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Ethereum 2.0 Possible Launch Date, Progress Made

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Ethereum has made considerable progress particularly with the success of the Zinkel Testnet launched last week.

As the anticipation for the launch of the Ethereum 2.0 Phase 0 mounts, one of the project’s developer Ben Edginton has given more inclination as to the project’s progress as well as the potential time of launch date. Per the update Edginton gave, the anticipated migration of the ethereum network from its current Proof-of-Work mechanism to the scalable Proof-of-Stake mechanism will be anywhere from 6-8 weeks from now.

He noted that the continuous use of the network’s Prysm Client is placing enormous pressure on the network and calls on users to utilize other clients. The developer also gave an extensive update with respect to the changes made to Ethereum 2.0 following the release of version v1.0.0 of candidate 0. The Ethereum 2.0 developer noted amongst other things that the network’s Genesis Delay will now be one week which implies that the state of the genesis will be known at least a week before the chain starts.

Other updates include the quadrupling of the inactivity quotient which means that the penalty during non-finalization has been reduced to give users more than the needed confidence should the network run into trouble due to an unenvisaged occurrence.

In addition, the minimum slashing penalty has been slashed to 0.25 ETH, a measure Edginton noted is temporary and the amount of slashing percentage one will suffer should others be slashed has been reduced to one third, another temporary measure Edginton highlighted. The last update revealed is the data voting period for Eth 1 which has been doubled and will last 6-8 hours after depositing and participating in the beacon chain.

Ethereum 2.0 Launch Date as Gleaned from the Developer

Ben Edginton the Ethereum 2.0 developer noted that the occasional rollout of testnets has gotten people bored and re-emphasizes the need for a prompt launch of the Ethereum 2.0 network.

According to him, there remain just two more configurations necessary to be perfected and one important one involves the deposit contract which he’s awaiting news of in the coming days. Nonetheless, he noted that the deposit contract will be perfected and ready in about two months’ time and would be succeeded immediately by the Beacon Chain. He stated:

“Basically, as I understand it, we are good to go: deposit contract in the next few days; beacon chain genesis 6-8 weeks later. (This is not an official statement!). Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official announcements: do not send Eth to random contracts; this is not DeFi.”

The project has made considerable progress particularly with the success of the Zinkel Testnet launched last week. With more progress anticipated, the crypto sphere awaits the launch of ETH2 as it represents the solution to the scalability issues as well as the high gas fees currently being faced.

Altcoin News, Blockchain News, Cryptocurrency news, Ethereum News, News

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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China retains mining control? Alipay’s ancient NFTs and Amber’s big raise

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This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

So low you’ve got to reach up to touch the bottom

This week in China felt like one giant mining-farm sized pile of FUD. This is usually a pretty good indication that a bottom is close to being in, but one can never be too sure when it comes to downwards volatility in cryptocurrency. Canaan, one of the largest mining companies in China, announced it was setting up shop in neighboring Kazakhstan. This is an ideal compromise for Canaan as it can remain close to China, while mitigating their regulatory risk. Reading between the lines, it seems like the plan is to mostly continue administration of the company from China while sending the machines overseas.

This would put a wrench in the works of the Bitcoin purists who believe that the crackdowns are a good way to break up China’s dominance in the mining industry. Just this week, a professor at a university in Singapore wrote in Chinese that the shift to a more decentralized network would be a good thing. This raised some eyebrows for the use of a made up word that translates roughly to ‘de-China-ization’, but the article holds even less weight when large mining companies like Canaan are able to shift physical equipment overseas but still remain in control of the governance.

Too big for postage stamps

On June 21, CNBC’s Beijing Bureau Chief Eunice Yoon posted on Twitter that a logistics company in Guangzhou was shipping 3,000 kilograms worth of mining hardware to Maryland, US. According to her claim, the price was $9.37 per kilogram. Some quick math reveals that the total cost would be less than the price of one Bitcoin, at least at the time of writing.

Bitmain lends a helping hand

Cointelegraph reported on June 23 that massive mining company Bitmain was suspending sales of mining hardware in a move to support the over-supplied secondhand markets. According to the article, sales of hashing power in China has seen a decrease of around 75% since the Spring. Bitmain is reportedly moving operations abroad as well, which would be a major move for the hardware manufacturing giant.

