Ethereum developers recently proposed a network change called EIP-1559 — a proposal meant to combat the network’s rising transaction fees. Expected to take effect in July of this year, the move would send a part of every transaction fee to the Ethereum network itself. Ether allocated in this manner would then be burned, reducing the number of coins in circulation.

This change would also decrease the amount of rewards going to the network’s miners, leading some to protest the move. A vocal group of participants have since begun to advocate for a demonstrative network takeover, which could threaten the security of the network. The group, however, does not seemingly intend to overthrow Ethereum, insisting that they only desire to show the viability of such an attack. Buterin and other Ethereum developers have since responded by planning defensive efforts.

“The goal of this document is to describe a mechanism by which a merge can happen quickly, with little modification to either the ethpow or beacon clients,” said Buterin. This move would essentially transition the network to Ethereum 2.0 faster than expected.

“Like clockwork, the Ethereum community has quickly organized potential solutions to this possible 51% attack, with Vitalik leading the charge,” a blog post from Status said on March 12, pointing toward the framework written by Buterin. “Vitalik describes how Ethereum can perform a ‘quick merge’ by rapidly moving from proof-of-work to proof-of-stake with limited changes required to Ethereum clients,” the post said.

A miner known as “Bits Be Trippin” commented during a March 9 YouTube video that, “Part of the risk display here is not to attack the network, it’s to show that force projection is possible.” 

Ethereum 2.0 is a scaling effort that looks to take the network from proof-of-work, or PoW, to a proof-of-stake, or PoS, mining consensus — an endeavor that has been in the works for years.

Buterin’s recently proposed framework would expedite the network’s mining consensus transition, choosing to work out the kinks and details of the system after the fact, the Status post detailed. The merge could pave the way for smoother development on Ethereum 2.0, according to the post and Buterin’s write-up.

The Status blog noted that the EIP-1559 opposition group have already technically mustered enough power to conduct their 51% attack, based on the group’s web page at the time of the blog post.

Ethereum’s network has been home to many significant developments in both the decentralized finance and nonfungible token arenas over the past year. As the number of platforms and assets running on the Ethereum network have grown, however, so too have the network’s transaction fees.

Ethereum initiated Eth2 in December 2020, with the launch of its beacon chain.

Source: www.cryptonewsboy.com

Ethereum’s Buterin Highlights Layer-Two Rollups as Potential Scaling Solution – Altcoins Bitcoin News – My Network Net Worth

As questions circle about the network’s capacities following surging transaction costs and accelerating activity in the decentralized finance (defi) arena, Ethereum’s founder Vitalik Buterin opines that layer-2 solutions could help the network scale by a factor of 100x in mere months to meet growing demand.

Ethereum has passed many milestones over the last 12-months and can be credited as the protocol responsible for popularizing the defi revolution thanks to its smart contract capabilities. Yet, as demand for the network’s service concurrently spiked, it created new headaches for users as surging gas costs made it much more expensive to transact.

These developments have coincided with the ongoing ETH2 rollout, which effectively upgrades the original infrastructure to support better performance through improved scalability, increased efficiency, and higher transaction throughput. However, recent activity has clogged network performance, sparking debates about the best methods to fix these problems.

In a recent interview on the Tim Ferriss Show with Naval Ravikant, Vitalik Buterin, Ethereum’s 27-year old cofounder, discussed how one answer to this congestion lies in layer-two scaling solutions that could be implemented in a matter of months. According to Buterin, rollups such as ZKS might play a key role in reducing network costs and amplifying performance.

Unlike a traditional Ethereum transaction, which would require the network to confirm the transaction, layer-two rollups effectively allow a sidechain to record and validate all transactions before “rolling them up” into a single transaction. That single transaction then needs to be approved by the mainchain, in this case, Ethereum.

In stark contrast to existing confirmation times, rollups can provide instant confirmation, circumventing the congestion that has plagued the Ethereum network for months. Buterin believes that this layer-two scaling solution can deliver 100-fold scalability within months. When combined with layer-one scaling solutions like sharding, which are also set to come to the network, that figure rises to 1000x.

Moreover, sidechains can address the high transaction fees that have angered users, adding affordability that is already being leveraged by new defi applications eager to expand their footprint.

Decentralized exchanges (dex) and defi protocols like Uniswap have been the unfortunate casualties of Ethereum’s congestion due to their layer-one construction. To address this shortcoming, ZKSwap’s ZK-Rollups, an automated market maker (AMM) layer-two-based token swap protocol, has developed a sidechain rollup to overcome the issue.

This rollup can support defi, but without the high gas fees that have hounded defi participants. Buterin believes that this rollup may be the answer needed to achieve the 100x scalability he mentioned, and the solution has already delivered demonstrable results.

According to a Tweet from March 10t that focused on the layer-two dex competition, ZKSwap currently holds the top spot among similar solutions, recording over $66,000,000 in 24-hour trading volume.

