Ethereum co-founder says ETH 1.0 will exist as a “shard” of 2.0, states protocol has a role in governance
Ethereum co-founder Vitalik Buterin believes the protocol might play an important role in the future of state-backed digital currencies. Presumably, his comments come after rising fears of global inflation and the Federal Reserve’s incessant money printing.
On May 7, Buterin spoke to Defiant founder Camila Russo in a podcast as part of the Ethereal digital summit. Others, including Changpeng Zhao, Michael Novogratz, Joseph Lubin, and a host of cryptocurrency thought leaders and entrepreneurs also spoke in different segments with other interviewers.
Buterin notes the ongoing pandemic and global emergencies dwarf prior financial crises, keeping in mind the levels of political disharmony and distrust between international superpowers, such as the U.S.-China trade war.
The 26-year-old thinks blockchain technology helps play a “neutral global player” role for current political and financial systems, creating a duly-maintained, interactive network of technology, currency, and assets that nation-states can’t topple.
Russo asked if ETH as a global currency was Buterin’s vision of what a unified world might include, with the latter agreeing, calling ETH the “glue” of such an economy. The features of a decentralized and stateless network like Ethereum, he points out, can thrive in such times.
The shy, introverted Buterin cited rising concerns about one’s privacy, widespread censorship, and [financial] institutions in general as factors that will lead the masses towards digital assets and decentralized technology.
Buterin believes the current crisis is partly financial and shares little with 2008’s financial tragedy. This time, he indicates, other “non-financial problems” — such as healthcare, unfair monetary aid, and partial policies — create a litmus test for what cryptocurrencies and smart contracts may have to offer.
“For the first decade or so, it was really focused on the financial aspects — censorship resistance of money. But here in 2020, we’re definitely seeing a lot of the same themes, but it’s somewhat less financial than before.”
Speaking on ETH 2.0 — termed “Serenity“— Buterin said the 1.0 version, “as it exists today,” will function as an independent “shard” on the update.
“Ethereum as it exists today (eth1) will be it’s own separate shard on the eth2 network” – @VitalikButerin #EtherealVirtual
Fireside chat with Vitalik and @CamiRusso happening now!https://t.co/jYWpmWWEyp pic.twitter.com/Vnywj6o6YI
— Ethereal Summit (@EtherealSummit) May 7, 2020
Buterin noted different shards running various applications will communicate with each other asynchronously, adding “many dApps and primitives transact this way and don’t require instant syncing.”
When asked about the biggest risk in expanding the protocol, Buterin said technical challenges are a more significant concern than “community or political” setbacks.
Signing off, Buterin was confident about the transition from ETH 1.0 to 2.0, comparing the progress as similar to where Ethereum was a few months before its launch in 2015.
Cover Photo by Andreas Dress on Unsplash
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- Ethereum (ETH) Down $0.85 On 4 Hour Chart, 4 Day Down Streak Ended; in an Uptrend Over Past 30 Days
- EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 08/05/20
- Ethereum Narrowly Avoids a Bloodbath as Bulls Struggle to Defend Critical Support
- Running a Hyperledger Besu Node on the Ethereum Mainnet: Benefits, Requirements, and Setup
- Corona crisis revealed: The world needs Ethereum! – Vitalik Buterin
Ethereum (ETH) Down $0.85 On 4 Hour Chart, 4 Day Down Streak Ended; in an Uptrend Over Past 30 Days
Updated May 08, 2020 01:35 AM GMT (09:35 PM EST)
Ethereum entered the current 4 hour candle at 212.39 in US dollars, down 0.4% ($0.85) from the previous 4 hours. Out of the 5 instruments in the Top Cryptos asset class, Ethereum ended up ranking 3rd for the four-hour candle in terms of price change relative to the previous 4 hours.
Ethereum is up 6.66% ($13.27) since yesterday, marking a reversal from the day prior — and the end of a 4 day negative run. The change in price came along side change in volume that was up 57.06% from previous day, but down 32.06% from the Thursday of last week. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 2nd since yesterday in terms of percentage price change. Let’s take a look at the daily price chart of Ethereum.
Volatility for Ethereum has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 30 days Ethereum’s price has gone up 17 them.
Over on Twitter, here were the top tweets about Ethereum:
The only way and “Ethereum Killer” could actually kill Ethereum is by building a better ETH 2, and then using the ETH 1 state for account balances at Genesis. Which would mean no new tokens for VCs, which would invalidate the whole motivation behind the Ethereum killer anyways
Remember when the top 3 tokens were #btc #Ethereum #LTC ? What ever happened to LTC? The media and everything mainstream had the hots for all three.. Now the new 3rd asset isn’t even talked about. Infact its skipped over… Its like there’s an elephant in the room made of glass..
