Showing posts with label ethereum 2.0. Show all posts
Showing posts with label ethereum 2.0. Show all posts

It's FINALLY Confirmed: When Ethereum's Highly Anticipated Upgrade Will Go LIVE...

Ethereum 2.0 London Update Date

Ethereum developers have informed us that the test run, which has been running on the Ropsten testnet for the last 3 weeks, is officially being called 'a success'.

Known as the 'London' update - this is considered by many as the most important update to Ethereum since it's creation.

Important For One HUGE Reason - This Should Solve The Problem Of High Fees...

'London' is actually a package of five different updates (AKA EIPs - Ethereum Improvement Proposals) among them is EIP 1559 which  changes the way commissions are paid on the network, where each transaction will pay a base commission (a part of this fee will be burned) and the tip figure for miners is established.

Miners aren't so excited, they claim that their income could be reduced - but their crying is music to the ears of any user who has been paying absurd fees for months.  The miners had a run of inflated fees they should never have expected, and while I'm sure it was a great time to be an ETH miner, it obviously was something that wouldn't and couldn't last forever. 

Better Late Than Never...

This has taken way too long. I say this as someone who could easily do 20 transactions on the Ethereum blockchain on a normal week, between trading and dApps - so I'm not some 'hater' spreading FUD, or shilling for some competing blockchain. 

I've shared my frustrations on how long this was taking in a previous report, and it was doing research for that report when I realized the reason I felt like I had been waiting for so long, is that I actually was.

I looked back to when rising fees first became a concern, and found posts made in 2018 where Ethereum developers were discussing the problem of high fees - which at the time was $0.74 cents, a price we'd celebrate today. 

But back then, that $0.74 cents was worthy of an urgent response "As the number of transactions on Ethereum keeps going up and up, we have no time to lose" said one developer.  

If there was 'no time to lose' in 2018, there's no way around it - you're pathetically slow if you don't deliver until 2021. 

So - When Is It Happening?

The London update will go live along with block 12,965,000 being processed - we're on block 12,833,326 right now. 

Assuming Ethereum transactions maintain their current average - we're looking at Thursday Aug 5th, around 2:00am Los Angeles time.  But it's probably best to just think anytime between Aug 2nd and Aug 7th.


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Author: Ross Davis 
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News

Ethereum Is Seriously DAMAGING Crypto, As Fees Hit New High - How The Once Impressive Platform Became Our Biggest EMBARRASSMENT...


First, let me say I write this as someone who first bought Ethereum when it was still under $100, and in the years since both ETH and countless ERC20 tokens held a majority share of my crypto portfolio.

I wasn't someone who 'had some' - I was a true supporter, someone who believed the things I was witnessing with smart contracts and the ability for anyone to create a coin on the Ethereum blockchain would be what sends crypto into the mainstream.

For awhile that vision is exactly what seemed to be playing out, but the time has come for everyone who cares about this crypto thing to stop downplaying the disaster that is Ethereum.

Seems I have just discovered how long nostalgia and sentimental value will allow me to pretend everything is okay, because suddenly I cannot avoid seeing just how bad things have become. 

Think Of How You Explained Crypto To Your Friends and Family - Ethereum Has Made Liars Of Us All...

When explaining your crypto obsession to friends or family you probably used words like 'fast' and 'low fees' - two things that have not applied to Ethereum in quite some time. Since November 2020 every transaction has been over $1, and for all of 2021 it's been over $10.

Today try to do a trade on Uniswap, and (at the time of publishing) you will see the Ethereum network attempt to charge you a trading fee of $150+ for s simple trade, that's after a  $60+ fee just to authorize a coin you hold to be traded in the first place.

If you were to sell $200 worth of Ethereum on a DEX (decentralized exchange) right now - you would receive $0 for it - the entire transaction swallowed up by fees.  Yes the exchange's fees are a part of the problem - but the price of using it for trading is absolutely relevant.

Today A New Record Was Set - $69 Average Transaction Fee! 

