Ethereum news

Ethereum or Bitcoin? Experts answer

Ethereum or Bitcoin? Experts answer

Decentralized finance is among the most promising and certainly the quickest rising ecosystems inside the crypto and blockchain house. Whole worth locked in DeFi — a measure of the full worth of belongings dedicated to the DeFi ecosystem — has been approaching the $40-billion mark this month, which signifies a price improve of round 200 instances since February 2019. And 2021 has simply began, promising some major developments for the DeFi house. 

Associated: Was 2020 a ‘DeFi year,’ and what is expected from the sector in 2021? Experts answer

DeFi has made plenty of modifications in our world. Some argue it has began the shift to actual decentralization; from the rise of the Web 3.0 movement to decentralized governance, others see it as the solution to the broken legacy finance and the future of banking.

Regardless of all the advantages that DeFi provides, there are some issues and challenges that ought to be addressed. The long run success of the ecosystem is determined by correct and safe information that’s free from manipulation and thus much less susceptible to exploits, which requires the implementation of quality-control mechanisms. Bettering transaction speeds and the peer-to-peer aspect additionally stay among the many vital points in an effort to acquire wider adoption and sustainability to the trade.

In the meantime, the key impediment for DeFi improvement stays the constantly increasing gas fees on Ethereum, which were above $1,000 this month. And whereas the long-awaited Ethereum 2.0 transition, which goals to deal with this downside, “will save the day,” some argue that DeFi users shouldn’t wait for Eth2 to show what it claims it might do.

Associated: The Ethereum 2.0 factor: Changing the way DeFi projects operate

Undoubtedly, Ethereum has been overtaking Bitcoin (BTC) because the main DeFi protocol infrastructure and community. Nonetheless, some experts state that “it’s laborious to think about a future the place BTC shouldn’t be utilized in DeFi merchandise,” whereas others claim that Bitcoin “will ultimately be compelled to interrupt its 21-million provide restrict to stay sustainable and related” as DeFi retains rising and flourishing. Cointelegraph reached out to consultants within the DeFi house for his or her opinions on the next query: Will DeFi stay virtually solely on Ethereum, or will it turn out to be massive on different layer ones, or will new tasks including good contracts to Bitcoin steal some thunder?

“However, isn’t the query answered? DeFi is already on different chains. Doesn’t appear hypothetical.”

“Whereas Ethereum has been the innovator of good contracts, its intensive infrastructure measurement makes it a gradual mover relating to obligatory modifications it has to make to adapt to customers’ wants within the present market. Gasoline charges have been repeatedly on the rise since DeFi bloomed up, and because the quantity of charges spent on the Ethereum community reached its all-time excessive, it’s been contributing to others taking a bit of the pie. Let’s not overlook, for a lot of smaller retail buyers, the present gasoline charges on the Ethereum community might be increased than the annual proportion yield they’d acquire from staking a full yr.

Certain, now we have tasks comparable to Stacks 2.0 with hopes to make Bitcoin programmable, however I believe Bitcoin’s most important performance will keep unchanged as a long-term retailer of worth asset. This performance is essentially the most sought-after since Bitcoin stays the most important market-dominant cryptocurrency right this moment.

I believe winners within the DeFi house might be quick movers with strong expertise, comparable to Challenge Serum constructed on the lightning-fast Solana blockchain with less expensive transaction charges that again it up with huge liquidity, and interoperable with Ethereum and Bitcoin. And so long as the dominant cryptocurrency exchanges assist direct withdrawal to those units of belongings, they’ll flourish.”

“DeFi was began with the ethos of open permissionless entry that drives competitors and in the end higher monetary merchandise for extra folks all over the world. We’ve seen it with Uniswap/SushiSwap, stablecoin battles, and many others., and that competitors is an efficient factor and ought to be inspired.

Will we see DeFi on different chains? Sure, after all.

However simply as Bitcoin has ‘received’ the store-of-value use case for crypto, Ethereum has a large lead within the ‘permissionless settlement’ use case. You’ll be able to see it in stablecoin utilization/volumes (ETH dwarfs different L1s) and cross-chain bridges that at all times embody Ethereum mainnet. So, we’ll see different L1s and L2s aggressively add DeFi merchandise however most (if not all) might be bridged again to Ethereum for final, censorship-resistance settlement. We consider we’re on the very starting of a decade-long cycle of innovation and killer apps within the DeFi house throughout quite a lot of totally different L1 and L2 blockchains.”

