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Ethereum Browser Startup Status Cuts Down A Quarter Of Its Staff

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The Ethereum startup Status decided to lay off about 25 percent of its staff, according to the latest crypto news allegedly due to the steep decline in the crypto prices.

Announcing the decision on Monday, the co-founder Jarrad Hope explained that the startup is big and that it cannot be sustained since the ethereum’s price dropped more than 80 percent. The startup originally managed to raise 182,000 ETH last year during a token sale which is approximately $64 million. Another problem of the startup was the lack of solid banking partners until the second quarter of 2018.

Status decided to cut off a quarter of its staff and the company believes that this decision is considered ‘’non-essential’’ to the long-term goals of the startup.

However, the startup hopes to stretch its fiat currency holdings so they can manage to cover their expenses for the next six months. The company also hopes that the employees will accept the pay cuts and that they will accept the greater amount of SNT tokens to sooth the cut.

Hope continued to explain:

 “The reality is that we will have to make another assessment end of Q2 which if the market hasn’t picked up we will be forced to make the organization even leaner, and the remaining fiat and our large ETH holdings will be used to create a runway measured in years.”

Now, the priorities are to keep up the promises that the company made in its white paper and to get the app to be usable. Also, despite the cuts, Status confirms that they still have enough engineers that will work on the promises.

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Ethereum News

Strong Technical Pattern Shows ETH Is Gearing For Another Surge

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strong technical pattern
There has been a downside correction in the ETH news recently, when the cryptocurrency went from $180 to lows below $170 and $166 support levels. However, in today's analysis, we are seeing a strong technical pattern which shows that Ethereum is gearing for another major surge.The close below $170 and the 100 hourly simple moving average did a lot of bad things for the cryptocurrency and resulted in a major pullback which was similar to the one seen in Bitcoin. Finally, we could see a spike below the $162 support but the $160 area acted as a strong buy zone.A swing low is formed now near $160 and the price of Ripple is currently recovering. Ethereum climbed above the 23.6% Fib retracement level recently going from the $179 high to the $160 low. The strong technical pattern is now with resistance near the $170 area and we can see a key bearish trend line forming with resistance near $170 on the hourly chart of ETH/USD.So, what does all of this mean?Well, if we see a successful close above the $170 resistance area, we will likely see a new fresh increase towards the $178 and $180 resistance levels. Any further gains could obviously lead the price towards the $200 area. On the downside, the strong technical pattern fails to account for the possible shoulder move to the $162 area. If there is a bearish close soon, the price of ETH is likely to invalidate the highlighted inverse head and shoulders pattern.The next key support levels are near the $160 and $158 levels. If Ethereum fails to stay above $158, there is a risk of a larger decline in the near term - just like most of the coins in the altcoin news. A situation like that would bring ETH towards the $150 and $148 levels.With a price of $167 and 1% gains on the day, ETH looks nice and is definitely one of the altcoins to watch out for in the next period. If its cards play well just like Bitcoin's, we may see a total crypto market cap of more than $250 billion very soon.Right now, the technical indicators look as following:
  • Hourly MACD – The MACD for ETH/USD is still trying to gain momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is right now above the 50 level, holding a positive angle.
  • Major Support Level – $160
  • Major Resistance Level – $170
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Ethereum News

Ethereum 2.0 Testnet Is Advancing, Gains 22,000 Validators

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Ethereum 2.0 testnet
The updated Ethereum 2.0 testnet is advancing since it attracted more than 22,000 validators and the shift to proof-of-stake is yet to be fulfilled but there are a lot of signs of growing interest as we can read more in the ethereum news today.Ethereum has not really moved fast from mining to staking as it was promised but the network did take a series of baby steps. In the meantime, the entities interested in ETH economics tried to remain one step further by simply testing the staking mechanisms that were offered. Prysmatic Labs even launched one of the largest testnets which surpassed the single-client tests. The Ethereum 2.0 testnet is advancing despite being launched at the beginning of the month. The developer of Prysmatic, Preston Van Loon, commented:“Just saw nearly 100% participation from over 22k active validators on the world’s first boneless ETH2 testnet. These are 22k validating keys. It’s probably between 5 to 10 individual operators. Maybe more, but it’s hard to tell who controls keys and who’s just an observer.’’Prysmatic even launched the largest testnet so far and thus encouraged the future of the second-largest crypto network. The platform even called for the hackers to try and exploit the network since moving to Ethereum 2.0 on the actual live network will be very high-stakes even which will affect the wider ecosystem of games, exchange apps, and finance. However, the exact number of participants is lower which shows that moving to the stake, the supporters of Ethereum may be quite low at the start. The move to staking will also displace the well-developed mining ecosystem for the Ethash rigs.Buterin roughly estimated that by moving to a staking model it could lock up about 10 million ETH and with the annual inflation, the ETH will be slightly increased and the annualized interest rate will be still at 6% so the network will have to find a better sport for the number of stakers. The ETH rewards for staking will be variable and with more ETH staked, the fewer rewards will be proportionally distributed. Ethereum 2.0 has been announced for over a year and based on the predictions, the launch could come in about six months, with more delays expected.
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Ethereum Will Likely Surpass $150 According To Key Technical Indicators

