Posted on

Ethereum (ETH) Foundation Publishes Blueprint for 2019 Development

Ethereum ETH Foundation 2019 Update

The Ethereum Foundation has published its official Spring 2019 update, shedding details on the planned development for the next coming year.

In particular, the report focuses on how the second largest cryptocurrency by market capitalization plans on allocating the $30 million designated for use by the Foundation in further developing the currency. The foundation reports “tremendous progress” being made for the currency over the last twelve months, and congratulates the collective efforts of developers, entrepreneurs and users of ETH. Despite growing competition with TRON (TRX) and EOS, the Foundation also claims Ethereum to be the “de-facto platform for decentralized applications,”–although research has revealed that ETH’s stranglehold on the DApp marketplace is slipping.

Interestingly, the Foundation reports having a shift in attitude towards its mission statement, owing to a refinement in focus. Compared to previous years, the line “Doing what is best for Ethereum” no longer means “trying to do everything for the currency.” Instead, the Foundation claims to be keyed in on affecting change where it can add the most value, while leaving the remainder for developers and innovators more attuned to tackle the problems they are effective in solving. The Ethereum Foundation claims its updated role is now “a resource allocator, a voice in the ecosystem, and an advocate for Ethereum to the world.”

According to the latest report, the Ethereum Foundation is in control of 0.6% of all ETH, in addition to holding cash reserves. However, the group claims that their resources will decline over time, with the largest valuation being invested into “critical work” across the ETH ecosystem. The Foundation also relays to investors that they understand the importance of the capital they command, and intend to use it wisely,

“It is our responsibility to ensure that every last dollar and wei is spent effectively.”

The 2019 update also includes an initiative to grow the Ethereum ecosystem’s funding base beyond the Foundation, which they define as,

“Encouraging other organizations besides the Foundation to support high-priority projects, and supporting innovative mechanisms for funding, including Gitcoin grants and MolochDAO. Efforts like these give us better leverage from our existing resources, and help build a sustainable path for funding vital projects far into the future.”

While cryptocurrency projects tend to tip-toe around the issue of decentralization, the Ethereum Foundation factors itself as a benefit to the currency and potential voice of authority. Writing to investors,

“We understand that many look to the Foundation as a valued voice even as we move to proactively empower others. That voice is a resource that can be used effectively to advance Ethereum. We are able to, for instance, bring attention to important but relatively unknown projects, share valuable information about Ethereum’s progress with the public, and encourage the growth of regional Ethereum communities.”

The Foundation also reports an intention to be a “more active” voice in the Ethereum community moving forward, and has recognized the need to take more initiative in growing the cryptocurrency. The 2019 update outlines increasing on-boarding for developers and improving the developer experience as two potential in-roads for the Ethereum Foundation to tackle in the coming year, particularly as the currency undergoes its massive 2.0 update.

The post Ethereum (ETH) Foundation Publishes Blueprint for 2019 Development appeared first on Ethereum World News.

Posted on

Ethereum Co-Founder: ETH Scalability Going Exponential Over Next 2 Years

Ethereum 2.0 Update Scalability 2019

Ethereum co-founder Joseph Lubin has made the claim that his currency will achieve an exponential increase in scalability over the coming years.

Speaking in an interview with CoinTelegraph, Lubin stated that ETH scalability–the most prominent issue to be addressed in the massive Ethereum 2.0 overhaul–will improve by 1,000 times in the next 18 to 24 months. Lubin highlighted the Ethereum 2.0 update, also codenamed Serenity, as the primary driver for the increase in scalability.

Despite the growing landscape for cryptocurrency, the majority of top coin projects such as Ethereum and Bitcoin still suffer from an inability to scale to levels necessary for mainstream adoption. ETH, in particular, is facing an issue of handling the load of mercantile transactions, in addition to other network features such as smart contracts and DApp developments. Ethereum 2.0 seeks to solve the issue of scalability–among a number of proposed solutions–by switching the currency from its historic Proof of Work algorithm to Proof of Stake. Through staking, the currency will utilize the resources of users pledging “staked” coins in order to improve the user experience and efficiency of the overall Ethereum network.

Lubin gave further updates on the development timeline for Ethereum 2.0, sharing his belief that the project will have an operational testnet in the coming months, with a Phase 0 launch to follow before the end of the year,

“In a small number of months, we should have a fully operational testnet and possibly, by the end of this year we’ll have a fully operational phase 0 Ethereum 2.0.”

