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Ethereum Gets New Boost From Accounting Firm Ernst & Young

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The major accounting giant Ernst & Young has recently released its open source code which improves the privacy and transaction efficiency for Ethereum (ETH). As we can see, Ethereum gets new boost from the major accounting firm – an update which comes just days before the network undergoes an upgrade which will further reduce its costs and increase its security.

Right now, the ETH news show that from a technical standpoint, Ethereum is constantly strengthening. However, this has not been reflected in token prices. There are some huge companies working with the platform and for now, EY is among them. Speaking of, the accounting firm is using the public Ethereum blockchain in order to reinvent how businesses work together, which is why it brings ETH to enterprises.

As we could see from the cryptocurrency news before this, in April this year, EY released a minor development in Ethereum technology called Nightfall. This update was designed for making private Ethereum transactions. A recent announcement also showed that Nightfall has been upgraded to enable the first version of transaction batching. With this, Ethereum gets new boost and can allow up to 20 transactions at once under zero knowledge.

For those of you who don’t know, zero knowledge (ZK) is a cryptographic method by which a party can prove to another (party) that they know a value of something without revealing information about what it is that they know.

The EY announcement that Ethereum gets new boost also noted the following:

“This includes both batching and a new tool for reducing Merkle tree updates called (appropriately) Timber developed by the EY Blockchain research team. We promised <$1 per transaction by the end of 2019, and we nailed it by a wide margin.”

Analysts and experts including the founder of Mythos Capital, Ryan Sean Adams, acknowledged this development and pointed that it is highly cost efficient, representing a 400x improvement compared to the previous implementation.

The global blockchain leader at EY Paul Brody is known for his big plans for a blockchain future based on Ethereum. Earlier this year, he stated:

“We believe that by 2030, more than half of all new business contracts will be done on a blockchain. The end game is enabling all the functionality of the Ethereum blockchain for enterprise users, with full privacy.”

Ethereum is set to undergo the Istanbul upgrade in less than two days, which will be the first step before a huge upgrade to the ETH 2.0.

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Ethereum News

Ethereum 2.0 Testnet Is Advancing, Gains 22,000 Validators

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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 News

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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Ethereum News

ETH Bulls Hesitate But An Upsurge Above $150 Is Coming Into View

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In the past few sessions, there were a lot of steady gains in Ethereum (ETH) which gained momentum above $140 and showed strength against the US dollar. Moreover, the ETH price surpassed the $142 and $145 resistance levels. The price traded to a new 2020 high at $148 and it is currently consolidating its gains as the ETH bulls hesitate to initiate a new move above $150.Speaking of which, the ETH news show that a move above these levels would boost the trend line and the hourly chart of ETH/USD. Therefore, there could be dips in Ethereum which could find support near $143 and $142.As long as the price is above the $142 support and the ETH bulls hesitate to move higher, we could see a downside extension towards the $138 support area and the 100 hourly simple average. Currently, the main support is near the $135 level where the bulls are likely to take a stand.Any of the further losses may perhaps start a fresh decline towards the $128 support. However, the positive signs posted by the ETH bulls could indicate that a fresh start is on the corner and the price is likely to bounce back and climb above $148 and $150, respectively.Besides Bitcoin which is now gaining 5% on the day and climbing to $8,300, there are many other winners in the altcoin updates. Just like the ETH bulls, the Litecoin news show that LTC is up by 5% to a new price of $47.65 and a potential to test $50 very soon.The biggest gainer in the altcoin news today is Chainlink (LINK) which managed to add 15% on the day and rose to $0.89 at press time. EOS (EOS) is also with a stable 2% increase, visiting $2.89 and aiming for the $3 region.As the ETH bulls hesitate to make a new move, the market cap is solid and at $218 billion. The 24 hour volume is respective of the recent moves and is now shy of $100 billion which could be the three-digit record that we have been waiting to see in 2020.Right now, the technical indicators for ETH are as following:
  • Hourly MACD – The MACD for ETH/USD is currently gaining in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is correcting lower towards the 50 level.
  • Major Support Level – $142
  • Major Resistance Level – $150
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