L2 DEX trading volume in the last 24hrs:

1 @ZKSwapOfficial $70,717,033 (7% $ZKS)
2 @QuickswapDEX $32,014,977 (25% $QUICK)
3 @loopringorg $8,447,643 (63% $LRC)
4 @nashsocial $1,608,638
5 @deversifi $763,514
6 @Leverj_io $234,417
Powered by @coingecko API

— L2_Dex_Wars (@L2Wars) March 10, 2021

Total value locked (TVL) in the dex (decentralized exchange) numbers is presently over $813 million at the time of writing.

Do you think the Ethereum network will ride the current bull run to grow X100 as Vitalik predicts? let us know in the comments section below.

Source: mynetworknetworth.com

Author: Demo

Ethereum (ETH) Miners’ Rebellion Accelerated the Transition to ETH 2.0 ›CoinTürk

Ethereum (ETH) The relentless struggle between its miners and developers seems to have accelerated the transition to ETH 2.0.

Mikhail Kalinin, one of the Ethereum developers, shared what the future of Eth2 includes in a post he shared on Twitter. Explaining the changes to be made in the current Ethereum network and expressing how to combine ETH 1.0 and ETH 2.0, Kalinin shared the steps of the transition to the PoS consensus mechanism.

Especially when the tension between Ethereum miners and developers is increasing, an explanation from an Ethereum developer about how to make this transition has led to the situation being understood as a bit of a threat. While Ethereum miners oppose the implementation of EIP-1559, it is emphasized that it is currently unanimously accepted and will be implemented in July.

Ethereum’s current transaction fee mechanism will also change with it. Some of the income miners earn from transaction fees will be used to buy ETH from the market. It is claimed that 1559 could reduce miners’ income by up to 50%. This has led some Ethereum miners to object, even if they are not the majority. Ethereum developers share the steps of transitioning to the PoS network, which is a clear threat to miners.

The Ethereum network is currently working on the Proof-of-Work model. This means that miners approve transactions and are mining. However, when the Proof-of-Stake (proof of existence) model is switched, there will be no need for miners in any way. The update, known as the difficulty bomb in the Ethereum network, will increase the mining difficulty on the network to a record level and mining will be terminated. This means that miners’ transaction fee income will at least be completely exhausted in the old way.

Ethereum miners will take a threatening step to protest this on April 1. As this tension climbs ETH price has also declined by 1.2% in the past 24 hours. As April 1 approaches and the miners do not back down, the tension can be expected to increase further.

Ethereum co-founder Vitalik Buterin, on the other hand, gave a similar message in a post published today, emphasizing that the transition to PoS could be accelerated. If ETH 2.0 is prepared faster than expected, it may affect the price positively.

Source: coinexc.com

Author: imsicoinexc

Ethereum’s Buterin Highlights Layer-Two Rollups as Potential Scaling Solution – Altcoins Bitcoin News

As questions circle about the network’s capacities following surging transaction costs and accelerating activity in the decentralized finance (defi) arena, Ethereum’s founder Vitalik Buterin opines that layer-2 solutions could help the network scale by a factor of 100x in mere months to meet growing demand.

Ethereum has passed many milestones over the last 12-months and can be credited as the protocol responsible for popularizing the defi revolution thanks to its smart contract capabilities. Yet, as demand for the network’s service concurrently spiked, it created new headaches for users as surging gas costs made it much more expensive to transact.

These developments have coincided with the ongoing ETH2 rollout, which effectively upgrades the original infrastructure to support better performance through improved scalability, increased efficiency, and higher transaction throughput. However, recent activity has clogged network performance, sparking debates about the best methods to fix these problems.

In a recent interview on the Tim Ferriss Show with Naval Ravikant, Vitalik Buterin, Ethereum’s 27-year old cofounder, discussed how one answer to this congestion lies in layer-two scaling solutions that could be implemented in a matter of months. According to Buterin, rollups such as ZKS might play a key role in reducing network costs and amplifying performance.

Unlike a traditional Ethereum transaction, which would require the network to confirm the transaction, layer-two rollups effectively allow a sidechain to record and validate all transactions before “rolling them up” into a single transaction. That single transaction then needs to be approved by the mainchain, in this case, Ethereum.

In stark contrast to existing confirmation times, rollups can provide instant confirmation, circumventing the congestion that has plagued the Ethereum network for months. Buterin believes that this layer-two scaling solution can deliver 100-fold scalability within months. When combined with layer-one scaling solutions like sharding, which are also set to come to the network, that figure rises to 1000x.

Moreover, sidechains can address the high transaction fees that have angered users, adding affordability that is already being leveraged by new defi applications eager to expand their footprint.

Decentralized exchanges (dex) and defi protocols like Uniswap have been the unfortunate casualties of Ethereum’s congestion due to their layer-one construction. To address this shortcoming, ZKSwap’s ZK-Rollups, an automated market maker (AMM) layer-two-based token swap protocol, has developed a sidechain rollup to overcome the issue.

This rollup can support defi, but without the high gas fees that have hounded defi participants. Buterin believes that this rollup may be the answer needed to achieve the 100x scalability he mentioned, and the solution has already delivered demonstrable results.

