Posted on

Vitalik Buterin: High Ethereum (ETH) Prices are Good For Development

Ethereum ETH price Vitalik Buterin

Vitalik Buterin, co-founder for Ethereum, has an interesting view on the price development of ETH.

While current investors would be happy to see the price of Ethereum return to its all time high of $1432 in the early days of Jan. 2018, Buterin believes that a high ETH price is healthy for both network security and ecosystem development.

Buterin made his comments in a crypto-focused interview held by Laura Shin at the Columbia Graduate School of Journalism on Mar. 20, which was live-streamed for outside viewers. Shin asked the ETH co-founder whether project leads and designers–such as Buterin–should be focused on the price of cryptocurrency, particularly in light of the high volatility and the current “crypto winter” market conditions.

In response, Buterin pointed to what he called “earlier rhetoric” for ETH which downplayed the importance of cryptocurrency valuation in light of industry growth in development. In particular, Buterin explained that efforts to downplay price talk were both a way to distinguish ETH from other crypto pump and dump schemes, while also keeping the currency from treading in murky legal territory.

Buterin told Shin,

“In part, it was counter-signaling to distinguish ourselves [Ethereum] from other crypto projects that do pumping and lambo-ing way too much. But it was also about minimizing legal risk by basically trying to make the project seem more distant from something that would be covered by financial regulation.”

Since the release of Ethereum in July 2015, Buterin reports that the landscape of cryptocurrency has shifted dramatically. As opposed to earlier perceptions and conversations surrounding crypto, which hinged upon illicit use and other miscreant behaviors, regulators in today’s context are much more open to digital assets and blockchain projects. However, these regulators are unlikely to ignore coin projects just because developers claim they have no interest in the market price, with Buterin explaining,

“Even if people try to claim the price doesn’t matter at all, they are totally going to see through that.”

The cryptocurrency co-founder went on to share his view of ETH’s price, and how increased valuation would benefit the project as a whole instead of just pumping investor wallets,

“I can tell you what things are clearly important about why the price being higher rather than lower is good. One of them is obviously security. If the price is zero, then the network can’t be secure. That’s true in proof-of-work and proof-of-stake.”

Finally, Buterin outlined the value of incentives in cryptocurrency adoption and development, specifically claiming that coin developers and community members are better positioned both in terms of resources and rewards if the currency’s price can continue to grow higher.

The interview concluded with the audience being poised the question “Are Ethereum developers focused enough on the price of Ethereum?,” to which 21 percent reported “yes” with the largest pool of respondents at 38 percent responding “don’t care.”

The post Vitalik Buterin: High Ethereum (ETH) Prices are Good For Development appeared first on Ethereum World News.

Posted on

Report: Ethereum (ETH) Has Twice the Monthly Core Dev Support as Bitcoin (BTC)

A new report confirms the industry belief that Ethereum has the largest coding development support of any cryptocurrency.

Despite sitting in the number two spot by market capitalization, and trailing Bitcoin by $55 billion, a report published by crypto management firm Electric Capital on Mar. 7 found that Ethereum has the most developers working on its protocol of all cryptocurrency projects.

Ethereum, helmed by co-founder and industry figurehead Vitalik Buterin, has consistently been one of the top cryptocurrency projects to attract both core and community development, particularly when evaluating its monthly core commits. Research collected by Electric Capital reviewed 20,000 code repositories with 16 million commits to obtain data in their evaluation of different coin projects, determining that Ethereum averages 216 developers contributing code each month. Electric Capital also included in their post that this figure is likely less than the actual number of developers, because their review did not include community-base projects such as Truffle, one of the leading sand boxes for Ethereum and smart contract testing,

“This is undercounting the number of Ethereum developers since we do not include ecosystem projects like Truffle.”

The report also found that Bitcoin has amassed a healthy developer ecosystem, nearly a decade after being launched. While Electric Capital calculated BTC developer support to be 50 per month–around a quarter of what they found for ETH–the company again noted the figure to be likely under-represented, considering they do not account for cryptocurrency wallet projects.

When looking strictly at contributors to both coin’s core protocol, the numbers become more even, albeit with Ethereum still holding a significant lead. Electric Capital reported finding ETH to be “by far” the most active project, averaging 99 monthly core developers–more than twice that of BTC which claimed the second place spot at 47 core devs per month.

Overall, the report is extremely positive on the industry of cryptocurrency and its current development pace. Despite coin prices falling more than 80 percent over the last year, constituting a “crypto winter,” development support has continued to be on the rise. Electric Capital reported that the number of devs working on public coins has doubled in the last two years, with total industry figures being 4,000+ developers per month contributing code to 2,800+ coin projects.

In addition, the report found that development interest has largely been immune to depressed coin prices, a sign of both industry adoption and growing interest,

“Developers who entered the crypto ecosystem have continued to build despite market conditions. From Jan 2018 to Jan 2019, the number of monthly active developers fell 4% while the markets fell more than 80%.”

Electric Capital also found that the majority of abandoned coin projects are currencies forked from existing “high network value coins,” citing Bitcoin Diamond and Bitcoin Gold as both having fewer than 5 developers per month since Oct. 2018. Core protocol development for platform currencies have also drawn the most interest in projects observed, with the report finding 25+ monthly devs for EOS, Cardano and TRON.

With Ethereum trail-blazing the industry in developer support, the cryptocurrency welcomed the launch of its long-awaited Constantinople upgrade two weeks ago.

The post Report: Ethereum (ETH) Has Twice the Monthly Core Dev Support as Bitcoin (BTC) appeared first on Ethereum World News.

