In the latest crypto news, we have the digital currency wallet named Abra, which recently added support for Ethereum and its native token, ETH. As an official blog post on the website published on March 12, users are now able to receive, hold, sell and buy ETH directly from Abra’s wallet – and use the altcoin as a bridge to invest in other Abra-listed crypto and fiat currencies.
There are over 30 cryptocurrencies and more than 50 fiat currencies listed on Abra now, including the recently-listed BIT10 Index token by Abra which tracks the ten largest cryptocurrencies by market capitalization.
As the post outlines, Abra had only supported Ethereum as a so-called “synthetic asset” or an investment mechanism that creates crypto-collateralized contracts so that users could gain exposure to the altcoin and its price movements – without holding the coin itself.
The CEO of Abra, Bill Barhydt, gave a statement in which he said that the Ethereum support “sets the stage for Abra to launch the native ERC-20 support” and specifically a whole bunch of ERC20-based stablecoins that “everyone is excited about.”
Barhydt has also said that even as the Abra wallet gains traction as another popular investment platform, the company is yet to conquer the crypto sphere by enabling consumer cross-border payments and remittance services at scale.
In February 2019, Barhydt also expressed his beliefs about private – or permissioned – blockchain networks and their potential to “fail miserably” comparing them with the (now-defunct) concept of the private extranet which was popular in the 1990s and in a similar way restricted access to an authorized set of users.
Ping An Insurance Giant Partners With ETH-Based AI Startup SingularityNET
‘’As more and more entities adopt SingularityNET either by offering their services on the platform, utilizing the services that already exist, or backing the creation of new services — the first mover advantage of SingularityNET will seal its place as the global mind cloud that is governed democratically and not controlled by any single entity.’’Ping An is one of the world’s most important insurance companies since it serves about 170 million customers and was ranked on the 10th place in Forbes Global 200 list of largest public companies in the world. As previously reported, Ping An and the Sanya municipal government also made a partnership or more like a strategic agreement for building a ‘’Smart City’’ with the help of the blockchain technology.
‘’Ping An Technology and SingularityNET have reached the intention to collaborate in the field of Artificial Intelligence, possible future directions for collaboration include (but are not limited to) OCR and model training.’’- Said Mr. Bai Meng, the AI lead for Ping An.The press release also points out that the ‘’One Minute Clinics’’ that is initially built by Ping An, use artificial intelligence and they are currently expanding in China after being accepted by the community in more exactly eight Chinese cities. Ping An’s banking branch, Ping An Bank also made headlines after announcing that they will launch a boutique bank with the help of blockchain technology, the Internet of Things (IoT) tech and cloud services.
Joseph Lubin Guarantees Investors That Ethereum Is Not Going To Fail
“Ethereum is not going away. It’s not going to fail. It will remain very significant.”According to Lubin, all of the high tech entrepreneurs are now in the process of building new applications by using the ethereum blockchain and don’t really worry about the price fluctuations. He continued:
“Since the start of the ecosystem and since 2009, we’ve seen many incredible rises in the price of these tokens followed by very significant corrections. So the most significant correction took us back one year, which was 5,000-times more valuable than when ETH was initially launched. In that context, it’s not so horrifying. There is way more activity in our ecosystem now than a year or 18 months ago.’’Lubin also tapped another issue which is the scaling aspect of Ethereum, the one issue everyone cares the most. The scaling problem is the biggest problem for ethereum since it can currently only handle about 14-17 TPS which is only a small fraction when compared to the global transactions on the internet. He explained:
“Ethereum 2.0 is coming…we have eight teams building it,” said Lubin, adding that they’re in “phase 0 of four phases.” This base layer upon which we continue to build Layer 2 scalability solutions is going to expand by at least 1,000-fold over the next 18-24 months from now. It will keep expanding after that.”Despite the harsh position that ethereum had on the market after losing 92% of its value from its peak in January 2018, it seems like the user base of the blockchain protocol increased and this also led to the improvement of the eth infrastructure.
Vitalik Buterin: Non-Financial Blockchain Use Cases Are A “Harder Pitch”
“The problem is that decentralization is basically their value add. With finance you’re competing with banks that take five days to do something interesting. With anything that’s not financial, chances are there is some internet thing that does what you want, that’s just centralized. So it’s a bit of a harder pitch.”When it came to the actual examples of areas that blockchain could be implemented into beyond finance, Vitalik isolated digital identity, reputation and digital certificates as the specific use cases that are not necessarily confined to the use of cryptocurrencies or financial markets. In his further discussion, Buterin also motivated the event attendees to identify real-world applications that focus on developing "not just theory but something on the ground." Some of the examples included micro-insurance, non-fungible tokens as well as gaming. Speaking of, Buterin said a lot about gaming. He thinks that while many people are committed to blockchain innovation that could tackle real-world problems in many industries and provide positive social impact - the use of blockchain in the entertainment and gaming industries is where it could excel as well, attracting high numbers of early adopters. On the topic of personal commitments, Buterin highlighted the decentralized applications (dApps) which allow multipel actors to share and cooperate on applications that are based on underlying and decentralized blockchain protocol. He also proposed that the dApps use case can potentially redraw the existing technology and power landscape by leveraging a unique decentralized ecosystem that would allow smaller players to compete with tech giants' monopolies. In another interview, Buterin stated that he was trying to solve Bitcoin's (BTC) limited functionality with the creation of Ethereum.
A Potential Bug Of The Ethereum Parity Full Note Found By BitMEX Research Branch
“While the slow initial sync is a potential problem, at least for this system setup, Ethereum has not yet reached a point where the node cannot catch up, as the sync is faster than the rate of blockchain growth.”The BitMEX blog post authors further explain:
“One could argue the impact of this potential bug could be severe [...] if exploited by an attacker in the right way. For example a user could accept an incoming payment or smart contract execution as verified, while their node claims to be at the network chain tip. [...] The attacker would need to double spend at a height the vulnerable node wrongly thought was the chain tip, which could have a lower proof of work requirement than the main chain tip. Although successful execution of this attack is highly unlikely and users are not likely to be using the highest seen block feature anyway.”Nodestats is connected to five etehreum nodes that collect data every five seconds. According to the blog post, the main goal is to have decent metrics related to the computational resources each eth node asks for.
Join us on Facebook
- Dissident Revolutionary Group Use Crypto To Overthrow Kim Jong-Un In North Korea
- Crypto Benchmark Indices Launched On Bloomberg, Reuters And Nasdaq By CoinMarketCap
- Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
- Ron Karpovich: Crypto Innovators Will Have To Use A Bank To Move Funds
- Binance: Australians Can Now Buy Bitcoin With Cash From 1,300+ High-Street Stores
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Block.one CEO: Bitcoin Will Replace Gold As The Leading Commodity
Bitcoin News5 days ago
Boston Legal System Damaged After BTC Ransomware Attack
Bitcoin News4 days ago
BTC Lightning Network Surpasses 1,000 BTC Network Capacity On Its First Birthday
Bitcoin News3 days ago
Analysis: Could Institutional Adoption Bring The Financial Elite To Destroy Bitcoin?
Altcoin News5 days ago
Cryptocurrencies Are Not Banned In Mexico: Bitcoin Exchange
Blockchain News5 days ago
Blockchain Representatives Raise Concerns About A Nevada Crypto Bill
Blockchain News2 days ago
Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
Blockchain News3 days ago
Australia Unveils National Blockchain Strategy Roadmap With A $71,200 Funding Boost