That's simply sending from one wallet to another, a standard person to person payment. If you wanted to send a friend $50, your total cost would be $119.  

The #2 cryptocurrency in the world right now is indeed a total disaster.

Eth gas costs
Transaction costs today according to Ethercan


How foolish do we look when it comes down to the basic primary function - sending money from one place to another - tech from the 1970's would outperform Ethereum on both speed and costs.

It's even worse when we consider this is many people's first impression. Crypto is exploding and the first coin someone owns is typically BTC or ETH, often because Bitcoin's already high price intimidates a lot of people.

When I hear that a friend is one of these people making their first crypto purchase I find myself saying 'congrats!' but thinking 'dear god please never let him seriously try to use this for anything more than trading it on the same exchange he bought it on'.

Spending $50 To Send $100 - Which Takes 15 Minutes To Arrive - That's The OPPOSITE Of What Crypto Is Supposed To Be...

There's no valid reason this needs to be happening.  I'm going to avoid specifically naming any alternative blockchains because the Ethereum devs at fault will point to that and claim this piece was just 'shilling' for whatever coins I mention - I won't give them that opportunity, Ethereum is the only coin we're discussing here.

Just be aware there's no debate - Ethereum's success is purely based on timing, not performance.  There's a fairly long list of alternatives that could easily handle Ethereum's transaction load and keep fees at a price point in 'cents' not dollars.  But Ethereum took it's place next to Bitcoin on every chart at a time when it was able to handle the much smaller amount of transactions - and that's some extremely powerful marketing.

Imagine a coin with these specs attempting to launch today, it would attract 0 investors, 0 users, and no one would want their name associated with it. 

Ask yourself - how would Ethereum market itself if it was brand new, but had the fees it has today.  The images in my mind are hilarious. 

People buy it because it's the #2 cryptocurrency - and that helps to keep it the #2 cryptocurrency...

They tell us a solution coming with Ethereum 2.0, and that's true... once it actually happens. Instead, as fees got higher the process of upgrading to 2.0 shifted from something exciting right around the corner, to a sluggish process where things that were 'just around the corner' are now coming 'someday, eventually'.

They say it's because they want to make sure it's safe and secure, which we all want - but that excuse is complete bullsh*t.  Qualified developers would be finished with the goals laid out in 2017 by now - and I'm not saying they're unqualified. Knowing what Ethereum's developers are capable of is actually how I arrive at these conclusions. At best they're slacking off, at worst, it's deliberate.

Also worth mentioning - scaling is an issue that if a project is managed correctly, has no effect on the users.  If your users are feeling negative effects of your growth, the project is mismanaged.  The growth means the project has the resources (money) to solve the scaling. 

There's HUNDREDS of coins running on proof-of-stake validation algorithms (a method of processing transactions, aka mining) but Ethereum devs are pretending they are inventing this already existing technology. How likely is it that while they drag their feet they're also mining and grabbing as much of these disgustingly inflated fees as they can for themselves?

Look at this video we posted in 2019 of Ethereum founder Vitalik talking about Ethereum 2.0 and tell me if you're left with the impression that he's talking about things that still won't be here by mid 2021. Does he come across like he is speaking about an abstract 'rough draft' concept that will take years to become a reality?

We can go back even further and the reality of what's happening becomes crystal clear when you look at the Ethereum.org page for Eth 2.0 - it now says sharding (which will dramatically increase the amount of transactions processed) has a vague release date of sometime in 2022.

Yet all the way back in 2018 Vitalik was tweeting 'sharding is coming' and this Reddit post, also 3+ years old, once again does NOT leave the reader with the impression that we're looking at concepts that still won't be a reality in the middle of 2021. 

Another 2018 post made by a developer with the role of 'Building Ethereum 2.0' states "As the number of transactions on Ethereum keeps going up and up, we have no time to lose. Let’s get started." so we can rule out the possibility that Ethereum's success caught it's developers off guard and they've been scrambling to catch up. Fees were 0.74 cents when this post emphasizing the urgency of providing a solution was made. 

