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Ethereum News

Ethereum Founder Wants Monero To ‘’Overcome Its Obstacles’’

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Ethereum founder, Vitalik Buterin hits our coming altcoin news again this time for expressing interest in Monero’s privacy features in order to incorporate them in his cryptocurrency.

Buterin is partial to the ZK-SNARKS technology which is the technology used for the Zcash privacy coin. However, his senses appear to be keener on the development of privacy protocols. This became very clear when the research paper under the name ‘’FloodXMR: Low-cost transaction flooding attack with Monero’s bulletproof protocol’’ was published.

The ethereum founder wants to research what they call a ‘’flooding attack with Monero’s bulletproof protocol.’’ This means that an attacker will flood the network with their own transactions and eliminate the ‘’ mixins’’ from the transaction inputs in order to trace about 50 percent of inputs with a cost less than $2,000. The lead Developer at Monero Riccardo ‘’Fluffypony’’ Spagni, was in New York for the crypto conference where he discussed the FloodXMR report.

There are people that pointed out that Monero is not the only crypto projects with many challenges to overcome. One Twitter uses replied to Buterin by saying:

 “Ethereum has its obstacles, so does Monero. I’m sure some very bright minds will take care of it. Both are legit projects.”

The ethereum founder clarified:

“I hope Monero overcomes its obstacles by switching to privacy schemes that make the anonymity set for each transaction be the set of all Monero users! The above wasn’t even intended to be against Monero in any way. I’m following this debate between different privacy tech mainly with an eye to seeing what privacy schemes to help support as layer 2’s for Ethereum.”

During the weekend, the Ethereal Summit is also taking place in New York as reported in the best cryptocurrency news sites. This is a ConsenSys event that was dubbed as the ‘’SXSW of blockchain.’’ However, Buterin managed to weigh in on Monero’s privacy protocol despite the busy week. At the conference, there were discussions on topics such as Ethereum 2.0 and the proof-of-stake protocol. The CEO of Messari Ryan Selkis forecasted that a shift to the POS protocol is years away.

Buterin, on the other hand, has privacy features on his mind a long time ago and even told the Tesla CEO Elon Musk about what can be built on Ethereum.

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Ethereum News

ETH-Based Crypto Games Meet Definitions Of Gambling

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ETH-based crypto games, in fact, meet the definitions of gambling according to recent research by the University of York. Let’s read more in the ethereum news below.This week, the university published an article saying that the nine highest-ranked ethereum dapps games listed on State of the Dapps which is a directory of dapps, and found that they meet all criteria of gambling. The research paper which will be presented at the CHI Play conference in Barcelona, explains that the ETH-based crypto games are video games with a fully or partially distributed ledger architecture that runs on top of a cryptocurrency network. The players are provided with provable ownership over the virtual goods.The studied games consist of more than 16,000 player accounts and the article says that this number is a niche phenomenon when compared to the gaming industry in general. The researchers chose Ethereum because it is the oldest-dapp supporting cryptocurrency and has the most well-established network as measured by market capitalization. The researchers investigated the gameplay mechanics and also checked the data to see the way in which these players have been spending crypto in the game. To each of the games, they applied the combination of legal and psychological definitions of gambling.The psychological definition focuses on the behavior enabled by the activity, while the legal one focuses on the financial components of the outcomes. They also found “that all of the games in the sample meet our combined definition.”The games allow the players to exchange virtual goods for cryptocurrency which can later be exchanged for fiat money. As in many online games, the crypto-games allow the players to trade or auction in-game items in exchange for in-game currency. Unlike most free games, the crypto ones that have in-game currencies, are often exchangeable and can be used to pay for other goods and services. As the Ph.D. student in Computer Science Oliver Scholten stated:
 “Unlike games with loot boxes, all crypto-games in the study allowed the direct or indirect exchange of in-game items for real money, making them more readily fit criteria of gambling. All this doesn’t mean that the technology should not be used to build games on, but that “designers need to think carefully about how their decisions may affect player spending.”
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Ethereum News