The co-founder’s time-table for Ethereum 2.0 stands in stark contrast to comments made by Messari CEO Ryan Selkis, who claimed last week that the update would take much longer than what ETH devs are predicting. Rather than being completed by the end of next calendar year, Selkis predicted that Ethereum 2.0 would not be fully operational until 2021 at the earliest,

“I don’t expect Proof of Stake and Ethereum 2.0 to happen before the end of 2021 at the earliest.”

Lubin did shed some light on how Ethereum developers are planning to manage the currency’s transition without implementing a hard fork, which has been the traditional approach to massive coin overhauls. Rather than forking the blockchain into multiple currencies, Lubin claims that the new chain could be merged with the old, allowing tokens to move through “bidirectional mechanisms” onto the Proof of Stake platform.

Ethereum’s co-founder also defended the security of Proof of Stake, debating another point that was raised by Selkis. While Proof of Work has been rigorously tested as the algorithm of Bitcoin and other major cryptocurrencies, Proof of Stake has yet to be implemented on a similar level of scale. Lubin stated that PoS was thoroughly researched by teams prior to ETH devs making the decision to transition away from PoW, and claims that Etherum 2.0 will be adding new features to the blockchain to make it more compatible than previous iterations.

The post Ethereum Co-Founder: ETH Scalability Going Exponential Over Next 2 Years appeared first on Ethereum World News.

Posted on

Prysmatic Labs Launches Ethereum 2.0 Proof of Stake TestNet

Ethereum 2.0 Testnet Proof of Stake

Prysmatic Labs co-founder Preston Van Loon announced the launch of an Ethereum 2.0 Proof of Stake (PoS) blockchain Testnet on May 7.

While the full transition for Ethereum away from its current Proof of Work algorithm to a Proof of Stake blockchain is still over a year away, the testnet launch by Prysmatic labs represents a positive development for the currency. According to Van Loon in an update published to Medium,

“It’s here it’s here! Over the past months we’ve been preparing extensively, working every single day to deliver a public testnet for Ethereum 2.0’s proof of stake beacon chain to the community. We have it, it’s live, and you can stake! This is a non-trivial, critical step to take this technology to the next level, and we need you to be a part of it.”

As opposed to most cryptocurrency overhauls, which involve the creation of two currencies in following a hard fork of the blockchain, Ethereum 2.0 is being developed as a transition for the existing cryptocurrency. While there are a number of features that will be rolled out in updates over the next sixteenth months, Proof of Stake is being billed as the solution to ETH’s scalability issues. In addition, the algorithmic shift will make Ethereum 2.0 more secure and decentralized, while allowing users to stake their coins to improve the overall network experience.

In return for “staking” coins in their Ethereum wallet, users will receive a dividend similar to the interest paid on a savings account. However, while the PoS transition is being hailed as a monumental development for the second ranked currency by market capitalization, not everyone believes 2.0 will launch as smoothly as expected.

Speaking on a conference panel earlier in the week, Messari CEO Ryan Selkis predicted that the Ethereum 2.0 launch would not occur until 2021 at the earliest, compared to the 2020 timetable given by ETH core developers. Selkis claimed that Proof of Stake integration would lead to delays, and believes the currency is fine operating for the next several years under its well-tested Proof of Work algorithm.

Prysmatic Labs’ launch of an Ethereum 2.0 testnet, while currently limited, gives a vote of confidence in the overall transition to Proof of Stake. The update posted to Medium highlights sharding as a major development for Ethereum moving forward, which function as individual chains managing smart contracts, transactions and more.

Van Loon explained,

“A core concept of Ethereum 2.0 is the idea of shards, which are individual chains that manage smart contracts, transactions, and state. These shards are coordinated by one root chain, known as the beacon chain, which is what phase 0 of Ethereum 2.0 implements. Having shards allows for horizontal scalability of the system, as transactions can be processed in parallel compared to the current Ethereum proof of work chain.”

Prysmatic reports that the present version of the testnet is fully accessible to the public, and is not a simulation of the blockchain. Users are free to participate in maintain the network and deposit ETH into a deposit contract for staking or run a validator client. The full list of features and instructions for joining the officially live network can be found here.

The post Prysmatic Labs Launches Ethereum 2.0 Proof of Stake TestNet appeared first on Ethereum World News.

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

Ethereum (ETH) Co-Founder Predicts Blockchain Will Dominate Economy in 10 Years

Ethereum co-founder Joseph Lubin made the prediction that blockchain will be a primary catalyst for the growth of the global economy over the next 10 to 20 years.

