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A proposed scaling solution to Ethereum by fragmenting the blockchain into smaller more manageable units.

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Almost 60% Of Ethereum Nodes Have Not Upgraded With Just Three Days To Go Before Istanbul

The long-awaited Istanbul hard fork is almost here. This follows months of delay which has seen the activation of Istanbul postponed at least three times. Besides these delays, ethereum prices have been deep in the cryptocurrency abyss. In recent months, ETH has managed short-term rallies but the general trend remains downward. It has dropped from a high of $220 in October to a low of $146 at the time of writing. In three days’ time, however, ethereum blockchain is set to undergo the Istanbul hard fork. This update will introduce major changes to the blockchain. Yet, a majority of the nodes are not ready. The Istanbul Ethereum Upgrade System updates on the ethereum network are deemed as hard forks. When the time for the hard fork comes, the participants agree to move to the fork which contains all the agreed on updates. Istanbul will be the second hard fork this year and it will be activated on the mainnet at block 9,069,000 on Saturday, December 7. It’s designed to improve scalability, security, interoperability, and overall functionality. Out of around 38 Ethereum Improvement Proposals (EIPs) suggested, only six will be included in the Istanbul update; EIP-152, EIP-1108, EIP-1344, EIP-1884, EIP-2028, and EIP-2200. EIP-152 will enable interoperability with anonymous coin Zcash and other equihash-based coins; EIP-1108 will reduce Ethereum’s bottleneck scalability issues and also reduce the cost of developing private applications; EIP 1344 will increase the network’s tolerance to replay attacks. The other three will basically adjust gas prices for various operations. Additionally, they will set the stage for the transition from the current Proof-of-Work consensus algorithm to a Proof-of-Stake model and also the new scalability solution is known as sharding. Almost 60% Of Ethereum Nodes Have Not Upgraded Despite the Istanbul hard fork promising the aforementioned changes, almost 60 percent of the nodes are not yet ready for the hard fork. Precisely 60% of the Geth client nodes and 55% of the Parity nodes are yet to upgrade and the clock is ticking. In total, 58.7% of all nodes are not ready for the system update. This slow uptake by network nodes is not a rare occurrence and it shows that a majority of them lack interest. Before a system update, all the nodes are supposed to be in harmony to avoid infighting. Nonetheless, Istanbul will still go ahead as long as all businesses and miners on the ethereum network are ready prior to the update. According to the official announcement, node operators that will not be ready for the system updates on Saturday will be “stuck on an incompatible chain following the old rules” and therefore they’ll be “unable to send ether or operate on the post-upgrade Ethereum network”. Istan-Bull Run Possible?  The update is expected to improve the functionality of the ethereum blockchain. Others in the ethereum community expect it to revive the battered ETH prices -the digital asset is down by 58.28 percent from its 2019 high at $350. Unfortunately, its price movements are mostly tied to bitcoin’s and could, therefore, slide further before a decent recovery. Nevertheless,  ETH is seeing more investors coming in according to data from TokenAnalyst. Over the last seven days, there have been more inflows, of 115.7 million than the outflows of 102.6 million, suggesting that investors are pretty confident. Also, the ethereum network is experiencing a steady growth of DeFi applications. Therefore, even if ETH prices remain in the doldrums for a while – like the rest of the cryptocurrencies – Istanbul will definitely have a positive long-term effect because of the update’s improvements on speed, scalability, and costs. The post Almost 60% Of Ethereum Nodes Have Not Upgraded With Just Three Days To Go Before Istanbul appeared first on ZyCrypto.
ZyCrypto

