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Source: coin4world.com

Imperial alumni-led blockchain startup develops Layer-2 solution for Ethereum | Imperial News

Aventus has launched its main net Aventus Network as a layer-2 solution that lets any organisation build on Ethereum without the typical limitations.

The technology underpinning the Aventus Network (AvN) was first conceived by co-Founder and CEO Alan Vey at Imperial College London and this new launch sparks the beginning of a new strategic direction for Aventus as it transitions from a live entertainment ticketing protocol to a solution with a much broader market.

The network lets organisations ranging from financial asset managers and supply chain coordinators through to customer rewards schemes and live entertainment companies to easily develop and implement efficient, highly secure and future-proof blockchain solutions. 

Ethereum remains, and will remain, the network of choice for any organisation adopting blockchain technology as it offers a more secure way to make and monitor transactions than through traditional methods. However, it is a victim of its own success and therefore extremely limited by the number of transactions possible per-second, high fees, and slow transfer times.

With the launch of the main net Aventus AvN protocol mitigates Ethereum’s main challenges: 

AvN is 133X faster than Ethereum, scaling up to 2,000 transactions per second compared to Ethereum’s 15,

The average transaction cost for organisations using AvN is $0.01 – less than 1% of the average Ethereum transaction fee, 

Token transfers are processed in 0.13 seconds by AvN – more than 100 times faster than Ethereum,

As a layer-2 blockchain solution, Aventus combines the best of Ethereum’s highly secure distributed ledger with complete interoperability with future or existing blockchains.

AvN is also built with interoperability with other public blockchains into its foundations and long-term plans. To this end, Aventus will make its technology entirely open source for the developer community.

Alan Vey, Imperial alumnus and co-Founder and CEO of Aventus, said: 

“Several years of development and comprehensive testing in the making, AvN is built on the belief that Ethereum is brilliant – the philosophy of decentralisation, its high levels of versatility and security, and its incredible community of creative developers and enthusiasts. However, it’s limited, and we want to remove those limitations so that any organisation that could benefit from blockchain has the opportunity to.”

The launch of the Aventus Network follows a successful phase 1 of the Aventus Validator Registration Program where Validators earn fees from transactions processed on the Aventus Network. 

Thanks to Aventus’ existing partnerships with Cashback App, Artos Systems, FanDragon, and VOW currency, the Aventus Network is set to process a minimum of 8.5m historical transactions in the coming months.

For more information, please visit aventus.io.

Article text (excluding photos or graphics) © Imperial College London.

Photos and graphics subject to third party copyright used with permission or © Imperial College London.

This news is originally posted here

Source: cryptoliveinsider.com

‘Ethereum Killer’ Polkadot: What’s So Great About It, And Why Buy It?

A Polkadot logo sits blurred over a screen displaying the icons of numerous cryptocurrencies, led by … [+] Bitcoin.

Last week, I reached out to some professional crypto fund managers I know in Russia to give me their top crypto investments so I could get in on the action. One of the names that came up had also been mentioned by others I have not spoken to before, but everyone seemed to be on the same page: Polkadot (DOT) was the new altcoin everyone loved. It had all the right moves.

The Swiss-born “blockchain of blockchains” is often said to be an Ethereum killer. Ethereum (ETH) is the most highly traded cryptocurrency after Bitcoin.

But little known Polkadot has steamrolled it over the last month in terms of gains, up over 88% to Ethereum’s 50%.

Ethereum still seems to be the one true altcoin to Bitcoin. No one has stolen its thunder. Can Polkadot take some of that?

“Yes. Definitely. I believe Polkadot is in prime position to take over the altcoin space currently occupied by Ethereum,” says Denko Mancheski, CEO & Co-Founder of Reef Finance. They are integrated into Polkadot. “This is because of the slow pace of development within the Ethereum blockchain,” he says adding in words that only serious, full-time crypto investors and developers know, like “sharding” and “staking”.

Delays have continued to weigh on Ethereum, the blockchain developers love most created by Vitalik Buterin, a Russian-born programmer living in Canada. He launched Ethereum in 2014 after dropping out of the University of Waterloo.

Polkadot was founded by the Web3 Foundation in Switzerland and is an open-sourced, decentralized web created by ex-Ethereum CTO Gavin Wood, Robert Habermeier and Peter Czaban.