There's No Way To Measure The Damage This Is Causing...

The crypto world looks like a joke as long as something considered one of the 'top coins' fails on both price and performance. Bitcoin seems to have fully made the transition to being branded a 'store of value' thus competing with gold - on that note Bitcoin is easier to buy, store, and sell.  So an argument can be made that it is the superior choice to gold.

No such argument exists when it comes to Ethereum.  It holds a position it no longer deserves.

I explained why I can't name specifics, but alternatives are starting to grow at a surprising rate. One is regularly now passing Ethereum's daily volume, which even shocked me.

After seeing that, my opinion shifted a bit - I was under the impression so much had been built on Ethereum that their position was locked in and it this all amounted to 'tough luck' and the crypto world would just have to ride it out. But we're starting to see tokens deciding to have both an ERC20 version, and one on another faster, lower fee blockchain.

Currently, having an ERC20 token provides easy instant exposure to a huge number of traders, but projects worry the fees may cause someone to wait on buying a coin longer than they typically would.

But with traders a shift is happening fast - those who were once completely focused on coins they could find on Etherdelta/Forkdelta, then Uniswap, no longer limit themselves to the Ethereum blockchain - after doing so for years.

The numbers don't lie - Ethereum's top competitor had 393K wallets created yesterday, beating Etherum by over 100,000 wallets.  While some would respond by pointing out many people already have an Ethereum wallet, that doesn't explain how they also did 9X as many transactions.

In Closing...

I believe the current situation is the result of a 'we're untouchable' mindset within Ethereum's core developers - the lack of urgency comes from feeling like theirs no consequences for lagging.  I believe if they maintain this mindset for much longer it'll be the mistake that haunts them for the rest of their lives.

It takes a couple high profile projects with ERC20 tokens to officially switch to another blockchain, and receive praise from their users for doing so - and the smaller coins will follow as being on Ethereum officially becomes a 'downside' to more and more people.

A coin switching blockchains could now be seen as freeing their supporters from fees they found slightly annoying at $1-$10, and downright insulting at over $50.

You would be surprised at how much a new project relies on having a high number of people buy small amounts of $500 or less worth of tokens. At Ethereum's current rates I suspect they will lose most purchases of $200 or less, and all purchases from people who would have spent $100 or less.

As someone who one supported Ethereum, I'd love to once again.  I strongly suggest those in a position to do so, change anything in their timeline that says 2022 to 2021 and shift your mindset to that of a software company losing customers until your new version is released, once again making your product competitive. 

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Author: Ross Davis 
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News

Ethereum Miners Have Become A Digital Cancer, As They Attempt To Halt Update That Would Help Lower Everyone's Transaction Fees...

Ethereum miners and high fees

The proposal to improve the Ethereum network and free users from the currently insane transaction fees is known as EIP-1559.

In short, it consists of establishing a market base rate to include transactions in a blocks while adding tips to incentivize the miners. Subsequently, base costs would be burned, reducing supply inflation.

Problem: The solution for users, and what the miners are objecting to, is the SAME THING...

The proposal ignited debate after several miners rejected the initiative, as they will lose a part of their reward that now will be burned, as they have stated during discussions with the community.

The goal is to lower the cost of transaction fees, which currently make Ethereum look like a complete joke. Anyone with the misfortune of explaining the world's 2nd most popular crypto to a friend new to the market has probably found themselves scratching their head explaining the popularity of a technology that costs $10 in fees just to send someone $25.

If Ethereum started this way, it would have been adopted by no one, and currently Ethereum exists only because people believe this situation will end.

Really worth noting - if Ethereum said that it's current fees were permanent, it would become worthless overnight.  Alternatives with all the capabilities of Ethereum, and none of the issues with fees already exist. 

This isn't being treated as the disaster it is...

In it's current state, Ethereum is pointless, or worse, a step back in technological advances for transmitting currency. Unless you were hearing a lot of complaints from people that the methods they were using were too fast, and didn't have enough fees - Ethereum hasn't solved anything. Anyone who has been into crypto for just a few months has spent more money sending ETH than if they just used PayPal or any old payment processor.  

