The Ethereum based predictions platform named Veil is shutting down, as an official Medium post published on July 11 shows. The latest cryptocurrency news show that as of July 11, no new markets will be added to the Veil platform and trading will be disabled entirely on July 24.
The co-founder of the Ethereum based platform, Paul Fletcher Hill, recently recommended that users should redeem their open positions, withdraw their positions from the active markets and withdraw Veil Ether and convert it to Ether.
For those of you who don’t follow our altcoin news, Veil was a type of extension to the Ethereum based predictions market Augur. Meanwhile, Augur is a prediction market (which still exists) and which uses smart contracts to let users create and bet on the outcome of any event with the Ethereum cryptocurrency.
For example, the top three bets listed on the Augur market right now (as shown on many best cryptocurrency news sites) are:
“Will Novak Djokovic be the 2019 Wimbledon Men’s Singles winner?,” “Who will Win the The First Democratic Primary Debate?,” and “Will Serena Williams be the 2019 Wimbledon Women’s Singles winner?”
Before the Ethereum based predictions platform closed, Augur also added the option to use the stablecoin by MakerDAO, DAI, on its platform. As the website showed, Veil was intended to “bring Augur to the mainstream” and improve the user experience by speeding up its transaction processes. Veil reportedly lets users trade on the Augur marketplace faster through the 0x protocol – and provided instant settlement by allowing users to sell their shares to Veil before the native finalization of Augur transactions on the blockchain.
When discussing the reasons why the Ethereum based platform Veil did not meet its success goals, Fletcher Hill noted a number of issues – one of which is the possibility that the platform may not have been friendly enough to crypto novices.
“We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started,” the statement said.
Some of the other areas of concern he noted included not being decentralized, not being regulated and perhaps trying to offer too many options as a broad scale predictions marketplace.
“… ultimately we failed to find a good fit between what we were building and the market as it exists today. … But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future,” Fletcher-Hill wrote in the altcoin news.
Ethereum Blockchain Is Almost Full: Vitalik Buterin On Scalability
“Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining [...]”By improving the issue of scalability it would only bring down the costs by a factor of more than 100 as Buterin claimed. While the security is to some extent sacrificed by moves like these ones, the compromise would be fairly modest in his words. Beyond scalability improvements and other advances in a technical sense, Buterin noted that the challenge still remains of transforming blockchain technology into something that people will use on a day to day basis. When he was talking whether the ethereum blockchain is almost full he also argued that the future of cryptocurrencies and crypto, in general, is pluralist and revealed that he is very open to the idea of hybrid solutions that involve both Ethereum and bitcoin as the two most used and most popular cryptocurrencies. Buterin clarified his stance in response to a proposal to implement the Bitcoin Lightning network as an interface for his Ethereum contracts and to also enable instant payments in Bitcoin while in the same time still triggering a series of events on his own cryptocurrency or any other chain. Back in July as it was reported in some of the best cryptocurrency news sites, Buterin proposed using the Bitcoin Cash blockchain as a temporary scalability solution for the ethereum network but this still hasn’t implemented.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
Six Changes Approved For The Next Ethereum Hard Fork
“We split Istanbul into two. One of them we can actually ship within weeks. [The other contains] two really big EIPs that would be nice to have but require some stuff that cannot be done within the two- or three-week timespan.”As many altcoin news sites shared, Istanbul Part 1 will be the eighth hard fork to be activated on the $22 billion blockchain network. As such, it is expected to boost the chain interoperability with the privacy coin Zcash and with that help secure the broader network against any replay attacks, among other efficiency improvements. Developers behind major Ethereum clients such as Geth and Parity have one week to integrate the six changes, integrating the newly affirmed list of EIPs into their software as well as preparing to implement the full code on a live Ethereum network. The Ethereum Foundation community manager Hudson Jameson spoke about the importance of the testnet release and the six changes in the code. He was featured on many best cryptocurrency news sites for stating:
“The security and stability of the network are primary concerns when it comes to doing hard fork on mainnet so the testnet release is a vital step in making sure that mainnet release go smoothly.”The release summed up that the core developers are excited to get the Ropsten testnet hard fork - and that everything will be working correctly.
Ethereum Dumped 10% Overnight: Possible Reasons Why
“JUST IN: as per sir @loomdart‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH. I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells,” she noted.https://twitter.com/DoveyWan/status/1161686134314848256 It still remains unclear why Ethereum dumped 10% overnight - and if this massive mount contributed to yesterday's drop. However, a panic sell-off could be triggered very soon, perpetuated by any movement in the scammer's wallets.
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