Gavin Wood is one of the founders and is ex-CTO and co-founder of Ethereum. He is the brains behind … [+] Substrate and Polkadot and is also the president of the Web3 Foundation.

What makes it different than Ethereum?

If you think that Bitcoin only knows how to transfer value between its participants, then Ethereum knows how to do it too, but they also know how to run complex computational tasks to run a program that will execute different functions. It’s the computer programmer geek’s Bitcoin.

The problem with Ethereum is that it runs on something called GAS. Because you need to pay GAS for every computational task and the more complex it is, the more expensive it is. Ethereum can get expensive for developers. If Ethereum is like a highway, then the programs that developers create on that highway have to pay a GAS price, which is basically a traffic congestion charge.

Sticking with the highway analogy, Polkadot is like having multiple highways, each can be built to serve a specific purpose for specific applications.

Polkadot serves as a protocol for protocols or a blockchain for blockchains, industry experts tell me. There is also the option to interact with other blockchains that are part of the Polkadot ecosystem. That saves money and resources, but it also gives developers access to the Polkadot community instead of building their own community to hype up new coin-funded projects. Polkadot simplifies the innovation process and takes the burden off having to build everything from scratch.

“Most of the people using Polkadot are developers. They’re people who are enthusiastic about it,” says Derek Yoo, CEO of PureStake and Founder of the Moonbeam Project, also on Polkadot now. “They are building new blockchains or new decentralized applications and finding ways to link existing chains to Polkadot’s new way of doing things,” he says.

The underlying appeal to developers is the more expressive and broader canvas they can paint on with Substrate, the Polkadot development system, compared to Ethereum.

If developers are flocking to it, so are investors.

Polkadot has been trading for less than a year. It was launched in its initial state only in May, in the middle of a global pandemic. It doesn’t yet correlate with anything, so it is not the cheaper ETH, so to speak.

“It’s better to make investment decisions based on other factors,” says Daniel Wolfe, Managing Director of Halycon Global Opportunities in Moscow. He runs their Simoleon Long-Term Value fund.

“DOT and ETH have similar ambitions, with both aiming to be the major platform for smart contracts,” he says. DOT has many elements that are designed to address perceived weaknesses of ETH. But ETH is an established platform with many existing projects already working on it. “DOT is something we own and something we are watching carefully,” he says. “There is reason to believe it will be a better network, but we will need to see sustained adoption. If that happens, investors will want to move out of their ETH positions into DOT.”

Ethereum has many elements that make it a favorite hold of institutional investors that have been buying crypto over the last couple of years. It is much more liquid, of course, and you can buy ETH futures as of this month.

For many investors, too, ETH is the coin they buy when they begin to diversify outside of Bitcoin. “Institutional adoption is the major driver for crypto valuations today, so it makes sense to have a larger position in ETH than DOT for now,” says Wolfe.

Many retail crypto investors prefer to buy whole coins rather than fractions, so they are the ones driving the altcoin market. Better to have 100 DOTs than a quarter ETH if that’s all you’re willing to play with on Coinbase or Bitpay. Some traders just like having the whole coin. I’m one of those guys.

Coinbase does not have Polkadot, but Kraken and others do. I am on Coinbase.

“Pretty much every cryptocurrency is still closely tied to the movements of Bitcoin, anyway,” says Mancheski. “There had been a lot of talk about decoupling and ETH moving a different way but the subsequent bear markets showed just how much the market is tied to the price movements of Bitcoin. I don’t see this changing in the near future. Polkadot’s market cycle would largely follow Bitcoin’s.”

Sometimes coins just need some wacky lift. Something viral. Maybe the TikTok teens in love with the Disney+ children’s show Miraculous: Tales of Ladybug and Cat Noir can find a friend in Polkadot. Looking at their website and it’s a bit dull, sadly. It needs to embrace the ladybug, maybe. Go red and white and black instead of pink, white and black. Just a suggestion.

Polkadot has even outperformed Bitcoin.

For now, the latest hot crypto is up exactly 1,055% since inception and sells for $31.12 a coin. Ethereum, all of seven years old, is up 274,991.9% and approaching $2,000. Last year at this time, it was $265.

Everyone looks at Polkadot the same way – hoping it follows a similar trajectory as Buterin’s Ethereum.