I’m sat in a coffee shop – reading and being nosey – and the guy on the table next to me is seemingly trying to convince his friend to buy Ethereum and Monero.If he mentions XRP I’ll step in.
For a longer news piece related to ETH that’s been generating discussion, check out:
Ethereum Scaling and Gas-Free Transactions Arrive
ETH 2.0’s highly anticipated revamp is expected to begin rolling out in a matter of months, but scaling solutions and gas-free transactions have already arrived….Ethereum 2.0 is expected to launch within months, but new scaling solutions and gas-free transactions are already here.
EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 08/05/20
EOS rallied by 4.14% on Thursday. Reversing a 4.12% slide from Wednesday, EOS ended the day at $2.7606.
A mixed start to the day saw EOS fall to an early morning intraday low $2.5888 before making a move.
Steering clear of the first major support level at $2.5717, EOS rallied to a late afternoon intraday high $2.7961.
EOS broke through the first major resistance level at $2.7820 to test resistance at $2.80 before easing back.
At the time of writing, EOS was up by 0.03% to $2.7614. A mixed start to the day saw EOS rise to an early morning high $2.8249 before falling to a low $2.7600.
EOS left the major support and resistance levels untested early on.
EOS would need to move back through to $2.80 levels to bring the first major resistance level at $2.8415 into play.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.8249.
Barring another extended crypto rally, the first major resistance level at $2.8415 would likely limit any upside.
Failure to move back through to $2.80 levels would see EOS hit reverse.
A fall through the morning low to sub-$2.7150 levels would bring the first major support level at $2.6342 into play.
Barring an extended crypto sell-off, however, EOS should steer well clear of sub-$2.60 levels.
Major Support Level: $2.6342
Major Resistance Level: $2.8415
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum rallied by 6.72% on Thursday. Reversing a 3.04% slide from Wednesday, Ethereum ended the day at $212.47.
A mixed start to the day saw Ethereum fall to an early morning intraday low $196.82 before making a move.
Steering clear of the first major support level at $194.56, Ethereum rallied to a late afternoon intraday high $215.99.
Ethereum broke through the first major resistance level at $207.59 before easing back. The second major resistance level at $215.91 pinned Ethereum back on the day.
At the time of writing, Ethereum was down by 0.95% to $211.52. A mixed start to the day saw Ethereum rise to an early morning high $217.00 before falling to a low $211.28.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move back through to $215 levels to bring the first major resistance level at $220.03 into play.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $217.00
Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.
Failure to move back through to $215 levels could see Ethereum fall deeper into the red.
A fall back through the morning low to sub-$208.50 levels would bring the first major support level at $200.86 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $189.26.
Major Support Level: $200.86
Major Resistance Level: $220.03
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP rose by 3.23% on Thursday. Reversing a 2.29% decline from Wednesday, Ripple’s XRP ended the day at $0.21879.
Recovering from an early morning low $0.20981, Ripple’s XRP struck a late afternoon intraday high $0.22173 before easing back.
Ripple’s XRP broke through the first major resistance level at $0.2196 before falling back to sub-$0.2190 levels.
At the time of writing, Ripple’s XRP was down by 0.50% to $0.21769. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.22231 before falling to a low $0.21733.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move back through to $0.22 levels to support a run at the first major resistance level at $0.2237.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.22231.
Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.
Failure to move through to $0.22 levels could see Ripple’s XRP fall deeper into the red.
A fall through the morning low to sub-$0.2170 levels would bring the first major support level at $0.2118 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2049.
Major Support Level: $0.2118
Major Resistance Level: $0.2237
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
Author: Bob Mason15 hours ago (May 08, 2020 03:22 AM GMT)
Ethereum Narrowly Avoids a Bloodbath as Bulls Struggle to Defend Critical Support
- Ethereum saw a sharp overnight selloff that caused it to briefly dip into the sub-$200 level, putting it at grave risk of seeing a capitulatory decline
- Buyers were able to guard against this, however, and subsequently propelled the cryptocurrency back into the $200 region
- It now appears that ETH could still be at risk of seeing significant near-term downside, however, as a failure for it to surmount a resistance level it is currently stuck below would be grim
Ethereum has seen some mixed price action in recent times. After catching the upwards tailwind created by Bitcoin’s push last week to $9,500, ETH overextended itself and faced a brutal selloff that led it to erase virtually all the gains incurred during its latest rally.
During the overnight decline, the crypto tapped a key support region that – if it had been lost – could have led to a massive downturn.
In spite of buyer’s ability to defend this level, Ethereum isn’t out of the woods yet.
Analysts are still noting that it is flashing some overt signs of weakness, and these could be enough to lead it significantly lower in the days and weeks ahead.
