Ethereum Classic Market Capitalization Reaches $728.14 Million (ETC)
Ethereum Classic (CURRENCY:ETC) traded 2.9% lower against the U.S. dollar during the 1 day period ending at 13:00 PM E.T. on July 14th. One Ethereum Classic coin can currently be purchased for about $6.26 or 0.00067878 BTC on cryptocurrency exchanges including Bit-Z, Cryptopia, Indodax and Coinroom. Ethereum Classic has a total market capitalization of $728.14 million and $601.68 million worth of Ethereum Classic was traded on exchanges in the last day. Over the last week, Ethereum Classic has traded 1% higher against the U.S. dollar.
Here’s how similar cryptocurrencies have performed over the last day:
Ethereum Classic Profile
Ethereum Classic is a proof-of-work (PoW) coin that uses the Ethash hashing algorithm. Its launch date was July 23rd, 2016. Ethereum Classic’s total supply is 116,313,299 coins. Ethereum Classic’s official website is ethereumclassic.org. The official message board for Ethereum Classic is forum.ethereumclassic.org. The Reddit community for Ethereum Classic is /r/EthereumClassic and the currency’s Github account can be viewed here. Ethereum Classic’s official Twitter account is @eth_classic and its Facebook page is accessible here.
Buying and Selling Ethereum Classic
Ethereum Classic can be traded on these cryptocurrency exchanges: Bittrex, CoinEgg, Coinbase Pro, Stocks.Exchange, CoinExchange, Liquid, OKCoin International, Gate.io, Coinsuper, CoinEx, Bitfinex, CoinBene, ChaoEX, Coinroom, Gatehub, HitBTC, LiteBit.eu, Cryptomate, Ovis, BtcTrade.im, BCEX, Coinhub, Kucoin, OKEx, LBank, BTC-Alpha, C2CX, Exrates, Exmo, Coinnest, Huobi, ZB.COM, Crex24, C-CEX, Cryptopia, Kraken, QBTC, Koineks, Bibox, Bit-Z, Upbit, RightBTC, HBUS, BigONE, Instant Bitex, BitForex, Coinut, Bitbns, Coinone, Korbit, BTC Trade UA, CoinTiger, Indodax, Binance, Bitsane, YoBit, ABCC, BTC Markets, Bithumb, CPDAX, FCoin, EXX and Poloniex. It is usually not possible to purchase alternative cryptocurrencies such as Ethereum Classic directly using US dollars. Investors seeking to trade Ethereum Classic should first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as Coinbase, GDAX or Changelly. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase Ethereum Classic using one of the aforementioned exchanges.
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Author: Xavier Holt
This El Salvador Village Adopts Bitcoin As Money
On the coast of El Salvador, lies a small rustic beach town of 3,000 locals, known as El Zonte. A surfer’s paradise, the village is frequented by those seeking an authentic and rustic vibe. Like so many Central-American beach towns, the families of El Zonte were hit hard by the COVID-19 pandemic. While other tourist hot-spots continue to struggle as borders remain closed, the people of El Zonte have forged their own path forward, thanks to its newly formed Bitcoin economy.
Bitcoin education station in El Zonte.
Sometime in early 2019, an anonymous donor with a fondness for El Zonte discovered a forgotten thumb drive loaded with Bitcoin. He had originally purchased the asset when it was priced at around 5-10 cents, and put it aside for several years. Upon realizing what his holdings were now worth, the donor spent several days attempting to unlock his wallet. After many futile attempts, the donor was finally able to remember his passphrase and retrieve the funds. A believer in using blockchain technology to boost inclusion for the unbanked, he decided to seize this stroke of luck and put the funds to good use by allocating a multi-year six figure donation to El Zonte.
After meeting with several philanthropies in the region, all of which wanted to take the funds and convert them into fiat to cover the community’s immediate needs, the donor partnered with Michael Peterson, a San-Diego native that spends up to 9 months of the year volunteering in El Zonte. Michael was given the opportunity to administer the Bitcoin on one condition – he would not cash it out. Beneficiaries of the digital currency had to learn how to use the Bitcoin itself, creating a Bitcoin economy. This was the birth of the Bitcoin Beach initiative.
Jorge Valenzuela teaching local kids how to use Bitcoin.
Bitcoin Beach set out to create a sustainable Bitcoin ecosystem, where the majority of residents are unbanked and the local businesses don’t meet the requirements that would enable them to accept credit cards.
Michael Peterson developed a proposal for a Bitcoin circular economy which factored in remittances, tourism, public service and small business. Parallel to El Zonte, Bitcoin was also injected into another beach community 3 hours away, Punta Mango. The goal is for Bitcoin adoption to grow in different communities and fill the gaps in over time.
