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Der Ether-Ofen ist an: Ethereum verbrennt 10 Millionen US-Dollar am Tag

Mann schaufelt Kohle in den Ofen eines Boots
Mit der gestrigen London Hard Fork ist für Ethereum ein neues Zeitalter angebrochen: Ab sofort werden mit jeder Transaktion Ether (ETH) verbrannt. Für Vitalik Buterin steht fest: London zeigt, dass Ethereum in der Lage ist, signifikante Veränderungen zu vollziehen. Das Marktupdate.
 
Source: BTC-ECHO

Der Beitrag Der Ether-Ofen ist an: Ethereum verbrennt 10 Millionen US-Dollar am Tag erschien zuerst auf BTC-ECHO.

Gambling Dapps on Tron Record $1.6 Billion Volume in Q1 2019

Gambling Dapps on Tron Record .6 Billion Volume in Q1 2019

Analytics company Dapp Review has told CoinDesk that gambling-based decentralized applications (Dapps) are fast becoming a major use case on the Tron blockchain, facilitating USD 1.6 billion in transactional volume in the first quarter of the year created by over 432,000 users.

Gambling is becoming a primary use case for the Tron blockchain, new data shows. And the ways to gamble with a Tron Dapp are varied. It’s no longer just crypto kitties now, but dog racing and farming, with the promises of quick riches up to 100 times their wagers.

✅Official#TRON has claimed 1st spot of the most used DApps on @DappRadar for the 1st time ever

The game Epic Dragons has 7.4k daily users#TRX also claims 2nd & 4th spot, while hosting 6 of the Top 10 DApps

These 6 DApps have a total of 32,100 users the past 24H

Onwards! pic.twitter.com/YwHbQcJfxx

— Misha Lederman (@mishalederman) February 6, 2019

According to the same data, the popularity of Tron has hit such heights the past quarter that on 15 March itself, more than USD 102 million worth of transactions took place. EOS Dapps only managed USD 16 million, while Ethereum Dapps only could record less than USD 4 million. And all this before the market recovery happened.

The fortunes of Tron changed only recently, after making itself independent of Ethereum in June 2008, after a successful USD 70 million token sale in 2017. Gambling was also a precursor activity on the Bitcoin network in the early days. Ethereum Dapps took center stage in 2017 but after skyrocketing fees and congestion, gamblers seemingly moved to EOS but Tron is now looking to stake its claim.

 

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What is Ethereum?

what is ethereum

What is Ethereum?

Ethereum is an open software platform for decentralized applications (Dapps), allowing developers to build smart contracts and distributed applications and execute them, mitigating fraud, downtime or control by a third party. It is akin to programming language run on the blockchain.

One of its aspects is its own virtual currency, Ether. Ether is used for two main purposes: it is a digital currency like other cryptocurrencies and is also used within the platform to run applications and to monetize work. Ether is used by the application developers to make any kind of payment in the Ethereum network.

Smart contract

A smart contract is more or less like a self-operating computer code facilitating the exchange of money, shares, property or any unit of value. It can store information about an application such as domain registration and other membership details, provide utility to other contracts, manage agreements between users and function as “multi-signature” account so that funds are spent only upon the agreement of a certain percentage of people.  It is theorized that smart contracts will replace all kinds of contractual agreements at some point, as their implementation provides a level of security superior to any traditional contract law, also reducing transactions costs associated with these contracts. Thus, they establish trust between parties and reduce the overall costs.

Benefits of a decentralized Ethereum platform

  • A third party is not involved, preventing changes to data by intervention.
  • Censorship is avoided with the strong network formed around the principle of consensus. Consensus means all nodes in a particular system must comply with any change made in a system.
  • With the help of cryptography, applications are secured from hacks and frauds.
  • Apps never go down as they are being run by thousands of volunteer computers across the globe.
  • Cuts out middlemen and expenses associated with them.

Disadvantages of Ethereum

  • The code for smart contracts may have errors, giving hackers an opportunity to exploit the code. In such a case, the underlying code has to be rewritten on reaching a consensus but this goes against the very idea of making the Ethereum blockchain an immutable ledger.
  • The transactions are stored on the nodes. The problem is that with the increase in transactions, the developers are trying to increase the size of the nodes, which will consequently kick people off the network. Running a full node allows users to take advantage of privacy and security. Thus, denationalization and scalability are currently at odds.