Some miners are unwilling to see a change in the Ethereum ecosystem and remain set on sticking to the current method that relies on commission auction to process transactions. These miners reject the fixed fees and the proposed compensation model, saying that if a new system were implemented, their income would drop dramatically. To every user, miners 'income' is their 'fees'.

This is why Eth2.0 can't come soon enough, as miners are replaced with nodes in a PoS (Proof Of Stake) system.  This requires those benefitting from validating transactions to hold a significant amount of the token, meaning they likely won't want to risk their own holdings becoming worthless by hindering advancements. 

I say this as a long time Ethereum supporter - enough already!

Currently 2.0 has a timeline of milestones, a step by step process that initially seemed reasonable.  But what the timeline doesn’t have - is times, dates, deadlines.

While I’m sure it’s great to not have the pressures most professional developers deal with, it may be necessary to shift towards functioning more like a private company, with angry users and deadlines to meet, which helps by both speeding up development and keeping people from moving on.

A crypto-ecosystem civil war...

Not quite as nasty as Bitcoin's internal battles, however, predictably users who thought some relief was coming aren't happy at miner's last ditch effort to thwart it. The overall sentiment being that we've all put enough money in miner's pockets recently.  

"IMO, this exposes some of these miners for what they are" said one user on reddit, he continued "Ethereum is just a network that pays them. They "love it" because it's paid them a lot, but they have zero attachment to its community, users, or apps".

Another reddit user said "Now users and apps who MIGHT have been sympathetic to the miners' cause at the time of the PoS merge are just going to look back on this "show of force" event and cite it as a demonstration of how miners are not neutral, and that if push comes to shove, they may even be willing to attack the network"

In closing...

I'm not quite sure how I feel - and that's the problem.  This is because I don't know if we're a 'few weeks', a 'month', a 'couple months', a 'few months', or 'several months' away from the high fee problem being solved. 

I, as many others clearly are as well, have been dabbling in using other blockchains that I had no intention of ever using until this. At some point this can drag on long enough where people will be saying it's been weeks since they've done a transaction on the Ethereum network - and there's something about tech where people tend to not look back.

I hope those in a position to influence the future of Ethereum are aware of just how easily they can lose that #2 spot - there's no shortage of projects dreaming of taking it. 

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Author: Ross Davis 
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News

Ethereum 2.0 Staking Now Available - Stake ETH 2.0 And Earn PASSIVE Income...

Ethereum 2.0 Staking - Stake ETH 2.0


One of the biggest changes to Ethereum with Ethereum 2.0 is the introduction of staking - allowing people to now earn income from the coins they would otherwise have sitting in their wallet.

Staking ETH allows someone to become an Ethereum validator, what was once known as mining.  However, with the change to Proof Of Stake on the Etheruem 2.0 blockchain, mining is replaced by staking coins.

Current earnings estimate is 13.49% APR just from staking the Ethereum you would be HODLing anyway!

Typically You Would Need 32 ETH To Do This, But Not Here...

Staking good for the health of the Ethereum ecosystem. You help secure the network, process transactions, and like miners, earn rewards in the process.

Now you can bypass the 32 coin limit by Staking at KuCoin Exchange, where they will automatically team you up with other ETH holders to reach the 32 ETH requirement. 

Click here to join KuCoin and begin earning!

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Author: Oliver Redding
Seattle Newsdesk / Ethereum 2.0 Staking

Ethereum ON FIRE - 200% Returns So Far This Year, As Price Now Passes $500! But Prepare For What's Next....

Ethereum 2.0 coming as price hits $500

Ethereum Has A 200% Return So Far This Year, And Just Hit $500+ For The First Time Since June 2018...

Ethereum's has managed a large rebound over summer and winter if 2020 , with it's market cap going from $13 Billion in Jan to $53 billion today  Likewise, the quantity of daily transactions has increased as well. In the last 24hrs Ether buying and selling in dollars totaled $3.5+ billion in volume.

