

Nuls aims is to “dismantle some of the biggest barriers” that are stopping individuals and companies of all sizes from creating their own blockchains. Hurdles for adoption include the need to ensure that networks are fully secure and the sheer cost of bringing them to fruition. On top of this, it can be an incredibly time-consuming process — not least because there aren’t enough skilled developers to keep on top of demand.

The future

The team behind Nuls believes that the future of blockchain will see plenty of third-party providers that simplify the process of establishing a blockchain network. 

One of the company’s solutions, known as ChainBox, allows developers to take their applications and deploy them to a new blockchain in the time it takes to drink a cup of coffee. Nuls hopes that this approach will enable entrepreneurs to focus on the product itself rather than the time or money it takes to deploy their applications onto a chain.

Nuls describes its ChainBox feature as language agnostic — giving developers more choices and making it easier to integrate existing systems with blockchain technology. The platform also says it is keen to ensure that users can personalize and enhance blockchains in line with their specific needs. An upcoming solution known as Chain Factory will allow users to add extra functionality and features through additional module applications that can be automatically downloaded for an instant upgrade.

The benefits

According to Nuls, the fact that major corporations such as Facebook, Amazon, Walmart, ING, IBM, Anheuser-Busch and JPMorgan Chase are creating or exploring their own blockchains powerfully illustrates an “inevitable trend” in which demand for chain-building will increase. Worth noting is that Visa, Mastercard, Uber and others will create nodes on Facebook’s Libra to run their own consortium chains. 

The platform says one of the most powerful benefits it can offer through its straightforward service is the ability to bring innovative products to market up to a year early, in addition to allowing partners to receive ecosystem support through consortium chains.

Nuls is available here

The company also places an emphasis on “ensuring that the blockchains its platform creates are flexible and scalable,” meaning that they can be adapted in line with growing demand and customized to deliver a better service to end-users. In addition, cross-chain transactions are supported and will be built to convert Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Binance Coin (BNB) and more. 

Hackathon

Nuls seeks to illustrate how effective ChainBox is through an online hackathon that invites developers to build modules for “the world’s most adaptable blockchain” — even if they haven’t worked with these networks in the past. 

These modules can be built in any coding language the developer desires, and prizes of up to $500,000 are up for grabs. The top prize is reserved for applications that would solve a practical problem and be in substantial demand in a commercial setting. The winning project will enjoy incubation and a full range of business support, including funding and potential exchange listings, according to the team. The hackathon is scheduled to take place online from July 8 to Aug. 29.

The company has dual headquarters in the Chinese city of Chongqing and in San Jose, California. Nuls adds that it has an ever-expanding team of developers throughout Europe, as it pursues a vision of bringing an open-source, instant blockchain-building platform to the world.

Learn more about Nuls

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Ethereum Could Hit $750 if it Follows in Bitcoin’s Footsteps: ETH Analysis

Analysts Bullish on Ethereum

Since hitting $275, Ethereum (ETH) bulls have quieted down along with the rest of the cryptocurrency market. As it stands, both Bitcoin and ETH are stagnant, trading within very small price ranges as the day-to-day volatility of this nascent market induces movements.

Some are sure that despite the lull, Ethereum may soon be poised to break out, to the upside that is. In a recent double Twitter thread, well-known analyst Joe McCann claimed that the ETH chart recently saw two technical occurrences that should bode well for bulls.

Firstly, as seen below, the analyst remarked that the Moving Average Convergence Divergence (MACD) on Ethereum’s one-day chart recently saw a bullish crossover, which saw the blue signal line cross above the red/orange. This marks the end of a 17-day bear period for Ethereum as defined by the MACD. The last time that a bullish MACD cross was seen on ETH’s daily chart, the asset gained 64%. This could imply that another run is on the horizon, which seems likely considering the news about Ethereum 2.0.

