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Justin Sun Throws Shade On Vitalik Buterin After Rankings Report Show ETH On 3rd Place

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The co-founder of Ethereum, Vitalik Buterin is once again in the center of our ethereum news after the co-founder of TRON Justin Sun posted a series of tweets mocking Buterin and his cryptocurrency.

Sun posted on Twitter that he promises to build a monument honoring Ethereum if the TRON cryptocurrency ever gets down from the second position as the largest coin by market cap. Sun ironically praised Buterin for contributing to the blockchain sector but their rivalry is obvious.

He wrote:

‘’When #TRON succeed, we will build a monument in memory of #ethereum! @VitalikButerin will be remembered for his tremendous contribution in #blockchain industry!’’

Sun’s mockery comes right after the China’s Center for Information and Industry Development published a report showing that Tron is on second position and Etehreum came third. The first position as we reported previously is occupied by EOS which shows that the rankings were unchanged from the previous edition which was release at the end of February. The criteria that are used to rank the cryptocurrencies include innovation, technology and applicability.

The rivalry between the two co-founders is not something new. At the start of March, while speaking for the Unchained podcasts, Buterin stated that he wouldn’t mind if Ethereum ever gets overtaken by another blockchain. However he said that if that happens, he will lose a certain amount of hope for humanity if that would be TRON.

Unlike Justin Sun who sees Ethereum as its competitor, Buterin says that his biggest competitor is Dfinity.

In February, Buterin addressed for an interview that the decentralized file-sharing network BitTorrent has appeared on the crypto market and then, the supporters of TRON thought that Buterin was praising a decentralized-file sharing platform. BitTorrent as you know was acquired by the Tron Foundation in 2018. Sun took the chance to say how Buterin is obsessed with BitTorrent.

Buterin of course rebutted the claims, saying that the video was recorded in 2017 which was a year before the Tron Foundation acquired the BitTorrent platform:

‘’That interview was from Aug 2017. Tron acquired bittorrent in Jul 2018. My praise for bittorrent had nothing to do with Tron. This is like implying that because I like avocados, I approve of everyone who has ever bought an avocado.’’

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Ethereum News

Ethereum Core Developers Move Forward With ProgPOW Update

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Ethereum core developers are going forward with ProgPOW which is an update for making Ether mining more ASIC resistant so the hardfork is scheduled for July this year. Let’s read more about it in the following Ethereum news today. The Ethereum core developers came to a conclusion that they have to implement ProgPOW and the hardfork is scheduled to happen three weeks after the EIP 1962 which is another update that will add more cryptographic functions to Ethereum. The update is scheduled to go live sometime this summer. This is actually a third time that the core developers have agreed to implement ProgPOW so the core developers seem to be keen on improvement despite the fact that there have been a few developers at unease with a chance of splitting the community. The developers believe that the hardfork for ProgPOW is contentious and some have even raised concerns that the exchanges that run on Ethereum with both the new and old mining algorithm will create a new fork on Ethereum to maximize the fees on the platforms which will lead to a split in the community.
 “I have not seen any evidence that there is an ideological or people willing to step up and actually have a network split. If I’m wrong I’ll resign as hardfork coordinator.’’
Ethereum split once before with the ‘’DAO’’ which was the first attempt to a so called decentralized autonomous organization where more than 3.6 million ETH was exploited. Core developers decided to refund the affected users and the dissenters later formed Ethereum Classic in response. At least two projects were opposed to ProgPOW including SpanChain and the Gnosis projects. The executives of the projects were invited to voice their concerns about the next core developer meeting but this will likely won’t change the decision of the team: “There will be plenty of time for open dissent that won’t really change the decision, necessarily, because we’ve already gone back and forth and approved it twice.” ASIC resistance was a core consideration for Ethereum and the first version of the whitepaper explained how the distribution process of Ethereum will be performed through easily-accessible computer hardware which was more favorable for the community and the decentralization of the token. The leading mining hardware firm Bitmain developed an Ethereum ASIC in 2018 and in 2019 Canaan released an ASIC that was 5 times more efficient than comparable consumer hardware.
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Market For ETH/BTC Went Off A Cliff In 2019, Could Reverse Now

