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Ethereum News

ASIC-Resistant PoW Algorithm Decision Delayed: Ethereum Developers

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The Ethereum (ETH) core developers announced they have delayed the decision to implement the ASIC (Application-Specific Integrated Circuit) resistant proof-of-work algorithm until the algorithm is audited by a third party. We are about to find out more why in our latest Ethereum news today.

ETH core developer Hudson Jameson said that ‘’there is a group forming or multiple groups to perform an independent audit on ProgPoW’’ and explained that the audit will establish how effective the algorithm would be.

Jameson also noted that all of the data derived from the third party audit should provide the developers with enough information and confidence to make a decision. There is not a timeline yet for the audit but Jameson expects it to be completed in March.

Martin Holst Swende, another core developer, says that they are trying to figure out about the Prog PoW implementation for a few months now and that he hopes to see the issue being resolved.

The overall consensus is still waiting for the audit to be finished in order to decide on the PoW implementation. Core developer Colvin noted:

“I would happily decide today, but I’m not the expert. I’m happy to wait for the audit, but I’m not happy to make this decision in May or something. An awful lot of people would like to know so they can get on with their business. […] ‘Am I going to spend $1,000 to buy a rack of CPUs or not?’”

ETH developers have finally reached a consensus last month to implement the ProgPoW algorithm that will help divide the efficiency between GPU mining and ASIC on the network.

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Ethereum News

Ethereum Price Targets A 9-Month Low, DeFi Markets Strengthen

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The Ethereum today's news show that the price of the cryptocurrency is still unstable and may target new low in the coming days and weeks. It has been another miserable week as the Ethereum price targets lows and updates show that the opposing trend comes with continued growth in the sector.Deep in a two year bear market, the ETH cryptocurrency has displayed little effort to pull itself out of its solid fundamentals. The market cap of the leading altcoin has also dumped to a $15 billion which is far from its highs of $100 billion in early 2018.A 4% dump on the day has also seen new Ethereum price targets, now being set to $140 as the cryptocurrency corrected. Aside from the brief dip on November 25, the asset has not been this weak since late March which was nine months ago.As data from CoinMarketCap shows, ETH plunged below $140 a couple of hours ago and is still deep in bearish territory with prices making lower lows on a regular basis now. In the cryptocurrency news today, ETH is at $142 and has improved but overall, the dip is still measuring around 3%.Ethereum is now a lot close to its prices at the beginning of the year and has wiped off all of the gains in a massive 60% correction over the past six months. This is why the Ethereum price targets new lows and from a technical standpoint, the cryptocurrency has successfully rolled out the Istanbul upgrade which opens the doors to Serenity to begin.Despite the Istanbul hard fork, we don't see much of a movement and ETH is trapped in a downward momentum. The DeFi marketplace continues to grow - Defipulse.com shows that new records have been made again with the total value of ETH locked in DeFi now being at 4.6 million.The Ethereum price targets new lows because of several reasons. The biggest and most important one of them is the fact that the entire market is being dragged downwards. As DeFi grows, more ETH will be used and locked in to interest earning platforms as opposed to the amount of it being traded on open markets. As reports show, this overtime will decrease the volatility and increase the value of the token. 
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Ethereum News

Ethereum Google Search Trends Hit Record Lows: Analysis

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Ethereum Google search trends hit record lows following the major reduction in the past few months with less attention than ever before as we are reading further in the ETH news.Ethereum (ETH) is still the second-largest cryptocurrency by market cap and is going through some interesting price fluctuations as of late. The Trustnodes report shows that the project has seen the lowest number of Google searches in years. It was more popular as far as 2016 when the price was only $20. The results from Google Trends show that the coin is reaching some stability with 4 out of 100 searches and there is a slight drop below this level back in October 2019 when Ethereum Google Search Trends dropped to 3/100. Compared with the other projects, there was a minimum of 8/100 searches throughout June 2016 while the number of searches in May 2016 was only 5.These figures are only based in the US but the worldwide figures are not better either. The recent report shows that the interest in Ethereum stands at about 6 out of 100 which is lower than a few months ago when there were about 7 to 8 out of 100 searches this year in June. This leads to some interesting conclusions and the US is only interested in Ethereum for a few months in 2016 but the interest and its dramatic dropping have no apparent reasons so far. One of them could be the lack of awareness where the searches are now performed by those who research the project or the following updates about it.Ethereum has been facing a number of issues due to the recent Istanbul hard fork and some of the reports claim that the changes in SSTORE caused millions of Dapps to fail. The failure rates were more than quadrupled which is not good news for the project. When it comes to Bitcoin, the coin seems to be having a linear progression and now Bitcoin has around 10 out of 100 searches. The interest in BTC is growing in some African countries as well especially in Nigeria while in China does not seem to care about BTC at all.In conclusion, it seems that the interest in crypto is decreasing in the West mainly as the year draws to a close and a lot of Ethereum update postponements in 2019 drained the investors’ confidence in the project.
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Ethereum News

