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Ethereum: Proposed ETH Inflation Rate is Lower Than That of Post-Halving Bitcoin

Ethereum Inflation Rate Could Plummet (And That’s Good)

OK, let’s set the record straight: cryptocurrencies, be it Bitcoin, Ethereum, or otherwise, often sport inflation rates. Save for some select cryptocurrencies, the growth of Bitcoin’s supply is the lowest, and has thus remained a benchmark for other cryptocurrencies to try and reach.

Some have gone as far as to say that digital assets that don’t match Bitcoin’s inflation rate, which currently sits at around a notional 3.5% (higher than the U.S.’ reported 2% inflation), is inferior, and doesn’t have the capabilities to become a viable form of digital money.

This has even been the case for Ethereum, which many staunch Bitcoin proponents bash for its lack of mathematically-enforced supply cap and its ever-changing issuance rate, which is currently predicated on block times and uncle rates. But, this may soon change.

According to a recent report from CoinTelegraph, the core group of Ethereum developers working on the Serenity upgrade is looking to drastically looking to reduce the amount of ETH issued. In fact, Justin Drake, a researcher at the Ethereum Foundation, explained that the inflation rate of Ethereum (around 4% to 5%) may be reduced by upwards of 90% by March 2021. He stated:

“Here’s a possible timeline (dates likely totally wrong!) highlighting the key milestones: January 2020: beacon chain launch. June 2020: eth2 light clients production-ready. November 2020: eth1 fork #1 to have its fork choice rule honor eth2 finality (conservatively, no issuance reduced). March 2021: eth1 fork #2 to reduce issuance by 10x.”

Such a reduction is, of course, dependent on how willing community members (miners, most importantly) are to accept Ethereum 2.0, the blockchain’s first massive upgrade, one that will end the use of Proof of Work on the chain, impacting the lives of some funds and firms.

(A brief aside, Ethereum creator and Canadian wunderkind Vitalik Buterin describes Serenity 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 Buterin, all this is being done in a bid to create a “next-generation blockchain” that will be hundreds of times faster and scalable than Ethereum’s current iteration.)

According to a Twitter user going by “Token State”, this reduction will reduce Ethereum’s inflation to 0.5%, which is, by many standards, extremely low and even negligible from a short-term perspective. This is so low that from a standpoint of pure percentages, less Ethereum will be issued than Bitcoin, even after 2020’s auspicious halving event. In other words, as long as demand for ETH is maintained or even grows, the planned upgrade should be crazy bullish for the asset’s price.

This news comes shortly after Ethereum 2.0’s phase zero saw its first code specification freeze, of which the full version is expected to launch by early-2020.

Photo by Andreas Weiland on Unsplash

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Despite Tether & Serenity News, Ethereum (ETH) Analysts Still Wary

Ethereum Sees Two Key Developments

All eyes may be focused on Bitcoin right now, but Ethereum (ETH) has seen a number of strong positive developments over recent days and weeks. Just the other day, Binance, one of the world’s largest exchanges, revealed that it would be changing its Tether (USDT) stockpile from Omni (Bitcoin-based system) to the Ethereum blockchain. (For those unaware, USDT exists on four chains simultaneously, these being Omni, Ethereum, Tron, and EOS.)

Binance’s Changpeng “CZ” Zhao told users of his platform last month that as soon as Binance’s ETH-USDT stash outweighed its Omni-USDT stash, it would convert over to the former.

this shows that investors are starting to prefer the faster Ethereum system over Omni, which some say isn’t suited for stablecoin use. And considering that Binance and its customers are some of the largest USDT holders out there, other exchanges and service providers may soon follow suit.

The introduction of an Ethereum-based USDT onto Binance is likely to increase the blockchain’s transactional volume, which is evidently good for those valuing ETH by its fundamentals.

Also, as reported by this outlet previously, the specifications of Phase Zero of Serenity, dubbed “Beacon Chain”, were recently ‘frozen’. This means that much of the upgrade’s changes have been somewhat finalized. Per trade publication CryptoSlate, however, there are still a number of “significant” changes slated to be made to the specifications. 

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.

Not All Fine And Dandy

Not everything is fine and dandy though. The Next Web’s “Hard Fork” column recently revealed that Ethereum’s user count growth is being eclipsed by both EOS and Tron. Data from Dapp.com, a crypto analytics service, suggests that that Ether has around 20% less active users than Tron, but around 20% more than EOS. Also harrowing is the fact that Ethereum application saw a mere 6.04 million transactions in Q2 2019, which is a far cry from the 189.79 million registered by EOS applications.

This isn’t the only worrying sign. As technical analyst Squeezy points out, Ethereum is “on the verge of jumping off a cliff with a descending triangle”, drawing attention to a series of lower highs and failed breakouts on the asset’s chart (seen below).

And as Three Arrow Capital’s Su Zhu adds, this is a result of a discoupling between the correlation of Bitcoin and Ethereum, marked by the 30-day BTC-to-ETH/BTC correlation reaching -73%. Ouch.