Waves DEX Foregoes Total Decentralization and Is Migrating to a Hybrid Model

Coinspeaker Waves DEX Foregoes Total Decentralization and Is Migrating to a Hybrid ModelIn what seems like migration for the future, sources have indicated that Waves, a popular decentralized cryptocurrency exchange, has shut down its operations on its decentralized platform and is migrating to a new hybrid-based system that is intended to combine the best of both worlds. The exchange indicated this yesterday in a press release stating that it is shutting down operations on the old website and is shifting to the new Waves.Exchange site where the development of its hybrid model is ongoing at the moment. The exchange said:“From this point onwards, the old version of the exchange will be unavailable, and the website will offer only functionality to support migration. User funds held on Waves DEX will remain completely safe during and after the process.”The company further indicated that it had started minimal operations on the new platform as the ongoing development continues. The company also noted that the immutability of transactions, security and the control of funds by users will be in tandem with the centralized characteristics of the new platform.According to Waves, while its core development team will be working on the protocol, sharding and other mission-critical features of the new platform, another team will focus on the operations and support systems of the new platform. This separate team will have members from the core development team for easy assimilation of the project by new entrants. Waves CEO Sasha Ivanov explained their move in the following way:“Waves DEX was a kind of prototype. Now, after 2 years of operation, it has grown and become a separate project. […] Now it’s time for us to focus on protocol development and hand over the exchange to an external team and community separate from Waves, so we can merge all the infrastructure teams into one, synchronizing development work and taking the combined product to a new level.”The cryptocurrency exchange also indicated that innovations that will bring much to the crypto space which include partner and market-making programs that will also be introduced to enable further inclusion of liquidity on the platform. Moreover, Tether (USDT) trading shall ensue on the platform once the trading gateway opens up in December. Per Waves, new products will be available on the platform to allow passive income and the collation of interest-based on the acquisition of stablecoins on a low-risk basis.This brings to the fore a new hybrid-based model as a new paradigm in the decentralized finance (DeFi) space. The concept has a mix of centralized systems with decentralized features considering the various costs involved where the implementation of purely centralized systems is concerned. How Waves will succeed in the long term depends on how the new platform’s protocol will work and its adaptability to the emerging situations and risks that financial systems always face. The strategy of having separate teams indicates that Waves is a forward-looking organization.Waves DEX Foregoes Total Decentralization and Is Migrating to a Hybrid Model
Coinspeaker

MultiVAC CTO Shawn Ying - The All-dimensional Sharding Plan of MultiVAC is the Ultimate Multi-Core World Computer People Need

SINGAPORE, Nov. 28, 2019 /PRNewswire/ -- Recently, MultiVAC - the public blockchain known as 'Sharding Killer' received an interview from the top one Korean blockchain media CoinNess. Dr. Shawn Ying, the CTO of MultiVAC, explained MultiVAC's Sharding plan in detail. Sharding plan has become phenomenal in public blockchain's scale-up research area. Vitalik Buterin, the founder of Ethereum, also expressed his personal confidence in this scale-up plan's feasibility - 'Five years ago, almost no one was thinking about sharding; now, sharding designs are commonplace.' Ethereum plans to launch its first Sharding version (ETH 2.0) in the first quarter, 2020. It's anticipated that its testnet can reach a much higher TPS than the current one. However, the Sharding plan also faces various challenges like how to solve cross-Shards synchronization, how to avoid state explosion problems, etc. Proposals on the market are far from mature. Dr. Shawn states, 'Through the world's first all-dimensional Sharding plan, MultiVAC achieves ...Full story available on Benzinga.com
Benzinga

Elrond X Orion - a Partnership that will Benefit the Both!

“We are proud to partner with Elrond and work together to bring a decentralized trading experience that is unmatched. Elrond’s unparalleled performance and scalability allows completely moving high-frequency trading familiar in traditional stock exchanges, to blockchain technology.” — Alexey Koloskov, CEO of Orion Protocol The mutually beneficial partnership will provide Orion Protocol with the needed high throughput, low costs and fast execution times, while the Elrond blockchain gains yet another partner operating on top of it to further prove its capabilities and readiness for adoption. “Levelling the playing field between centralized and decentralized exchanges, in order to bring liquidity in the fragmented crypto space, is an important step towards a truly free and direct marketplace. Orion Protocol has the right tools and approach for achieving this goal, and needs fast infrastructure & interoperability to come to life. We are pleased to support their vision and to enable their goals with Elrond’s high throughput and fast finality.” said Beniamin Mincu, CEO & Founder of Elrond. About Orion Orion is an all-in-one platform featuring a wide array of DeFi products. Its advanced Liquidity Aggregator Protocol is a standard for connecting to centralized and decentralized exchanges, enabling an ecosystem of dApps to solve liquidity issues and price parity. Orion enables cross-chain trading, omni-exchange accessibility, and liquidity among many other industry-needed features. Twitter: https://twitter.com/orion_protocol Telegram: https://t.me/orionprotocol About Elrond Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy. Elrond is built by a team of experienced entrepreneurs along with 13 engineers and researchers with significant blockchain backgrounds and technical experience at Microsoft, Google, Intel, and NTT DATA. The team includes two PhDs in CS & AI, multiple math, CS, and AI Olympiad champions, and a former member of the NEM core team.
/r/CryptoMarkets

