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Parity CEO: The New ETH Function Could Have Prevented Vulnerability

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Jutta Steiner CEO of Parity claimed that the new Create2 Ethereum (ETH) controversial function would have probably prevented the Parity multisig freeze. Steiner explained the issue on an interview that was published today and we are looking into it some more in our Ethereum news.

Back in 2017, a user accidentally damaged and therefore disabled the Parity multisig library by activating vulnerability in order to become the owner of the library and later self-destructing it. The incident included 587 wallets with more than 513,774.16 ethereum in them which was equivalent to $152 million then.

Steiner noted during the interview:

 “If that functionality Create2 had existed at the time, there wouldn’t have been a vulnerability, basically.”

The function grants Parity a new argument that can be used when trying to convince the community to support a hard fork. At the end of April 2018, a vote to reverse the Parity incident and to unfreeze the multisig wallets ended after almost 55 percent of the voters voted not to reverse it. There was a lot of controversy with the voting in the ethereum community as many of the participants that had huge sums of ETH in the wallets, were disadvantaged in influencing how the vote will be directed because of the staking process.

Steiner says that the tooling has been fixed but that it is also the right time to fix the issues that arose when they didn’t have the tooling.

Another smart contract platform named Edgeware which is based on Polkadot is capable of helping Parity as well. Their chain is proof-of-stake which means that all of the native coins deemed Edge are minted by staking them.

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

What Is Ethereum Showing With The Latest Move?

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The largest altcoin by market cap, Ether (ETH), has been adding a lot to its price overnight and today, the altcoin is up by around 7%. Many people wonder what is Ethereum showing with this move but the truth is that the cryptocurrency smashes key resistance and the technicals indicate a fresh new rally to $288. The ETH news also show that the price is gaining pace and could rise further above $270 and $275. Yesterday highlighted a major bearish trend line which was breached with resistance near $262 on the hourly chart of ETH/USD. Meanwhile, the Bitcoin price is slowly recovering as well and could test the $9,800 and $10,000 resistance levels. What is Ethereum showing with this new rise is simply the ability that it can move higher even after a downfall. As soon as the ETH price settled above the $260 level and the 100 hourly simple moving average, we saw ETH consolidating and being in the middle from the downside correction from a $289 high to a $236 low. It seems like bulls are preparing for a push above the $272 and $275 levels. In this mentioned case, the price of Ethereum (ETH) is likely to rise strongly towards the $280 and $285 levels. The main hurdle on the upside is near the $288 and $289 area, above which there are many chances of a strong rise towards the $300 and $305 levels which are the goal for many analysts now. Anyways, what is Ethereum showing now is a swift move and a solid price which can continue above the $275 resistance and correct a few points. An initial support is also near the $264 level and the 100 hourly SMA. Therefore, if Ethereum fails to stay above the 100 hourly SMA, the bulls are very likely to struggle to protect the $260 support. In this mentioned case, the price may also correct towards the $255 support area. The technical indicators for ETH in the crypto news today are as following:
  • Hourly MACD – The MACD for ETH/USD is now back in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 50 level.
  • Major Support Level – $262
  • Major Resistance Level – $275
The total market capitalization is at $285 which is good as it slowly tries to regain the $300 billion levels.
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Ethereum News

Ethereum’s Metamask Browser Hits One Million Users

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Ethereum’s Metamask browser has just surpassed one million users on its Google Chrome extension and the milestone came right when the ETH prices hit a seven month high so let’s read more about what is ethereum going to do with it all in the ETH news today. The new milestone arrived with an increase in Ethereum transactions which have doubled from 400K to 800K in just a month according to the analysis by Trustnodes. The report shows that Gas had surged to the highest level since September 2019 while the transaction fees are still low. The network fundamentals are also improving and the hash rate is climbing again to a two-month high of 175 TH/s so the surge in network activity has been catalyzed by an increase in momentum on the markets as the ETH price goes towards the $300 price level. A week ago, the world’s second-largest crypto asset by market cap also made an additional 28% and the market cap is now back to the position of $30 billion and the Bitcoin dominance is dropping as a result. All of this increases the usage of the browser-based blockchain tools such as Ethereum’s metamask which lets the users run dapps within the browser without having to run a full Ethereum node. The increase in the DeFi markets is also quite bullish for Ethereum because it is a standard monetary unit in this part of the financial landscape. Metamask can be used to get closer to the DeFi platforms such as Compound or Oasis and can easily transfer and set up smart contracts for earning interest rates in just a few minutes. The goal is to simplify the usage of Ethereum and to bring it to the wider public by integrating the blockchain into the browser. There are also other extensions for Firefox, Opera and the Brave browser. The Metamask team now works on developing Snaps which will allow developers to build plugins that can extend the functionality of Metamask. Vitalik Buterin and Joseph Lubin, the co-founder of Consensys, along with Eric Voorhees the Shapeshift founder will attend a blockchain even this weekend. Also as per the recent ethereum news, the energy giant BP will be adding its name to the sponsors' list for the event that shows that the interest for Ethereum is growing.
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Maker Crypto Lending Part Of The Industry’s Most Profitable Sector

