The final testnet of the second largest cryptocurrency by market capitalization is set to launch in two weeks time on the 4th of August.
This represents a move closer for the first smart contract platform to migrate from the Proof of Work (POW) consensus algorithm to the Proof of Stake (POS).
The news about the testnet was shared by the platform’s launch coordinator Danny Ryan on discord who said “After discussions with client teams, the next multi-client testnet (mainnet config including min validator numbers) will have a min genesis time of August 4th,”
Continuing, Danny Ryan said further details would be made public in few days.
Ethereum, the largest smart contract platform has been trying to migrate from its current algorithm to the POS algorithm which will do away with Miners and allow the network to be secured by validators. While current miners could become validators, mining is essentially eliminated from the network. Instead, validators will be required to validate transactions based on their stake in the network.
The migration from POW to POS is expected to reduce network congestion considering the extensive applications that can be built on Ethereum and the fact that it had in time past been brought to its knees by network traffics. These congestions resulted in increased transaction fees and delay in transaction processing which resulted in some crypto projects to migrate to Tron, EOS amongst other chains.
With the multiple solutions are being built to ensure that Ethereum is able to accommodate the large volume of transactions that is expected to be made on the network from several projects, Ethereum may truly become the world computer.
100% of Chainlink Addresses Are Currently in Profit
An Intelligence firm dubbed IntoTheBlock has revealed that Chainlink’s bullish run is experiencing an awe-inspiring moment where a 100% of its supply is profitable. This state of being is one of its kind as it is very unusual for any asset to have its entire supply simultaneously bearing profits.
It appears that the latest Chainlink (LINK) rally has led to the unprecedented outcome as described above- its entire supply being “in the money”. What this means in essence is a relationship between the asset’s present selling price and the price it was purchased.
A higher present selling price would mean it is “in the money”, a lower present selling price would mean it is “out of the money”, and if both prices are the same, it means it is “at the money”.
IntoTheBlock has highlighted that indeed 100% of Chainlink’s supply is ‘in the money’. To make this hit home, approximately 90% BTC supply is currently in the money and merely 47% of LTC is presently in the money.
What is astounding is how 100% of addresses of a digital asset is concurrently profitable. This is very rare for any asset. When looking at it, every dealer needs a purchaser and a vendor, so basically, only a number of addresses should be ‘at the money’.
Alfredo Terrero, IntoTheBlock’s COO and Co-Founder has stressed that:
“Since LINK has reached all-time-high prices, there will be a very small proportion of users that bought at the margin, that is, at the ATM. These addresses are usually in exchanges and are not statistically significant, therefore they are not reflected in the indicator.”
This positive turn of events is not far-fetched as Chainlink has revealed a number of strategic partnerships, incorporations and achievements.
Just recently, the project heralded a grant program that will bestow monies to other programs that will facilitate smart contracts into becoming “the dominant form of digital agreement”.
Ethereum Serenity 2.0 Promises New Perks and Challenges
It appears that the long wait for the much anticipated ETH 2.0 is about to be over. Just recently, the brilliant brains behind the Ethereum Serenity 2.0 upgrade- the Ethereum Foundation, revealed that the Ethereum 2.0 validator launchpad is here in real time. They have urged validators to cash into the ETH 2.0 Testnet Medalla. The rationale behind this is to enable validators grasp the features of the network upgrade.
This newest Ethereum phase is the major transition from the presently used proof-of-work (PoW) consensus algorithm to the proof-of-stake(PoS). This way, challenges of security and scalability are mitigated. Nevertheless, the unnecessary delays and suspensions associated with the ETH 2.0 has doused the enthusiasm of the members of the Ethereum community.
The Ethereum Discord Public Server disclosed that the Ethereum Foundation (EF) will release the Serenity validator launchpad on August 4th. Instead of this, the Foundation has gone further by allowing potential validators to deposit funds into the Medalla testnet starting from the 3rd of August. The official Report disclosed that the rationale behind this is to enable validators (actively participating in the Ethereum Network) to “keep track of, and make deposits into the upcoming Medalla multi-client testnet.”
Essentially, prospective validators will have to learn about the ETH 2.0 by proactively using the testnet.
As of August 3, about 5,000 would-be validators deposited approximately 150,000 Ether into the Ethereum 2.0 testnet pool. It is estimated that a minimum of 16,384 validators or 524,288 ETH will be needed to run the final ETH 2.0 Serenity testnet (dubbed Medalla).
The Ethereum Foundation has warned potential validators in time for the responsibilities and challenges they may face when the testnet is officially launched. They urged would-be validators to comply with the pre-set specifications and to be active on the consensus algorithm. They warned that acting otherwise may attract penalties.
The EF explained that :
“running your own validator comes with the responsibility of managing your own keys.”
They want potential validators to know that the rewards with Ethereum 2.0 “are not fixed but dynamic.” even though validators can enjoy nonstop dividends for funding and securing the network.
The EF also expressed that:
“If the total amount of ETH staked is low, the annual reward is high, but as the total stake rises, the reward received by each validator starts to fall,”
The EF made sure to explain the 3 parts in which the ETH 2.0 will be introduced. They highlighted that each phase will deal with different features.