Posted on

Elon Musk Gives Nod to Ethereum (ETH) Twitter Scam Bots

Ethereum (ETH)–Ethereum holders, take note: Tesla and SpaceX founder Elon Musk has finally made mention of the second largest cryptocurrency by market capitalization. However, the context of the tweet was in reference to the endless “crypto bots” that have seemingly clogged the entire Twitter space related to cryptocurrency.

While scam bots have been targeting accounts within the industry of cryptocurrency for over a year, such as Litecoin’s Charlie Lee, Ethereum’s Vitalik Buterin and Binance exchange’s Changpeng Zhao, the relentless nature of the token “giveaway” schemes has started to bleed over into other high profile industries.

Scam bots function in a very generic but deceiving way: they utilize the same name and profile photo of popular crypto figureheads, despite having a different handle that often serves as the tip-off. However, the bots have become more devious, utilizing pre-verified accounts to give their tweets the characteristic “blue check mark” and posting in the comments under real messages and updates devised to deceive undiscerning users. Typically, the scam involves some version of a token giveaway, where unsuspecting users are compelled to send a small amount of crypto (almost always Ethereum) to an address, with the promise of receiving a larger “lottery amount” in return. While the ploy does reveal some utility to the system of crypto transactions–an anonymous sender may user their address to send and receive cryptocurrency–the overwhelming volume of Twitter bots and scam-artists have suffocated the platform as a forum for discussion.

Despite operating in a similar realm of digital money when he co-founded Paypal, Elon Musk has been characteristically silent on the evolution of cryptocurrency. While a popular conspiracy theory exists that Elon Musk is the inventor of Bitcoin (evidence makes the idea suspect), the high profile entrepreneur has yet to make much mention of Bitcoin, Ethereum, or crypto in general. In February, Musk revealed that he owned just a quarter of a Bitcoin–an amount he had been sent by a friend years before. On Sunday, Musk made his first mention of the currency Ethereum in the form of a comment on the pervasive nature of crypto scam bots,

Ethereum’s founder Vitalik Buterin, who has been forced to change his Twitter name to “Not giving away ETH”, replied to Musk’s tweet with disappointment over the nature of the ETH reference, in addition to providing a solution to the scam problem. Calling upon Twitter founder Jack Dorsey, who has been extremely bullish on the future of Bitcoin and cryptocurrency, Buterin asked for a ceasefire to be devised in regards to the scam bots, while also proposing an Ethereum developer could solve the problem through layer 2 filtering.

While many in the community of cryptocurrency look at the scam bots as a minor nuisance and blame the victims for being duped into a fairly obvious scheme (similar to early 2000’s Nigerian emails), the relentless bombardment of deceit has presented a negative image of crypto to the general public. Twitter responded the problem of cryptocurrency by banning crypto-related ads earlier in the year, but has yet to address the overwhelming problem of scam bots. With the emphasis turning towards digital solutions to filter out blatant fake news and troll accounts, crypto scam bots should be a high priority in reducing further confusion towards the industry of cryptocurrency.

loading…

Posted on

Google Co-Founder Mines Ethereum (ETH), Lauds Zero-Knowledge Proofs

ETHEREUM (ETH)–In a somewhat bizarre and surprising twist for Ethereum, the second largest cryptocurrency by market capitalization, Sergey Brin revealed at a summit yesterday that he has been mining the cryptocurrency with his son. Brin, a billionaire tech entrepreneur who co-founded Google alongside Larry Page, made a surprise appearance at the ongoing Blockchain Summit in Morocco where he shared with the crowd his experience mining the coin alongside his 10-year-old son.

One of our panels this morning at the 2018 Blockchain Summit was emerging technologies and trends – where blockchain,…

Posted by The Bitfury Group on Sunday, July 8, 2018

In addition to sharing his story of crypto mining, Brin lauded one of the underlying fundamentals to cryptocurrency: the act of zero-knowledge proofs. Zero-knowledge proofs is a cryptography principle that allows an algorithm to prove something true (such as a private key transaction) without revealing that information. This has formed the backbone to the rise of privacy-focused cryptocurrencies, such as ZCash, which allows users to participate on a public blockchain ledger while keeping the specifics of their transaction private. While all cryptocurrencies offer a degree of security and anonymity through the use of private-public keys, zero-knowledge proofs give the option for users to conceal their transaction history and still have access to a typical public ledger blockchain

Despite his company Google taking a hard stance against the advertisement and promotion of cryptocurrencies, Brin has been a proponent of crypto in the past, making a statement to investors in May where he praised Ethereum, in particular, and the accompanying mining process for creating a boom in computing and a “technology renaissance.” While his praise centered on the increased demand for GPU-based mining, he sees the net-gain of crypto as beneficial to the entire sphere of tech and computing,

“There are several factors at play in this boom of computing. First, of course, is the steady hum of Moore’s Law…The second factor is greater demand, stemming from advanced graphics in gaming and, surprisingly, from the GPU-friendly proof-of-work algorithms found in some of today’s leading cryptocurrencies, such as Ethereum.”

Brin’s appearance at the Blockchain Summit is more a direct acknowledgement of the industry, and may accompany a desire on his behalf–and hopefully that of his company–to take a harder look at the innovation created through cryptocurrency. While news of Brin mining Ethereum with this adolescent son is not the type of bullish price forecasting some media outlets are reporting (ETH is down 2% as of writing), it does provide further legitimacy for the broader industry of cryptocurrency. Investors and enthusiasts have to appreciate the complexity of cryptocurrency, in addition to the misconceptions wrapped up in the culture and industry. With Google and other media giants (Twitter in particular) taking a hard stance against the advertisement of cryptos, it’s down to grass-root efforts and community involvement to drive adoption. Having a figure as high-profile as Brin both recognize the value of the tech, in addition to participating in industry events like the Blockchain Summit, is a win for all of cryptocurrency. The next step is providing usability for the currencies, beyond just price speculation.

loading…