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Ethereum fought against gravity and trading using as a weapon a bullish bias above $135 versus the US dollar, similar to Bitcoin (BTC). Ethereum will likely grow above the $150 level as we are reading more in the upcoming Ethereum news.The price of Ethereum (ETH) is now well reinforced above the $135 and $138 levels versus the USD. The price is signaling certain positive trends and it is hopeful to rise above the level of $150 in the near future. There is also certain bullish trend line forming that is important really near to the $140 level seen on the 4-hours chart of Ethereum (ETH)/ USD. Bitcoin (BTC) is also demonstrating positive signals above the $8,000 support area as per the recent news and updates.In the last week, there was the presence of bullish moves in Ethereum (ETH) going up, above $132 versus the USD. Ethereum (ETH) rallied towards the level of $135, with later fall to lower level and finally growing above the level of $135. A new yearly high was formed near $148 after which Ethereum (ETH) started to fall. There was a certain break below the 23.6% Fib retracement level of the growing trend from the level of $135 to the level of $148.But the fall was safeguarded by the $140 zone and the price is at this time clearly over the 100 simple moving average (4-hours). Furthermore, the 50% Fib retracement level of the growing push from the $135 low to $148 high is acting as hard support. What is even more important is the key bullish trend line that is forming with the support of a near $140 on the 4-hour chart of Ethereum (ETH)/ USD. If there is a move in downward direction beneath the trend line, below $138, there is the probability of a hard fall.Going up, there are certain key hurdles near the $145 and $148 levels. A clear breakthrough over the level of $148 can set the tempo for a bullish breakthrough above the level of $150 in the near future. The key support on the way down is near the level of $137 and the 100 SMA. If a fall happens and breakthrough the levels of $137 and $135, Ethereum will likely have a bearish break.
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Ethereum News

Bugs Found In Ethereum-Based Smart Contracts Compiler

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A new January 8 blog post published by the Ethereum Foundation (EF) shows the bugs found recently in one of the ETH-based smart contracts compilers. The blog post in the ETH news revealed that developers are working on a new implementation of the Vyper compiler due to "multiple serious bugs" in the existing version.The Vyperlang team also responded and noted that the existing Vyper smart contracts were not affected by these bugs. However, the bugs found in the compiler raised a lot of questions mostly because Vyper is known as an alternative programming language for Ethereum which was originally conceived by Vitalik Buterin. It is meant to focus on being as human-readable as possible, even at the cost of mission some of the more advanced features found in the primary language - Solidity.Even though it is part of the main Ethereum (ETH) code stack, the compiler has since spun-off into an independent repository following an October 2019 preliminary audit by Consensys Diligence. The report also found that there are 31 bugs found with the Vyper compiler, the software which is translating the language into computer code for the Ethereum Virtual Machine (EVM).The Ethereum Foundation developers explained in a blog post how they gradually became disillusioned with the Vyper maintainers, noting:
“After a few months of work we were skeptical that the python codebase was likely to deliver on the idea that Vyper promised. The codebase contained a significant amount of technical and architectural debt, and from our perspective it didn’t seem like the existing maintainers were focused on fixing this.”
Even before this report, the Ethereum Foundation team began work on a new Vyper compiler based on the Rust language as the crypto news showed. The decision was motivated by the increased portability to EWASM, a new virtual machine implementation that replaced the EVM which is set to be introduced with Ethereum 2.0.The bugs found in the Vyper compiler were especially important due to its use in the Ethereum 2.0 deposit contract, which is a critical component of the Proof-of-Stake (PoS) system. However, the developers clarified in a Twitter thread that a separate audit was conducted for the contract which found no unfixed bugs.
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