Category Archives: Ethereum Foundation

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Ethereum Up More than 200% Since December Lows

While most people focus on Bitcoin as a digital alternative – to physical commodities such as Gold, or as a possible alternative to fiat currency; in a manner of speaking, the spotlight is somewhat lost on Ethereum despite being the number one altcoin by CoinMarketCap. Could Ethereum be taking on the metaphorical pseudonym as digital oil in the emerging digital economy?

Ethereum seems to be making a gradual comeback with a significant push past several resistance levels. Now up to more than 200 percent price growth since its all-time low in December, speculations have it that the trend may continue, perhaps to the USD 300 mark to which it currently trades close to.

Strong fundamentals seem to be brewing on the development front of the Ethereum ecosystem. The famous Ethereum 2.0 public testnet is finally making progress to feature full proof of stake and sharding algorithms, all in the bid to raise the transaction speed to as much as 1000 tps.

During the ConsenSys Ethereal Summit, Aya Miyaguchi Executive Director of Ethereum Foundation revealed a planned sum of USD 30 million to support the Ethereum ecosystem. The funding will reportedly be used to improve the current PoW algorithm of Ethereum 1.x, the general core support, and development to enhance the overall performance and security of Ethereum.

Recent news about an Ethereum futures contract likely to get the approval of the US Commodity Futures Trading Commission (CFTC), could be considered bullish, especially when the last time the CFTC was involved in approval such a derivative product – Bitcoin futures, the flagship cryptocurrency went up in price.

Microsoft has also shown immense interest in Ethereum’s ecosystem, with the launch of its Azure Blockchain Development Kit for Ethereum which allows the users to build Ethereum-based apps and smart contract deployable on the Ethereum blockchain or the Azure Blockchain Service.

Ethereum’s drop from its all-time of USD 1,432.88 in January 2018 to its all-time low of USD 82.83 taking a loss of over 94% was a huge drawback, however, it seems the market is having a more positive outlook.

 

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Ethereum Foundation Discloses Annual Funding, to Be Spent on Development Over the Next Year

Ethereum foundation to make funding of  Million to develop Ethereum ecosystem

On  10 May 2019, at the ConsenSys’ Ethereal Summit, the Executive Director of Ethereum Foundation, Aya Miyaguchi, revealed their plans to support the overall ecosystem development by spending USD 30M on different projects over the course of 12 months.

The funding will be used to improve the current PoW algorithm of Ethereum 1.x, the general core support and development to enhance the overall performance and security of Ethereum. They are also planning to organize hackathons and ensure better development of relations to allure programmers, developers, and the general audience.  The company is also looking to fund an academic approach in Ethereum aiming to attract top academic researchers and organisations.

ConsenSys and the Ethereum Foundation announced that they are going to support MolochDAO by donating 1000 ETH each. In return, MolochDAO seeks to aid the Ethereum Foundation by providing funds for the development of the Ethereum infrastructure. Priority will be given to funding the further development of the highly anticipated version of the blockchain-based platform, Ethereum 2.0. The donation will raise the value of MolochDAO’s funding pool to over USD 1M, as reported by CoinDesk.

Over the last year, the foundation spent about USD 27M for the same cause, seeking to target critical projects to develop the overall ecosystem. The Foundation has been supporting the Ethereum’s development for five years now. It has granted USD 13M for Blockchain scalability since March 2018.

At the ConsenSys on 10 May, the crypto analytics firm’s CEO, Messari asserted that the Ethereum 2.0 proof-of-stake (PoS) transition will not happen before the end of 2021. He believes that the PoW algorithm will sustain for ‘at least two or three years’.

Miyaguchi said that further information about the Foundation’s finances will be disclosed in the weeks to come.

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Ethereum Futures Contract: Net Sentiment Appears Positive

Ethereum Futures Contract: Net Sentiment Appears Positive

The United States Commodity Futures Trading Commission (CFTC) is currently reviewing entries from its Request for Input on Crypto-Asset Mechanics and Markets initiative set up last year aimed at collecting information about Ethereum and the resulting impact of a futures contract based on the digital asset.

After reviewing 43 entries, of which 29 of them seem to provide credible insights into the subject matter, an overall assessment may be that of positive sentiment towards an Ethereum-based futures contract. Of the entries, industry experts such as members from the Ethereum Foundation, Coinbase, Consensys, Circle, Craig Wright, ErisX, among others had provided their opinions about the stance of Ethereum in comparison to Bitcoin – which already has an approved futures contract running.