Secondly, Ethereum’s one-day chart has seen its ten-day moving average cross above the 20-day moving average, meaning that bulls are in control of the cryptocurrency. The last time this pattern came to fruition, ETH rallied by 69.27%. It’s interesting that both of these signals preceded ~60% moves to the upside. Such a rally at current prices would put the asset at $430 — still over 60% shy of its $1,000+ all-time high.

McCann isn’t the only analyst bullish on the leading cryptocurrency. Through a tweet, Level’s Josh Rager explained that as it stands, Bitcoin is 53% down from its $20,000 high. Ethereum, on the other hand, is still down almost 83% from its high, and has the potential to head lower due to a harrowing ETH/BTC chart. But, Rager notes that if ETH was to catch up to where Bitcoin is in its cycle, it could easily hit $750 — representing an over two-fold increase from current levels. In a later tweet, he added that “ETH has a better ROI than Bitcoin at current prices for this cycle.”

Fundamentals would support his optimism. As reported by Ethereum World News previously, the Serenity blockchain upgrade is right on the horizon.

In the 19th ETH 2.0 Implementers Call that took place last week, Ethereum researcher Justin Drake claimed that the system upgrade may take place on January 3rd, 2020, just over six months away.

For those unaware, founder of the blockchain Vitailik Buterin claims that Serenity could simply be explained as “a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.” Per the industry insider, this is all being done in a bid to create a “next-generation blockchain” to be hundreds of times faster and scalable than Ethereum’s current iteration.

Photo by Joshua Ness on Unsplash

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Ethereum 2.0 On the Horizon; Analysts Flip Bullish on ETH

Analysts Bullish on ETH

Over the past week, the crypto market has surged yet again. Ethereum (ETH) has hit $270, nearing a year-to-date high, and Bitcoin (BTC) is past $9,000 for the umpteenth time in weeks. With this strong move higher, analysts have tried to postulate what comes next for the market. Today, Ethereum World News will take a closer look at what people are saying about ETH.

In a tweet published early into the latest leg higher, Financial Survivalism, a prominent analyst, explained why he’s bullish on Ethereum. He looked to the fact that ETH has broke through key resistances on high volumes, has seen a golden cross, has shown early signs of a parabolic move, and is in a bull flag during a consolidation phase. As to where ETH is heading exactly, Survivalism didn’t divulge that information. Yet, he did confirm that he was buying Ethereum on the spot Gemini market as a result of his analysis.

(Survivalism’s latest analysis comes after he accurately predicted Bitcoin’s recent rally back to the high-$8,000s. Per previous reports from Ethereum World News, he claimed that if the textbook Wyckoff pattern plays out, BTC breaking past $8,040 would confirm a move to near $9,000.)

Analyst Smart Contracter, also known as Benjamin Blunts, claims that if ETH breaches $302, “look the f**k out”. As seen below, which Benjamin posted, the current Ethereum chart looks a lot like it did in early-2017, which is when the cryptocurrency skyrocketed from sub-$100 to the hundreds. As seen below, ETH is currently trading in a pennant, has seen declining volume, and has tapped the channel five times, just as it did in early-2017. If history is of any indication, Ethereum could near $1,000 yet again as 2019 comes to a close.

Ethereum 2.0 On the Horizon

This comes as Ethereum 2.0 is right on the horizon. In the 19th ETH 2.0 Implementers Call that took place last week, Ethereum researcher Justin Drake claimed that the system upgrade may take place on January 3rd, 2020, just over six months away.

For those unaware, founder of the blockchain Vitailik Buterin claims that Serenity could simply be explained as “a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.” Per the industry insider, this is all being done in a bid to create a “next-generation blockchain” to be hundreds of times faster and scalable than Ethereum’s current iteration.

Some are skeptical of this date though. Per CoinTelegraph, during a panel headlined “The Smart Contract War Is Coming”, Ryan Selkis of data analytics startup Messari drew attention to the shortcomings of PoS. He claimed that the consensus mechanism, which gets rid of energy-chomping miners for entitled full nodes that can process Ethereum blocks, is “not proven to work.” Selkis, who is the CEO of the aforementioned firm, adds that Ethereum’s current Proof of Work (PoW) system may be “even good enough” for long-term scaling.