“Most projects being built on Polkadot today will be somewhat correlated to DOT,” says Mancheski. “Polkadot will become a market mover.”

Yoo thinks the same, which is why he’s set up shop on it. “A bet on Polkadot is a bet on a multi-chain future,” he says. “The market is recognizing that this is the reality we are moving into.”

Source: www.forbes.com

Author: Kenneth Rapoza

Ethereum Developers Eye July for Gas-Saving EIP-1559 Launch

The long-awaited gas-saving upgrade for Ethereum could be just a few months away now according to industry insiders.

Ethereum Improvement Proposal (EIP) 1559 has been the most talked-about upgrade for the network since ETH 2.0 was launched on Dec. 1, 2020. The EIP tackles the debilitating problem of high transaction fees which have strained the network in recent months.

The surge in prices and a booming DeFi sector have put a huge demand on Ethereum. As a consequence, gas fees have skyrocketed to record levels. According to BitInfoCharts, the average transaction fee is currently $17. This cost has peaked at $25 a number of times this month, however.

EIP-1559 introduces a mechanism to adjust the current auction process that determines transaction prices. This should have the effect of dynamically adjusting fees so that users pay the lowest bid for the block.

Predictions Global founder and Ethereum developer Ryan Berckmans has suggested that the upgrade could be launched in July with the ‘London’ hard fork.

1/ EIP-1559 is huge for ethereum and coming soon

EIP-1559
– likely launches in July
– delivers important benefits to all ethereum users
– would have burned ~$26M in ETH yesterday

Here are some EIP-1559 resources

— Ryan Berckmans (@RyanBerckmans) February 21, 2021

While EIP-1559 will not have any direct impact on ETH prices, it does have an effect on the supply. The proposal would dynamically burn fees which should eventually reduce issuance over time when proof-of-stake gets underway.

Berckmans added that there will also be scaling benefits for Layer-2 providers from the upgrade;

“One benefit of EIP-1559 is that it helps scale ethereum this year by enabling Arbitrum and Optimism to reliably get their security transactions into the next ethereum block. Since Arbitrum and Optimism are critical to scale ethereum this year, EIP-1559 is too.”

Earlier this month he suggested that the long-term effects of the upgrade could send ETH prices as high as $20,000 due to the fee burning going back to holders as opposed to profits going to miners.

Framework Ventures co-founder Vance Spencer suggested that the massive burning of ETH fees will create a “wealth effect tsunami;”

ETH thesis

1559 season approaching rapidly

ETH has ~$5.5bn of fees (9% of ETH supply) per yr, assume 1559 burns half

$2-3bn of high growth fee burn gets valued by market at 100x

ETH wealth effect tsunami, ETH DeFi whales get even bigger

ETH whale chain wins

L2 is gravy https://t.co/dfwaYLmB6r

— Vance Spencer (@pythianism) February 22, 2021

There is the additional premise that miners currently need to sell their ETH to cover costs. Without this selling pressure, the asset has more room to grow in value under proof-of-stake.

At the time of press, Ethereum was trading at $1,887 after declining 2.5% on the day. The asset hit an all-time high of $2,050 on Feb. 20 according to TradingView. Since the beginning of 2021, Ethereum prices have celebrated a gain of 155%

Source: coingraph.uno

Ethereum Reaches New Price Peak, Leading to Further Interest from Nvidia

Bitcoin may be hogging all the spotlight as of late, but we cannot discount some of the smaller competing altcoins that also call the crypto space home. One of those altcoins is Ethereum, the second-largest cryptocurrency by market cap and the number one competitor to bitcoin. At the time of writing, Ethereum has hit a new all-time high of more than $1,900 per unit, and the asset appears to be on a serious roll.

Bitcoin doing well is typically good news for its competing crypto cousins. When BTC spikes, the others will usually follow, and as bitcoin has consistently been on the rise over the past six months, so has Ethereum. The currency has risen by more than 160 percent since the beginning of the year, thereby beating out bitcoin by more than double its rate of 78 percent.

Jehan Chu – co-founder of venture capital firm Kenetic Capital – explained in a recent interview:

The ether slingshot is in motion, with the number two coin looking cheap and posed to surge relative to bitcoin’s $52K level.