At the time of writing, Ethereum is trading down just under 2% at its current price of $207, also declining by nearly 4% against its Bitcoin trading pair.
The cryptocurrency is now at risk of seeing further downside as its buyers struggle to keep it above a key near-term support level.
Per a recent chart offered by a popular pseudonymous analyst, the region between roughly $198 and $205 appears to be its key near-term support, and this is just below where the cryptocurrency is currently trading at.
If it does break below this level as it continues expressing immense weakness against its Bitcoin trading pair, it is possible that it will see some significant downside.
This could lead it to cut into the gains that have resulted from its rebound from lows set within the sub-$100 region in March.
Other analysts are noting that the cryptocurrency could be able to find some stability in the near-term if it is able to hold above $200.
One popular trader spoke about this possibility in a recent tweet, noting that although altcoins in general “look terrible,” Ethereum could maintain its multi-month momentum if it holds above $200.
“ETH: I see a ton of bearish posts. Rightfully so on the BTC pair in several aspects. Alts in general look terrible. But until it loses its uptrend, or $200 I don’t see a reason to think it’s over for ETH. Especially leading into 2.0,” he noted.
Featured image from Unplash.
Running a Hyperledger Besu Node on the Ethereum Mainnet: Benefits, Requirements, and Setup
- Current State of the Ethereum Network
- The Benefits of Running a Hyperledger Besu Node
- Hardware and Software Requirements
- How to Run a Public Ethereum Besu Node
- Getting Started and Contributing
Ethereum is an open source, public, permissionless peer-to-peer network of distributed nodes that send and receive transactions, validate those transactions and remotely execute smart contract’s scripts.
These nodes are what make the Ethereum platform function and allow us to rely on a decentralized network of information.
Running a public node means participating in the Ethereum network by having your node do the work necessary to validate transactions and new blocks on the blockchain. You can run any mainnet Ethereum compatible client software on your node, including Besu.
At the time of this article, there are approximately 7,200 running Ethereum nodes in the world. Of those, about 5000 are synced to mainnet. The rest are syncing and somewhat behind the latest best block in the blockchain.
Read “Ethereum by the Numbers” for a full snapshot of network activity.
The benefits of running an Ethereum node are two-fold. On one hand, the ecosystem as a whole will benefit from having higher distribution and decentralization of the infrastructure itself. On the other hand, you might have personal reasons to run a node.
- Ecosystem benefits
- Further decentralize the Ethereum network by enabling more copies of the blockchain history for everyone to access.
- Lower latency/increased diversity (in terms of which nodes people are able to consult).
- Personal benefits
- Blockchain data analysis on local machines instead of doing remote calls.
- Sending your own transactions from a node you trust, and propagating it from there.
- Developing purposes: if you’re building your own dapp or service, you will certainly benefit from having your own node to run the dapp on while developing.
- Network client variety
- Helping the decentralization of the node-client share. The Ethereum network has lower risks of malfunctioning if the network is running on multiple clients, reducing risks of single points of failure. Historically, we’ve already seen the advantages of client diversity in the 2016 Devcon 2 Shanghai attack, where the network continued to function since the attack only affected a single client.
- The Ethereum network currently has ~75% running on the same client software. Ideally, this should be more distributed and spread out among client software.
- Besu-specific features
- Tracing methods are now available in the Besu API, allowing you to request a transaction’s ordered list of calls to other smart contracts and to replay a history of a transaction and every detail included in it, such as Opcode calls to the EVM.
- Plugins are a reflection of Besu’s internal modular design. They allow you to extend Besu’s functionality and accessing additional data not available in the APIs or push data out to another third party application.
- Monitoring on Besu is fairly straight-forward thanks to the Grafana/Prometheus integration. Use it to obtain metrics on your node performance and/or get logging data.
- Which network do you want to participate in?
- Do you want to be able to execute JSON-RPC calls on it?
- Where do you want to store your blockchain data?
- Do you want to monitor your node?
- Do you want a full node, archival node, or pruned node?
The hardware requirements for running a public mainnet node on Ethereum will depend on which client you choose. Besu will need at least 4GB of RAM and 750GB of hard disk space to run performantly. Storage will need to be SSDs or NVMe in order to keep up with the speeds needed to sync the chain.
There are a variety of node options that all have different requirements. Here is some approximate data for syncing to mainnet on different setups.
In terms of software requirements, Hyperledger Besu runs on Linux, MacOS, and Windows. It requires Java 11+ and some minor dependencies if building from source and testing.
Running a public Besu node is possible on several different hosting setups. The most common option for individual participants is running on an on-prem device such as a laptop, desktop computer, or server. However, cloud options like AWS or Azure are fully compatible with Besu. The main advantages of running on a cloud instance is the ease of setup, and the possibility of running and stopping instances remotely.