And thus, he added he doesn’t expect for “Proof-of-Stake and ethereum 2.0 to happen before the end of 2021 at the earliest.”

Title Image Courtesy of Pixabay

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Ethereum Update: Amazon Purchases in The Radar, +60% Growth this Month, ETH 2.0 by Early 2020s

Ethereum is having a very positive week, not only in terms of prices but also in terms of usability and technological evolution.

Ether (ETH) Loogking Good On Charts

Ether (ETH) —the blockchain’s native cryptocurrency— is having a phenomenal performance so far in June. An increase of 63% following the trend established by Bitcoin (BTC) has caused the token to reach 270$.

Ethereum has shown a +60% gain this month
Courtesy: Coinlib

The token’s behavior follows the bullish trend that began last May after a correction experienced at the beginnings of June due to the sharp fall of Bitcoin (BTC) prices attributed by several analysts to a practice of price manipulation.

However, after approaching $226,
ETH managed to recover, starting again a strong escalation replicated by other
cryptocurrencies.

The Heikin Ashi candles allow reducing the “noise” in the graphs, showing a clear bullish trend after having reached the minimums of the month. This trend is confirmed by nice MACD that shows a possible end of the correction and an optimistic future for the Ethereum Market.

Ethereum 2.0 to be Launched on
the 3rd of January 2020

According to information by Trust Nodes, the Ethereum development team has already set a date for the release of the long-awaited Ethereum 2.0: January 3, 2020.

Vitalik Buterin Speaking about Ethereum 2.0 at San Francisco

Justin Drake –one of the developers– said they chose that date for several reasons, one of which was that they wanted to honor the launch of the Bitcoin (BTC) genesis block on January 3, 2009.

The evolution of Ethereum has several characteristics, however the most important is the migration from a PoW algorithm to a brand new Proof of Stake alg. With this, the blockchain would be more effective, resource efficient and more resistant to possible 51% attacks — at least theoretically.

The “transition” process could start between October 8th and 11th of this year at Devcon, although there are already some Ethereum 2.0 clients running testnet.

As reported by Crypto Crimson, it is expected that once implemented -and with all parallel developments fully operational- Ethereum will be able to support about 1 million transactions per second.

Using Ethereum (ETH) for Amazon Purchases Will be Possible Thanks to a Partnership Between CLIC Technology and Opporty

An official press release shared by CLIC Technology revealed that they partnered with Opporty to work on the development of a browser extension “which will revolutionize the e-commerce industry, allowing consumers to make everyday purchases on Amazon using the open source, public, blockchain-based distributed computing platform Ethereum.

Roman Bond, CEO at CLIC
Technology shared his enthusiasm at the possibility of promoting the e-commerce
marketplace and the adoption of cryptocurrencies:

“Bringing cryptocurrency to the e-commerce marketplace is the merging of two next-generation industries … We’re excited to be working on this project with Opporty, and to move forward on a number of other ambitious projects with them as well.

As reported by Ethereum World News; last month, the tech startup Moon announced the development of an extension that allows payments on Amazon with Bitcoin (BTC) through Lightning Network.

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Ethereum: $100M Fund Goes Ten Years Long on ETH Amid Strong Fundamentals

New Fund Entirely Bullish on Ethereum

For some reason or another, Ethereum (Ether/ETH) has been underperforming Bitcoin since the start of the bull trend. While the lead cryptocurrency is down a relatively mere 60% from its all-time high, ETH is still down by over 75%, still wallowing in the doldrums of bear market territory. Despite this, the cryptocurrency has continued to gain traction.