“Ethereum continues to be the first curiosity of great builders within the trade, however it’s clear that different layer ones are beginning to accrue curiosity and expertise. In our view, the 4 most vital layer ones proper now are Polkadot, Avalanche, Binance Good Chain and Solana, respectively. Polkadot has the most important focus of actual groups constructing DeFi functions that would see actual quantity. We’re already working with Reef Finance and Tidal Finance to combine into their yield farming and insurance coverage swimming pools. We’re working with the Avalanche workforce to deploy our good contracts on their chain. Lastly, we’re seemingly deploying on BSC within the close to future. BSC has substantial wash buying and selling quantity, however we additionally see actual exercise and yields based mostly on our conversations with farmers on the vanguard of the ecosystem. The truth that BSC leverages the developer tooling and pockets infrastructure of Ethereum makes it engaging within the medium time period, although now we have considerations long run relating to its centralized nature.”

“I consider DeFi will stay on Ethereum, and if it strikes to a extra scalable layer one, it would almost certainly be a winner-takes-all situation.”

“A lot of the DeFi is headquartered on Ethereum, together with Aave Protocol. The current congestion on Ethereum after all has sparked some extra curiosity on L2 options and side-chains, comparable to Matic, that has been getting just lately lot of traction. These options do scale back the community charges and may work nicely on parallel with Ethereum. I don’t suppose Bitcoin may have good contracts no less than for a very long time. It could require modifications on the protocol itself and the Bitcoin neighborhood to have a consensus on such a call.”

These quotes have been edited and condensed.

The views, ideas and opinions expressed listed here are the authors’ alone and don’t essentially replicate or symbolize the views and opinions of Cointelegraph.

This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.


Amazon’s managed blockchain finally adds support for Ethereum

Amazon’s managed blockchain finally adds support for Ethereum

Amazon Web Services (AWS), a metered pay-as-you-go cloud computing platform and a subsidiary of the technology company Amazon, recently announced that Ethereum is now available on its managed blockchain.

The idea of integrating Ethereum on Amazon’s managed blockchain was initially hinted at in 2018.

AWS announced last December that “Amazon managed blockchain now supports Ethereum in preview.”

Users of AWS can now set up Ethereum nodes and become part of the Ethereum network on the Amazon Managed Blockchain.

“With this launch, AWS customers can easily provision Ethereum nodes in minutes and connect to the public Ethereum main network and test networks such as Rinkeby and Ropsten,” AWS announced.

“With Amazon Managed Blockchain, customers get secure networking, encryption at rest and transport, secure access to the network via standard open-source Ethereum APIs, fast and reliable syncs to the Ethereum blockchain, and durable elastic storage for ledger data.”

Amazon began providing blockchain services in 2019, giving its customers access to blockchain networks, nodes, decentralized applications (Dapps), and smart contracts.

Apart from the latest addition, Managed Blockchain offers support for Hyperledger, a permissioned blockchain created by a consortium of organizations.

AWS customers in the Eastern U.S., Europe, and Asia can access Ethereum on Amazon Managed Blockchain.

Ethereum’s integration into Amazon’s managed blockchain is bullish for the protocol.

This is yet another vote of confidence in Ethereum, the smart contract platform widely used in decentralized finance (DeFi).

While the protocol has faced challenges due to congestion on its network, it is currently in transition to a Proof-of-Stake (PoS) consensus algorithm to increase network speed and security.

There are currently more than 8,300 nodes on the Ethereum networks, according to Etherscan.

Ethereum’s integration on AWS will likely add more nodes to the network and bring more players to the ecosystem. 

“It’s an incredible signal for the value of Ethereum in modern applications to have a big player like AWS get serious about tooling,” said Mike Godsey, Head of Product at Infura.

Ethereum’s native currency, Ether, is currently trading at $1,592, less than 1% up in the last 24 hours.

The announcement comes a month after Amazon announced future changes in leaders in the management structure.

Amazon founder Jeff Bezos announced last month that he will be stepping down in Q3 as CEO of the company he started in his garage many years ago.

Andy Jessy, the current CEO of AWS will replace Bezos. Jessy oversaw Amazon’s crypto product offerings.


Author: Written by FinancialNews




Ethereum’s Overwhelming Success May Also Be Its Own Killer, CZ Declares

Ethereum’s Overwhelming Success May Also Be Its Own Killer, CZ Declares

Ethereum has been on the hot seat lately. The major backlash is a result of the sky-high transaction fees that users are made to pay. On the flip side, miners are cashing out in millions. With DeFi and NFTs exploding, Ethereum competitors are on the rise.

Binance’s smart chain platform recently gained a fifth of Ethereum users, creating room for an industry debate on whether the CEO of Binance has been suppressing DeFi tokens in its exchange. 

CZ who argued that he had no hand in the performance of Ethereum’s tokens on the platform, made it his duty to speak on both Ethereum and Binance Smart Chain (BSC).

According to his assertion, Ethereum imitates many other social media platforms that have recorded a short-lived success. He references MySpace’s inability to keep up with user demands, saying that Ethereum, despite being so successful, could lose its credibility to other promising competitors. Sentiments are similar to other Ethereum critics who have continued to hammer on the congested structure of the network.