Developer Finds Loophole On MakerDAO For Stealing ETH From System

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Developer finds a new loophole on the MakerDAO that he argued, could even empty all of the ETH from the system. In Ethereum today’s news we find out more about it.There is about $300 million worth of crypto right now so having this loophole could potentially pose a threat to ETH’s price. By emptying it, the price could be cut in half or even by two-thirds. Micah Zoltu, the independent developer finds issues with platforms such as this one, and now he found one in MakerDAO. Zoltu is an independent software developer and one of the co-authors of the original white paper for the AUGUR prediction market.Zoltu published a blog post on Monday describing an attack on MakerDAO that could empty all of the eTH from the system since the users lock ETH into the maker protocol just to generate the loans of the dollar-pegged DAI stablecoin. The problem lies in the governance of Maker:
 “Some group of plutocrats can control how the system behaves.”
The attack would only be feasible for a few MRK whales and they will want to act quickly. Zoltu said that about 40,000 MKR would be enough if the attack has some sophistication. As of this writing, 48,400 MKR based on the staking approach in the voting system could do it right now. Somewhere between $20 million and $25 million in crypto would have to be deployed to do it. This is of course if we assume that a person can accumulate MRK in a way that didn’t drive up the price. Zoltu stated:
 “It is worth noting that Maker Foundation could attack the system in this way right now if they wanted,” Zoltu writes. “What is worse, [venture capital firm] a16z has enough MKR on hand right now to execute the attack the patient way!”
Aside from the inside job by someone that is invested to see Ethereum decentralized finance applications (DEFI) survive which is enough for MRK to carry out the attack could be a strong risk:
"I feel like it'd at least double the price. You could probably get a lot of whales to sell to you OTC [over-the-counter] if you were paying double market."
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Ethereum News

Matter Labs Announces New ‘’VISA-Scale’’ Solution For Ethereum

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Matter Labs announces a new, zero-knowledge proof-based scaling solution that leverages many of the Istanbul hard fork changes. In our Ethereum news today, we take a closer look at what this solution will bring.The research outfit Matter Labs has long been working on achieving scale for public blockchain networks. Earlier approaches to the same problem could have managed to achieve a similar transaction rate but they had to sacrifice their security or decentralization. The lack of centralized authority is the one thing that sets blockchain networks apart from traditional finance.Whether it’s bitcoin or Ethereum, each platform has suffered from slow transaction speeds. Ethereum can execute up to 15 transactions per second while Bitcoin can process seven. Visa, on the other hand, can process up to 2,000 transactions per second. Matter Labs hopes to solve this problem with the new Layer 2 scaling solution ZK Sync. ZK refers to the zero-knowledge proof which is a cryptographic privacy protocol that hides the transactor’s data. The protocol has been proposed all ready to help to scale efforts because it does reduce a huge amount of information to the most essential parts.It is important to remember that ZK sync was developed on the idea of ZK-rollups which was first introduced by the Ethereum programmer Barry Whitehat in 2018. The founder of the platform Alex GLuchowski stated:
 “ZK Sync is designed to bring a VISA-scale throughput of thousands of transactions per second (TPS) to Ethereum while keeping the funds as secure as in the underlying L1 accounts and maintaining a high degree of censorship-resistance.”
Earlier this year, the Matter Labs team launched another scaling solution that combined Plasma and ZK-snarks and the result called Ignis, allowed Ethereum to reach 500 transactions per second. While positive, the data availability problem that exists with plasma, could not be solved without the trade-offs. Since the Istanbul hard fork of Ethereum, the lower gas prices has given a new lease on the life of the ideas. More specifically, EIP 2028 reduces the gas cost of Calldata from 68 gas per byte to 16.The EIP authors wrote that ‘’higher bandwidth of Calldata improves scalability as more data can fit within a single book.’’
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