Ethereum TO SURGE | Electroneum ETN, Cybervein CVT, nGrave Zero Hardware Wallet, IOST, Crypto News

Ethereum TO SURGE | Electroneum ETN, Cybervein CVT, nGrave Zero Hardware Wallet, IOST, Crypto News

Опубликовано: 8 июн. 2020 г.

00:51 Market Update
01:21 3 Reasons Ethereum Will Surge
04:13 CyberVein
05:50 NGRAVE ZERO Cold Wallet
08:22 IOST & Uptrennd DAPP Writing Contest
10:13 Eletroneum ETN Merchants

References:
Ahead of Ethereum 2.0 Launch, 3 Key Metrics Point to ETH Price Surge
https://cointelegraph.com/news/ahead-…
CYBERVEIN CVT: INCREDIBLY FAST AND TRUSTWORTHY BIG DATA SOLUTION
https://www.altcoinbuzz.io/cryptocurr…
nGrave Hardware wallet ready for Pre order
https://www.altcoinbuzz.io/cryptocurr…
In collaboration with Uptrennd, IOST to Co-Host DApp Writing Contest
https://www.uptrennd.com/post-detail/…
https://twitter.com/iostoken/status/1…
Electroneum ETN launches ETNeverywhere.com
https://twitter.com/electroneum/statu…
https://etneverywhere.com/en/

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A New Token Lets You Save on Ethereum Fees by ‘Storing’ Gas

A New Token Lets You Save on Ethereum Fees by ‘Storing’ Gas

Ethereum (ETH)’s fees are hard-coded to only be payable in Ether, but a clever trick with smart contracts allows users to effectively pay for gas with a special token, which reduces the total fee they incur.

This principle was used by the team behind 1inch.exchange, a decentralized exchange aggregator, to introduce the Chi token. The technology was formally announced on June 5, and it builds on a previous iteration of the concept, called Gas Token (GST).

Chi takes advantage of a mechanism that refunds gas when storage space is freed on the Ethereum virtual machine. In the case of gas tokens, burning them destroys dummy “sub-smart contracts” that were created when the tokens were minted, which the team says is more efficient than erasing data directly.

Chi tokens are meant to be created when the gas fees on Ethereum are low, which allows the user to “store” that price for later use. As the CEO of 1inch.exchange, Sergej Kunz, explained at the ETHGlobal hackathon, this is especially useful for deploying smart contracts, an operation that can consume millions of gas. To put that in perspective, the total gas limit for a block is currently 10 million. 

To save on fees, the token must be burned alongside the primary operation, which reduces the total amount of gas spent in that transaction. This is because the refund operation cannot result in zero or negative total gas usage — meaning that it must be paired with another action to be effective. 

Nevertheless, Chi’s developers say that the token can cut down the price of a transaction by as much as 50%. 

The ability to lock in low gas prices during periods of inactivity could have important repercussions on Ethereum’s fee market. 

As noted by Vitalik Buterin and other developers in their discussions around the earlier Gas Token, the mechanism could smooth out the price of gas between periods of high and low activity. Users would stock up on gas tokens when it’s cheap to do so, and unload them when gas fees rise — thus balancing the overall demand for gas.

Anton Bukov, 1inch.exchange’s CTO, was nevertheless skeptical that Chi would alter the fee economics of Ethereum:

“I don’t think this will change anything, except that users have a way of tokenizing the price of gas, and they will be able to speculate on it.”

Bukov pointed out that Chi already has a use case on the 1inch platform, allowing users to save on fees with token swaps. 

On the other hand, the Gas Token, born in 2018, largely failed to achieve adoption because “few people understood how it works,” Kunz told Cointelegraph.

Bukov said that GST also had an issue interacting with the ERC-20 standard, which resulted in “wallets and even Etherscan showing the wrong balance.”

While GST was primarily used by arbitrageurs, Kunz noted, the direct integration with 1inch.exchange resulted in interest from other users as well. He also revealed that some decentralized finance providers are looking to integrate Chi in their systems.

Source: www.cryptobitnews.co.uk


A New Token Lets You Save on Ethereum Fees by ‘Storing’ Gas

A New Token Lets You Save on Ethereum Fees by ‘Storing’ Gas

Ethereum (ETH)’s fees are hard-coded to only be payable in Ether, but a clever trick with smart contracts allows users to effectively pay for gas with a special token, which reduces the total fee they incur.

This principle was used by the team behind 1inch.exchange, a decentralized exchange aggregator, to introduce the Chi token. The technology was formally announced on June 5, and it builds on a previous iteration of the concept, called Gas Token (GST).

Chi takes advantage of a mechanism that refunds gas when storage space is freed on the Ethereum virtual machine. In the case of gas tokens, burning them destroys dummy “sub-smart contracts” that were created when the tokens were minted, which the team says is more efficient than erasing data directly.

Chi tokens are meant to be created when the gas fees on Ethereum are low, which allows the user to “store” that price for later use. As the CEO of 1inch.exchange, Sergej Kunz, explained at the ETHGlobal hackathon, this is especially useful for deploying smart contracts, an operation that can consume millions of gas. To put that in perspective, the total gas limit for a block is currently 10 million. 

To save on fees, the token must be burned alongside the primary operation, which reduces the total amount of gas spent in that transaction. This is because the refund operation cannot result in zero or negative total gas usage — meaning that it must be paired with another action to be effective. 

Nevertheless, Chi’s developers say that the token can cut down the price of a transaction by as much as 50%. 

The ability to lock in low gas prices during periods of inactivity could have important repercussions on Ethereum’s fee market. 

