The second largest cryptocurrency by market cap is apparently being pushed by a so-called “Ethereum whale” who is actually an anonymous investor who received more than 314,000 ETH from the network’s Genesis block as a result of their investment when Ethereum was an initial coin offering (ICO).
According to rumors, this same “Ethereum whale” this week only funneled approximately 20,000 ETH to the exchange Bitfinex, which was worth approximately $5.5 million at the time of writing.
The movement was first noticed by the California-based attorney Zoe Dolan, who is focused on monitoring the wallets in the Ethereum Genesis block for the evidence of “capitulation”.
just a reminder that 93,750 ETH recently went from the genesis block wallet thru to Bitfinex
0x7D04d2EdC058a1afc761d9C99aE4fc5C85d4c8a6 –> 0x0A0fed0ff3495fe93749CDe2B692b7e217dc739c –> 0x976FD26BC177542C3aDE3aA28b374f866E7ddE4B –> 0xc055DF46E91c59EB07eb482d6d8d3EBc7cC5452e
— Zoe Dolan (@ZoeJDolan) August 21, 2018
Still, while the 20,000 in ETH is a small portion of the initial balance of the wallet, it is still millions of US dollars we are talking about. In May, the wallet funneled more than 116,000 ETH which was worth $65 million at the time – and most of these funds ended up at the exchange in a series of transactions that were made over the past couple of months.
The move was also planned so that the Ethereum price can move in the positive. According to some analysis, it has declined by more than 50% since the wallet first began moving its funds to Bitfinex, falling from $573 (May 2018) to the current price of $275.
About 1% Of The Total ETH Supply Is Locked In The MakerDAO Smart Contract
What's interesting is the following... Even though the blockchain shows around 1 million in ETH locked up in Maker smart contracts, Dai's token market capitalization is about a third of the figure, currently sitting at $72 million. The way this system functions is simple - users pool Ether together (referred to as PETH) and are issued Dai tokens which are deposited and stabilized at $1. One term that is widely used in these discussions is "WETH" which is short for "wrapped Ether" and a concept of the MakerDAO. At the time of writing, there is a total of 967,507.91 ETH locked in the primary Maker contract.“You’re most likely familiar with stablecoins that hold USD in bank accounts and issue tokens on a blockchain that are ‘backed’ by these dollars. I call this legally-backed crypto, or an IOU coin, because if those bank accounts should ever be frozen or if the accountants defrauded token holders, the stablecoin now becomes an IOU on whatever’s left when they eventually get the bank accounts back (if they ever regain the bank accounts). Relying on the legal system to maintain crypto-tokens inserts an unreliable middle-man into the blockchain."
January 16th: The New Goal For Ethereum’s Constantinople Blockchain Upgrade Launch
"We can just say mid-January, it doesn't make difference if we decide on a date or not. We can always postpone."Other developers pointed to Ethereum's so-called "difficulty bomb" which is an algorithm that is embedded within Ethereum's code that makes blocks steadily harder to mine - and one that was put in place to act as an incentive for encouraging regular updates in the network. Constantinople has delayed this difficulty bomb for a further 18 months while decreasing the Ethereum mining reward from 3 ETH to 2 ETH per block. However, Szilagyi noted that the software upgrades which will implement the hard fork should be released before the end of the year
"All clients should release a stable version with the baked in block number before Christmas," he concluded.
ConsenSys Creator: Blockchain Is Much More Complicated Than The Internet And Will Take A Little Longer To Develop
''Blockchain projects will enable people to build more things that will come in handy again. That's how the web was developed. It will probably take a little longer because it is much more complicated. Also, because we work on topics such as digital money, Blockchain will permeate society more than the Internet. Everything will be networked in a Web3.”ConsenSys was created right before Ethereum was released with one goal only-to build tools and the right infrastructure so a decentralized system can be created in which Ethereum will function and also not focus on controlling the ecosystem bur promoting it. While explaining how the current internet functions and how the blockchain does as well, he said that the internet today and the nature of the blockchain technology is completely contradictory which enables a ‘’self-determined, sovereign identity.’’
School Principals In China Caught Red-Handed For Stealing Power To Mine Ethereum
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