Mine-ami

Francis Suarez, everyone’s favorite Bitcoin-friendly mayor, was at it again on June 18 when he announced that all Chinese Bitcoin miners were welcome in Miami. The announcement was translated and posted on Sina Finance’s Blockchain Weibo account, which attracted over 53 comments from surprised netizens. Most of these user comments were negative in nature however, both towards Suarez and Bitcoin in general. A large portion of Weibo users hold cryptocurrencies in ill-regard, especially those that have been investing in the stagnant Chinese stock market.

Amber is the color of your energy

Amber, a cryptocurrency service provider based in Hong Kong, completed a Series B funding round worth $100m. Amber is well known among institutions for their financial services that include asset management, OTC services and lending.

Alipay’s foray into NFTs

Top payment processor Alipay continues to push its AntChain technology by partnering with the Dunhuang Research Academy to release 8,000 NFT skins. Dunhuang is famous for being an old silk road outpost and is home to Mogao Caves, a Unesco Heritage site. The NFTs featured artwork inspired by the cultural site and quickly sold out. AntChain is a private blockchain developed by Alibaba’s Ant Group.





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Klaytn death cross debut coincides with a 57% KLAY price pump

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Bids for Klaytn’s native cryptocurrency KLAY spiked on Thursday after the South Korea-based public blockchain project confirmed its listing on Binance, one of the world’s top cryptocurrency exchanges by volume.

The KLAY/USDT exchange rate surged 41.25% to an intraday high of $1.243. The pair’s massive move uphill accompanied a dramatic intraday spike in trade volumes — 28.68 million so far into Thursday versus 13.05 million in the previous session, validating the bullish sentiment across the Klaytn market.

Profit-taking sentiment pushed KLAY prices lower after it reached $1.243. Source: TradingView.com

The gains came on the prospect of Klaytn’s global expansion after its addition on Binance. So far, the option to trade spot KLAY was majorly available across heavily-regulated South Korean exchanges — particularly Bithumb — thanks to Klaytn’s affiliation with the regional internet giant Kakao.  

Binance’s listing would introduce KLAY to wider markets, Klaytn recognized in the official announcement, adding that they would introduce a launchpool through which Binance users can stake Binance Coin (BNB) or Binance USD (BUSD) to farm KLAY tokens.

“With the official introduction of KLAY on Binance, Klaytn expects to accelerate its global expansion, inviting global developers and service providers to participate in its ecosystem.”

The news of Binance-Klaytn partnership came just as KLAY was bouncing off its six-month low level of $0.72. In turn, the rebound followed a 83.45% price crash from KLAY’s mid-April peak of $4.35. As a result, the latest 57% spike from $0.72 to $1.243 did little in taking KLAY out of its prevailing bearish bias.

Atop that, the token painted a death cross on its daily timeframe chart.

KLAY’s 50-day simple moving average is set to cross below its 200-day simple moving average. Source: TradingView.com

In detail, a death cross occurs when an asset’s short-term moving average closes below its long-term moving average. Traders interpret the said crossover as a signal to limit their upside bias in a market and/or increase their bearish bets.

The 50-200 moving average crossover particularly has been proven to be a reliable forecaster of some of the most severe bear markets of the past century: in 1929, 1938, 1974, and 2008, according to Investopedia.

If past is any signal, the Klaytn token could face further downside corrections once the Binance listing hype settles.

The Bitcoin Factor

Meanwhile, KLAY’s medium-term bias also depends on how Bitcoin (BTC) performs in the coming daily sessions.

The chart below shows how KLAY has erratically tailed Bitcoin price trends in the recent history. For example, both the assets topped out in mid-April with a slight lag. Meanwhile, they recently bottomed out with just a 24-hour difference, hinting that, in the future, they would keep trending hand-in-hand.

Bitcoin and KLAY price trends since the beginning of 2021. Source: TradingView.com

But that is not good news for KLAY.

Oleg Belousov, founder and CEO of cryptocurrency exchange N.Exchange, told Cointelegraph that he expected Bitcoin to fall towards $20,000, citing China’s renewed crackdown on the cryptocurrency sector.

“There are concerns that more countries will follow in China’s footsteps and join the ban, which will cause a further drop in rates,” he said.

Belousov added that Bitcoin still has hopes in countries that are democratic and constitutional, stating that they can’t legally ban cryoto.

Meanwhile, technical chartists said that the recent upside reversal in the Bitcoin market is a signal that the cryptocurrency would move higher. 

If the correlation stands, KLAY could head higher, as well.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.