Ethereum hasn't seen these prices since June 2018, when amid a bull market it struck its all-time high of $ 1,300. But it's fluctuated since then, and for awhile went surprisingly low, the worst being June of last year falling underneath $100.

Upgrades Are A Big Reason Why...

The increase in the price of ETH coincides with an increase in its hash rate (or computing power) of the network, which on Thursday reached a new historical high - exceeding 250 terahash per second (TH/s)!

But the big one is early next month, when the long awaited Ethereum 2.0 launches! Many expect this to come with strong rally behind it, saying they want to get in before the 2.0 rally truly gets going.

Will The Rise Continue? 

Which brings us to this interesting point - will everyone buy ahead of Ethereum 2.0's launch, making for a slow day when it actually arrives? Or will the lunch have enough hype behind it to fuel a rally of new investors following the experienced investors buying now? 

I'm leaning towards believing Ethereum will successfully have a double rally run-up.  The excitement around crypto is big, and Bitcoin's price (logically or not) scares some people off.  I think there's a lot of people who will take 'the next best thing' and if it's priced under $1000 they won't hesitate to make this their jump-in point!


Author: Ross Davis 
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk / Breaking Crypto News

Ethereum 2.0 Moves Closer To Launch, As Foundation Prepares For The Live "Dress Rehearsal"..

Ethereum 2.0 launch of eth 2
Ethereum 2.0 continues to move closer to launch with what the Ethereum Foundation is calling the "dress rehearsal" which will come in the form of a new testnet.  They announced:

"We realize that both the engineers and the community could use one more public testnet launch before mainnet to run through the motions. At the same time, we want to avoid disrupting Medalla’s momentum. We’ve therefore opted for a shortlived dress rehearsal that will run in parallel to Medalla later this month. Welcome Spadina!

Spadina will be a (primarily) mainnet configuration testnet with a 3 day end-of-life (EOL). The main objective is to give us all another chance to go through one of the more difficult and risky parts of the process – deposits and genesis – before we reach mainnet. If all goes well, it should give us greater peace of mind before we jump into the real deal later this year."

Developers experienced debugging testnets are invited to participate.

There's also an additional $15,000 in payouts being offered for those who can help gather data using the Medalla eth 2.0 testnet.

Medalla and Spadina testnets will operate at the same time, with their features eventually being merged for the final launch.

Visit Ethereum.org if you want to get involved.
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Author: Oliver Redding
Seattle Newsdesk



Ethereum 2.0 Testnet Goes Live - Final Step Before Launch - [UPDATES ADDED!]

Photo Of Ethereum 2.0
[UPDATE] The Ethereum 2.0 testnet (nicknamed 'Medalla') went live yesterday as planned.

At the time of publishing this update, it has processed nearly 25k transactions successfully!

For those who want to take a look for themselves:

Deposit Contract: 0x07b39F4fDE4A38bACe212b546dAc87C58DfE3fDC
Chain Explorers:
beaconcha.in
beaconscan.com
blockaction.io
Status Dashboard: eth2stats.io

If the testnet continues to operate smoothly, short of any major bugs being discovered the upgrade could move to the mainnet soon.

So - now is the time to be ready for it, whatever that may mean to you.


[Original Article]
Our sources inside the Ethereum Foundation confirm - tomorrow's testnet launch of Ethereum 2.0 will be happening without delay!

'Delay' has been a word everyone watching the development of Ethereum 2.0 has heard a lot lately, so maybe sharing our sources exact words: "It's happening. That I can promise" will help answer any remaining questions.

Called the 'Medalla testnet' it requires 16,000 validors to operate, minimum - a number they reached on Friday.

"The launch of Medalla is a huge milestone in the development of eth2 – if Medalla proves stable, mainnet launch is next – and represents years of hardwork by countless engineers, researchers, and community members. We hope you are as excited as we are." says Danny Ryan from Ethereum's Research & Development team.

If everything goes smoothly, the official launch of 2.0 worldwide will follow!

