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Ethereum – Wikipedia

Ethereum - Wikipedia

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  • “Phase 0” will create the Beacon Chain, a proof-of-stake blockchain that will serve as the backbone of Ethereum 2.0
  • “Phase 1” will create shard chains and connect them to the Beacon Chain
  • “Phase 2” will implement state execution in the shard chains.[39] The current Ethereum 1.0 chain is expected to become one of the shards of Ethereum 2.0.
  • Minimize complexity by simplifying the Ethereum blockchain, even at the cost of efficiency.
  • Improve up-time and keep the Ethereum network live during major network splits.
  • Ensure longevity by building Ethereum 2.0 with elements which are either quantum secure or can be easily swapped out for quantum secure replacements when available.
  • Increase security by using design techniques which allow a large number of validators to secure the network by staking their ETH holdings.
  • Reduce barriers to entry, making it possible for a typical laptop to process or validate shards.[40]
  • Its block time is 14 to 15 seconds, compared with 10 minutes for bitcoin.
  • Mining of Ether generates new coins at a usually consistent rate, occasionally changing during hard forks, while for bitcoin the rate halves every 4 years.
  • For proof-of-work, it uses the Ethash algorithm which reduces the advantage of specialized ASICs in mining.
  • Transaction fees differ by computational complexity, bandwidth use and storage needs (in a system known as gas), while bitcoin transactions compete by means of transaction size, in bytes.
  • Ethereum uses an accounting system where values in Wei (the smallest denomination of 1 Ether, 1 ETH = 1018 Wei) are debited from accounts and credited to another, as opposed to Bitcoin’s UTXO system, which is more analogous to spending cash and receiving change in return.
  • J. P. Morgan Chase is developing JPM Coin on a permissioned-variant of Ethereum blockchain dubbed “Quorum”.[62] It’s designed to tow the line between private and public in the realm of shuffling derivatives and payments. The idea is to satisfy regulators who need seamless access to financial goings-on, while protecting the privacy of parties that don’t wish to reveal their identities nor the details of their transactions to the general public.[63]
  • Royal Bank of Scotland has announced that it has built a Clearing and Settlement Mechanism (CSM) based on the Ethereum distributed ledger and smart contract platform.[64][65]
  • On social governance

    Our governance is inherently social, people who are more connected in the community have more power, a kind of soft power.


    Bitcoin and Ethereum Are a DeFi Double Act

    Bitcoin and Ethereum Are a DeFi Double Act

    photo-1560574188-6a6774965120MakerDAO team image via Twittermr1mr2newsletter-banner-3newsletter-banner-money-reimagined-1-1200x400-3



    Ethereum DeFi Broke Records in June, But Other Categories Are Suffering

    Ethereum DeFi Broke Records in June, But Other Categories Are Suffering

    Results for the second quarter of 2020 show tremendous growth for decentralized applications across all ecosystems, primarily spearheaded by Ethereum (ETH) decentralized finance, or DeFi.

    Decentralized exchanges were at the frontlines of the rise as Compound token mining activity trickled down to on-chain swapping solutions.

    According to Our Network, Curve was one of the biggest beneficiaries of yield farming as it helped users switch between different stablecoins to maximize yield.

    Curve is an automated money market that only supports swaps between different types of stablecoins and wrapped tokens. This limitation allows Curve to provide competitive slippage and fees for exchanging assets.

    Deposits on Curve rose almost three-fold in June, while daily volume reached peaks of $60 million — 30 times more than its previous average. Demand for USDT pairs was the highest, capturing more than 58.5% of the total volume. This is due to USDT having one of the most significant COMP yields for an extended period of time.

    Uniswap also benefited from the COMP craze, with monthly volume doubling in June.

    Kyber and 0x had more modest performances: despite posting fresh monthly highs, the project’s growth was in line with the rest of the year.

    What cryptocurrency will become the main one in a year?

    According to DappRadar’s Q2 report, the dominance of DeFi indirectly led to the decline of gaming activity. Over $8 billion was transacted on DeFi platforms in Q2, which led to gas prices soaring exponentially.

    Ethereum’s vibrant gaming DApp ecosystem suffered as fees came to represent a significant portion of each transaction. DappRadar reported a staggering 79% decline of gaming-related activity on-chain over the previous quarter.

    Source: DappRadar

    EOS appears to be the main recipient of Ethereum’s loss as its gaming transaction volume rose by about 80% since the previous quarter. While this is positive news for the platform, it still hasn’t fully recovered from the damage caused by the EIDOS airdrop in late 2019. Volumes remain well below the highs of Q2 2019.

    Finally, Tron (TRX) saw growth in its DeFi ecosystem after porting several Ethereum projects on its chain. In addition to the previously-launched clone of Single Collateral Dai, a platform named recreated both Synthetix and Uniswap on Tron. Nevertheless, total volume for all Q2 is just $15 million. The majority of Tron’s activity remains in the gambling and “high-risk” categories.

    News source


    Author: Published 12 hours ago

    Ethereum - Wikipedia

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