Line to receive Bitcoin payments in El Zonte.
A popular criticism of Bitcoin is the high fees and slow processing speed of the network. Using Bitcoin can be impractical when purchasing a cup of coffee, for example. The Bitcoin Beach initiative addressed this challenge head on.
“Originally, it didn’t make sense for 25 cent transactions, but did for 5 dollars. But when the transaction costs ramped up again, we switched over to the Lightning Network,” says Michael Peterson, Founder of Bitcoin Beach.
The Lightning Network is a second layer payment protocol that operates on top of the Bitcoin network, and enables instantaneous and affordable transactions. The group chose the Australian-based Wallet of Satoshi as its wallet of choice, as it works for both on-chain and off-chain transactions.
Currently, you can use the Lightning Network to buy anything from tacos, to hardware supplies to paying your utility bill.
Woman buying necessities using Bitcoin in El Zonte.
Youth Work Programs: From cleaning the El Zonte River from trash, to fixing the water system damaged by a recent storm, to road repairs and trash removal, the youth of El Zonte contribute to their community in exchange for Bitcoin deposited to their wallets.
Educational Grants: Bitcoin Beach provides educational grants in Bitcoin to students who decide to continue their education to high school and university.
Transportation to School: One of the challenges in El Zonte is that its local school ends after 9th grade. In order to continue their education, students have to commute to a high school in another town. Bitcoin Beach provides students with funds to pay for the bus and to even buy snacks in schools.
Universal Cash Transfers: As borders remain closed and unemployment at an all time high, the COVID-19 pandemic pushed the initiative to create direct Bitcoin transfers to families most in need. Transfers of $35/family are made to 600 families every 3 weeks, which covers 50% of basic needs per household.
Bitcoin donations to El Zonte.
Food and Basic Needs: As stores and business became desperate for income during the pandemic, they started to accept Bitcoin. Today, you can use Bitcoin at several grocery stores, three restaurants, barber shop, nail salon and two hardware stores.
Jorge Valenzuela helping families to install Bitcoin wallets to receive their COVID payments.
Community Construction Projects: Investing in long term infrastructure, Bitcoin Beach designed a system to pay contractors, builders and suppliers for construction projects in Bitcoin.
Utilities: The local water department will accept payments in Bitcoin, with the electric department soon to follow.
Woman buying eggs with Bitcoin in El Zonte.
“As we injected Bitcoin into the community, we also taught local businesses how to accept it and helped educate them on the advantages and drawbacks of accepting Bitcoin…There was a lot of resistance among the adults, [it was] too technical. So we moved on to youth, they picked it up right away. The key is to get them to start transacting right away, then they want to learn more about it, the security of it, and how it works,” described Michael Peterson.
Bitcoin training classes in El Zonte, El Salvadore.
Bitcoin training stations in El Zonte. Residents scan a QR code to receive their deposits.
When COVID-19 hit, the community became more open to learning about Bitcoin out of necessity. To maintain social distancing, Bitcoin Beach set up a Facebook group with ‘how-to’ videos to further its education efforts.
Bitcoin Beach is constructing an education centre in El Zonte.
One local that has been working closely with Michael on facilitating the Bitcoin economy is Jorge Valenzuela. Jorge has focused on local youth philanthropy initiatives for several years and oversees all training funded by the initiative, as well as the universal cash transfers during COVID-19.
Jorge Valenzuela training a local coffee shop owner to use Bitcoin.
“It’s great to see youth excited and dreaming about their futures in El Salvador and seeing a path forward here, instead of thinking they need to go to the U.S. They are able to work, help support their families, and go to University…Bitcoin has helped me understand what money really is and has given the resources to impact the lives around me,” says Jorge Valenzuela.
Bitcoin education group.
Another local volunteering with the initiative is Roman “Chimbera” Centeno, who after living in Italy for several years, came back to his hometown to find his community using Bitcoin:
“It is amazing what is happening here in El Zonte. We are preparing the kids of the future. They are used to it now – they can check their money on their cell phone, they are excited to save. This financial education is important. We never got that opportunity, and it’s incredible the opportunities children have now. It makes them believe that there is a future in El Salvador. That they don’t have to leave and go somewhere else to succeed…Our kids start dreaming again. They have time to be kids, to swim and to play. Bitcoin gives them freedom. ”
Roman “Chimbera” Centeno at a Bitcoin training station in El Zonte. Residents scan a QR code to … [+] receive their deposits.
Blockchain Beach is testing out a new product, the Strike app, which also runs on the Lighting Network, and connects to the recipient’s Bitcoin Wallet and the sender’s bank account, making a transaction from the U.S. to El Salvador fast and cost-effective.
