The Crypto Sector Is Yet To See The Best Of Ethereum

The Crypto Sector Is Yet To See The Best Of Ethereum

Ethereum hasn’t been in the headlines much since the hype around DeFi started slackening but that doesn’t mean it’s crashing

All talk in the crypto space this week has been focused on Bitcoin. The cryptocurrency has managed to make strong gains following news about PayPal now supporting it, which has boosted this upward momentum, driving Bitcoin to crack the $13,000 mark. Bitcoin prices rose even further and registered a new 2020 high after hitting $13,200.

Meanwhile, Ethereum has only caught a brief wave of hype, although industry experts believe it could grow even more. With the launch of Ethereum 2.0 being closer by the day, we could likely see ETH price rise to a new high.

Ethereum has only gained slightly over 4% after starting the week at $380. Yesterday, ETH managed to reach $400 but couldn’t stay the course and instead slumped. On an extended scale, however, Ethereum has done much better, and outperformed Bitcoin by a factor of two.

This performance will likely continue for the next few months as the fundamental, on-chain and technical indicators strengthen. There is also another boost based on the current prices of both cryptocurrencies. Ethereum is trading at about 70% below its all-time high compared to Bitcoin, which is only 35% shy of its peak.

According to its founder Vitalik Buterin, Ethereum is more than a hedge against failing fiat and can only be well described as a complete financial ecosystem. He believes that ETH should no longer be viewed as an altcoin because it has developed and seen a lot of overall growth over the past five years.

A staggering 9 million ETH is locked in decentralised finance as of writing. This translates to 8% of its maximum supply and depicts an upturn of more than 200% since the year started. A large percentage of Bitcoin is held in cold storage whereas ETH is being invested to earn more ETH and rewards in other crypto assets. A number of institutional investment funds like Grayscale have lately jumped in on ETH because it is viewed as undervalued.

DeFi has arguably been the biggest catalyst of ETH prices this year. Its impact has been significant, albeit not as much as that of Initial Coin Offerings to ETH prices three years ago. The next potential major driver of ETH prices will be the launch of Ethereum 2.0.

Source: www.bitcoindicate.com

Author: admin


WordPress Plugin Lets Publishers Timestamp Content On Ethereum

WordPress Plugin Lets Publishers Timestamp Content On Ethereum

A WordPress plugin has been developed which enables publishers to timestamp their content on Ethereum for immutability and copyright protection. The plugin for the WordPress web publishing platform now lets users protect their copyrights issues on the blockchain.

This plugin helps determine the proof of who created a piece of content and then reassure readers it has not been changed. Today, WordPress powers almost 37% of all sites and has an approximately 60% share of the CMS market.

WordProof, the Amsterdam-based company announced at the London BlockDown 2020 3D virtual blockchain conference about the development on October 22. Timestamping is crucial since it offers a unique fingerprint, identity or hash, for the latest version of the content that has already been added to the blockchain.

This strategy offers proof that the owner of a content created it, and it has not been tampered with or edited. Moreover, the site has proof of publishing time that can be used for possible copyright challenges.

Jelle van der Schoot, the head of Product at WordProof, said that the company’s vision is to be the highly user-friendly timestamping tool for use throughout all content management systems and e-commerce platforms. WordProof is also known to support EOS and Telos.

“Adding support for Ethereum marks an important step towards achieving this goal, so we’re excited to welcome the Ethereum community!”

Cryptocurrency is majorly being integrated into WordPress. In April this year, Draper Goren Holm, a blockchain startup incubator, launched the first DEX plugin for the CMS platform. The platform enables site owners to integrate a built-in DEX that enables users to exchange between stablecoins and crypto tokens.

The official WordPress website already has three pages of plugins categorized as crypto. A crypto payments portal is the most popular with more than 10,000 active installations coupled with a cryptocurrency price ticker widget that has more than 7,000 active installations.

Source: www.cryptovibes.com


Ethereum set to become first blockchain to settle $1 trillion in one year

Ethereum set to become first blockchain to settle $1 trillion in one year

Ethereum set to become first blockchain to settle $1 trillion in one year

The third-quarter decentralized finance (DeFi) boom has resulted in the Ethereum (ETH) network processing more than twice the daily transaction volume of Bitcoin (BTC).

According to crypto market data aggregator Messari, the 30-day rolling daily average for Ethereum transaction volume is currently $7 billion, with Bitcoin processing less than $3 billion.

If the current trend continues, Messari predicts Ethereum will become the first public blockchain to settle $1 trillion in transfers over a calendar year.

Ethereum’s previous strongest calendar year relative to Bitcoin was 2018, when it processed half a billion in volume, which was 59% as much as Bitcoin’s $849 million that year.

Bitcoin is on-pace for its second-strongest year behind 2018, projected to process $800 million.

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

It’s not a straightforward comparison between the two blockchains however. With the DeFi bubble largely taking place on top of Ethereum-powered smart contracts, the Ethereum network now processes the volume of an entire sector, while Bitcoin largely represents transfers of value denominated in BTC.

Messari’s Ryan Watkins attributes much of Ethereum’s volume spike to increased ERC-20 stablecoin volumes, with the majority of Tether (USDT) transactions now taking place on Ethereum and yield farming-driven demand pushing supply growth of more than 600% for MakerDAO’s DAI stablecoin.