While bitcoin works predominantly as a cryptocurrency, Ethereum has brought several additional factors to the table through its blockchain network. It is typically the most attractive system to those looking to develop decentralized apps (dapps) or new coins given its smart contract capabilities.

Ethereum has run into serious problems because of its popularity. The amount of traffic has proved difficult for the Ethereum network to handle, leading to slow transaction times and high gas fees among other things. Its co-creator Vitalik Buterin has even commented that Ethereum was lacking scalability. However, the unveiling of Ethereum 2.0 last year is likely to set the currency back on track.

Chu further states:

Despite ongoing complaints about Ethereum network fees, it remains the go-to destination for all blockchain applications.

Ethereum is doing so well pricewise that chip developer Nvidia is establishing a new series of semiconductors specifically designed to mine the world’s second-largest form of crypto. Known as CMPs – or cryptocurrency mining processors – the cards are set to go on sale this coming March according to a recent statement issued by the company.

Matt Wuebbling – head of GeForce marketing at Nvidia – commented in a blog post:

CMP products – which don’t do graphics – are sold through authorized partners and optimized for the best mining performance and efficiency.

Furthermore, the company is also unveiling a new addition to its gaming graphics card series known as the RTX 3060. At this stage, the card is still undergoing specific modifications, and likely won’t be ready until the latter half of the year, though customers are already engaged in pre-ordering the product.

Nvidia said:

RTX 3060 software drivers are designed to detect specific attributes of the Ethereum cryptocurrency mining algorithm.

Tags: Ethereum, ethereum price, Nvidia

Source: cryptrace.com

Author: admin

Ethereum Worth Prediction: ETH/USD Stays Shifting Larger to Commerce Round a Excessive-Mark Resistance of $2,000

Ethereum Worth Prediction – February 21
There was a persistent seen enhance within the valuation of ETH/USD buying and selling operations over a sizeable variety of buying and selling classes. The growing mode seems to be in a light-weight method thus far {that a} bit lacks intense volatility.

ETH/USD Market
Key Ranges:
Resistance ranges: $2,200, $2,400, $2,600
Help ranges: $1,600, $1,400, $1,200

ETH/USD – Every day Chart
As proven by the day by day buying and selling chart, variant ups and downs have characterised the formation of sequence of candlesticks fashioned on the purchase sign line of the SMA buying and selling indicators. One other set of candlesticks are being fashioned round a excessive worth of $2,000 line with the 14-day SMA trend-line positioned a bit over $1,600 under. In the meantime, the 50-day SMA is beneath the smaller SMA a bit over the instant assist degree on the $1,600 mark. The Stochastic Oscillators have penetrated the overbought area to seemingly resume a consolidation transfer. That signifies that extra pressures are nonetheless doubtlessly imminent.

Will, there be extra price-soars within the ETH/USD subsequent buying and selling classes?
It’s being a primary undeniable fact that the ETH/USD market buying and selling stance has constantly been on a rise over some buying and selling weeks working into some months now. Bulls’ forces have prevailed strongly over any tried falling pressures by bears within the crypto-trade largely whereas worth pushes southward in the direction of solely to search out assist earlier than the trend-line of the 14-day SMA indicator. That stated, the principle assist ranges for the present uptrend are round $1,800 and $1,600.

Key resistance is constructed up between $2,000 and $2,200 worth ranges. Expectantly, the ETH/USD bears could have the market’s benefit to make a stand versus the continuation of the present bullish development for some time. Nevertheless, ought to a violent bullish reversal happen round these buying and selling zones, that might ultimately result in creating an honest promoting wall in the long term.

ETH/BTC Worth Evaluation
Juxtaposing the price-strength of ETH with BTC, Ethereum has been beneath a sort of sell-offs as paired with the flagship crypto virtually full two weeks in the past. The buying and selling chart attests that each the 2 SMA trend-lines have breached southward previous. That signifies that the crypto-base is getting weaker presently. The 14-day SMA is a bit bent south-way over the 50-day SMA to showcase ongoing falling pressures within the crypto-pairs. The Stochastic Oscillators are dipped into the oversold area to consolidate inside it. That represents a buying and selling technical fable consistent with the potential of not seeing the crypto-base getting a rebound on a fast notice.

Source: bitcoinflashnews.com

Author: By admin

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