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Decentralized finance (known as DeFi) has taken the Ethereum world by storm. The ETH news this year and studies from firms like Messari have highlighted the success of the technology many times before. What is important to note now is the fact that crypto asset lending is poised for explosive growth. The Maker crypto lending is now part of this most profitable sector, sharing it with firms such as Nexo, Ripio Credit Network, Aave and Cred. The hype and attention that is surrounding Decentralized Finance (DeFi) now and the growth of several major lending platforms (as mentioned above) has shined a lot more light on one of the crypto industry's best kept secrets. There are really tons of reasons why DeFi is succeeding. But if we have to name one, it would be the record low interest rates for savers in traditional banks and financial institutions which were certainly why the Maker crypto lending and other similar platforms have shined. https://twitter.com/longhashdata/status/1222221290603499521 As data shows, the last 90 days saw all of these platforms having an average rate of return of up to 15%. However the real benefit is seen when we evaluate data from last year - we can see that the Maker crypto lending and its competitors have been averaging a return of 75%. Only Bitcoin has had a higher yearly return than this and there were 349 tokens studied with the same list of criteria, showing that DeFi lending is definitely an industry that is booming. The success by the Maker crypto lending platform (backed by Maker DAO) and the other options allowed the market to shine and offer many opportunities for growth. Websites like DeFi Pulse are continuously investigating and monitoring the success of the lending options. Currently, the Maker crypto lending and Compound lead the rankings. At this point, analysts and experts can agree that DeFi is not perfect yet. However, over time, the blockchain news might show updates and attempts to make it easier, mainly with non-over collateralized loans and better debt-collection techniques. As a final note, we should also point out that Ethereum is not the only blockchain which is pursuing DeFi alternatives to traditional finance models. We have also seen projects like BTCPay server, the Lighting Network and Bisq DAO which are also happening on Bitcoin and are rivalling smart contract platforms like Tron and EOS - which are also in the pursue of DeFi.  
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TRON Grows On Gambling Dapps And Ethereum On Gaming

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TRON grows within its decentralized app ecosystem and the things are looking quite good for Ethereum and TRON while EOS doesn’t seem to have the same luck as we are reading more in the tron news today. DappRadar, the Lithuanian dapp data aggregator and analysis firm explained:
"While [Ethereum and Tron] are increasing in 2020 January in comparison to 2019 January, EOS is facing a decrease in daily active users by 61%.’’
According to their reports that we now have in our tron news, the firm looked into these blockchains, outlining that the performances of these blockchains can give a clue on the dapp ecosystem's direction and what can be expected this year. While Ethereum did see its bigger growth, TRON grows in its daily active user category. The Justin Sun network was stuck with gambling and high risks dapps and is failing to expand outside this field while EOS is getting dragged down by the network congestion because of the launch of the EIDOS token which was ‘’ a mischevious experiment gone wrong, at worst an aggressive DDOS attack.’’ The daily active unique wallets for TRON increased by more than 33 percent compared to last year and the user base increased by 8 percent only in January, reaching more than 20,000 users. However, the steady increase in active wallets is seen in only one category. TRON has more than 2,600 daily active unique wallets which were followed by RocketGame and WINk. The numbers were dropping in some other categories such as the Games and Marketplaces but also Exchanges:
"Tron as a maturing dapp ecosystem is still failing to expand outside of gambling and high-risk dapps.’’
The daily active unique wallets increased by 82 percent between 2019 and 2020 and the number was going from 9,264 to a 30-day trailing average of about 17,000 users on Ethereum. The number of users in the games and marketplaces category, increased by 162 percent since the start of 2019 while My Crypto Heroes is the most popular game. There are other new games that benefit from the large community such as Brave Frontier Heroes. Speaking about the DeFi (decentralized finance) the Tron news reports show that the average daily active unique wallets, increased by 7 percent mainly in the second half of the month, reaching a few 1,400 users. The Exchanges category increased by more than 10 percent in January.
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