Category Archives: Ethereum Classic

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Ethereum Classic Compatible with Ethereum in Mid-January

  • Agharta hard fork around January 15 will make Ethereum compatible with Ethereum Classic

Ethereum Classic will undergo the Agharta hard fork at block 9.573 million which should occur around 15 January. After that, Ethereum Classic will become compatible with Ethereum via including features from the Ethereum Constantinople hard fork.

Ethereum Classic split off from Ethereum in 2016 following the USD 50 million Ethereum Decentralized Autonomous Organization (DAO) hack. Ethereum decided to undo the hack via a hard fork, but the Ethereum Classic community stayed on the old chain in order to preserve immutability. Since then Ethereum has become the #2 cryptocurrency with a market cap of USD 13.7 billion, while Ethereum Classic trails by far with a market cap of only USD 0.5 billion.

It is believed that making Ethereum Classic compatible with Ethereum will accelerate the development of decentralized applications (Dapps) and smart contracts by allowing Ethereum Classic to use technology that has already been developed for Ethereum. Also, this compatibility will help bring the Ethereum and Ethereum Classic communities back together.

The market has viewed this news as positive, with Ethereum Classic rallying 11% within 24 hours of the announcement.

 

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Ethereum Set for January Spike, to Start Year on Positive Note With Constantinople

Ethereum Set for January Spike to Start Year On Positive Note with Constantinople

Ethereum has been earmarked by many cryptocurrency experts as heading for a massive spike in value early in 2019 as its Constantinople hard fork approaches.

Ethereum which recently lost its spot as number 1 altcoin by market cap to Ripple has developers hoping that its hard fork scheduled for January will make the transition from Proof of Work (PoW) to Proof of Stake (PoS) more effective and boost ETH’s market value moving into the new year.

In terms of development, Ethereum is lagging, while other competitors such as Ethereum Classic (ETC), Cardano (ADA), Lisk (LSK) and Quantum (QTUM) are progressing with far more intent. Despite “the sky falling” as some commentators have maintained, Joe Lubin, Ethereum co-founder, asserts that Ethereum protocol development is accelerating. He suggests that this will result in “the continued maturation of the token economy, which will see many exciting consumer utility tokens and tokenized security launched in the new year.”

The common view is that ETH is now well positioned for a price boost prior to the release of Constantinople, not only regaining its position as the leading altcoin platform. Clearly, though the Ethereum team is hoping for a more successful outcome than the last hard fork, Bitcoin Cash, leading to heavy market losses and a hash rate war.

Constantinople is scheduled for the middle of January 2019 and designed to increase the speed and efficiency of the Ethereum network, as well as making it more economically viable than the current status quo. Ethereum Classic (ETC) will still remain in play after the fork.

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London Gallery Owner Helps Crypto Wealthy Make Expensive Choices

There is an increasing number of platforms being launched to help wealthy consumers part with their cryptocurrency, usually on luxury items, writes the China Morning Post.

Such entrepreneurs have created a business seemingly out of very little, but nonetheless, they are serving a specific crypto elite and creating a thriving retailer-consumer database.

Working from her gallery in London’s Mayfair, Eleesa Dadiani is one of the new providers to the crypto rich, with clients ranging from 20 to 70 years of age. It started a couple of years ago, she maintains, has noted that those who had made significant profits from cryptocurrency trading really had no idea how to spend it. Using her established clientele through her gallery Dadiani Fine Arts she decided to make it happen by forming a syndicate of retailers and customers to turn some of this wealth into goods. She explained:

“A couple of years ago, when we saw bitcoin perform as well as it did, there was no way to use those coins. You were rich on screen, but what could you do with it? You could invest in ICOs [initial coin offerings], but what about something tangible? The answer was ‘Nothing’.”

Dadiani is certainly a believer and wants to make cryptocurrency do what it was intended for. Her gallery was one of the first globally to accept multiple cryptocurrencies; she currently supports Bitcoin, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, and NEM. Her customers come to her so she can help them make that otherwise difficult crypto purchase.

The list of her client’s purchases are impressive to say the least, from bloodstock to jets, from gold bullion to rare cars, she’s handled them all. Even the purchase of four Formula 1 cars valued at £4 million ($5.3 million) wasn’t enough to dampen her enthusiasm for her role as crypto “ middle-man.”

She says she has little time for crypto-idealists trying to create decentralized government-free crypto utopias, suggesting that people need to make a “cognitive shift” and find a way of integrating cryptocurrency into real life through gradual change. She argues:

“These libertarians, they don’t understand money, they don’t understand history,” she says. “They know nothing about politics or international relations. You have to understand the world you live in before you can change it.”

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Cloud Mining Firm Argo London Stock Exchange’s First Crypto Listing

Earlier this week, cloud-based cryptocurrency mining firm Argo was announced as the first of its kind to be listed on the London Stock Exchange. This is a significant step in the acceptance of cryptocurrency by the mainstream financial sector.

Leading the way

With the blockchain industry in a period of massive expansion, Argo’s approval for listing paves the way for more blockchain-based firms to follow suit. This move is indeed a testament to the cryptocurrency sector shedding its reputation of exclusivity.

London’s role on the international stage as a global hub for financial technology is what attracted Argo to pursue a place on the city’s stock exchange in particular. “A London stock market listing will provide Argo with the profile, credibility, and access to global capital to drive our growth and help us establish a leadership position in the long term,” co-founder of Argo Jonathan Bixby said.

The firm is looking to raise USD 20 million, with a valuation target of USD 40 million.

Argo

London-headquartered firm Argo works on a subscription-based model, with its cryptocurrency mining operations based in Quebec, Canada, active since last year. This has become a popular location for mining farms due to optimal climate and energy cost conditions. Argo has plans to expand operations to Iceland and China, both of which benefit from cheap electricity costs and a cold climate.

The firm provides clients with the ability to mine Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash remotely via its own mining rigs. Argo plans to charge customers USD 25 a month for access to the mining facilities. No separate mining pools are planned for development, nor will Argo act as an online wallet to store any of the cryptocurrencies mined. Customers are limited to one contract each.

Speaking to Business Insider, Mike Edwards, co-founder of Argo, noted: “Setting up a computer rig to mine cryptocurrency is challenging, inefficient and expensive. I knew that we had to change the game and democratize the process so that crypto-mining could become a mainstream consumer activity.”

 

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