El Zonte also recently got their first Bitcoin ATM powered by Athena Bitcoin. Notably, the town still does not have a regular cash ATM.
So far, the project has not seen any intervention from the government, but the founder hopes to engage the authorities to help and to promote regulatory clarity.
“The president of El Salvador is a big proponent of new technology and we believe he will support the efforts,” says Michael Peterson.
At the time of writing, the price of Bitcoin is $9226.56.
Author: Tatiana Koffman
Temasek, MAS Issue Global Blockchain Suggestions
Singaporean government-owned investment house Temasek and the Monetary Authority of Singapore (MAS) have wrapped up the final phase of describing a framework for using blockchain technologies to execute secure global transactions involving multiple currencies, the organizations said today in a joint news release.
The work was part of a five-phase endeavor called Project Ubin.
“An international settlement network, modeled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels,” the two organizations wrote.
The framework is outlined in a 75-page report published by the two organizations with help from consultancy Accenture.
“The next leap will be in implementing live commercial solutions to solve real-world challenges,” the company and government agency wrote.
Temasek was recently valued at about $215 billion.
The fund recently joined Facebook’s Libra Association, which exists to help form policy for the Libra payment network.
In today’s announcement, Lay Lim Teo, Accenture’s country managing director for Singapore, said, “Through Project Ubin, we have identified areas where blockchain-based solutions can be deployed at scale and drive greater payment efficiency across industries. The financial ecosystem is an integral part of Singapore’s ambition to be a Smart Nation. The collaboration between financial and non-financial firms to create the network necessary to support multi-currency payments will also drive new products and services that generate new revenue streams.”
Chia Song Hwee, deputy chief executive officer of Temasek, said, “Blockchain technology has great potential in transforming businesses and opening up new business opportunities. Phase 5 of Project Ubin has demonstrated the commercial applicability, viability and benefits of blockchain technology across industries, beyond capital markets and trade finance. This validates Temasek’s efforts in exploring and building blockchain solutions focusing on digital identity, digital currencies and financial asset tokenization. We look forward to supporting commercialization efforts emanating from Project Ubin and other application areas, with a view to drive greater adoption of blockchain technology.”
Author: News Bureau
Here’s What Could Trigger A Sharp Decline
Ethereum is stuck in a range below the $242 and $245 resistance levels against the US Dollar. ETH may soon either rally above the $245 resistance or decline sharply below the $235 support.
In the past few days, Ethereum made a few attempts to crack the $235 support zone against the US Dollar. However, ETH price remained stable above the $235 support, but it also failed to gain bullish momentum.
The last swing low was near $237 before the price corrected higher. It surpassed the $240 level and the 100 hourly simple moving average. There was a break above the 23.6% Fib retracement level of the latest drop from the $245 swing high to $236 low.
On the upside, the price is facing a strong resistance near the $242 level. Ether is also struggling to clear the 50% Fib retracement level of the latest drop from the $245 swing high to $236 low.
Ethereum (ETH) price trades below $240. Source: TradingView.com
There is also a significant bearish trend line forming with resistance near $242 on the hourly chart of ETH/USD. It seems like ether price is facing a couple of important hurdles near $242 and $245. A successful close above the $245 resistance is needed for a strong upward move.
The next major resistance is near the $250 barrier, above which the bulls are likely to aim a sustained upward move towards the $262 and $265 levels.
On the downside, the $235 support holds the key. If there is a successful close below the $235 support, the bears are likely to take control in the coming sessions.
The next major support is near the $230 level, below which the bears are likely aim a test of the $220 pivot level.
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently well below the 50 level.
Major Support Level – $235
Major Resistance Level – $242
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Ethereum News Today – Headlines for July 14
- Ether has its focus on USDT and DeFi
- Ethereum’s 5th anniversary is near
- Ethereum 2.0 launch is fast approaching
Ethereum News Today – it is now nearly five years since the launch of the ETH network in 2015. We can agree that the future of the network may lay in DeFi and Tether’s USDT, industry experts believe. They say Tether stablecoin and DeFi (Decentralized Finance) tokens will play big roles in Ethereum’s future as the blockchain network approaches its fifth anniversary on July 30.
According to a statement from the network, the CTO (Chief Technology Officer) of Bitfinex and Tether, Paolo Ardoino, said Ethereum’s Blockchain will have a central role in the overall digital asset space in the coming years as Ethereum-based Tether will continue to support and facilitate growing ventures along with innovation in the Blockchain sector.
Ethereum has come a long way over the years. According to Ardoino regarding the role of Ethereum:
“We expect that the recent rise of DeFi can result in more DeFi financing projects and products that will shape the industry’s developments in a decentralized way. USDT is one of the biggest and fastest-growing tokens in DeFi. We will make sure Tether continues to have a starring role in supporting this asset class/alternative financial system. Tether will remain the reserve currency for DeFi.”