Watkins also notes booming on-chain liquidity from decentralized exchanges (DEXs), with Uniswap and Curve generating more than $20 billion in volume combined during September. DEXs now represent more than 13.6% of total exchange volumes.

However, Messari predicts “the next twelve months could come to define the platform wars” in crypto, noting Ethereum’s ongoing high fees as a problem that rival blockchains will seek to solve, alongside “the rise of parallel DeFi ecosystems.”

“Look for all would-be ETH Killers to continue to empty out their treasuries to build a parallel DeFi sector throughout the end of 2020 and beyond.”

In August, Chris Burniske, a partner at PlaceHolder Capital, asserted that Ethereum and Bitcoin are racing each other to reach the first $1 trillion market cap in crypto.

Source: inula.org

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Waves Issues ERC-20 for Collaboration with Ethereum Network

Waves Issues ERC-20 for Collaboration with Ethereum Network

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Source: www.tmcnet.com


The Ethereum 2.0 Deposit Contract Launch is Now in “Two Weeks”

The Ethereum 2.0 Deposit Contract Launch is Now in “Two Weeks”

The ethereum 2.0 deposit contract is no longer expected imminently, but in two weeks, according to Danny Ryan, the ethereum 2.0 coordinator.

In a soft interview concerning much regarding ethereum 2.0, Ryan said that we have to get out version 1 of the spec first, with the deposit contract then following.

However, he said there are a couple of reason why they have not yet released the final spec, which he described as canonical.

The primary reason is the BLS Cryptography Library created by Supranational, a new company that does not even have a team on their website.

Boneh–Lynn–Shacham (BLS) signatures are critical to creating keys, signing messages and are critical in the early phases, Ryan said.

However, the library is under audit. It is also undergoing formal verification, which has some initial results, but the audit is two weeks in, and “we have another about two weeks of this audit to go,” he said.

“Given how critical this library is and if there’s an error we could F things up, that is ‘the blocker,’” he said.

Initially Vitalik Buterin et al intended to go with a much more established cryptography library, but a new dev Justin Drake successfully managed to get them to change to BLS even though this had not yet undergone standardization.

“Although the deposit contract has been written, tested, and formally verified, we are working to allow the BLS standardization to stablize prior to launch…

Fortunately, the deposit contract does not need to be put into production until we near Phase 0 launch, so this focus on standardization is not expected to have any effect on the Phase 0 launch date,” Ryan said a year ago.

The standardization has finished now, but we have this audit and formal verification with two weeks being an optimistic timeline as they may well come up with something and there may well be a re-write of something.

“I don’t expect showstoppers to come from any audits at this point. Instead they might find issues that need to be fixed but can be done so quickly,” Ryan said, adding:

“This is more about uncovering degenerate edge cases rather than a fundamental stamp of ‘good’ or ‘bad’ on the whole library.

The library is of incredibly high quality and really well structured for the sake of formal verification.”

Yet this library has not quite been tested in the wild. It is brand new, with it unclear just how many are keeping an eye on it.

Any error and keys can be broken, while many cryptography libraries having hidden back doors. This one though is used by a few other blockchain projects, but nothing as important as eth unlike the many other cryptography libraries that are used in banking and so on.

An audit moreover is not a stamp of approval. It’s more the people that read the code didn’t find anything, with the only audit that matters being that by the Nakamotos around the world, and if randomness is not air-tight or if there’s some sloppy backdoor, you can be sure they’ll brute force.

The decision to go with this BLS Library was made a year or two ago however, so now eth 2 has to run by their time-table, which so happens to be two weeks.

Ryan further said there are other things like clients hardening, tying up lose ends, optimizations on resource consumption, ongoing client audits, smoothing out the launchpads, all those things are happening in parallel but the big blocker is the audit of the brand new BLS cryptography library, he said.

Source: www.trustnodes.com


WordPress content can now be timestamped on Ethereum – securebitcoinnews

WordPress content can now be timestamped on Ethereum – securebitcoinnews

A plugin for the WordPress web publishing platform now enables users to timestamp content on the Ethereum blockchain.

The plugin can help with copyright issues, proof of who created a piece of content, and to reassure readers it has not been altered. WordPress currently powers around 37% of all websites and has a 60% share of the CMS market.

Amsterdam-based WordProof made the announcement at the London BlockDown 2020 3D virtual blockchain conference on October 22.

Timestamping is important because it provides a unique fingerprint, or hash, for the latest version of the content which has been added to the blockchain. This provides proof that the owner of the content created it, and it has not been edited or tampered with. Additionally, the website has proof of publishing time, which can be used for potential copyright conflicts.

Head of Product at WordProof, Jelle van der Schoot, stated the company’s vision is to be the most user-friendly timestamping tool for use across all content management systems and e-commerce platforms. WordProof also supports EOS and Telos.

“Adding support for Ethereum marks an important step towards achieving this goal, so we’re excited to welcome the Ethereum community!”

Crypto is increasingly being integrated into WordPress. In April 2020 a blockchain startup incubator called Draper Goren Holm, unveiled the first DEX plugin for the CMS platform. The plugin allows website owners to feature a built in DEX that allows users to exchange between crypto tokens and stablecoins.

The official WordPress site itself already has three pages of plugins categorized as crypto. The most popular include a crypto payments portal with over 10,000 active installations, and a crypto price ticker widget with over 7,000 active installations.

Source link

Source: securebitcoinnews.com


The Crypto Sector Is Yet To See The Best Of Ethereum


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