A new Ethereum proposal is again in the coming altcoin news – and again – it proves controversial and divides the community. According to latest crypto news, Ethereum developers are considering an option to finance themselves from the block rewards while many in the community stand against this idea, arguing about how the rewards can be used and by whom.
The community members accepted the new Ethereum proposal after discovering an Ethereum Improvement Proposal, EIP-2025, posted twenty-eight days ago. It proposes 0.0055 ETH per block for 3,100,1000 blocks (or USD 3.6 million at current prices now) or for 18 months, as a developer block reward for funding Ethereum 1.x (a codename for a comprehensive set of upgrades to the Ethereum mainnet intended for near-term adoption) development.
One Ethereum advocate named Eric Conner was in the altcoin news as one of the first people to tweet about it. He found the idea absurd and soon made a correction that the EIP has a typo – according to him it is actually 0.0055 ETH per block and not 0.044 – confirmed by James Hancock who put forward this proposal. Still, the fact does not help the current mood in the community.
To me anything >0 is the same. It's about not opening a pandora's box.
— Eric Conner (@econoar) July 22, 2019
The criticism on this issue continued pouring in. Even though Conner argued that “it’s important to set a precedent that block rewards cannot be captured”, also mentioning that it’s “an insanely slippery slope”, others said that it’s important for the protocol to stay neutral.
An investor named Aftab ‘DCinvestor’ Hossain also rejected this idea and tweeted that the community has spoken: experimental dev funding mechanisms via block rewards, even for “testing” purposes, are a no-go.” He added that the amount of ETH in question is not relevant – “the precedent and mechanism” are.
Some other people offered other options for funding too. One of them was Anthony Sassano, who is doing marketing for the digital asset called Set Protocol and is a co-founder of ETHHub. He said that he is against the new Ethereum proposal and this particular EIP – but not against funding relevant development work on Ethereum.
In the relevant development work that he shared, he listed alternative funding options including DAOs, Gitcoin grants, pooled DAI ideas and Ethereum foundation grants – all of which attractive and viable, as many best cryptocurrency news sites confirmed.
I am (obviously) not against funding important development work on Ethereum but I oppose EIP-2025.
Here are some alternative funding options:
— Anthony Sassano (@sassal0x) July 22, 2019
Ethereum Blockchain Is Almost Full: Vitalik Buterin On Scalability
“Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining [...]”By improving the issue of scalability it would only bring down the costs by a factor of more than 100 as Buterin claimed. While the security is to some extent sacrificed by moves like these ones, the compromise would be fairly modest in his words. Beyond scalability improvements and other advances in a technical sense, Buterin noted that the challenge still remains of transforming blockchain technology into something that people will use on a day to day basis. When he was talking whether the ethereum blockchain is almost full he also argued that the future of cryptocurrencies and crypto, in general, is pluralist and revealed that he is very open to the idea of hybrid solutions that involve both Ethereum and bitcoin as the two most used and most popular cryptocurrencies. Buterin clarified his stance in response to a proposal to implement the Bitcoin Lightning network as an interface for his Ethereum contracts and to also enable instant payments in Bitcoin while in the same time still triggering a series of events on his own cryptocurrency or any other chain. Back in July as it was reported in some of the best cryptocurrency news sites, Buterin proposed using the Bitcoin Cash blockchain as a temporary scalability solution for the ethereum network but this still hasn’t implemented.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
Six Changes Approved For The Next Ethereum Hard Fork
“We split Istanbul into two. One of them we can actually ship within weeks. [The other contains] two really big EIPs that would be nice to have but require some stuff that cannot be done within the two- or three-week timespan.”As many altcoin news sites shared, Istanbul Part 1 will be the eighth hard fork to be activated on the $22 billion blockchain network. As such, it is expected to boost the chain interoperability with the privacy coin Zcash and with that help secure the broader network against any replay attacks, among other efficiency improvements. Developers behind major Ethereum clients such as Geth and Parity have one week to integrate the six changes, integrating the newly affirmed list of EIPs into their software as well as preparing to implement the full code on a live Ethereum network. The Ethereum Foundation community manager Hudson Jameson spoke about the importance of the testnet release and the six changes in the code. He was featured on many best cryptocurrency news sites for stating:
“The security and stability of the network are primary concerns when it comes to doing hard fork on mainnet so the testnet release is a vital step in making sure that mainnet release go smoothly.”The release summed up that the core developers are excited to get the Ropsten testnet hard fork - and that everything will be working correctly.
Ethereum Dumped 10% Overnight: Possible Reasons Why
“JUST IN: as per sir @loomdart‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH. I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells,” she noted.https://twitter.com/DoveyWan/status/1161686134314848256 It still remains unclear why Ethereum dumped 10% overnight - and if this massive mount contributed to yesterday's drop. However, a panic sell-off could be triggered very soon, perpetuated by any movement in the scammer's wallets.
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