Speaking in a keynote at the SXSW conference in Austin on Mar. 14., Lubin claimed that he expected the global economy to grow ten times larger over the next decade or two, and fully expected blockchain to be involved in the majority of enterprise and market growth.

Lubin explained his prediction by comparing the current of blockchain and cryptocurrency to that of the internet and email in the years before it became a mainstream sensation. Speaking on the issue of mainstream adoption and the room left for blockchain to grow, Lubin said

“There weren’t a lot of ‘normal’ people firing email around in 1983.”

Ethereum’s co-founder also took the opportunity to address the advantages he sees in the development of Ethereum 2.0 over cryptocurrency market leader Bitcoin. In particular, Lubin explained that the Ethereum development team is specifically targeting the inefficiencies of Bitcoin as areas of advantage for Ethereum 2.0, presenting what he believes will be a cryptocurrency capable of overcoming the current industry hurdles,

“In Bitcoin and currently in Ethereum, you need to have specialized hardware, burn lots of electricity, waste lots of computation, to basically keep everybody in sync. [With Ethereum 2.0, in 18 months] we’ll have a blockchain system much more powerful and scalable that uses orders of magnitude less energy.”

While Ethereum is still a year and a half away from launching its anticipated major update, one that will witness a monumental switch from a Proof of Work system to Proof of Stake, the developer is already looking to how Ethereum can revolutionize the industry and improve upon its current framework.

Lubin made headlines earlier in the week for similar comments related to the benefits of blockchain, when he claimed that the decentralized technology could be of substantial benefit to content creators. Lubin singled out artists as a subgroup that would “benefit quite dramatically” from the adoption of blockchain, allowing them greater control over the distribution of their content while dictating the parameters of its consumption.

During that talk, Lubin went on to state that blockchain removed the need for middlemen in content creation and distribution, a factor that would greatly benefit the bottom line for musicians and other creative performers,

“I think artists in the music industry on average capture about 11 or 12 percent of the value in the industry and those big record companies are sucking up 70 or so percent. We can replace those record companies with smart contracts on the Ethereum platform.”

Cryptocurrency, as a whole, has seen positive price traction in 2019 after an abysmal year for coin prices in 2018. While there have been periods of price oscillation, Bitcoin reached its lowest 30-day price volatility earlier in the week since November 2018. In addition, the majority of top cryptos have experienced double digit price gains since the start of the year, with altcoins leading the market. Ethereum has managed a nice rebound in price after falling in valuation with the rest of the industry from it’s all time high established in early 2018. 

Last week, analytic firm Electric Capital reported that Ethereum had the most robust monthly developer contribution, generating twice that of second-place Bitcoin.

The post Ethereum (ETH) Co-Founder Predicts Blockchain Will Dominate Economy in 10 Years 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

XRP, Ethereum (ETH) in Position for Big 2019

Cryptocurrency, Ethereum (ETH), XRP–While the crypto markets limp into the final week of 2018, down over $700 billion since the start of the year, some optimism is brewing for the industry in 2019 and beyond.

In November, the number one coin by market capitalization Bitcoin experienced its worth month of price drop since August 2011, bringing the bear market full circle as most altcoins are still reeling from 90 percent or more losses throughout the year. In response to the crashing crypto market and the fall of Bitcoin, billionaire investor and long time cryptocurrency bull Mike Novogratz held a conference call to give his opinion on the industry and the stat of his investment firm Galaxy Digital Holdings. Novogratz, in his usual candid manner, did not hold back on indicting what has transpired for crypto valuation over the last twelve months,

“It’s been a horrible bear market in tokens. There’s plenty of reason to be depressed.”

However, Novogratz also highlighted his belief that crypto would make a turn in 2019 and beyond, as adoption for both blockchain and the token model gains legitimacy in sectors like finance and gaming,

“I fundamentally think you’re going to see big adaption in 2019, 2020. Lots of the items in the digital world, the e-gaming space, are low value items so I think people will be more comfortable participating in blockchain.”

More recently, news out of social media giant Facebook has it that the company is developing a stablecoin for its Whatsapp messaging platform, with an emphasis on targeting the largely untapped digital payment space of India. With over 2 billion active users, Facebook has the potential to not only push cryptocurrency into the spotlight, but catalyze interest in sectors that have so far been reluctant to invest in blockchain despite otherwise benefiting.

However, as pointed out by the BitMex CEO Arthur Hayes, the current fad of stablecoins could pave the way to renewed interest in Ethereum. Despite falling to the third position by market cap, just behind XRP, Ether is poised for a renewal in pricing and use if the ICO landscape makes a return.