As noted by Vitalik Buterin and other developers in their discussions around the earlier Gas Token, the mechanism could smooth out the price of gas between periods of high and low activity. Users would stock up on gas tokens when it’s cheap to do so, and unload them when gas fees rise — thus balancing the overall demand for gas.

What cryptocurrency will become the main one in a year?
BitcoinEthereum

Anton Bukov, 1inch.exchange’s CTO, was nevertheless skeptical that Chi would alter the fee economics of Ethereum:

“I don’t think this will change anything, except that users have a way of tokenizing the price of gas, and they will be able to speculate on it.”

Bukov pointed out that Chi already has a use case on the 1inch platform, allowing users to save on fees with token swaps. 

On the other hand, the Gas Token, born in 2018, largely failed to achieve adoption because “few people understood how it works,” Kunz told Cointelegraph.

Bukov said that GST also had an issue interacting with the ERC-20 standard, which resulted in “wallets and even Etherscan showing the wrong balance.”

While GST was primarily used by arbitrageurs, Kunz noted, the direct integration with 1inch.exchange resulted in interest from other users as well. He also revealed that some decentralized finance providers are looking to integrate Chi in their systems.

Source: cryptobrain.net

Author: by admin


Satoshi Nakaboto: ‘Daily Ethereum network fees surpass Bitcoin’s’

Satoshi Nakaboto: ‘Daily Ethereum network fees surpass Bitcoin’s’

Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Schopenhauer used to say: Do what you love and you’ll never work another day!

We closed the day, June 07 2020, at a price of $9,758. That’s a minor 1.09 percent increase in 24 hours, or $105. It was the highest closing price in two days.

We’re still 51 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin’s market cap ended the day at $179,540,253,701. It now commands 66 percent of the total crypto market.

Yesterday’s volume of $25,015,250,846 was the highest in two days, 8 percent above the year’s average, and 66 percent below the year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 459 tons of gold.

A total of 252,209 transactions were conducted yesterday, which is 21 percent below the year’s average and 44 percent below the year’s high.

Yesterday’s average transaction fee concerned $0.36. That’s $3.55 below the year’s high of $3.91.

As of now, there are 13,594 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 5.2 percent of the total supply, the top 100 14.7 percent, and the top 1000 35.0 percent.

With a market capitalization of $181 billion, Toyota has a market capitalization most similar to that of Bitcoin at the moment.

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.3 percent behind being on track. Bitcoin‘s price should have been $368,004 by now, according to dickline.info.

Bitcoin used an estimated 161 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 59 terawatt hour. That’s the equivalent of Israel’s energy consumption or 5.4 million US households. Bitcoin’s energy consumption now represents 0.26% of the whole world’s electricity use.

Yesterday 26,035 fresh tweets about Bitcoin were sent out into the world. That’s 34.1 percent above the year’s average. The maximum amount of tweets per day this year about Bitcoin was 82,838.

This was one of yesterday’s most engaged tweets about Bitcoin:

Daily #Ethereum network fees surpassed #Bitcoin fees yesterday.

Ethereum fees: $498k
Bitcoin fees: $308k

So far, this has only happened on 141 days (8%).

Compare here: https://t.co/Dm72hMAPT8 pic.twitter.com/TsPd6rLQWj

— glassnode (@glassnode) June 7, 2020

This was yesterday’s most upvoted Reddit post about Bitcoin:

Why Coinbase Experienced An Outage as Bitcoin Climbed Past $10,000 from r/CryptoMarkets

print(randomGoodByePhraseForSillyHumans)

My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

Source: thenextweb.com

Author: Satoshi Nakaboto


Ethereum Topped Bitcoin In Network Daily Fees Over Weekend – BITCOININNEWS.COM

Ethereum Topped Bitcoin In Network Daily Fees Over Weekend – BITCOININNEWS.COM

Daily Ethereum network fees surpassed those of the Bitcoin (BTC) network for two consecutive days on June 6 and June 7, data obtained by on-chain market analysis firm Glassnode shows.

According to Glassnode, on June 6, the total amount in fees spent on the Ethereum network added up to $498,000, compared to Bitcoin’s $308,000. The gap continued to widen the next day, totalling $540,000 and $258,000 represectively. 

This is the second time Ethereum network fees have topped Bitcoin’s this year. On March 12, there was a sudden spike in Ethereum network fees, which totalled almost $800,000, greatly exceeding the amount paid by Bitcoin users on the same day. The Ethereum network was experiencing major congestion at the time, which likely prompted users to pay more fees for their transactions. 

This time around, the reasons behind what Twitter commentators are calling the “feepeninig” seem similar. 

First, Bitcoin’s mempool has recently been cleared as a result of the latest difficulty adjustment, which took place on Thursday. The lack of pending transactions has greatly reduced transaction fees on the network, which have dropped to the $1 mark. For comparison, on May 20, an average Bitcoin transaction could cost up to $6.6 due to the post-halving state of the network. 

Ethereum’s mempool is currently clogged, with over 103,000 transactions pending, which partly explains the latest network fees numbers. Moreover, stablecoin transfer value has been hitting new records this year, suggesting that stablecoins — most of which, like Tether (USDT), Paxos (PAX) and USD Coin (USDC), operate on the Ethereum network — have greatly contributed to the network activity. 

Ethereum developers aim to address the scalability problem in the upcoming Ethereum 2.0 upgrade, scheduled for sometime in July. 

Specifically, the network will move on to a Proof-of-Stake, or PoS, consensus — meaning that asset holders, called stakers, will be responsible for network validation instead of miners. Curiously, last week, an anonymous user dropped an ETH 2.0 scaling solution on Medium.

Source: www.bitcoininnews.com


Ethereum TO SURGE | Electroneum ETN, Cybervein CVT, nGrave Zero Hardware Wallet, IOST, Crypto News


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