ETH Plummets 6% After The BTC Flash Crash: Analysis

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ETH plummets 6% after the benchmark cryptocurrency dropped more than $500 in just a few hours so we are about to read further in the ethereum today news.Across all of the major crypto exchanges such as Binance, Coinbase, and BitMEX, the price of Ethereum dropped below from $173 to $163 recording a huge drop following the daily close. The major pullback of the altcoin is mainly because of the minor drop of Bitcoin which was seemingly demonstrating signs of a trend that is a reversal to the upside as it surged past $8,300. The daily trading volume of both Ethereum and Bitcoin is hovering around yearly lows on BitMEX which is known to have been a major influencer on the price trend of the entire crypto market due to the futures contracts.Usually, when Bitcoin shows a sideways movement during a prolonged period, the Ethereum price tends to show a spike in volatility. Throughout this month, the price of Bitcoin remained relatively stable in the range between $7,800 to $8,300 thus creating an ideal environment for Ethereum and some other major cryptocurrencies in general just to see higher volatility. This is why ETH plummets down below and the price also shows signs of a breakout to the upside as the low volume intensified the downward movement leaving the asset vulnerable to a short-term pullback.As previously reported, the technical analysts said that the Ethereum price is likely to correct all the way down to $150 if the bitcoin price makes its way to the low $7,000 region. Based on the current trends on the market in general, the market lost $50 billion in market capitalization since September and both assets are now forecasted to see an increase in selling pressure. The crypto trader Josh Rager stated:
 “As you can see with not only Bollinger bands but also historical volatility (HV) that a major move is brewing With a slow sideways market, we’ll see descending HV that indicates a strong reaction in price action ahead and rise in volatility.”
Many of the traders started anticipating the volatility of bitcoin as a result of an upside movement but BTC showed rejection at a low resistance level and the traders have started expecting a deeper pullback.
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Ethereum News

Bear Market ETH Futures Are Now A Better Bet Than Bitcoin’s

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The Ethereum news today show that the Commodity Futures Trading Commission (CFTC) is confident that the ETH futures are likely to arrive in 2020. Currently, analysts show that bear market ETH futures are a better bet than Bitcoin's futures - and that this could be good timing if altseason fails to materialize in the next few months and the Ethereum prices remain low.What we could see during the first day of the DC Fintech Week was an interesting mix of opinions which started when the CFTC Chairman Heath Tarbert said that he 'absolutely' believes that the Ethereum futures could trade in the next 6 to 12 months.
“The volume to which it’ll trade, no idea, that’s where the markets decide, but my guess is now that we’ve provided at least … a little bit more clarity on [ether’s eligibility for futures contracts], my guess is market participants will consider that.”
He continued stating that there have been no official applications by firms willing to launch Ethereum futures contracts. This is why the bear market ETH futures are seen as a major development.Considering the current regulatory atmosphere in the United States, this is hardly surprising. At the moment, four contenders could emerge and they include the names of Seed CX, ErisX, Tassat and LedgerX.So far, there is no response from CME or CBOE as to whether they will be offering ETH base futures. The crypto news also feature a CME spokesperson told Coindesk that they are focused on presenting options on CME Bitcoin futures to market in Q1 2020 and continuing to grow the CME CF Reference Rates and Real-Time Indices.Tarbert also said that a CFTC regulated exchange would provide investor confidence for Ethereum products in the manner of no market manipulation. When asked about the other crypto assets, he said that there will be other derivatives coming soon to a market near you. He did not specify more details or time frames.Meanwhile, ETH is still down from its peak whereas Bitcoin was approaching its all-time high when futures were first launched.
“Bitcoin futures launched at the ‘EXACT’ pinnacle of the bull market, a huge investment vehicle for those looking to short the market as it was clearly overpriced," a post published on Twitter read.
ETH is in no way overpriced at the moment and the markets are not overbought.
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Ethereum News

NBA Team Launches Ethereum-Powered Vinyl Toys

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NBA Team Sacramento Kings partnered with CryptoJaiju and will now start offering Ethereum-based vinyl toys. The fans will be able to purchase them in the upcoming 2019/2020 as we are about to see more in the ETH news today.This comes as no surprise since the team has been named as the most innovative company in sports by ‘’Most Tech-Savvy Team of 2016’’ Sports Techie and by Fast company as well. According to the official press release, the 100 vinyl collectible figurines will be powered by Ethereum and each today will be assigned a non-fungible token that ensures that no two Kaijus are the same. 15 out of 100 toys will have non-fungible tokens that reveal some unique experiences or prizes for the fans including courtside seats, VIP tours and signed merchandise from the NBA Team. The fans will also gain the opportunity to obtain these limited-edition toys from November which is when the team will start hosting monthly interactive scavenger hunts for the upcoming seasons.The Sacramento Kings Chief Technology Officer Ryan Montoya said that his team saw that using blockchain technology will bring more benefits to the team’s fans and will also outline the ability of the team to deliver innovative products and content to the fans. Earlier this month, the team collaborated with the entertainment-centric blockchain startup Blockparty in order to implement a free blockchain rewards system in the NBA predictive gaming application ‘’Call the Shot.’’ According to a press release, the fans of the NBA Team will accumulate blockchain-driven tokens that will be used to redeem prizes and unique events including signed merchandise and courtside tickers. As said by the team CEO Vivek Randive:
 “We have only just begun to see the benefits of blockchain technology as it transforms the way business is conducted worldwide, ensuring secure transactions across multiple sectors and customers.”
While the Kings still harness cryptocurrency-related technology, there is also an important facet of this announcement that the toys will be backed by Ethereum. Their user of ETH confirms that the trend the large companies are adopting blockchain technology and make their businesses successful by reducing friction and to also offer fresh products to their clientele.
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