Highlights from the entries included describing the nature of Ethereum as being essentially a smart contract decentralized application (Dapp) creator first, before being considered a store of value or as a medium of exchange.

The Ethereum Foundation clarified that the intrinsic designs of the Ethereum network are “not financial in nature but simply use the blockchain as a source of high-assurance computation and data storage”.

Circle emphasized on Ethereum’s medium of exchange value: “As with Bitcoin, Ether can be used to pay for transactions and can be used for payments. Unlike bitcoin, tokens on the Ethereum network can be generated using smart contracts and can be used in smart contracts and transfers.”

Another comparison described Bitcoin as simply a store of value and medium of exchange, while with the nature of Ethereum’s versatility, the risks scale alongside, as the Futures Industry Association (FIA) opined: “With the Ethereum Network’s architecture, risk management is potentially more complicated than for Bitcoin by orders of magnitude…”

On the other hand, when the regulator asked about the impact of an approved futures contract on the asset itself, ErisX offered its opinion, suggesting that it would have a more positive impact on the growth and maturation of the market. It believes a futures contract will provide “the potential for greater liquidity, more effective price discovery, and more efficient risk transference”.

Although other players in the industry may have had slightly more critical views about the Ethereum network, the compromise did come at a shared view from larger players on more regulatory oversight on the industry.

The first obstacle to a second official cryptocurrency futures contract in the United States may have been scaled when the Securities and Exchange Commission (SEC) said Ethereum won’t be regulated as security. The second important milestone is an approval from the CFTC, which was initiated when the regulator asked for public opinions about the Ethereum network. CBOE plans to launch an Ethereum futures contract currently awaits the regulator’s approval.

Bitcoin futures contract were launched by Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) in late 2017, which had a compelling effect on the crypto market, taking it to new all-time highs at the time. One major sentiment in the market is that more derivative contracts would have a similar effect on the market. As such, an approved Ethereum futures contract in the US may bode well for the Ethereum support community since the asset’s market value has depreciated by as much as 94.2% at some point; and currently, its price has dropped 89.6% since it’s last all-time high.

Although cryptocurrency exchange BitMEX currently offers an Ethereum futures contract quoted in Bitcoin and has been receiving positive patronage in recent times, still, the market could be set up for an explosive uptrend should the CFTC grant its approval to the CBOE exchange.

 

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Ethereum Foundation Awards $5 Million Grant to Parity Technologies for Ethereum 2.0

Ethereum Foundation Awards  Million Grant to Parity Technologies for Ethereum 2.0

In a blog post by the Ethereum Foundation yesterday, the non-profit arm of the Ethereum development network announced a grant of USD 5 million awarded to UK-based Parity Technologies.

It would seem the grant was given to Parity Technologies to fund developments of Ethereum 2.0 in the areas of scalability, usability, and security. Specific areas of interest highlighted included Parity’s efforts on Casper, sharding, lightweight clients and other development activities.

According to the blog post, Parity Technologies had contributed immensely to the furtherance of the Ethereum network by being a major technical contributor. More so, the Foundation considers them as an “invaluable member” in terms of “leadership in core development efforts”.

Parity is famous for its Ethereum software client used by exchanges, miners, Dapp developers, and service providers to facilitate infrastructural processing on the Ethereum network.

Some of its notable efforts include development strategizing towards a more scalable and usable Ethereum network. They have been described as a committed team with “pinpointed focus on the next generation advancements like proof-of-stake, sharding, and WebAssembly“.

The Foundation has informed that the grant will be released in parts according to milestone achievements, such as the completion of eWasm compatibility work, shipping a light wallet for mainnet, and the successful completion of Phase 0 and Phase 1 of sharding.

The Foundation’s past is filled with the trail of such types of funds called DEVGRANTS, although comparatively lower, they also concerned the funding of public works which facilitate the development of the Ethereum ecosystem. Such development includes MetaMask DApp support in standard browsers, Snappy Ubuntu Core, Syng Ethereum for mobile devices, and EthEmbedded Ethereum for embedded devices.

Binance also announced last December that it would be hosting its first SAFU hackathon in Singapore during the Binance Blockchain Week slated for 19 – 20 January 2019. The aim of the hackathon is to explore security concerns in crypto.

 

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