BitTorrent Creator Tees Off Against Ethereum

Bram Cohen, the creator of BitTorrent, recently spoke out against Ethereum in a 28-post tweetstorm outlining his concerns about the project’s viability.  The crypto community is no stranger to drama, and a new one is seemingly unfolding right now. Recently, Ethereum’s co-founder, Vitalik Buterin, shared a text under the title of ‘Hard Problems in Cryptocurrency: Five Years Later.’ In the text, he elaborates on different aspects, plans, and issues that are or might start affecting the crypto industry, and especially Ethereum. However, while Buterin seems to be generally concerned about these issues — such as scalability, timestamping, Arbitrary Proof of Computation, Code Obfuscation, Hash-Based Cryptography, and more — not everyone agrees. Cohen criticizes Vitalik Buterin BitTorrent creator, Bram Cohen, stood up against Buterin’s claims on Twitter, basically dismissing most of them or pointing out that some solutions are not even worth considering right now for various reasons. He called Buterin’s claims wrong-headed, and began a 28-tweets-long thread in which he addressed Buterin’s claims, point by point. Here's Vitalik's opinions about the state of technology around cryptocurrencies. As you might expect, I think much of this is wrong-headed, and will explain (thread) https://t.co/m1FLSiiwo4 — Bram Cohen (@bramcohen) November 25, 2019 For example, in the part of his text where he talks about Blockchain Scalability, Buterin mentions on-chain scaling with sharding as the only option worth considering. Cohen strongly disagrees, stating that payment channel networks are a much better way to go about it, and are becoming ‘a real thing.’ This appears to be one of the most concerning parts of Buterin’s text, as he sees it as a sure way to end up requiring miners to have all the shards. According to him, that would not be sharding, but redefining what a ‘full node’ is. Of course, Buterin did not claim this himself, but Cohen sees it as a very likely result if the technology behind crypto heads down this path. > essentially requiring miners to have all the shards Huh? — vitalik.eth (@VitalikButerin) November 25, 2019 The current proposals for sharding in Ethereum will degenerate into there only being a few servers which download everything and make all the blocks and everything else is a partial node — Bram Cohen (@bramcohen) November 25, 2019 Cohen addresses the rest of Buterin’s points in a similar manner, usually disagreeing with his viewpoints, or claiming that some solutions are still underdeveloped to be considered seriously at this time. One example of the latter concerns Buterin’s views on ‘Arbitrary Proof of Computation.’ Cohen commented that there is ‘a lot of very exciting stuff going on.’ However, he noted that he would not dare to look into it seriously for at least a few more years. He does have high hopes for the concept, although he clearly believes it to be underdeveloped at this time. There are also points that Buterin made that Cohen sees as unnecessary. Code Obfuscation is one such segment, where the Ethereum Co-Founder hopes for further progress while Cohen believes that ZK techniques already fulfill pretty much all use cases in practice. Ethereum POS is a ‘Bad Idea’ He also hit close to home for Ethereum by commenting that PoS ‘continues to be a bad idea.’ He believes it to be a fundamentally weakened security model that will cause countless additional technical issues. He admits that there was some progress in the field, but he still doesn’t seem to have much faith in it. He also commented on timestamping, claiming that it is fine as it is and that there is no need to bring additional changes. Blockstream CEO, Adam Back, also decided to weigh in on Cohen’s tweetstorm against Vitalik, comparing the Ethereum Co-Founder to the disgraced Founder of Theranos, Elizabeth Holmes. it's like looking to elizabeth holmes for the state of biotech. what'd you expect. — Adam Back (@adam3us) November 25, 2019   Do you agree with Bram Cohen comments regarding Ethereum? Let us know your thoughts in the comments below. Image via Shutterstock, Twitter @bramcohen @VitalikButerin @Adam3us The post BitTorrent Creator Tees Off Against Ethereum appeared first on Bitcoinist.com.
Bitcoinist
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Ethereum Sharding Explained