“Ethereum created the smart contract market, which led to ICOs, DeFi, NFTs, etc. Demand is growing exponentially, performance of ETH isn’t. ETH 2.0 is still years away. Rollups aren’t user friendly (jury is still out). This is the ETH killer.” He explained.

New Ethereum projects may also suffer from the potential limitations of the Ethereum network. High fees in particular have been a topic of discussion for the longest time. Per reports, Ethereum miners have realized millions in monthly revenue, thanks to the spike in fee charges.

However, analysts speculate that miner revenue is certain to reduce, with the implementation of the new upgrade. According to Ethereum developers, the design document used to send information to the Ethereum community known as Ethereum Improvement Proposal (EIP), is expected to hit the network in July. This will lead to a major reduction in miners’ revenue; an estimated 20% to 35% drop.

CZ also clarified that he is not directly involved with Binance Smart Chain, although the platform was designed to serve as a sufficient substitute to Ethereum.

His tweet is quoted :

What future awaits cryptocurrencies?

“BSC is not a ETH killer. It is built with learnings from ETH and tries to help solve one key issue, high fees. It wasn’t designed that way, or at least, it wasn’t presented to me as such. (I was/am not involved in its design.) I just shill BSC and BNB.”



Author: Hannah Perez

Ethereum Will EXPLODE TO $80,000!! (Massive ETH News) Do This Now! Ethereum Price Prediction, ETH!

Ethereum Will EXPLODE TO $80,000!! (Massive ETH News) Do This Now! Ethereum Price Prediction, ETH!

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Why Amazon’s Ethereum Support Funnels Through Northern Virginia

Why Amazon’s Ethereum Support Funnels Through Northern Virginia

Amazon’s cloud computing subsidiary announced the availability of Ethereum on its own blockchain … [+] platform. The service will be operating through Northern Virginia, America’s Internet backbone, where AWS has a large number of data centers.

Amazon Web Services (AWS), is now supporting the Ethereum blockchain.

Announced on March 2, the service will let customers quickly spin up nodes that contain the transaction history of the entire blockchain, and connect to the main Ethereum network. Test networks (testnets) Rinkeby and Ropsten, used by developers to experiment with their applications or software, are also supported. The Amazon integration could make it easier to use the whole Ethereum ecosystem, which has faced congestion due to the growing number of decentralized applications and transaction volume. 

While the move could simplify getting involved, it could also upset some existing users. Ethereum reaches consensus on its transactions using computers, or miners, that help audit the code while providing rewards to users. A single large company like Amazon providing massive amounts of computer power could undermine the network’s decentralization.

A statement from the company says Northern Virginia is the only region where the services are available in America. With 4.6 million square feet of data center space in the U.S., Northern Virginia is Amazon’s largest market, according to infrastructure site, We’ve reached out to clarify if Ethereum users in other states can still use the service, so long as the hardware is in the state, and will update as we learn more.

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Virginia is still early in its exploration of cryptocurrency regulation, with data privacy laws in the works. State legislators have been proposing blockchain studies, including one exploring potential economic development opportunities utilizing the technology, but have yet to act upon it. The state also does not clearly regulate cryptocurrency. The only direct mention found in the Code of Virginia touches upon marketplace participants’ usage of virtual currencies.

Northern Virginia emerged as the data center valley even before Amazon Web Services first set up shop there in 2006 due to attractive land prices and low-cost electricity. Today, approximately 70% of the world’s internet traffic flows through Loudoun County, known as the “Data Center Alley,” which AWS is eyeing as the ground for the 1.75 million square feet expansion of its cloud computing capacity.

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Author: Nina Bambysheva

Retail Goliath Rakuten Now Allows Users To Pay With Bitcoin, Ethereum and Bitcoin Cash

Retail Goliath Rakuten Now Allows Users To Pay With Bitcoin, Ethereum and Bitcoin Cash

Japanese e-commerce titan Rakuten is now allowing customers to pay with Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).

In a new announcement, the retail giant reveals it’s integrating the company’s crypto exchange subsidiary with their Rakuten Pay app.

The integration will allow customers to seamlessly convert their crypto into Rakuten Cash tokens which can then be spent at merchants.

According to the announcement, the conversion process costs nothing but has to be a minimum of 1,000 yen, which is about $9.40. Monthly limits are capped at 100,000 yen, or roughly $940.

Rakuten is Japan’s largest e-commerce company and provides a myriad of services such as online banking, a messaging app, and mobile phone coverage.

The firm’s payments app is supported by more than 50,000 retailers, including McDonald’s, 7-Eleven, and Family Mart.

According to Statista, the Tokyo-based mobile payments firm has 116 million users on its platform, boasting steady growth since 2014.

The Japanese retailer plans on incentivizing the use of crypto on their platform through a reward program that gives customers “Rakuten Points.”

The rewards program will be running from February 24th to March 24th.

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Ethereum or Bitcoin? Experts answer

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