Tether had a total market share of 78% in Ether-based stablecoins. Most tokens are on the ETH Blockchain. Tether’s USDT remains the largest user of gas on the Ethereum network. This trend may rise as other networks continue to move to the network. One of them is the $300 million shift of Tether from Tron that happened recently. The CTO also mentioned the OMG Network Plasma launch as a sidechain designed “to help reduce pressure and load on the Ethereum Blockchain.” We have also reported the addition of a sidechain could ensure that there are cheaper transactions after transaction rates reached two-year highs last month.
Despite the recent rise in transaction rates and the reported congestion on the Ethereum network, some industry officials expect the next upgrade to the Blockchain to be a more viable solution. According to Kosala Hemachandra, the founder and Chief Executive Officer of MyEtherWallet, regarding ETH 2.0:
“The coming update would alter the definition of Blockchain tech by creating a more secure and sustainable model that can compete with centralized scaling solutions.”
Per a Reddit AMA (Ask Me Anything) session on July 10, Justin Drake an Ethereum-based researcher said the ETH 2.0 update could launch by January next year (2021). However, the co-founder of the Ethereum network Vitalik Buterin is looking at a November 2020 release for the update.
Author: Published 22 hours ago
Frustrations Over Ethereum 2.0 Delay Eased by Matic Testnet Speed
Matic Network, the Layer 2 scaling solution for Ethereum, revealed the results of their Counter Stake testnet stress testing.
Over an uninterrupted two month period, the team claims the network achieved speeds of up to 7,200 transactions per second (TPS). What’s more, this occurred under decentralized conditions.
“During stress testing, 122 validators were active and running validator+sentry nodes. Thus, the network was truly decentralized, ensuring reliable results.”
The blog post also stated that performance tweaks could result in even higher throughput upon mainnet launch.
Validator dashboard during testing. (Source: blog.matic.network)
This bodes well for Ethereum, which often draws criticism for its lack of scaling and low 15 TPS throughput.
And with further ETH 2.0 delays, Matic’s achievements could go some way towards thwarting the competition.
Developers initially scheduled January 2020 for the ETH 2.0 launch, but delays to the rollout have drawn flak from investors who grow increasingly frustrated.
In a recent Reddit AMA, Ethereum Foundation Researcher, Justin Drake, gave a tentative date of January 3rd, 2021, for the Phase 0 rollout.
Drake said several critical functions still need finalizing, including a public testnet with at least three clients running, an incentivized “attack net,” a bug bounty program, and differential fuzzing, which refers to bug testing.
He gave approximate times of 2-3 months for the completion of each critical function, going onto say Thanksgiving and Christmas holidays bring us to his estimated rollout at the start of 2021.
In a follow up to Drake’s update, Ethereum Co-founder, Vitalik Buterin, said he wants a Phase 0 launch well before that date, even if it isn’t ready.
“FWIW I personally quite disagree with this and I would favor launching phase 0 significantly before that date regardless of level of readiness 😀“
In response, the crypto community blasted both the 2021 rollout date, as well as Buterin’s comments. One user wrote:
“Ethereum will have a credibility issue if you can’t launch phase 0 this year. There are tradeoffs for sure but I think the delay will cause more harm at this point.”
Another made the point that Phase 0 is not even the full rollout, and struggled to understand why this stage required 3+ clients on board.
“But I think this whole concern over decentralization upon a phase 0 launch is completely overblown. Most people won’t even migrate to ETH2 upon phase 0 launch. I know I won’t. I’d want to see how things go with phase 0 first. Having different clients to choose from is the LEAST of my concerns.”
“Launch it regardless of level of readiness”
That’s what you want in a billion $ system
— ⓂⓡⓋ (@MrV_777) July 10, 2020
As Buterin and the Ethereum community continue piling pressure on developers, Matic’s recent achievements, in launching staking, and now concluding the Counter Stake testnet, provide some relief.
What’s more, rumors are circulating that the full ETH 2.0 launch, that is, the completion of all three phases, is likely 3-5 years away.
With that, some have dubbed Matic as “Ethereum 2.0 right now.” And with no other viable scaling solutions in sight, it’s a title that holds.
Given recent price action, investors agree that Matic is capable of helping Ethereum overcome its performance constraints.
MATICUSD daily chart YTD. (Source: tradingview.com)
The Matic Price has been in an ascending channel since mid-March, topping out in late May at $0.02750. Currently, the price of Matic is $0.02281, a 250% increase since mid-March.
Author: Samuel Wan