Aug 4th at 1pm UTC is the official launch time for the genesis of the Medalla ETH 2.0 testnet.

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Author: Justin Derbek
New York News Desk


Global Crypto Outlook May 2020: Focus shifts to ETH 2.0 After Halving...

Contentworks
Welcome to the May 2020 Crypto Outlook with Contentworks, an agency specialising in content marketing for financial services, crypto and blockchain.

Cryptocurrencies had a great April. ETH price rose by 50% while Bitcoin, Ripple, and Litecoin rose by more than 20%. In contrast, the S&P 500, Dow Jones, and gold rose by 12%, 10%, and 8% during the month.

Cryptocurrencies gained in April...
There are four main reasons why the price of cryptocurrencies rose in April. First, the overall mood in the market was positive as evidenced by the rising in stocks. Second, there was no major bad news in the industry such as hacking or regulations. Third, crypto enthusiasts are excited about the upcoming bitcoin halving and Ethereum 2.0 protocol that will be launched in the coming months. Finally, the low interest rates and unconventional monetary policy has made more people move to digital currencies.

Halving...
The biggest crypto-related news in May will be about halving. Halving is a process built within the bitcoin network that reduces the number of bitcoins awarded to miners. When it happens, the blocks that miners are awarded are cut into half. As a result, the supply of the digital currency is reduced, which in theory should help raise prices. The past two halving events took place in 2012 and 2016 while the upcoming one will take place on May 12.

In the past, the price of Bitcoin tends to rally ahead of halving. The same is also true for other currencies like Litecoin and bitcoin cash that have halving in their system. As bitcoin price rallies, other digital currencies rise as well.

However, this action tends to fizzle after halving happens as market participants sell the news. Therefore, while bitcoin price may continue rallying, and possibly test $10,000, it is also likely that the price will start weakening after halving happens.

More digital currencies...
The coronavirus pandemic has led to significant changes in the way people operate. Most countries have encouraged their citizens to use digital platforms for payments. The goal is to prevent the transmission of the disease through physical cash. At the same time, more central banks are now starting to increase their focus on creating digital cash. In China, the PBoC has been creating the digital yuan since early 2019. While the project has had several delays, there is a likelihood that it will make an announcement about it in May. Meanwhile, in Sweden, the Riksbank has said that it is developing an e-krona, which will be the digital version of the current currency. Other central banks could announce these measures as countries start to reopen.

ETH 2.0 countdown...
After Bitcoin halving happens, enthusiasts will be focusing on ETH 2.0, which is a new release that will happen in July. The goal of this release will be to remove some of the biggest problems that exist in the Ethereum network especially on speed and scalability. This new release will help solve these problems by introducing a proof-of-stake consensus mechanism and sharding. The proof-of-stake mechanism will help reduce the need for mining equipment while sharding will help boost speed of transactions. According to Vitarik Buterin;

“Imagine that Ethereum has been split into thousands of islands. Each island can do its own thing. Each of the islands has its own unique features and everyone belonging on that island, i.e. the accounts, can interact with each other and they can freely indulge in all its features. If they want to contact with other islands, they will have to use some sort of protocol.”

In May, most physical crypto-related events will not take place because of the coronavirus pandemic. Still, there will be several virtual events during the month. The biggest one will be the annual Consensus event that is held by Coindesk. The virtual event will happen on May 11 to May 15. Some of the key speakers will be Akon, Changpeng Zao of Binance, and Sheila Warren of the World Economic Forum (WEF).

Another event will be the Crypto Asia Summit that will happen online between May 18 to 23. The key speakers will be Roger Ver, Da Hong Fei of NEO, and Zac Prince of BlockFi.

At Contentworks, our team of financial professionals closely follows market movements for FX, Crypto and other tradable instruments. We are proud to serve some of the biggest crypto and fintech companies in the world by delivering high-impact articles, videos, PRs and white papers.

Visit www.contentworks.agency


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Information Provided via Press Release
Distributed by Global Crypto Press Association Press Release Distribution for industry.