Scope of improvement

  • There should be more focus on technical issues and security improvement to prevent disruptions of code which has a direct impact on the value of Ether and the public belief in Ethereum.
  • Sharding is a recommended possible implementation. It means moving away from full nodes. Thus, each node stores only a part of the data and verifies the transactions and if it requires information of transactions which it does not store, it approaches the node which has the data for the respective transaction.
  • Transactions can be made off-chain via micro-payment channels, which means, either party can kick the transaction to the blockchain any time they want, giving both parties a chance to end the interaction.

A comparison between Ethereum and Bitcoin

While Ethereum and Bitcoin are two vast projects which seem very similar, they are truly similar only in the cryptocurrency aspect. Bitcoin is a project which focuses solely as a means of payment and store of value, and has successfully established stability by being the most-used cryptocurrency enjoying robust development to date. Ethereum, on the other hand, has a wider scope as it is a multipurpose platform, with Ether being just one aspect of its multiple smart contracts. Therefore, the Bitcoin blockchain is mainly used to track the ownership of bitcoins while the Ethereum blockchain is focused on running Dapps.

Conclusion

Some experts believe that in the coming years, Ethereum will have the potential to completely revolutionize services and industries which have been operating for hundreds of years. The abundance of projects attempting to tokenize services and industries via Ethereum-based tokens shows a strong demand for a platform that makes it relatively easy to crowdfund or tokenize ideas. Its long-term success will rely much on how it handles scaling solutions, with an ongoing Constantinople hard fork making a major switch in algorithm.

On the other hand, others believe that Ethereum’s limitations will mean that it will not outlast other competing platforms, whose development teams appear to be more flexible and agile in responding to market demands and learning from Ethereum’s flaws.

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Fidelity Bitcoin Custody Service Coming in March

Fidelity Bitcoin Custody Service Coming in March

Multinational financial services corporation Fidelity Investments is reportedly giving itself a March deadline to launch its Bitcoin custody service. Bloomberg reports three people familiar with the matter confirmed the March target, although the sources were not named.

The cryptocurrency custody solution is being developed to service the much anticipated institutional investors entering the market; retail investors will be unable to access the service when it does launch.

The cryptocurrency storage service was first announced in October last year, with Fidelity betting it is only a matter of time before Wall Street investors move to the cryptocurrency market. CEO Abigail Johnson said at the time: “Our goal is to make digitally native assets, such as Bitcoin, more accessible to investors.”

Johnson has advocated in favor of cryptocurrency for years, introducing Bitcoin and Ethereum mining at Fidelity in 2017. Clients have also been able to access balances from their Coinbase accounts on the website for several years.

The sources also disclosed to Bloomberg that an Ether custody solution would be the next focus for the firm.

Fidelity Investments administers over USD 7.2 trillion in customer assets and is based in Boston, USA.

 

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BitMEX CEO: Bitcoin Is Society’s Best Hope for a Private Form of Electronic Money

BitMEX CEO_ Bitcoin Is Society’s Best Hope for a Private Form of Electronic Money

BitMEX CEO Arthur Hayes has spoken out in favor of Bitcoin, saying that the hallmark cryptocurrency is “society’s best hope for a private form of electronic money.”

The company is a cryptocurrency exchange and derivative trading platform. It is owned and operated by HDR Global Trading Limited, which is registered in Seychelles and has offices worldwide.

In a blog post published before the weekend, Haye’s latest thoughts on the industry entitled ‘Two sides of the coin: the bifurcated near-future of money’ suggested that the future of Bitcoin is ensured, commenting:

“Even in the face of the various centralized forces currently being marshaled: humanity’s bifurcated monetary future will be better than our monopoly monetary past, as some money becomes more convenient while other money becomes far more private.”

Hayes further suggested that until now, monetary systems had been dominated by monetary monopoly and a bifurcated system with Bitcoin representing the cryptocurrency industry would be the best hope for the future, despite the proliferation of alternatives such as Ether, Ripple, and others.

According to the BitMEX boss, another advantage that Bitcoin possesses when squared up against others is its security, having never been successfully hacked in its ten years of use. Painting a rather utopian picture of a background in which cryptocurrency can flourish, he went on to say that he felt Bitcoin could create an environment where individuals can work together towards a common end.