The first phase of ETH 2.0 is the Phase 0, followed by Phase 1 and then Phase 2. The Phase 0 is focussed on the collective working parts of the ETH 2.0 consensus. This phase is to monitor the validators and their balances. Phase 1 will enable adding and safeguarding the data stored on ETH2.0. The Phase 2 is the execution phase that will help run the programs on ETH 2.0. The EF reassured that the move to the PoS will not get in the way of the currently operational PoW.
This transition has fortunately augmented the price range of Ether, the Ethereum network’s currency, by pushing it from its usual $220-$240( where it has been for weeks prior to the EF announcement) to a relatively sumptuous $330. This is a whopping 40% increase in just 7 days. Although ETH does not presently stand at $330, as it has dropped to $316, it is projected that its price will scale following the eventual launch of the Ethereum Serenity Phase.
TRON May Be the New Chain for Smart Contract Ponzi Schemes
Tron blockchain may be the new chain for ponzi scheme operators using smart contract to legitimize and entice people to join.
Bank of Tron
Bank of Tron, a latest smart contract powered ponzi scheme launched and has been growing. It describes itself according to its website thus “Bank of TRON runs automatically on the blockchain and its smart contract is uploaded to the TRON blockchain. No one is able to edit or delete the smart contract, nor influence its autonomous operation. The dividends are also automatically paid through the smart contract. Get 3.7% – 6.7% per day! Bank of TRON smart contract set 3 tiers of referral rewards, which are 5%, 2%, and 0.5% respectively. Moreover, the invitee can also get 0.5% of his/her own investment as rewards. The referral rewards are distributed to your balance automatically and you can withdraw at anytime.”
A look at the website bank-of-tron.com shows over 420 million TRX coins invested in the platform. On Dapprader, bank-of-tron has a total of users of 22.4k with an increase over the last 30 days of 363%. Total transactions on the Dapp is 655.6k (+478.44%). For the same period, the dapp has a volume of $13.5 million and a balance of $2.8 million.
A look at the Telegram Community of Bank of Tron shows a 14k community. A look at its website shows it was registered in April, 2019. Bank of Tron also currently runs a Google ad.
“Fake” Bank of Tron
On the telegram community, there has been outcry over the cloning of the bank of Tron website by some actors to get investors to invest with them. The clone website is a complete replica of the Bank of Tron website. URL is tron-bank.com
Rise of Smart Contract Ponzi schemes
Fraudulent platforms has become commonplace in the crypto industry.
Recently there has been a surge in ponzi schemes involving the use of smart contracts to sell the legitimacy of their craft and entice people to come to invest in the schemes.
These schemes used smart contracts built on the ethereum blockchain. The operators publish enticing offers to get people to invest in them and get a specific amount of returns in a period. They also use referral systems to pull others in.
Images credit: dapprader
Ethereum Celebrates 5 Years as the World Awaits the Serenity Phase
On the 28th day of July 2015, Ethereum revealed plans of launching its maiden framework dubbed Frontier. Just as announced, the very first Ethereum network started on July 30th of the same year.
And since its inception in 2015, the Ethereum Blockchain has progressively blazed trails although its projected proof-of-stake has undergone strings of suspensions.
Expectedly, by February 2016, Ethereum was already standing tall as a key player in the Crypto and Blockchain space, Ether, the network’s operational crypto held second place on the most valuable crypto charts following Bitcoin.
Four major phases may be attributed to the Ethereum network from its inception to wit:
- Metropolis and
- Serenity which is also known as the Ethereum 2.0.
The Ethereum Foundation team urged members of the Ethereum community to look on to the bright side instead of spending their time mooling over the shortcomings of the network.
Arguably, the network has scaled unimaginable heights for the last five years. Not only the network has experienced growth but all participants have at least one development to their belts.
There were times that the Ethereum developers really hoped it would operate exactly as programmed or that they will easily run their first applications. They dreamed that users would easily embrace these applications, or that just anyone would use the Ethereum network to impact the world in real time. But just like many life phenomena, setbacks are bound to happen.
For all of these sweat running down the cheeks of the souls behind the Ethereum Blockchain, it will be appreciative to shift to the bright side and applaud the hard work of the builders of the network. The Ethereum Foundation team advised that doing this will be a greater investment than focusing on all the things still left undone.
Flashing back to the days when the Ethereum maiden edition, Frontier, was launched, everyone was ecstatic for the first contracts to emerge on the chain; now we have millions of contracts and counting. It will be a lot of work for even the most committed user to trail the protocol-level disruptions at the moment.
Ethereum has gone through three phases already as mentioned above.
The fourth phase, Serenity, dubbed the infamous Ethereum 2.0, is still yet to be unveiled as the members of the Ethereum community wait patiently through series of unintended delays. Although the team teased the general public with a January 2020 unveiling, By August the 1st, we are still waiting for the big reveal. It is projected that Serenity will bring Proof of Stake with it.
The Ethereum developers have announced August 4 as the new launch date for the newest phase. Vitalik Buterin, Ethereum’s Co-founder apologized via a Hashing It Out Podcast by explaining that the team had misjudged the length of time the update will need to be top notch.
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