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The biggest altcoin of all, Ethereum, did not see a positive 2019. The second largest cryptocurrency by market cap registered a negative performance in 2019 which was contrasted by Bitcoin and its yearly gains of over 90%. In the crypto news today, we can see that the market for ETH/BTC is improving and while it fell off a cliff in 2019 with the price of one ETH as low as 0.016, the situation is now changing. Over the past few weeks, Ethereum has shot higher against the US dollar and against BTC. It was buoyed by the sentiment that there is an impending altseason and the simple fact that the asset was oversold in 2019. A recent analysis by a prominent market commentator named Loma (LomahCrypto) shows that the market for ETH/BTC could be on the verge of going near-vertical. The trader posted the below chart to back his point and showed that the trading pair has begun consolidating above the key horizontal support around 0.026 Bitcoin. https://twitter.com/LomahCrypto/status/1230764062008471552 In fact, the pair remained above the key infection point for around 10 days now, boding well for the bullish narrative that is building. The consolidation, as Loma depicted, is a likely sign that ETH will rally 15% against Bitcoin (BTC) in a near vertical fashion in the coming few weeks. He believes that the ETH news will show increases and that the pair will move vertically. But there are more fundamental reasons to believe that the market for ETH/BTC will improve and outperform the tried and true market leader from this point. The proximity of the blockchain's 2.0 (Serenity) upgrade will certainly change how Ethereum works in a way that many say will be for the better. Ethereum 2.0 will see the amount of ETH issued per block to be cut dramatically. This means that the relatively high inflation rate of the asset will be dropped dramatically. The decreased selling pressure from miners along with the adoption enabled by the technical improvements in Serenity will help and push Ethereum higher in the long run. And while there is the growth of DeFi and the Ethereum 2.0 project that are well for bulls, there are concerns regarding on-chain finance which may act as a bearish case in the market for ETH/BTC moving forward.
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Enjin Goes Live On The Ethereum Mainnet: Report

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Enjin goes live on the Ethereum network today and the platform will enable the developers to integrate cryptocurrencies in crypto apps and games without having to write blockchain codes as we are reading further in the upcoming Ethereum news. Game and app developers will now be able to integrate cryptocurrencies into their own products without having to write complex blockchain codes as Enjin goes live today. The company behind the project announced the launch of the game development platform and the mainnet has gone live on Ethereum thus allowing anybody to mint their own utility tokens. The Enjin platform will allow the app developers and game engineers to use the decentralized inventory once they start building their products according to the company’s blog post. The platform makes it easier to integrate both of the blockchain-based gaming and the non-gaming assets into the games and apps as per the company, saying that they also aim to simplify the process of managing economic gameplay mechanisms. Enjin also supports the ERC1155 Ethereum token standard which allows the developers to integrate the fungible and non-fungible tokens into a smart contract and they also stated that more than 2,500 projects have been created on the platform testent and later adopted the same ERC1155 standard. The company explained:
 “Simple, great user experience is one of the core product design philosophies at Enjin, and we made damn sure that the Web Panel is minimal, straightforward, and clean.’’
The process of creating a new blockchain project is not so complex and it can be done in four steps. The process doesn’t require any coding knowledge but while the Enjin platform web panel enables the codeless creation and management of the blockchain assets, the developers will have to employ Enjin platform API and SDKs when the time will come to integrate those assets with games and apps. The platform API is graphQL based while the Platform SDKs include Java, NODEJS, Godot and Unity. According to the company, the Enjin platform will be powered by Enjin Coin and will serve as the ultimate minting resource and used to back the value of the issued blockchain assets. While the Enjin platform is a relatively new platform, the company was present in the crypto space for more than 10 years. Enjin’s huge ecosystem is preferred among gamers and with partnerships with major companies such as Unity, Samsung, and PC Gamer, the platform has a strong presence in the gaming industry. When it comes to future plans, the company said to be working on a new way to distribute blockchain assets via QR codes.
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bZx DeFi Protocol Under Attack, More Than $1 Million ETH Compromised

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The bZx DeFi protocol got seriously hit this week after the entire decentralized finance space got under attacks and the compromised funds lost more than $1 million as we are reading further in the Ethereum news today. The first attack happened four days ago, right after Valentine’s day according to the official reports from bZx. According to the document, the attack was launched during ETHDenver and at that time bZx’s team has been out attending the event, so block 9484588 was hit hard. The attack took advantage of the bZx DeFi protocol to lend and swap a huge amount of ETH and wrapped bitcoin which represents a token being launch on the Etheruem network while tracking the price of Bitcoin. This allowed the attack to manipulate the prices and to profit off of the decentralized leveraged trade. At first, the attack took 10,000 ETH from dYdX which is a decentralized lending protocol. He used about half of that to collateralize a loan for 11 wbTc on another lending protocol. The attacker later spent 1,300 ETH to open a 5x leveraged ETH/BTC short position on the Fulcrum trading platform while borrowing 5,673 ETH through the Kyber platform. This amount he swapped for 51 wBTC which caused a massive slippage. This allowed the attack to make huge profits from swapping the 112 wBTC from compound to 6,671 ETH and to make an income of 1,193 ETH which reaches a sum of $318,000. At the end, the attacked paid back the initial 10,000 ETH on the dYdX platform. The team also confirmed the second attack: According to the official reports, the attacker managed to acquire a net profit from the system of around $600,000 and bring the losses to more than $900,000 worth of ETH but the mechanism of the second attack was much more different than the first one. The problem was the oracle manipulation. Oracles represent centralized components that provide external information to the on-chain apps. The bZx team also stated that they are working with Chainlink and other providers to create ‘’ more robust oracle and reduce the surface area of attacks against our protocol.’’ The bZx DeFi protocol managed to postpone the realization of the profits from the second attack and stated that they believe ‘’the system can recover from this.’’
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