Title Image Courtesy of Pixabay.com 

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Ethereum (ETH) Hits $307 Amid Bullish Serenity, Grayscale News

ETH Rallies Alongside Bitcoin

The crypto community is absolutely euphoric. Both Bitcoin (BTC) and Ethereum (ETH), two of the largest cryptocurrencies, have been rallying over the past few days. Over the past day, according to Coin Market Cap, Ethereum is up 5.5%, pushing $309 for the first time in over ten months.

Bitcoin has followed suit, posting an even more impressive 7.5% gain as it looks to find a short-term foothold around $10,600.

Interestingly, many large and small cap cryptocurrencies have slightly underperformed these two market leaders. Litecoin, Binance Coin, Stellar Lumens, Bitfinex’s LEO, and Cosmos are among the top digital assets that are not performing well against Bitcoin and Ethereum. This, according to analyst Benjamin Blunts, who called the $3,500 Bitcoin bottom, is a sign that the closure of Binance in the United States has begun to force American traders to siphon their capital into BTC instead of “s**tcoins”.

The Ethereum Latest

So, what’s behind this move exactly? Well, let’s take a look at recent fundamental events for the digital asset and its respective blockchain.

  • Ethereum Devs Schedule 2.0 Launch to January 3rd, 2020, Bitcoin’s 11th Anniversary: In a recent Ethereum core developers call, researcher Justin Drake, a prominent figure in the cryptocurrency’s community, revealed that phase zero of Serenity (Ethereum 2.0) is finally being confirmed spec-wise. Phase zero is the activation of the so-called Beacon Chain, which will bring basic Proof of Stake features to the blockchain. With this, developers confirmed that they intend to launch this iteration of the project by early-2020, potentially on January 3rd, which will be the 11th anniversary of Bitcoin.
  • Grayscale Releases Ethereum Trust to Public Markets: Per a press release shared with NewsBTC, Grayscale, the investment fund subsidiary of Digital Currency Group, has just released its second publicly-tradable product — the Ethereum Trust (ETHE). Like its Bitcoin Trust, which owns over 1% of all BTC in circulation (and that will ever be mined), this new financial product is an “open-ended trust” that is backed by its namesake: Ethereum. The product, per a previous release, allows investors to gain “exposure to the price movement of ETH through a traditional investment vehicle without the challenges of buying, storing, and safekeeping”.

Although few have price targets for this move, there are signs that Ethereum is still ready to surge even higher.

As reported by this outlet previously, Ethereum’s one-day chart Moving Average Convergence Divergence (MACD) recently saw a bullish crossover. 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%. 

Simultaneously, the same chart experienced its ten-day moving average cross above the 20-day moving average, meaning that bulls are in control of the cryptocurrency. 

But most importantly, Ethereum is still lagging behind Bitcoin in this cycle, in that it remains down over 75% from its all-time highs while BTC is down a relatively mere 47%. As Level’s Josh Rager points out, for ETH to catch up to its orange peer, it will have to move past $750.

Title Image Courtesy of Pixabay.com

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Ethereum Adopts Enjin’s ERC-1155 Token Standard: A Crypto Revolution

enjin token

For many years now, Ethereum has been at the forefront of the smart contract and decentralized application industry. The blockchain hosted the first widely-used collectible game, the now-infamous CryptoKitties; much of 2017’s countless initial coin offerings; and one of the largest crypto-centric prediction markets, Augur.

Some of these applications of Ethereum have been enabled by tokens, namely those of the ERC-20 and ERC-721 variant. Binance Coin, for instance, was a widely-used ERC-20 token when it launched in mid-2017. And the adorable creatures you purchase, breed, and sell in CryptoKitties are ERC-721 tokens.

While these iterations of Ethereum tokens, dubbed “standards”, have seen stellar innovation and subsequent adoption, they aren’t exactly cut out for a new paradigm in blockchain: on-chain gaming. But don’t fret, one cryptocurrency gaming upstart, Enjin, has created and implemented a newfangled standard to help accommodate blockchain games.

The Latest Ethereum Standard

In June 2018, Witek Radomski, the chief technology officer of Enjin, proposed ERC-1155 to the Ethereum community. At this time, the idea was ambitious, as it was like nothing that came before it. On June 17th, 2019, however, ERC-1155 achieved “final” status, and has thus become an official Ethereum token standard. Welcome to the era of the ERC-1155.

You may be wondering: That’s all well and good, but what exactly is this new standard and how does it differentiate itself from the ERC-20s and ERC-721s of the world. Well, this new breakthrough in Ethereum development will allow for the minting of both fungible (interchangeable) and non-fungible assets that are purportedly “more powerful, efficient, and standardized” than tokens issued under previous guidelines.

In fact, ERC-1155 smart contracts could theoretically issue an infinite number of separate tokens at a lower “gas” cost (meaning Ether spent) than its predecessors. Enjin puts it best:

By minimizing the amount of code required to mint each individual token, ERC-1155 significantly reduces gas fees, as well as the ever-growing bloat of duplicate ERC-20 and ERC-721 code that will remain on the Ethereum blockchain forever.