According to a recent Bloomberg report, Darma Capital, a new $100 million investment fund, will first be focusing on Ethereum. In an interview, Andrew Keys, a pioneer of Ethereum developer and investor ConsenSys turned Darma managing member, revealed that his firm expects for ETH to rally over the next decade, stating that Darma is “ten years long”. He didn’t mention a specific price target, but a “fair valuation” for the digital asset in Keys’ eyes are likely much higher than today’s $250 valuation.

Keys didn’t say how much of the $100 million principal will be divested to Ethereum in particular, but the investor did accentuate that ETH is important because it acts as the “equivalent of the [decentralized] web”, which firms can build on. In some senses, Ether is like purchasing a stake in TCP/IP.

Darma is expected to soon create similar investment opportunities for other digital assets, namely Bitcoin and the to-be-launched Filecoin, which is one of the least-known yet most popular ICOs in crypto’s relatively short history.

ETH Adoption Growing

Darma’s stamp of approval comes as Ethereum has begun to gain widespread traction as a platform. Per previous reports from Ethereum World News, the network’s fundamentals are well on the rise. The ETH Gas Station revealed that the Ethereum network broke its “record for Total Daily Gas Used” last week, meaning that the chain is likely processing more data and contract executions than ever before.

This is notable, especially considering that ETH is still down over 70% from its all-time high of $1,400, which came at the peak of cryptomania in early-2018.

This isn’t the only sign of surging interest in Ethereum as a platform, not just as an investment. According to a recent tweet from Binance’s research division, most of the network’s other key fundamental signs are flashing green. More specifically, the number of active addresses has reached a ten-month high, daily on-chain transactions are the highest they’ve been in a year, and Ethereum’s market cap is surging to eight-month highs.

This all comes as “decentralized finance” has begun to drive Ethereum transactions and hype, and as mainstream corporations like Ernst & Young, Samsung, JP Morgan, and dozens of others have started to work with the blockchain and its underlying technology.

Photo by Alexander Mils on Unsplash

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Analyst Prep For Ethereum Rally As ETH’s Technicals Flip Bullish

Ethereum Poised To Run

All eyes have been on Bitcoin, but some analysts think you would be remiss not to notice Ethereum (ETH). The popular cryptocurrency has underperformed Bitcoin, rallying by 100% year-to-date compared to Bitcoin’s 130%, but some are sure that ETH has upside potential.

Case in point, Ethereum’s one-day chart is about to see its 100 exponential moving average (EMA) and 100 simple moving average (SMA) cross over. As per a tweet from Brave New Coin’s Josh Olszewicz, the last time the asset saw a bullish cross in these two levels, what followed was a rally from single digits to $1,400 during the zany bull run of 2017. While it is unlikely that Ethereum will ever see such an explosion again, the impending moving average cross should be counted as bullish.

This isn’t the only positive sign for the Ethereum chart. According to Nebraskan Gooner, who yesterday postulated that Bitcoin could breach $400,000 if his indicator holds its water, the daily ETH chart is showing a consolidation breakout with a retest of support levels. This purportedly shows that Ethereum still sits in a “smooth uptrend”, boding well for bulls.

More importantly, however, the four-hour is looking strong, with ETH holding above key support levels, setting the stage for a breakout from the short-term triangle (seen below, right image). What’s more the on-balance volume (OBV), an indicator meant to predict trends through looking at volumes, is in a bullish flag and seems poised for a breakout to the upside. This is important, as OBV has actually become a leading signal for breakouts over recent months.

Not only are Ethereum’s technicals bullish, but its fundamentals are too. Per previous reports, the ETH Gas Station revealed that the Ethereum network broke its “record for Total Daily Gas Used” yesterday, meaning that the chain processed a massive amount of data from countless users. This is notable, especially considering that ETH is still down over 70% from its all-time high of $1,400, which came at the peak of cryptomania in early-2018.

This isn’t the only sign of surging interest in Ethereum as a platform, not just as an investment. According to a recent tweet from Binance’s research division, most of the network’s other key fundamental signs are flashing green. More specifically, the number of active addresses has reached a ten-month high, daily on-chain transactions are the highest they’ve been in a year, and Ethereum’s market cap is surging to eight-month highs.

