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Ethereum Classic May Delay Upcoming Hard Fork ‘Atlantis’

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Ethereum classic’s open-source developer team failed to reach a consensus Thursday on whether to move forward with a forthcoming system-wide code upgrade as outlined, effectively sending the planned batch of upgrades back to a drafting stage.
Developers have been deliberating on a set of 10 proposals to be integrated into the protocol since February, an upgrade colloquially called “Atlantis.” A continuation of the original ethereum blockchain, ethereum classic (ETC) effectively broke away from the project in 2016, subsequently rising to a near $1 billion valuation, according to CoinMarketCap.
Still, while ethereum classic has strived to carve out a unique value proposition (based on an altered monetary policy among other differences), its community has also been making greater efforts to introduce changes to the network that would make interoperability between the two blockchains easier.
In fact, Atlantis is the first of two protocol upgrades or hard forks aimed at incorporating the EIPs that have already been activated on ethereum in recent years.
“These upgrades would bring ETC up to date with ETH’s latest protocol, making migration of dapps between the networks much easier,” wrote Bob Summerwill, the executive director of Ethereum Classic Cooperative in an email newsletter back in May.
Today, it was expected that the community would come to a final decision about the contents of the upgrade and its planned activation for mid-September. However, some developers expressed hesitation about including one particular proposal – EIP 170 – into the Atlantis upgrade.
Summarizing his thoughts on the proposal in a GitHub comment, ethereum classic developer Anthony Lusardi wrote:
“These rules can simply be applied to transaction validation rather than block validation, making it a soft fork rather than a hard fork… It’s vitally important to stick to pre-agreed rules when they’re defined.”
EIP 170
As background, EIP 170 if implemented would put a fixed cap on the size of smart contract code that can be run in a single transaction. This idea was originally conceived by ethereum founder Vitalik Buterin who explained at the time that a cap was necessary to prevent certain attack scenarios on the blockchain.
However like Lusardi, ethereum classic community member “MikO” argues this change doesn’t have to be a hard fork (i.e. backwards incompatible).
“I don’t like the idea of having to change a hard limit in the future if we desire more complex contracts,” wrote MikO on the ethereum classic Discord channel.
At the same time, both Lusardi and MikO emphasize their disagreements with EIP 170 should not delay or in any way obstruct the progression of the Atlantis upgrade.
MikO highlighted:
“If everyone feels setting this limit in this way is the way to proceed, then I agree with the majority.”
Lusardi added that outside of not wanting to delays the Atlantis upgrade, he doubly doesn’t believe that “any one person should be able to halt the [upgrade] process.”
For now, no decision has been made on the timeline or content of the Atlantis upgrade as a result of the comments shared in today’s developer call.
“Let’s just acknowledge there’s discussion around EIP 170 and take this time, another one or two weeks [to discuss] what’s the problem with a maximum code size limits and how to move on,” concluded ethereum classic developer soc1c.
Ethereum classic image via CoinDesk archives

Ethereum 2.0: The Roadmap to More Scalable Experience

Click here to view original web page at appinventiv.comEthereum 2.0 The Roadmap to More Scalable Experience
Ethereum 1.0 is getting upgraded.Ethereum 2.0 is going to be the new face of dApp industry because of its speed, scalability, cost-effectiveness, and other such benefits.Ethereum 2.0 will be ready within 18-24 months, in the form of 7 different phases.Ethereum 2.0 Phase 0 is expected to be live this year.
Ever since Ethereum was launched back in 2015, the developers were having sky-high hopes from it. While Buterin and Co., the company behind the evolution of this blockchain-based distributed computing platform, made significant changes in its consensus model and scaling solutions, the developer’s demand for an integrated experience of all these changes was not yet fulfilled.
But this Monday, the history of the Ethereum platform changed. The company announced an OS upgrade, known as Ethereum 2.0 (Serenity) – a glance of which we are going to cover within the next 3 seconds.
Ethereum 2.0: What It Is
Ethereum 2.0, according to Van Loon, is a distinct Blockchain from the existing Ethereum Chain, where the hard fork of the current blockchain is not mandatory for proper functioning. Instead, the value in Ethereum 2.0 is transmitted from ‘Proof of Work’ chain through a one-way deposit Smart contract.
With this attended to, let’s have a look into the reason behind the idea of launching this upgrade, or better say, have a comparison of Ethereum 1.0 and Ethereum 2.0
Ethereum 2.0 vs Ethereum 1.0: What Everyone Ought to Know
When it comes to comparing the two OS versions, the reasons that come up as the igniting force behind the introduction of Ethereum 2.0 are the following challenges associated with current Ethereum:-
Scalability:- Ethereum was launched with an aim to be the world computer that manages all the financial transactions and host dApps and Smart contracts without being impractically slow. However, Ethereum 1.0 is not able to fulfill this requirement while operating with PoW (Proof-of-Work) algorithm – something that gives the scope of introducing other more scalability-friendly platforms in the many Blockchain guide meant for entrepreneurs.Security:- Though not a major issue, the security level and considerations associated with Ethereum 1.0 are not advanced. They have to be improved, which is what Ethereum 2.0 is focusing upon.A Solution for Difficulty Bomb:- The developers have been continually compelled to shift from PoW to PoS by slowing down the mining rewards. However, this is increasing the difficulty associated with the process, and in the absence of any solution, it has been resulting in a dead end. Ethereum 2.0, in this case, will come up as a solution for the dApp developers to make better applications.
Now as we are familiar with the secret behind launching Ethereum 2.0, let’s dig deeper into what includes in this upgrade and when it will be live.
Ethereum 2.0 denotes a series of updates that will make Ethereum make better and faster by focusing on two prime goals:-
Introducing PoS (Proof of Stake) consensus mechanism that will eventually eradicate the need to invest in PoW (Proof of Work) mining.Introducing Sharding which will boost speed and throughout of the ETH transactions.
Now, when talking about the series of updates, the Ethereum 2.0 is making the update live in different phases. An outcome of which is that the 7 phases of the evolution of Ethereum 2.0 is expected to hit the market – with the Phase 0 just gone live.
Wondering what these different phases are? What will be included in each phase and when are they supposed to be made available to developers? Let’s cover this in the next section of the blog.
Different Phases of Ethereum 2.0
Phase 0: PoS Beacon Chain
The Beacon Chain is a PoS-enabled chain that will run in parallel to Ethereum’s Proof of Work chain and enable a Blockchain dapp development company to reap the benefits of the network without investing their time and energy into the process of re-learning the parameters of the platform. It is estimated to enter the market this year itself.
Phase 1: Basic Sharding
In this phase, shard chains will work in sync with the Beacon chain. They will aid developers with higher transactional speed and instant output delivery in transactions, which will eventually upgrade the scalability.
Shard chains will be responsible for managing transactions and exchange of account data and will be live in the world in 2020.
Phase 2: EVM State Transition Functioning
Proposed to enter the market in 2020-2021, this phase of Ethereum 2.0 Serenity will be related to the advent of new EVM (Ethereum Virtual Machine) which will be upgraded via the eWASM (Ethereum Web Assembly). This new virtual machine is predicted to perform code execution more swiftly and effectively while supporting many more programming language.
Besides, this phase will also witness the introduction of better protocol standardization to enhance the network security.
Phase 3: Light Client State Protocol
The fourth phase of evolution of Ethereum 2.0 will begin in 2022 and will cover everything related to the improvement of network in terms of security, scalability, and decentralization.
Phase 4: Cross-shard Transactions
This phase will be basically related to mind mapping of the complete architecture and will be seen somewhere around 2022.
Phase 5: Tight Coupling with Main Chain Security
The sixth phase of Ethereum 2.0 Serenity will be associated with internally fork-free sharding and data availability proofs.
Phase 6: Super-Quadratic or Exponential Sharding
The last phase of Ethereum 2.0 (Serenity), which will go live by the end of the year 2022, will be related to managing recursive shards.
The process of evolution of Ethereum 2.0, with 7 seven phases is announced to be completed within 18-24 months. This implies we will be able to enjoy 100 times more scalable network by the year 2022 along with other facilities like transition of Ether tokens from old chain to new one.
Continue exploring the landscape of product design with these helpful resources:
Ethereum 2.0 is going to be the new face of dApp industry because of its […]
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0x Teams With StarkWare to Bring Speed to Decentralized Exchanges

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A cryptographic solution called zero-knowledge proofs (ZKP) could help notoriously slow decentralized exchanges (DEXs) reach speeds comparable to more traditional platforms.
San Francisco-based DEX startup 0x is partnering with the Israeli software-as-service company StarkWare to test a ZKP solution called StarkDEX, which can process roughly 500 transactions per second.
StarkWare CEO Uri Kolodny told CoinDesk the goal is clear: “Non-custodial trading at scale.”
Speaking to how ZKPs could be implemented in the 0x DEX ecosystem, 0x marketing lead Matt Taylor told CoinDesk:
“Our goal is that by the end of this year we’ll have this in production, on mainnet, so that people can actually use this technology. … We intend to have this be a core part of the 0x DEX stack.”
Taylor said the 0x system has facilitated $713,000 worth of trades since it was founded in 2017. DEXs using 0x currently process between a few hundred and roughly 3,100 trades a day, according to 0xtracker.com, but scaling continues to be a challenge.
“A marketplace where only three trades per second can be settled is a very illiquid market,” Kolodny said of some networks’ current limitations.
Still, Kolodny told CoinDesk it will take months before this alpha test leads to a professional service for 0x relayers and other blockchain companies.
Stepping back, StarkWare attracted investment from ConsenSys Ventures, ethereum creator Vitalik Buterin and the Zcash company, to name a few. This startup’s ZKP expertise and solutions are so sought after that the Technion University, where StarkWare co-founder Eli Ben-Sasson also works as a professor, filed a lawsuit claiming Ben-Sasson is “getting rich” from the university’s intellectual property.
Regardless of legal disputes, the aim of StarkWare’s latest partnership is to enhance scalability across the industry. Taylor said 0x plans to use StarkDEX solutions to “scale our infrastructure as well as the infrastructure for the rest of the crypto economy.”
In September, ethereum heavyweights like Buterin will gather in Tel Aviv for a series of technical sessions hosted by StarkWare.
Said Kolodny:
“If we provide scalability engines for trading, or gaming, or any application that one wishes to run on the blockchain, you can use [StarkWare] computation that takes everything else you’re doing off-chain and achieve massive scale.”
Image: StarkWare co-founders (left to right) Eli Ben-Sasson, Alessandro Chiesa, Uri Kolodny and Michael Riabzev (courtesy of StarkWare)
San Francisco-based DEX startup 0x is partnering with the […]
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Constantinople Will Improve Ethereum But Will ETH Dump?

Click here to view original web page at www.newsbtc.comEthereum prices bearish, strong liquidation at $170Constantinople in progressTransaction volumes increase in last weeks but will accumulation trigger bulls
After previous attempts flopped, we expect the ongoing Constantinople upgrade to be a success. Whether that will rouse price action, we don’t know, but for bulls to be firmly in control, prices must rally above $170 or Dec 2018 highs.
Ethereum Price Analysis
Fundamentals
As you read this, Constantinople software upgrade may be in progress and the second stage of the Metropolis could see Ethereum trudge closer to proof of stake in Serenity.
In a two-way fork—a separate upgrade in St. Petersburg because of vulnerabilities presented in the last update, Ethereum will implement all their EIPs ensuring that the network is efficient, delaying the difficulty bomb by another year and reduce ETH rewards for miners from three to two in “thirdening.”
However, a source of controversy is the implementation of CREATE 2, a proposal forwarded by Vitalik Buterin. There are concerns from the developer’s fraternity that interaction with smart contracts outside of Ethereum will create loopholes that would leave the blockchain open to attacks.
Unlike other contentious hard forks, coin holders need not worry about their stash unless otherwise notified by the foundation:
“If you use an exchange (such as Coinbase, Kraken, or Binance), a web wallet service (such as Metamask, MyCrypto, or MyEtherWallet), a mobile wallet service (such as Coinbase Wallet, Status.im, or Trust Wallet), or a hardware wallet (such as Ledger, Trezor, or KeepKey) you do not need to do anything unless you are informed to take additional steps by your exchange or wallet service.”
Candlestick Arrangements

Like most coins, ETH is in an uptrend, but prices are trending in tight trade ranges. The second most valuable coin is down 8.5 percent from last week’s close and trading inside the bear bar of Feb 24. In an effort versus result point of view, sellers have the upper hand.
Regardless, ETH/USD is within a bull breakout pattern thanks to Feb 18-19 upswings that saw prices rally and conclusively close above $135. Therefore, considering this price action alignment, we shall consider Feb 24 draw down a retest, and for risk-off traders, every low should be a buying opportunity.
Meanwhile, risk-averse and conservative type of traders can only ramp up once prices rally above $170—our main resistance level and Dec 2018 highs.
Technical Indicators
Our anchor bar is Feb 24 because it has high transaction volumes—880k versus 415k according to BitFinex data streams. Bulls are in control but for trend continuation, a bar that will cause a sharp reversal of trend must have high trade volumes exceeding recent averages of 365k or 900k above those of Feb 24.
Tags: constantinople, ETH, ethereum

Constantinople in progress
Transaction volumes increase in last weeks but will accumulation trigger bulls After previous attempts flopped, we […]
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Ethereum (ETH) Foundation Refutes Plans to Invest $15M on the Development of Verifiable Delay Functions

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The Ethereum Foundation recently denied its plans to invest $15 million to develop VDFs (Verifiable Delay Functions) for use in its migration to a Proof of Stake consensus protocol. Justin Drake – Ethereum Foundation researcher – made the clarification in private correspondence with Cointelegraph on the 8th of February.
According to a report from CoinDesk – a digital currency news outlet – Ethereum Foundation was purportedly considering spending $15 million in the development of the technology, given its prospective benefit form the future transition of Ethereum to a Proof of State network.
However, in an email, Drake told Cointelegraph that: “The Ethereum Foundation (EF) is not looking to invest $15 million. We are looking to split funds 50/50 with Filecoin or other financial partners.”
What are Verifiable Delay Functions?
VDFs, which his short for Verifiable Delay Functions, are a type of technology that basically protects systems that depend on the generation of (pseudo) random values form attacks or manipulation strategies. When it comes to a blockchain that uses a Proof of Stake consensus protocol, functions such as Verifiable Delays Functions can come in very handy.
They can be very important in order to prevent the possibility that the participant of a network may influence or predict randomness in order to manipulate which validators or leader will be elected via the protocol. According to the report, the migration to the Proof of Stake protocol is expected to be completed with the final upgrade of the Ethereum network.
The final upgrade of the network is known as Ethereum 2.0 or Serenity. This upgrade will be the last in the array of four upgrades set out in the roadmap of the blockchain network. At the time of writing, the Ethereum network is in its third stage (Metropolis). This stage comprises of two system-wide hard forks – Constantinople and Byzantium. Both of them are aimed at paving the way for Ethereum 2.0 or Serenity.
The Delay in the Launch of Constantinople
Constantinople was initially scheduled to be launched last year. Unfortunately, the Core Dev team of Ethereum wasn’t able to activate the upgrade last year. They were not able to activate Constantinople last year because they ran into some issues when testing the upgrade. The Dev team later shifted the launch to December, which wasn’t also realistic.
In December, they came to an agreement that the upgrade would go live in January 2019. Unfortunately, January wasn’t still favorable for the upgrade. The team has now pick February for the upgrade, and many are hoping that the upgrade will finally go live this month.
Eventually, through the Proof of Stake consensus algorithm and an array of other technical upgrades, Ethereum 2.0 is expected to tackle basic questions such as mining centralization, security, economic finality, and scalability. At the beginning of this month, the Dev team of Ethereum launched its first pre-release for phase zero of the transition of the network to Serenity, which Vitalik Buterin said was basically feature complete for Casper.
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, Ethereum (ETH) is trading at $119 after an increase of about 10 percent over the past twenty-four hours. The current market cap of the digital currency is $12.51 billion and its trading volume over the past twenty-four hours is $3.32 billion.

Ethereum Update Launch Zero Stage Distracted The Market From More Important Updates

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The analysts believe that regardless the hype around Constantinople and Serenity, Ethereum 1.x update planned at June is less promising from the point of view of ETH price growth.
Ethereum team launched a zero stage of switching to the new proof-of-stake algorithm – Serenity – within the framework of preparation for hardfork. Constantinople update is planned to be launched on February, 27th. The developers published an announcement in GitHub project’s repository on GitHub adding that this is the first update from the series of weekly updates planned at February, 2019.
Regardless to the fact that this is just a pre-release version of zero stage upgrade, it is close to the final one and the algorithm stabilizes constantly. Ethereum founder Vitalik Buterin explained that “0.1 version” is a full-fledged implementation of Casper FFG. It is about hybrid consensus algorithm (PoW-PoS), ensuring increased level of network security and scalability.
In addition to the launch of a new Ethereum test net «Gorli» which uses proof-of-authority algorithm and which is designed for testing of the key Serinity client called Prysm, the latest project’s updates drew attention of the entire industry – sometimes, in the prejudice of other projects which are also promising, reports Cointelegraph.
According to the recent report of Cumberland Research trading company, Constantinople hardfork which includes particular offers on Ethereum network improvement should pave the way towards Ethereum 2.0, which will become the final version of the system. Ethereum 2.0 will switch ETH from the current PoW algorithm to more effective PoS. However, as the report authors highlight, Ethereum network can’t support millions of dApps at the moment and that Ethereum virtual machine has inflexible architecture. Delay in switching from ETH to full PoS just worsens the situation. It is also highlighted that the update was postponed several times because of vulnerability reveal or network instability.
The researchers claim that an alternative Ethereum 1.x improvement plan the launch of which is planned at June, 1, 2019, may solve the issues mentioned above. In particular, Eth 1.x offer is supposed to eliminate the main risk factors in the network, such as smart contract use and growing volume of blockchain. Regardless to the fact that Ethereum 1.x is at pre-EIP stage, the analysts believe that the offer is underestimated and it lives in the shadow of the current updates, while it’s more valuable for mid-term price forecast than Constantinople or Serenityб regardless to the fact that it is more complicated for implementation and simulation in terms of technology.
To recap, initially, Constantinople hardfork should have take place on January, 17th, however, the developers had to drops the plans in a couple of days before this date came because of revealed vulnerability allowing to make double-spend attack. The code’s bug would allow the hackers to steal crypto currency using network smart contract, with the help of repeated request for money, providing fake data on actual ETH balance of the scammer at the same time.

Ripple Says xCurrent Beats Swift, Hints at More High Street Banks Jumping on Board

Click here to view original web page at www.coinspeaker.comPhoto: Shutterstock
When RippleNet was launched in 2016, it wasn’t positively welcomed by regulators and banking establishments. Official structures didn’t believe in the capacities of the solutions provided by Ripple which explained the fact that among its early customers there were not traditional banks.
But since that time a lot of things have been changed.
Ripple vs Swift
According to the company, a total of more than 200 customers have already joined RippleNet with approximately 100 financial institutions turning to the services of Ripple in 2018.
At the moment, these figures are lower than the number of banks that currently use SWIFT gpi. Since 2017 when SWIFT gpi was introduced, it has managed to attract more than 300 customers, including major financial institutions and banks.
But a good sign for Ripple is that at least banks (including those that are based in Asia) have started to realize that not only Swift gpi but also RippleNet can offer them reliable banking solutions and that both platforms have their strong and weak points.
Nevertheless, the company claims that it offers more cost-efficient solutions than Swift.
Speaking about their experience in attracting new clients, managing director for Ripple, South Asia and MENA, Navin Gupta said:
“Every one of those 200 financial institutions, of which 50% are from Asia and the Middle East, are production ready and are in the process of going live. It took us two years to acquire the first 100 customers but it took only one year to acquire the next 100. Existing customers are using us more by leveraging our multiple corridors and the network effect is really starting to take off.”
Banks Joining RippleNet
At the current moment, major commercial banks located in Korea, Japan, India and ASEAN are among the clients of Ripple. Ripple is expanding rather actively, especially in the Middle East region.
Though there is no precise data on the number of clients from this market, it is known that at least 9 banks based in the UAE, Kuwait, Oman, Saudi Arabia and Bahrain, including the National Bank of Abu Dhabi, have joined the net.
The list of other prominent institutions that are using Ripple technologies includes American Express, Japan’s SBI Holdings, France’s Credit Agricole and Banco Santander.
According to Gupta, the interest from the side of international players is gaining momentum:
“There is a very significant amount of movement from high street banks to join the network and we believe at different points in their lifecycle they will make this decision.”
xRapid Integration
One of the enterprise solutions that the company has created to facilitate cross-border payments is xRapid, which uses XRP digital asset. It’s worth mentioning that quite often XRP is blamed for being centralized due to the fact that Ripple owns a huge part of its supply.
Not so long ago Vitalik Buterin claimed that only Ethereum is a truly decentralized asset. Nevertheless, the team behind XRP insists that their asset is actually becoming more decentralized that ETH or BTC ledgers in case of which a very small number of miners are controlling over 50% of mining power.
As for xRapid, last month a real milestone took place in its history. It became known that the product would be fully integrated by the first financial institution. This financial institution is a London-based Euro Exim Bank. Yesterday, the successful integration was confirmed,
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Forked Coins and Airdrops: Using ICOs to Maximize ROI

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Starting at the beginning of this year: the entirety of the cryptocurrency market has taken a significant hit with regards to coin value, affecting investors and prolonging the expected launch date of many public ICO token-sales.
Amongst those cryptos worst hit is Ether (ETH). The second-largest by means of market capitalization lost upwards of 85% of its value YTD and trades at $207.73 at the time of writing. A massive drop in comparison to its peak of $1,400 in January 2018.
The overwhelming negative volatility that has dominated the market spells bad news for investors and what’s more, there has been a handful of examples of industry experts and luminaries claiming that we are unlikely to see astronomical value growth again any time soon.
The Times of 1000x Growth Are Gone
Amongst these doomsayers is Ethereum co-creator Vitalik Buterin who, speaking at an Ethereum Conference, claimed:
“There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
Additional highlights from Buterin’s appearance at the event includes his belief that well-founded and sustainable value increases are best achieved alongside wide-spread mainstream adoption. We have seen many examples of projects which promise to help accomplish this in the past, including blockchain powered mobile browser Brave.
For this to happen, DApps developers need to ensure the actual utility of their decentralized systems and that it’s at least as seamless and as efficient as centralized platforms.
Good ICOs vs Inflatable Forks
ICOs have become one of the defining aspects of blockchain and cryptocurrency between 2017 and now, however, they have seen their fair share of criticisms.
One of the most prominent of these regards’ tokens with insufficient unique qualities, or use cases, in comparison to pre-existing tokens. In the case of such tokens being forks, many attribute those unsuccessful to an over-inflation of their parent-tokens’ value.
Others, however, offer innovative and tested solutions which promise to deliver considerable value at a utilitarian and economic level – and better yet, many of these also provide attractive investor incentives such as airdrops and referral bonuses.
How to Use Good-ICOs to Maximize Investments
Another intriguing method which some ICOs are implementing is to fix ETH at a certain price point, pegging it to their issued tokens or coins.
One example of these is the ‘Depository Network’. It is an upcoming ICO which intends to provide perhaps the very first ‘decentralized multi-platform collateral infrastructure’ and has fixed a price for ETH set to $800.
In other words, regardless of the current price of Ether on the major exchanges, users will be able to purchase DEPO tokens with ETH where the price for it will be set to $800.
For instance, let’s assume that the abovementioned ICO will be allocating tokens at $0.02 throughout the ICO.
If an investor was to take part at a time where ETH was trading for $200 on an exchange and the value were to subsequently appreciate greatly – over time due to the ongoing fixing of $800 for 1 ETH.
Other Prime Examples
The Depository Network is certainly not the only project which does it. Moolyacoin, for instance, is another project which allows the same thing – an ecosystem created for digital and blockchain based start-up projects.
If you can find a project like this that you trust in (for recommendations, look at Hacked.com’s great ICO Analysis section) you’d get greater value for your ETH. Not only is it transparent and legal, but also offers a discount on the regular price of the newly issued tokens.
What do you think of this creative way to get a value of ETH higher than that on the exchanges? Do you have experience taking part in such programs in the past? What ICOs would you recommend? Don’t hesitate to let us know in the comments below!
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Ethereum [ETH]’s Vitalik says that Ethereum 2.0 will be 1,000x scalable than its predecessor

Click here to view original web page at ambcrypto.com
At the annual Ethereum [ETH] developer’s conference Devcon4, held in Prague, Vitalik Buterin, co-founder of Ethereum, spoke about how the Ethereum 2.0 will revolutionize the token’s blockchain. He said that with its implementation, transactions will become considerably faster when compared to its predecessor.
The frontman of ETH said that the new blockchain technology will be significantly smaller in size and that validators will be able to run a full node under just 1GB. This effectively means that the new model will involve only one synchronous confirmation, wherein the transactions will include hundreds of validators, instead of one. This restricts the payment process to 16 seconds.
The update has the potential to bring in 1,000x scalability, which will increase Ethereum’s transaction capability to 14,000 per second, an astronomical rise compared to the current 14 transactions per second. However, before releasing the update, developers will make some final tweaks to stabilize protocol specifications and cross-client test-nets.
He goes on to cite that Ethereum’s work on solving Casper, a mining-based proof-of-work algorithm, was met with many hurdles, which they’ve been working on since 2015.
He also elucidated the features of Ethereum 2.0, which he calls “Serenity”, and said that it’ll be more secure, and capable of handling thousands of transactions per second while consuming lesser energy. He said:
“Serenity is the world computer as it’s really meant to be, and not a smartphone from 1999 that can process only 20 transactions a second.”
Ethereum’s scalability is critical to maintain dominance in the blockchain market, with their smart contracts and decentralized applications. Hence, the network must be upgraded to increase transaction speed and facilitate lower transaction costs.
Other Blockchain platforms like Cardano and EOS have increased their capabilities in comparison to Ethereum, which has resulted in more developers moving on to their platform.
Buterin also discussed ETH’s privacy. He stated that there is an interest in updating the blockchain to Starks. Starks is a cryptographic mechanism that is used to allow aggregation of transactions in a trust-less manner.
Written By Syed Suhaib

World’s First Secure Private Transactions Launched on Ethereum Public Blockchain

Click here to view original web page at www.newsbtc.comErnst & Young (EY), one of the ‘Big Four’ public service firms, has devised a solution that allows businesses to enjoy the full benefits of private transactions over a public blockchain. This they have called the EY Ops Chain Public Edition (PE).
Running on the public Ethereum blockchain, the solution leverages on the privacy benefits of zero-knowledge proofs (ZKP) and the security or Ethereum itself, which is powered by thousands of distributed computers spread across the world. The audit and advisory service firm, EY, has an international presence with more than 250,000 employees across 150 countries. The firm has been on the forefront searching for different ways of spurring enterprise adoption of blockchain technologies.
Zero-Knowledge proof is a verification protocol where transaction authentication can be done without exchanging passwords. Since there is nothing changing hands, it means nothing can be stolen guaranteeing security. ZKP brings to the table security and unparalleled protection during communication because going forward businesses would actually exchange files, execute transactions, and literally transform the very concept of online privacy.
EY Ops Chain Public Edition (PE) to Spur Blockchain Adoption
According to PRNewsWire, the incorporation of ZKP on Ethereum’s blockchain will dramatically reduce the barriers of entry. This is because adopting enterprises would tokenize their offerings in a standard manner and transfer the same tokens privately over a secure platform without breaking any consensus algorithms.
EY’s innovative solution is the first of its kind, and a product of their tireless R&D at the EY blockchain labs, whose offices are in London and Paris. Aside from the PE version, infused in the same technology would be tracking capabilities called EY Blockchain Private Transaction Monitor. However, the technology is still under review. Nonetheless, it would come in handy once it goes live.
While speaking about the launch, Paul Brody, the leader of EY Global Innovation said:
“EY Ops chain PE is a first-of-its-kind application and a major step forward that empowers blockchain adoption. Private blockchains give enterprises transaction privacy, but at the expense of reduced security and resiliency. With zero-knowledge proofs, organizations can transact on the same network as their competition in complete privacy and without giving up the security of the public Ethereum blockchain”
The Advantages of Private Networks over Public Blockchains as Ethereum
Even though blockchain is transformational and even disruptive, its only caveat is the transparency and the openness behind its operations. Security is virtually guaranteed. But this comes at the expense of privacy in a trilemma along with decentralization. Some entities and big corporations are very protective of their data and unwilling to sacrifice. Therefore, by creating a solution that handles privacy while upholding the security of the masses, EY has literally melted down previous impediments which were hampering overall blockchain adoption.
Besides, with ZKP there is no need for enterprises to start from scratch with the expense, time and money developing their own protocols. Though private blockchains are advantageous in scalability, immutability and speed, the technical know-how and the incentivization needed from enterprises to develop their own is lacking.
Ethereum remains a go-to platform for smart contract and dApp development reflected by the number of on-chain projects and applications choosing it over other alternatives. The developers continue to devise different ways of solving scalability, with Vitalik Buterin proposing zk-SNARKs, and other upgrades in the pipeline. Once implemented, Ethereum will be a better, more secure and faster blockchain further encouraging adoption, and a subsequent increase in ETH market value.
Image from Shutterstock
Tags: ethereum, EY, EY Ops Chain, EY Ops Chain Public Edition (PE), privacy, zn-SNARKS
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Could the Bear Market Last 18 Months? The CEO of BitMEX Thinks So

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