According to a Tweet from March 10t that focused on the layer-two dex competition, ZKSwap currently holds the top spot among similar solutions, recording over $66,000,000 in 24-hour trading volume.

L2 DEX trading volume in the last 24hrs:

1 @ZKSwapOfficial $70,717,033 (7% $ZKS)
2 @QuickswapDEX $32,014,977 (25% $QUICK)
3 @loopringorg $8,447,643 (63% $LRC)
4 @nashsocial $1,608,638
5 @deversifi $763,514
6 @Leverj_io $234,417
Powered by @coingecko API

— L2_Dex_Wars (@L2Wars) March 10, 2021

Total value locked (TVL) in the dex (decentralized exchange) numbers is presently over $813 million at the time of writing.

Do you think the Ethereum network will ride the current bull run to grow X100 as Vitalik predicts? let us know in the comments section below.

Source: bitcoin-core-news.com

Author: by admin

Ethereum Varieties Bullish Technical Sample, Why Shut Above $1,850 Is Important

Ethereum is holding features above $1,750 in opposition to the US Greenback. ETH worth is probably going organising for an important upside break above the $1,850 and $1,880 resistance ranges.

Ethereum is displaying a number of optimistic indicators and it’s buying and selling properly above $1,750.

The worth is now properly above $1,750 and the 100 hourly easy transferring common.

There’s a essential breakout sample forming with resistance close to $1,840 on the hourly chart of ETH/USD (information feed through Kraken).

The pair is more likely to begin a powerful rally if there’s a shut above the $1,850 resistance.

Ethereum corrected additional decrease beneath the $1,750 assist zone, whereas bitcoin prolonged its rise. Nonetheless, ETH remained properly bid above $1,720 and $1,700 ranges.

A low is fashioned close to $1,724 and the worth is presently rising steadily. There was a contemporary transfer above the $1,800 resistance degree. A excessive is fashioned close to $1,845 and the worth is presently consolidating features. It corrected decrease beneath the 23.6% Fib retracement degree of the upward transfer from the $1,724 swing low to $1,845 excessive.

Ether is now properly above $1,750 and the 100 hourly easy transferring common.  An preliminary assist is close to the $1,785 degree. It’s near the 50% Fib retracement degree of the upward transfer from the $1,724 swing low to $1,845 excessive.

Supply: ETHUSD on TradingView.com

There’s additionally an important breakout sample forming with resistance close to $1,840 on the hourly chart of ETH/USD. If ether worth clears the triangle resistance and $1,850, there could possibly be a powerful improve. Within the said case, the worth might rise in direction of the $1,900 and $1,920 resistance ranges. The subsequent main cease for the bulls could possibly be $2,000.

If Ethereum fails to proceed increased above the $1,840 and $1,850 resistance ranges, it might appropriate additional decrease. The primary key assist is close to the $1,785 degree.

The primary assist is now forming close to the $1,750 degree and the triangle decrease pattern line. If there’s a draw back break beneath the $1,750 assist, ether worth would possibly decline in direction of the $1,725 degree.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining tempo within the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 degree.

Main Assist Stage – $1,750

Main Resistance Stage – $1,850

Source: www.newsworldexpress.com

Author: admin

THETA price analysis: Ethereum killer or just a pump and dump?

THETA (THETA) is has been trending up exponentially in the past week, with its price reaching an all-time high of over $8. What is the reason for this move, and should you consider buying some THETA now?

THETA has been skyrocketing in recent days, with more and more people recognizing the platform as a viable video delivery network. On top of that, numerous social media posts regarding THETA have emerged recently, all calling it the real “Ethereum killer.” However, some analysts fear that the recent move is a simple pump and dump, and that THETA will pull back heavily as soon as bull momentum fades.

The uptrent that THETA is in corresponds to the time the cryptocurrency got listed on the Crypto.com exchange:

https://t.co/vCNztATkNg Exchange lists $THETA! Trade #THETA in #USDT pair now.

— Crypto.com (@cryptocom) March 5, 2021

THETA posted week-over-week losses of 52,39%, heavily outperforming both BTC‘s week-over-week gain of 19.56% and ETH‘s 20.46% gain. THETA is currently the 16th-largest cryptocurrency by market cap, boasting a value of $6.75 billion.

At the time of writing, THETA is trading for $6.81, which represents a price increase of 83.74% when compared to the previous month’s value.

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THETA has been in an uptrend for over a week now, with its price rising from just below $3 all the way to $8.05. However, the momentum seems to be fading as volume slowly fades.

The cryptocurrency has seen a slight pullback to the 23.6% Fib retracement level of $6.82, which is where it’s at at the moment. This could be considered a healthy pullback after a major uptick.

THETA/USD 4-hour chart

With that being said, THETA is now fighting for the 23.6% Fib retracement level, and the outcome of this fight will determine its short-term future. If the cryptocurrency manages to stay above $6.82, we may see another bull influx and a possible push towards new all-time highs. However, if the volume continues dropping, we will most likely see a drop below this level. In that case, We can expect THETA to look for support in its 21-period 4-hour EMA, as well as its 38.2% and 50% Fib retracement levels.

Source: blockchainworld.media

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