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Ethereum Network Development: The $30 Million Investment In Detail

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The Ethereum Foundation is in the latest viral titles on many best cryptocurrency news sites for announcing a three-pronged approach to allocating the $30 million that it has designated for the Ethereum network development which is planned for 2020.

As an official blog post shows, the breakdown for the three categories puts future projects at $19 million, current projects at $8 million and developer supports at $3 million. Much of this funding will go to Ethereum 2.0 projects which include client teams, research, communication and documentation, as well as layer two projects such as Plasma – the Ethereum network development plans show.

“Over the last 12 months the Ethereum community — a global collection of developers, entrepreneurs, researchers, and passionate users — has made tremendous progress. Every week, new applications built on Ethereum launch to mainnet, scalability solutions come online, and ETH 2.0 moves closer to key milestones. Ethereum remains the de-facto platform for decentralized applications, and is used every day to secure billions of dollars in digital assets,” the post noted.

Speaking of, Plasma is the project that was first proposed by Vitalik Buterin and Joseph Poon in 2017 – as a scaling solution for the network employing autonomous smart contracts. The project is in the latest cryptocurrency news again as part of the Ethereum network development. It is described as a solution that would enable “the blockchain to be able to represent a significant amount of decentralized financial applications worldwide,“ according to the white paper

The $30 million budget reserved for the ETH network and its development was first announced by the Ethereum Foudation at the ConsenSys’ Ethereal Summit on May 10. The executive director Aya Miyaguchi was in the coming altcoin news then for stating that the foundation intends to bring academic involvement to Ethereum – which will attract the top-tier researchers and developers (and grants) to the academic teams and organizations.

As we previously reported on our crypto news site, the “rerelease” of the community website for Ethereum Foundation was announced at the end of April. The Ethereum network development sits on top of this update, which purports to be a repository filled with community-created Ethereum content including documentation and tutorials for using Ethereum tools.

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Ethereum News

Ethereum Was The Most Coin-Correlated Crypto In 2019

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A new research in the latest cryptocurrencies news shows that Ethereum was the most correlated cryptocurrency to the other coins in the market in 2019. As the report created by the research arm of the major cryptocurrency exchange Binance outlined on January 22, throughout 2019 ETH had an average correlation coefficient of 0.69.The paper also compared correlation data of 20 top cryptocurrencies and read the following:
“Ether (ETH) is the highest correlated asset. With an average correlation coefficient of 0.69 throughout 2019, it is consistently among the most correlated assets. The coefficient started at 0.69 in Q1 and rose to 0.72 in Q4 (Q2: 0.65; Q3: 0.74).”
Ethereum was the most correlated coin and according to the report, it was much less correlated in the first half of 2019 compared to the second half. The second half was when it became the most correlated, and the paper points out that NEO and EOS which are described as the "programmable blockchains" often showed higher correlations with each other rather than with the non-programmable assets.The ETH news, however, are not the only topic of this report. Many other assets have been researched and have shown a high correlation with the rest of the market. These include Cardano (ADA), EOS (EOS), Litecoin (LTC), Ripple (XRP) and Binance Coin (BNB). Additionally, the researchers observed that correlation is higher among cryptocurrencies with higher market caps.Ethereum was the most correlated but the assets with the lowest correlation to the rest of the market were Cosmos (ATOM) with a correlation of 0.31, Chainlink (LINK) and Tezos (XTZ) which both scored 0.32 and 0.4, respectively. Overall, the median correlation between large cryptocurrencies decreased over the last quarter of 2019.Another very interesting thing was "the Binance Effect" which refers to the fact that the cryptocurrencies listed on Binance displayed higher correlations than the ones which are not present on the exchange. The firm's research shows that among the top ten cryptocurrencies by market cap we can also see Binance Coin (BNB) with higher returns than expected.All in all, the correlation between cryptocurrencies is definitely a topic which is growing in terms of awareness by users - but also a subject to debate. For instance, new data shows that BTC is less correlated to gold than many believe it to be - and the opinions on the market are split.
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Ethereum News

Ether Prepares For A Price Correction: Market Analysis

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Ether prepares to start a price correction according to the recent rally and the technical patterns that can be seen across the charts so let’s find out more in today’s Ethereum news.Ether prepares for a bullish impulse after it saw a price surge over 40 percent since the beginning of the year and this cryptocurrency went from trading at a low of $126.40 to a high of $179 on January 18. Right after the peak, ETH retracted to about 10 percent and has been contained in a narrow trading range ever since.  The low levels of volatility that were seen since then, suggest that a major price movement is coming soon.Based on the TD indicators, the next major price movement could be to the downside since this technical index recently showed a selling signal of ETH’s 3-day and 1-day chart in the form of a green nine candlestick. A bearish signal forecasts that it will pull back to the one to four candlesticks at the start of the new downward countdown. A red two candlestick trading below the preceding candle could be perceived as a confirmation of the bearish formation. In the meantime, a head and shoulders pattern seems to be developing on the ETH 4-hour chart and this technical formation shows a momentum reversal to the bearish side. Moving below the $165 level could start a sharp decline and this downtrend will have to be confirmed by a large spike in the sell orders.The bearish pattern projects a ten percent plunge that could take the price of Ether to $147. This target level is determined by measuring the distance between the head and the neckline thus adding it to the breakout point. The Fibonacci retracement indicators also prevail hitting a bearish target and the certain levels of support that Ether will have to break first.Finishing below the 23.6% Fibonacci retracement level, could be followed by a move down to the 38.2% Fibonacci retracement level sitting at $15 so if ETH is able to break through the significant level of support and a move to the 50% Fibonacci retracement level will become much apparent. A sudden increase in the demand for Ethereum could jeopardize the bearish outlook and if this crypto moves above the high of $179, Ether could advance to $191.
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Strong Technical Pattern Shows ETH Is Gearing For Another Surge

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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 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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