Sharding is a proposed solution to Ethereum’s scalability problem. Sharding breaks a blockchain into several smaller chains called shards. When necessary, shards communicate with one another through the main chain.

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Brave Browser (BAT) Now Has over 10 Million Monthly Active Users

Brave Browser (BAT), a privacy-protecting internet browser that’s focused on giving the masses absolute control over online activities, while also rewarding them with Basic Attention Token (BAT), has announced that the browser has seen more than 10 million monthly active users (MAU) since launching Brave 1.0 in November 2019, according to a blog post onRead MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Deutsche Bank Says Crypto Could Usurp Fiat Money And ‘Soar’ By 2030

With each passing day, there is a little increase in cryptocurrency adoption with more people being informed and special efforts dedicated to education. If a recent Deutsche Bank report is to be believed, the next decade beginning from next year will most likely record significant leaps and bounds as far as the cryptocurrency sector is concerned, ending with fiat currency being regulated. According to the “Imagine 2030” publication from the German multinational financial services giant, fiat money is slowly getting closer to the brink of complete instability because all of the factors that have been holding it in place have created an imbalance which is already beginning to tell on the system. In the section of the report dubbed “The end of fiat money?” written by Jim Reid, the analyst suggests that the 2020s will be significant because there will be an increased need for fiat alternatives. “The forces that have held the current fiat system together now look fragile and they could unravel in the 2020s. If so, that will start to lead to a backlash against fiat money and demand for alternative currencies, such as gold or crypto could soar.” As unlikely as the end of fiat might seem, Reid argues that back in the 1970s, money was always backed by commodities such as gold or silver. One of the most noteworthy things that happened to fiat after its dependence on such commodities was that inflation sometimes increased “dramatically.” Reid also argues that a major flaw with fiat currency is that it’s usually a little too tempting to produce money willy-nilly when there is nothing backing it. This is something Reid suggests that alternative currencies will solve because no one can wake up and decide to just create Bitcoin and other digital currencies, out of the blue. While it might be a little too bullish to expect that fiat will completely fall, it surely is interesting to think about all of the weaknesses fiat has and how alternative offerings like cryptocurrency, could easily step in and save the day. The post Deutsche Bank Says Crypto Could Usurp Fiat Money And ‘Soar’ By 2030 appeared first on ZyCrypto.
ZyCrypto

Coinbase’s Visa debit card adds support for DAI stablecoin

Cryptocurrency exchange Coinbase’s Visa debit card offering has added support for ethereum-based DAI stablecoin. Announcing the news Friday, Coinbase Card said DAI is the first stablecoin added to its offering. The debit card, launched this April, allows customers in the UK and EU to spend their cryptocurrencies directly from their Coinbase accounts. Just last month, Coinbase Card added support for four crypto assets - Brave browser’s basic attention token (BAT), Augur (REP), Stellar (XLM) and 0x (ZRX). It also supports bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC). JD Millwood, head of marketing at Coinbase UK, recently said that the debit card offering “has helped tens of thousands of users spend their crypto as easily as the money in their bank accounts. With Christmas approaching, the demand for Coinbase Card will be will higher than ever.” Last month, Coinbase Card also expanded its reach to ten new countries in Europe, bringing the total to 29. The newly supported countries are Bulgaria, Croatia, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, and Sweden.
The Block Crypto
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