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Ethereum News

Ethereum Manages ‘’Insane’’ Number Of Transfers On Network

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Ethereum manages an insane amount of transfers on its network and the second crypto by market cap also improved the ETH DApp tracking instruments which show the real transaction volume that could turn out to be much bigger than previously. In our ETH news today, we take a closer look at the ethereum developments.

Ethereum manages to remain unclogged despite the huge amount of ERC-21 token transfers and the network has also handled more than 3.7 million Ethereum ERC-721 transfers on November 17th alone which is about four times as high than the previous all-time high according to the crypto analytics company Coin Metrics.

The company explained that the huge spike in ERC-721 transactions comes from an Ethereum-based digital collectibles game dubbed Gods Unchained. The transfers did not obstruct the blockchain either and the blocks didn’t even surpass about 85 percent of their capacity since mid-October. The company also clarified that this is mainly because of the hundreds of transfers in one single transaction. Another popular game CryptoKitties, had about 4,7 million transfers during its existence. The network congestion has been one of the biggest issues for Ethereum in the past and one of the issues that is a key catalyst for the transition to the Proof-of-Stake consensus algorithm based Ethereum 2.0.

In some of the other news, we can see that the dapp data aggregator and analytics company announced the implementation of the ERC-20 token tracking for all of the Ethereum dapps. This tool will help discover more of the USD 73 million that were unaccounted 7-day rolling average transaction volume. Previously, the volume of ETH was being tracked and recorded at 27 million weekly transaction volumes in the same period. Including the ERC-20 token transaction, the total 7-day volume skyrocketed to over USD 100 million worth of value per week.

This will increase the transparency of the entire network and of the value creation on the Ethereum blockchain. This will also improve the decentralized exchanges that support ETH-based tokens trading and the fast-growing DeFi category as per Skirimantas Januskas, the CEO and co-founder of DappRAdar. The company said that this feature will also be available for EOS and that the plans include tolling it out on all other protocols in the near future.

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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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Ethereum News

Ethereum Istanbul Live Updates: Speed, Capacity And Stolen ETH

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Our team at DC Forecasts is proud to give you Ethereum Istanbul live updates and show you how this hard fork has affected the cryptocurrency and the entire market surrounding it. As we can see in the Ethereum news today, there are a couple of updates you should know regarding speed, capacity and an update on the amount of stolen ETH from Upbit.The much-anticipated shift to Istanbul happened yesterday and the system-wide update officially came into force when the network passed the block #9069000 late on Saturday night. According to Vitalik Buterin, the capacity of ETH now has the potential to reach 3,000 transactions per second. The Ethereum Istanbul live updates show that the entire hard fork is also designed to deliver interoperability with the privacy token Zcash as well as make it cheaper to use zero-knowledge technologies which enhance privacy.
“Ethereum, in general, is an exciting project because they’re trying the hardest out of anyone in the crypto space to scale without sacrificing decentralization," according to one software engineer working at CertiK named Maxwell Foley,
Meanwhile, the Ethereum Istanbul live updates also show that the stolen ETH which were taken out from the hot wallet of the major South Korean crypto exchange Upbit are now apparently being moved to unknown wallets. Whale Alert confirmed this in the cryptocurrency news and following that, we could see that a lot of dodgy transfers have been taking place throughout the week. Some analysts even suggested that an "inside job" was more likely than a breach as reported.When it comes to logistics, the Ethereum Istanbul live updates show that regular customers are not required to take action unless informed otherwise by their service providers. On the other hand, miners of Ethereum have to upgrade their client to the latest version in order to run Istanbul on Rinkeby, Goerli and Ropsten. If they don't do this, they will remain on an incompatible chain and will not be able to operate after the upgrade of the Ethereum network.Meanwhile, developers are required to review all EIPs to determine if their current contract is affected by one or any of them. If it is, they will have to upgrade their contracts accordingly. 
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