“Once there are new issues, then Ether will rebound aggressively. When the ICO market returns, Ether will quickly test $200. The timing of the ICO rebirth is 12 to 18 months out”

The fast profits of 2017 brought about more than a fair share of bad actors to the industry of ICOs, with most projects being focused on turning a quick buck as opposed to building a working product. The negativity towards Initial Coin Offerings has been colored throughout 2018 with countless stories of fraud and outright theft, dampening the once exciting development. With the market pruning that has occurred throughout 2018, the ICO industry could find legitimacy once again next year and into 2020, particularly by the crypto buzz stirred up when Facebook releases its stablecoin.

XRP, the second coin by capitalization, is likewise positioned for a big 2019. Ironically, the coin is ending the year in a similar state to where it was a year ago: lots of investor excitement mediated by exchange development. In 2017, the price of XRP skyrocketed in anticipation of a Coinbase listing that never materialized. Now, XRP has been noted as a potential coin of interest for Coinbase. However, in even bigger news for the currency, the world’s leading exchange Binance has announced plans to integrate XRP as a base pair for trading.

While the news has less immediate potential for the price of XRP, the long-term ramifications for having a currency that is transaction oriented and capable of handling the scale that crippled Bitcoin’s network earlier in the year–with miniscule fees and transfer times–could provide a boom for the coin well into next year. With Facebook driving interest in stablecoins, XRP is still in position as a currency of choice for fintech and banking, with several large partnerships already established.

The post XRP, Ethereum (ETH) in Position for Big 2019 appeared first on Ethereum World News.

Posted on

ICOs Being Blamed for Ethereum (ETH) Sinking Price

Ethereum (ETH)–After a 16 percent decline in value over 24 hours, the price of Ethereum sunk to its lowest point in nearly a year. Trading a $265 as of writing, the second largest cryptocurrency by market capitalization has completely retraced the gains made following the beginning of the year’s massive bull run. While some have pointed to the overall state of the cryptomarkets as being bloated and unhealthy, with altcoins across the board experiencing double digit losses on the week, the head of crypto hedge fund BloomWater Capital is placing the blame on ICOs cashing out.

As Bloomberg points out, the massive number of ICOs being built on the Ethereum blockchain was the primary catalyst for Ether’s price gain throughout last year, in addition to the significant amount of development interest it generated. Now, the very same usability is leading to price decline that is outpacing Bitcoin, as investors who were previously purchasing ETH to participate in Initial Coin Offerings (ICOs) are staying out of the market.

Considering that the majority of ICOs to come out in the past year have been built as ERC-20 tokens, it has made sense for investors to buy in with existing Ether coins. In addition, Ethereum has lower mining fees and faster average transaction times than Bitcoin, while still being a highly recognized coin. While previous reports have seen the ICO market double in volume through the first half of the year over 2017, existing ICOs are cashing out in massive volumes to cover the costs of the sinking crypto market. The result is a forced selling of Ether, driving the price of ETH down ahead of other top of the market coins like BTC.

Biswas Das, director of BloomWater Capital, blames the amateurish development filling the ICO space, which has far less regulation than typical startups and overall lower barrier to entry–both contributing to headaches for investors and would-be project speculators,

“These startups are raising a lot of funds but they don’t have treasury management or enough cash management experience, so they’re selling too early and causing a lot of pressure in the market. It was fine last year but right now the the market is so fragile that it causes a lot of pressure.”

As Das puts it, the fragility of the current market is unable to withstand the forced selling and downward pressure of ICOs cashing out to cover costs, causing Ethereum to drop to price levels not seen since the middle of last year. Bloomberg also points out growing concerns over the ability of Ethereum’s network to handle transactionary volume in addition to the ICO’s being built on the platform. The end result has been other platform-focused cryptocurrencies springing up in the interim, such as Cardano’s ADA and TRON’s TRX, to fill the void in investor skepticism over Ethereum being capable of handling the development volume.

Bloomberg also quotes Spencer Bogart of Blockchain Capital LLC, saying that general disillusionment in ICOs, in conjunction with growing stories of scams and outright profiteering has caused some backlash towards the platform that hosts the ERC-20 based tokens,

“Investors are increasingly disillusioned with tokens and ICOs, most of which have been launched on top of Ethereum and we’re seeing this play out in the market with continued downward price pressure.”

ICOs have managed to thrive despite the bearish market of 2018, however not without controversy. A study published earlier in the year found that 80 percent of ICOs could be classified as ‘scams.’

loading…

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…