Hayes’ positive comments were made only weeks before he expressed his views about Bitcoin at the end of 2018, suggesting that it would continue its volatile bearish trend in 2019.

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1 in 3 Millennials View Bitcoin as Currency of Choice for Freelancers

1 in 3 Millennials View Bitcoin as Currency of Choice for Freelancers

The results of a recent survey into the preferences of American freelancers by P2P platform Humans.net has revealed that 29% of professionals in the US would be happy to receive either a full or part salary payment in cryptocurrency.

Among the 1,100 US respondents in the survey were self-employed professionals such as self-employed writers, tutors, designers, and developers, of which 4% were already in receipt of some form of salary, in either Bitcoin or Ethereum.

Some 18% of the respondents, who were chosen randomly and not pre-screened prior to selection, said that they would prefer to be paid in Bitcoin or another digital currency over a fiat salary. An additional 11% said that we would not be averse to some kind of partial payment comprising both cryptocurrency and fiat. This resulted in a 29% thumbs-up among survey respondents for some kind of crypto salary.

The age group of freelance professionals in this field is generally millennials based, such is the nature of innovation and design in fintech, attracting many college leavers. A new Clovr survey of investment potential, conducted in October, positioned high-earning millennials at the center stage when it comes to owning cryptocurrency.

These latest figures confirm the results of other surveys conducted this year, showing that it is millennials with money who appear to be taking on cryptocurrency in ever-increasing numbers. This is partly due to the lack of investment options in tradition areas. The Clovr study shows that it is those with annual incomes of between USD 75,000 and USD 99,999 that have become serious investors.

The number of those self-employed professionals looking toward a Bitcoin-based salary was illustrated by another recent survey conducted by British tech company, Sage, that highlighted the fact that across the Atlantic UK freelancers were also keen to receive some kind of crypto-fiat salary payment. The UK survey of 1,000 suggested that similar to the US survey, 31% of Brits would also go for a Bitcoin salary payment should it be offered. Darren Francis, who commissioned the survey commented:

“It’s interesting that more people were leaning towards the “all-in” option; having their sole or dominant income paid to them in cryptocurrency.”

The one emerging fact from the two surveys is that the dip in the value of Bitcoin over past weeks has done little to dampen millennials’ enthusiasm for acquiring the digital currency during this period of market instability, whether it be as part of their salary or a simple purchase. Bitcoin at time of writing is priced at USD 3,884.41 on CoinMarketCap.

 

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Google CEO’s 11-Year-Old Mines Ether at Home

It seems like Google’s boss has a son with secret designs on the crypto world after telling his dad that he was mining Ether at home.

It appears that Google’s CEO Sundar Pichai’s 11-year-old son has his father’s entrepreneurial gene. Speaking at the New York Times DealBook conference last week he let slip that his son used the family computer to mine crypto. He commented:

“Last week I was at dinner with my son, and I was talking about something about Bitcoin, and my son clarified what I was talking about was Ethereum, which is slightly different,” Pichai said. “He’s 11 years old. And he told me he’s mining it.”

It seems that Google top brass have the mining bug after company co-founder Sergey Brin’s admission earlier this year that he was also mining Ethereum with his son at home. It seems that the kids are pretty up to date on the latest cryptocurrency tech details too, as Pichai admitted he had been corrected by his son when they were chatting about Bitcoin recently. Brin revealed:

“A year or two ago, my son insisted that we needed to get a gaming PC…I told him, ‘OK, if we get a gaming PC, we have to mine cryptocurrency.’ So we set up an Ethereum miner on there, and we’ve made a few pennies, a few dollars since.”

The Google boss was discussing his views on screen time for children in relation to a recent New York Times article about Silicon Valley technicians’ families and tech addiction among children. It appears that the computer his son was mining on was actually built by his dad.

“I’m like every other parent I guess,” Pichai said. “I do test a lot of gadgets at home, so I have vulnerabilities in terms of how my kids get access to stuff.”

Pichai said that he had to teach his son some important details about how the financial system worked, “I realized he understood Ethereum better than how paper money works …I had to talk to him about the banking system, the importance of it. It was a good conversation.”

The interview came on the same day that thousands of Google employees around the globe protested against Google’s handling of allegations of sexual misconduct against female employees with a simultaneous walk out. Pichai admitted ‘We didn’t always get it right.’

 

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