Per trader Anton Pagi, the last time Ethereum saw this many active addresses, around 356,000, Ethereum sad in the mid-$400s, “both on the way up and the way down.”

Title Image Courtesy of Marco Verch Via Flickr

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Ethereum Usage And Adoption Uptick Has Analysts Bullish On ETH

Ethereum Sees Strong Fundamentals

Despite the fact that Bitcoin is gracing all the headlines, Ethereum (ETH) has done quite well for itself over the past few months. Both in terms of price action and fundamentals, the cryptocurrency has fared quite well in this bull-esque run. Let’s take a look at what’s up, and what analysts expect for Ethereum to do next in terms of prices.

According to the ETH Gas Station, a data analytics provider for the blockchain, the Ethereum network broke its “record for Total Daily Gas Used” yesterday, meaning that the chain processed a massive amount of data from countless users. This is notable, especially considering that ETH is still down over 70% from its all-time high of $1,400, which came at the peak of cryptomania in early-2018.

This isn’t the only sign of surging interest in Ethereum as a platform, not just as an investment. According to a recent tweet from Binance’s research division, most of the network’s other key fundamental signs are flashing green. More specifically, the number of active addresses has reached a ten-month high, daily on-chain transactions are the highest they’ve been in a year, and Ethereum’s market cap is surging to eight-month highs.

It is important to note that this isn’t being caused by spam transactions, but seeming adoption and new use cases, rather. CoinDesk recently reported that the blockchain game from the creator of CryptoKitties, Cheese Wizards, has already sold $275,000 worth of ERC tokens to a healthy 1,000 users in its first week, signifying interest in using Ethereum for its intended purpose. What’s more, on the decentralized finance (DeFi) side of things, decentralized exchanges and similar platforms have seen an uptick in activity. According to LoanScan, there now exists over $40 million worth of decentrally-issued loans, secured by smart contracts. Sure, the aforementioned applications likely don’t make up a majority of the transactions on-chain, but the data is reassuring regardless.

This isn’t the only thing that has Ethereum investors buzzing though. As reported by this outlet previously, Vitailk Buterin says that Ethereum is ready to scale through an upgrade called 2.0 (or Serenity), which will implement Proof of Stake (PoS), sharding, and other technical advancements. As Buterin explained, Serenity could simply be explained as “a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.” Per the industry insider, this is all being done in a bid to create a “next-generation blockchain” to be hundreds of times faster and scalable than Ethereum’s current iteration.

All this, coupled with technicals, has made some suggest that ETH is poised to run higher. Per Credible Crypto, if Ethereum doesn’t correct to the $200 region, the asset could surge to $400 in a move reminiscent of June 2017.

Title Image Courtesy of Marco Verch Via Flickr

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Analyst: Ethereum Could Hit $400 If Correction Does Not Come Soon

Most of the attention and news has been about Bitcoin in recent weeks. Its doubling in price since the beginning of April has put Bitcoin back in the headlines of mainstream media. Little attention has been given to Ethereum, though, which could also be on track to double in price if a correction does not happen soon.

ETH at 2019 High

Ethereum
has just reached its highest price of 2019 at $285. The 7 percent surge on the
day has sent the world’s second largest crypto currency to a nine month high.
The last time ETH was over $300 was in early September 2018.

Ethereum price 24 hours – Coinmarketcap.com

Daily volume has nudged up a little and is still higher than it was during the peak in January last year. The difference now is that retail traders and investors are stockpiling Ethereum rather than companies conducting ICOs. A correction is needed to re-balance the markets but there is a chance it may not come and one analyst predicts a surge to $400 if it doesn’t.

Trader and analyst ‘Credible Crypto’ has taken a look at the
charts noticing that things are due to pull back somewhat;

“Bulls beware, it might almost be time to be a bear. I will not short this, but I will take partial profits on a portion of spot ETH longs that I picked up sub $200. If this doesn’t play out, we are headed straight to $350 and then $400.”