After installing Besu on your node, go through this checklist to make sure you know what you are setting up.
The Besu options you need will depend on what usage you’re giving your node. You can configure these options via command line arguments, environment variables, or configuration files. The following options show you how to run Besu with command line argument flags. Alternatively, read here for config file setup and environment variables.
If your goal is running a full, archival node, then no flags are necessary at all:
Mainnet isn’t the only public Ethereum network available. If you were planning on syncing another public network, choose a network from this list and use the –network flag.
For a full node, with an http port exposed, adding the –rpc-http-enabled flag will enable the RPC JsonRpcHttpService and allow you to send and request data from the Json-RPC endpoint. The default endpoint for this service is 127.0.0.1. Use –rpc-http-host=<new-host-ip> to edit the endpoint.
$ besu –rpc-http-enabled
By default, Besu stores all blockchain data in the directory you installed Besu in, or “/opt/besu/database` if using docker.
If you’d like to change this, use the data-path flag.
For a fast-synced Besu node, add the –sync-mode=FAST flag. This will modify the way the blockchain’s past data syncs on your storage device. For a comprehensive video of the differences between fast-sync and full sync, watch our video tutorial.
$ besu –sync-mode=FAST
Fast-synced node, with pruning, with an http port exposed:
$ besu –rpc-http-enabled –sync-mode=FAST –pruning-enabled=true
If you want to mine Ethereum using your node, then the miner-enabled flag is required. However, this type of usage is quite case-specific and requires tweaking and ensuring the miner is working properly. Review the Besu Command Line Options command line arguments for further options.
These are some links in order to start your node running:
- Hyperledger Besu documentation
- For installation, download Besu Binaries or follow our install guides: Linux/MacOS or Windows.
- Besu wiki
- Besu Rocket Chat
Hyperledger Besu is fully open source and only gets better with the help of the open source community and their contributions. If you want to help build Besu, check out our Contributing Guide or head over to our issues on our GitHub.
Author: by, Felipe Faraggi|
May 7, 2020
Corona crisis revealed: The world needs Ethereum! – Vitalik Buterin
- Vitalik Buterin said at the Ethereal Summit that Ethereum and the blockchain technology in general will help nations worldwide to overcome the corona crisis.
- The blockchain can support the local population, especially in the area of real problem applications.
Ethereum and the blockchain technology can contribute to improving the daily life of the population in the financial sector as well as in other industries. At this year’s Ethereal Summit 2020 in New York, Ethereum founder Vitalik Buterin spoke about the possibilities of how blockchain can help to overcome the global crisis. This year’s event took place online due to the ongoing corona crisis and brought together well-known personalities of the crypto scene.
In his presentation, Buterin criticized the globally coordinated political activities in times of crisis. He emphasized that current developments reveal the need for a manipulation-proof alternative for the democratic control of all popular decisions:
I definitely think that there’s a role for blockchains — and Ethereum in particular — to play in being this kind of neutral global player role [for]these systems, currencies, and applications to interact. I think anything created and maintained by nation-states can’t play that role.
Cami Russo of The Defiant asked Buterin whether Ethereum could act as a currency worldwide to prevent censorship, abuse and fraud. In response, Buterin explained that the Corona crisis has encouraged the adaptation of cryptocurrencies, and ETH in particular, as people lose confidence in traditional financial actors such as central banks.
Buterin thinks that only about one third of the current crisis takes place in the financial sector and that many problems lie in the real world where cryptocurrencies and the blockchain can serve as problem solvers. According to Buterin, the current situation therefore offers the chance that Ethereum can now grow strongly by addressing solutions to real problems:
The cryptocurrency space… for the first decade or so, it was really focused on the financial aspects — censorship resistance of money… but here in 2020 we’re definitely seeing a lot of the same themes, but it’s somewhat less financial than before.
Buterin states that this year will probably see the emergence of more stablecoins and, above all, the tightening of regulations and laws worldwide. He predicts that governments worldwide will increasingly experiment with the blockchain and that a central bank supported digital currency will be the end product. Furthermore, there will be a market shakeout, whereby only those projects will survive that create real added value for industry and the population, which includes Ethereum.
New data from crypto-management company Grayscale show that interest in Ethereum is growing, especially among institutional investors. In the first quarter of 2020, Grayscale recorded a record investment of more than $110 million in the Grayscale Ethereum Trust. In 2018 and 2019, the Ethereum Trust was only able to collect $90 million.
The ETH price, however, has risen by 2 % within the last 24 hours to a price of around $208. Ethereum thus shows a positive development, but cannot currently keep up with the strong performance of Bitcoin.
Author: Collin Brown
Reasons why you would choose to run a Hyperledger Besu node are also two-fold: