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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

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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New Mobile App, Wallet or Social Network: What Will Block.One Announce on June 1st?

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EOS’s Block.One seems to be up for a big announcement – or more of them at least. Even though it still isn’t quite sure what it might reveal, there are some rumors about it.
Everything should be clear 1st of June in Washington, DC, but, from what we have learned – this could mean anything from new social network to new wallet. However, let’s start from the beginning. In just one year, EOS became one of the most popular platforms for blockchain-based DApps, by some measures outperforming even its closest competitor Ethereum.
The problem was, that no matter the popularity, EOS couldn’t find success among blockchains as in achieving mainstream recognition. It seems that people who created EOS, are now wanting to change that position.
Block.one CEO Brendan Blumer said that last June, Block.One delivered the world most performant Blockchain protocol – EOS. This June they are focused on delivery safety, alignment and decentralization to mainstream personal infrastructure that is, by his words, completely broken today. Dan Larimer, the creator of EOS, said:
“When the time comes, our marketing will be beyond anything seen in crypto. But before you can market you need an onboard strategy that can convert users and a service that can retain them…[Brendan] Blumer [the CEO of Block.one] has assembled a world-class team that is preparing to make big moves in June.”
He also made an appearance on Telegram saying:
“We are going to announce a date for when we will release the roadmap for Block.one.”
He also said that there will be several announcements, not just one.
However, certain rumors went ahead when on May 21st, Galaxy Digital Holdings received $71.2 million for their ordinary shares, a 123% return on their investment from Block.One.
Michael Novogratz, CEO and Founder of Galaxy Digital tweeted:
Want to set the record straight. Galaxy is still a shareholder in @block_one_ , We are a large holder of $EOS tokens, and we strongly believe in the leadership of @BrendanBlumer and @bytemaster7 Very excited for their June announcement. Took profit to rebalance our portfolio.— Michael Novogratz (@novogratz) May 23, 2019
And so, the countdown has begun. Block.one even created a website to hype their announcement. Although everyone is pretty much sick and tired of the ticking clocks (GotSatoshi and Craig Wright, remember?), it seems that this one will not be a scam after all.
But What Could It Be?
Reading Telegram most of the times give us better insight than just reading the news. So, we know for sure (or at least Larimer wrote so) that there will be “no government partnership” and “no Apple partnership” even though the latter was pretty much talked about.
Then, it might be an announcement of a new social media platform. It is already known that Block.one has recently obtained a trademark for a product called MEOS, which, according to the filing, is a social network. Larimer also asked on Telegram:
“Do you like MEOS?”
Also, his recent comments reveal that the company is “spending on blockchain-based social media” separately from other EOS venture capital activities. His comments also imply that scalability will play into the announcement, and massively onboarding users to a new social media platform could be a big part of that.
MEOS might also serve as sort of photo app and a tool for accessing EOS-based DApps. Additionally, the filing reveals that there will be tools for developers who want to build on top of the platform.
High Hopes
Also, there might be the case of developing mobile app and create a new wallet. Such a wallet could provide users with a way to spend money on EOS-based DApps or allow users to transfer tokens to certain recipients. However, EOS.IO has also expressed interest in something that most crypto wallets don’t provide: universal and “passwordless” authentication systems.
However, because of so much (mostly wrong) rumors, in May 23rd Larimer wrote:
“Please don’t overhype June 1. We have great news, and I’m excited about it. But overhyped will make even great news disappointment.”
It is interesting because just one minute after he asked:
“Is Vitalik on Telegram?”
Does that mean that he is trying to give him a warning or at least a slight stage fright is still not clear. However, if we consider the fact that the EOS network is capable of a more significant transaction each second than Ethereum, which perhaps gives that technical superiority it needs to onboard more users on its DApps, the real battle could be in sight.
After all, to question about whether Block.One prefers to operate at the protocol layer or will it also provide solutions at the application level (it’s own decentralized apps) he answered:
“One day BTC will probably run on Eosio chains.”
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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

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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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While We Talk Diversity In Blockchain, CryptoChicks Are Doing The Work

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Ethereum might offer the opportunity to change the distribution of power, but that requires including the people most disenfranchised by existing structures, and try as we might, we haven’t been great at it. Maybe it’s time to talk less about hearts and minds and more about money.
There’s been a lot of dialogue this week at Devcon about the potential for blockchain technology, and Ethereum specifically, to (r)evolutionize social, political, and economic structures to create a more inclusive and equitable society. This can be partially credited to this year’s agenda, which includes a Society and Systems track with daily panels, workshops, and talks about the implications and potential for the technology and community.
But it’s more than just the daily Devcon schedule. These concerns permeate the social fabric of the Ethereum community and have dominated the conversation at many events surrounding the conference.
On Monday, at the Ethereum Magician’s Council of Prague, Magicians came together to organize around a whole host of technological and social initiatives, including specific EIPs, network security, user experience, localized and remote hackathons, and education and onboarding for users and hackers. Across this broad range of topics, Magicians continually emphasized the need for increased diversity and inclusion – and discussed strategies to these ends.
In the Education ring, we discussed strategies for onboarding developers and users. The general sentiment was that blockchain technology is really hard to explain to people. How do you get people to care about something so esoteric? It was generally agreed that people are best reached through their hearts and minds – that if people just understand the values Ethereum (both the technology and the people) represents, and if they can conceptualize what the technology might actually do for them, then they might join the Ethereum community.
There’s this commonly held belief that blockchain technology can empower the disenfranchised. It can bank the unbanked, and unbank the banked. It can act as a tool of free speech and censorship resistance. For entrepreneurs whose home country lacks solid financial or government infrastructure – or whose government and financial institutions are hostile to them – DAOs offer the opportunity to grow their own business.
But how do you onboard them, and why do so few people seem to care?
Money Is a Great Motivator
At an after-event on Day 0 of Devcon called Open Hearts & Open Minds, I had the opportunity to speak with a team from CryptoChicks, including its founder Elena Sinelnikova, co-founder Natalia Ameline (yes, that’s Vitalik’s mom), CryptoChicks’ Blockchain and Cryptocurrencies Education for Kids program co-founder Nataliya Hearn, and board member and event organizer Tracy Leparulo.
Founded by Ameline and Sinelnikova in 2017, CryptoChicks is dedicated to educating women in blockchain technology. As a woman at Devcon, the need for such efforts is oppressively obvious. I haven’t done the numbers, but I think this photo I snapped on Day 0 is illustrative of my point.
Men at Devcon
And CryptoChicks has been surprisingly successful at getting women on board. It’s a relatively new organization, but it has already facilitated at least two hackathons, one in Toronto and the other in New York, with 70 and 200 female hackers, respectively. But it isn’t just the United States and Canada; it’s truly an international organization with projects and events in Russia, Pakistan, the Bahamas, Switzerland, and the Czech Republic – and it organizes major hackathon events sponsored by technological and financial powerhouses like the Royal Bank of Canada, Deloitte, Microsoft, and IBM. It has also expanded its education efforts to include children, working with private and charter schools in the US and Canada.
CryptoChicks’ basic strategy is to approach a given institution – a bank, school, or membership-based coding organization – and offer to provide education in blockchain technology to their female employees or members. Then CryptoChicks organizes a hackathon where the women can compete to create the best blockchain-based system or app or produce a related business plan. The organization also includes representatives from blockchain projects to teach these classes, and companies interested in hiring developers.
Having been surrounded at Devcon by conversations about user narratives and selling people on values, as well as having a background in literature and rhetoric, I came to the conversation wanting to know, "What story are you telling these women to get them to participate? How do you get people to care?"
To these questions, the team responded that their programs are mutually beneficial for both the women receiving education in blockchain, and for the companies who pay for it. They told me that companies will help fund these events because they already want more diversified workplaces, and have a hard time finding women who are educated in how to code for blockchains. CryptoChicks provides a way for those companies to invest in the team they already have and trust, and to promote internally.
Similarly, CryptoChicks also works with blockchain companies who want to hire more women, or just developers generally, and in exchange for their lessons in coding and running a blockchain business, CryptoChicks provides these potential employers with the women’s resumes and the opportunity to gauge the strength of their skills at the hackathons. Doubly beneficial to blockchain companies, they can teach the women how to code for their specific blockchain. In short, companies are happy to pay for these education opportunities because there is a shortage of skilled developers in the space, and there is already a hunger for more workplace diversity. For the companies, institutions, and groups funding these programs, it is an investment in their product or company.
For the women receiving the education, it’s a free opportunity to learn and potentially make a lot more money. It’s pretty simple. There’s not much selling or storytelling involved. CryptoChicks does not need to sell anyone with high values or inspirational stories. The interest is already there.
Financial opportunity seems to be the selling point for CryptoChicks, straight up. And that’s not a bad thing. It took me a while to understand this, though now it seems rather obvious. How do you motivate people who are systematically denied equal opportunities and power? You give them access to opportunity and power. Full stop. It’s not always that complicated.
Alison is an editor and occasional writer for ETHNews. She has a master’s in English from the University of Wyoming. She lives in Reno with her pooch and a cat she half likes. Her favorite things to do include binge listening to podcasts, getting her chuckles via dog memes, and spending as much time outside as possible.
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest CryptoChicks, Ethereum or other Ethereum ecosystem news.

Ethereum’s New Serenity Protocol Lowers the Cost of Running Staking Nodes

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Ethereum’s new Serenity update, which will enable the network to transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus model, has been generating a lot of hype in 2018. Apart from addressing the problem of scalability, the new chain also drastically reduces the cost for running a staking node in Ethereum 2.0, it was unveiled in a tweet on Nov. 20, 2018.
Protocol Update Lowers the Cost of Staking
In a rapidly declining crypto market, news about technical updates to some of the most popular blockchain networks out there has a tendency to go under the radar.
On Oct. 31, Ethereum co-founder Vitalik Buterin spoke about the Ethereum 2.0 upgrade and the basic idea behind the new platform during the Devcon4 conference in Prague.
Ethereum (ETH) Developer: “No Constantinople” Hard Fork in 2018
He spoke about Serenity, the Proof of Stake (POS) protocol that the platform will be using for the Ethereum 2.0 upgrade. Very little technical details were given about the protocol itself, but Buterin did explain what was in the upgrade and what problems it was meant to address.
And while most of the industry was either focused on comparing the new protocol to the standard POW or on the declining value of cryptocurrencies, a Twitter user pointed out one of the main advantages the new consensus will bring to the network.
David Hoffman, a blockchain researcher at Bunker Capital and host of the POV Crypto podcast, said that the new upgrade would significantly reduce the cost of staking.
He tweeted on November 19:
32 ETH for running a staking node in Ethereum 2.0 now costs under $5,000— David Hoffman (@TrustlessState) November 19, 2018
The announcement has caused quite a stir among his followers, many of whom are either active traders or ETH miners.
How Does the New Protocol Benefit the Network?
According to Hoffman, when the Ethereum network changes from PoW to PoS, 32 ETH will be required in order to stake. As staking will replace mining in the new consensus protocol, stakers will be able to receive block rewards and transaction fees.
The rewards enable stakers to receive passive income, earning up to 5 percent of the staked ETH yearly. The decrease in price Ether has seen during the second half of November has certainly impacted this in a positive way, as the loss of value means that the 32 ETH are worth less than $5,000.
The lower price means more stakers could enter the network, adding to its efficiency. Vitalik Buterin spoke on the problems Ethereum had when developing Serenity during his Devcon4 Keynote speech, and said that the new protocol would be a thousand times more scalable than the original PoW concept.
Ethereum, currently ranked #3 by market cap, is down 3.56% over the past 24 hours. ETH has a market cap of $13.77B with a 24 hour volume of $2.79B.

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