According to the chart the fifth leg of the Elliot Wave could take Ethereum to just below $300. After this move things could rapidly fall back to the $200 zone in an almighty correction. Many analysts have already spoken of a 30 percent correction for Bitcoin and this would be Ethereum’s equivalent.

If it doesn’t materialize, ETH prices could push back to $400 in a move mirroring the one in June 2017 when it did exactly that in a couple of days.  

Altcoins Up as Bitcoin Dominance Dwindles

Bitcoin market dominance is falling back towards 55 percent. This is still pretty high for the year but some traders, such as Josh Rager, thinks that a fall below 50 percent will herald the beginning of ‘altseason’ which could come as soon as next month.

“% of $BTC dominance continues to slowly move down over the past 3 days. This is good for alts … Nowhere near alt season yet (needs to break below 50% dominance) but good for trade setups,”

Several altcoins are on a roll today, one of them is Bitcoin
SV which has been manipulated by fake news out of Chinese social media
platforms, driving the herd of Asian traders to jump on it in a frenzy of fomo.
As a result it has doubled in price, surging into the top ten and flipping
Tether, XLM, ADA, and TRX.

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Vitalik Buterin Proposes Privacy Solution for Ethereum (ETH) Transactions

Vitalik Buterin, co-founder of Ethereum, has proposed a new implementation for Ethereum that would provide a degree of anonymity to ‘one-off’ ETH transactions.

With cryptocurrency adoption gaining steam throughout the first half of 2019, some of the industry focus is beginning to shift on towards privacy and protecting the anonymity of cryptocurrency users–all while maintaining the integrity of public blockchains.

It may seem contradictory that an open-ledger, open-source technology like cryptocurrency would attempt to disguise itself with anonymous transactions. However, as Buterin writes in a post published on Wednesday,

“We need a first step toward more privacy.”

In the post Buterin outlines a proposal that would allow Ethereum users to obscure their activity on the blockchain when sending fixed quantities of ETH. Buterin calls his design a “minimal mixer” protocol, focused on ‘one-off’ privacy transactions as opposed gearing the entire network to anonymity in the vein of Monero or ZCash.

Buterin points out the obvious in users attempting to obscure their behavior on a blockchain. While they may operate out of multiple addresses, the original transactions sending ETH to those wallets are still traceable on the public leger, “reveal[ing] the link between them.”

Instead of attempting to subvert the system, Buterin’s idea involves the creation of two smart contracts–a mixer and relayer registry–which allows users the option of private transactions through what he calls an ‘anonymity set.’

In a follow-up email with CoinDesk, Buterin explained,

“Anonymity set is cryptography speak for ‘set of users that this thing could have come from.’ For example if I sent you 1 ETH and you can’t tell who exactly it was from but you can tell that it came from (myself, Alice, Bob or Charlie), then the anonymity set has size 4. The bigger the anonymity set the more privacy you have.”

The proposal retains the advantage of a public ledger while obscuring the exact sender via the anonymity set. Buterin claims that integrating anonymity sets would not require a change to the Ethereum protocol, and that a basic form of the proposal could be implemented today.

In addition to the email, Buterin updated the Ethereum community with a tweet published on May 22, further elaborating how he imagines anonymous transactions being used,

“The main use case I’m thinking of is a one-off send from one account to another account so you can use applications without linking that account to the one that has all your tokens in it. So even though it is a 2m gas cost, it only needs to be paid once per account, not too bad.”

While the majority of the Ethereum development community is focused on rolling out the 2.0 update over the coming year, Buterin continues to posit ways to grow Ethereum’s network in the meantime. On Tuesday, Buterin claimed that the Ethereum Foundation had all of the “research breakthroughs” needed for proper 2.0 integration a year ago. Despite the skeptics, the co-founder and Ethereum team remain committed to their timetable in implementing the largest transition yet for an established cryptocurrency.

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