Many executives of popular and successful cryptocurrency-related companies and crypto conglomerates expressed their support for Ethereum recently. They even favored Ethereum more than Bitcoin, which is the most dominant cryptocurrency in the global market.
Last year, Circle (the $3 billion cryptocurrency exchange and payments platform) as well as Coinbase (the $8 billion cryptocurrency brokerage company which remains the largest global digital asset exchange) expressed their enthusiasm towards the growth of Ethereum.
The co-founder and CEO of Circle was the first one to back up ETH, saying that it could be “the catalyst for the next cryptocurrency rally due to the “enormous” amount of developer activity on the Ethereum blockchain.” He expressed his confidence in CNBC’s Fast Money show.
According to many analysts, ETH currently has more than 300,000 developers on its network and has been adding more than 50,000 developers on a monthly basis since May.
Last year, the founder and CEO of Aragon which is a decentralized governance protocol based on Ethereum, also expressed his confidence, saying that “there’s a gold rush among developers to learn the coding language of money,” adding that he doesn’t know one ETH developer that isn’t millionaire right now.
Circle’s Allaire is interesting in this topic because he has overseen the evolution of Circle from a crypto brokerage to a payments company – and its re-entrance into the cryptocurrency market. He said that Ethereum is “a base layer for various types of blockchain and dApps is crucial for the long-term growth of the cryptocurrency industry.”
As he said:
“One of the things that really catalyzed the [cryptocurrency] market last year was actually that ethereum, in particular, kind of got to a place where you could build apps on top of it. You could issue new tokens on top of it; you could create new kinds of financial contracts, using the smart contracts technology. It also catalyzed a lot of competing infrastructures to ethereum,”
The CEO of Coinbase has also been optimistic towards Ethereum since late 2017, saying that he personally owns more Ether (ETH) than Bitcoin.
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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