What’s also amazing about this new software is that this new generation of tokens will be backward-compatible with ERC-721 and ERC-20, meaning that ERC-1155 tokens can interact with certain Ethereum smart contracts, like those that pertain to marketplaces and decentralized exchanges, just like their predecessors.

Built by gamers, for gamers, the ERC-1155 standard, which harnesses “standardized data structures”, will allow for developers of any Ethereum-related game, application, or website to integrate ERC-1155 tokens into their offerings with ease.

This is different than previous standards, which effectively forced developers to confine their applications to single Ethereum ecosystems. Can your CryptoKitties interact with your so-called “Etheremon”? No, not really.

With ERC-1155, Enjin is promoting and hoping for the creation of what is calls “multiverses”, digital ecosystems that involve the “inter-platform operability of assets.”

The Gaming Use Case

First and foremost, gaming. We’ve already seen blockchain gaming become popular, with there being whole companies and projects built around the subsector. In fact, massive game developer Ubisoft is looking to join the fray, and use Ethereum no less.

Anyhow, ERC-1155 can be used to breath new life into digital gaming. For in-game currencies, like Fortnite’s V-Bucks, ERC-1155’s fungible iterations can be used to bring these currencies on a blockchain. This may help to regulate online economies, catch hackers in case of theft, and promote the creation of an interoperable economy where users can trade in-game monies for Bitcoin, Ethereum, or what have you.

For rare digital items, ERC-1155’s non-fungible variant can be used. If implemented correctly, users can soon own their favorite sword or gun, and bring it from game-to-game using blockchain systems.

Digital Content

On the Internet, most content isn’t the original. When you watch a video on Youtube, download an image from Shutterstock, read an article on Ethereum World News, you are reading a copy of someone’s work. When you interact with it, it isn’t the original — that’s the bottom line. This, in some senses, makes it hard for people to monetize content.

But with fungible ERC-1155, this changes. If an artist or content creator really wanted to, they could create an Ethereum smart contract that limits the amount of a piece of work that they create. This, in and of itself, is kind of like a ploy on CryptoKitties, but for a different purpose.

Finance & ERC-1155

Although this solution is evidently gaming-centric, this new standard could find use in other sectors.

Finance is one sector which comes to mind. For instance, companies can tokenize ownership of their firm via the ERC-1155 standard, and create a smart contract system that pays out shareholders in Ether. The shares can either be fungible, allowing for any co-owner to vote on certain proposals. Or they can be non-fungible, giving certain co-owners special privileges or access to certain ecosystems.

While cryptocurrency and blockchain in finance have only recently become a trend, many are sure that these new technologies will replace the old analog and digital systems. In fact, pundits like Morgan Creek’s Anthony Pompliano and Circle’s Jeremy Allaire are sure that within a few years or decades, all assets will find their way onto blockchains as cryptocurrencies. Blockchains can democratize finance, give the unbanked a chance to participate, promote transparency, make businesses more efficient, among countless other benefits.

I’m sure that the aforementioned use cases only scratch the surface of the viability of ERC-1155s in today’s digital economy. As to how this new standard will be implemented remains to be seen though.

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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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Vitalik Buterin: “Bitcoin SV is a Complete Scam”

Vitalik Buterin is not particularly a fan of Bitcoin SV. For the creator of Ethereum, the fork of Bitcoin Cash (BCH) is nothing more than a scam created to enrich its promoters.

In an interview with Grey Jabesi, Buterin responded with no regrets when asked his opinion about Bitcoin SV:

“Yeah, like, obviously BSV is a complete scam”

Vitalik did not comment further on this and preferred to talk about other issues he considered more important, such as the power of exchanges and the future of trading on Dexes.

This was not the only time Buterin downplayed BSV’s importance. In fact, not only has Buterin attacked BSV but Craig Wright directly, saying he does not believe that his claims to be Satoshi Nakamoto are true, calling him a fraud on different occasions:

The tension between Craig Wright and an important number of personalities in the crypto-verse has escalated considerably since Mr. Wright started a series of legal claims against those who voiced doubts about the veracity of his arguments.

In the letters, he demanded that skeptics remove the comments, publish an apology, and testify in court that Wright is Satoshi Nakamoto (even though he had not yet provided reliable proof of his identity, following the demands of the community).

Vitalik Buterin Bets on Decentralized Exchanges

In the same interview, Vitalik Buterin commented that he found more interesting the debate that followed CZ‘s announcement that Bitcoin SV was being delisted from the exchange because of the unethical conduct of Craig Wright and Calvin Ayre.

He noted that Binance should not be judged by a single decision given the important role it has played in promoting and growing the ecosystem:

“The delisting from Binance, that was interesting. There are arguments in favor of it but then there’s also arguments like this is an exchange that’s yielding a lot of centralized power, but realistically, Binance is as an exchange that has a lot of power and is buidling it in a lot of ways … So it gets we were to kind of criticize like that one decision without looking at all their others”.

Buterin has also strongly criticized centralized exchanges, even commenting at a time that he wished they all “burned in hell.” He expects decentralized exchanges to acquire a greater presence in the ecosystem, becoming the platforms of preference among traders around the world.

Full interview available here:

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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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