Samson Mow, the controversial Bitcoin maximalist expressed his opinions on Ethereum saying that the cryptocurrency is a technological dead end after the project ran out of capacity as reported in the coming altcoin news.
The network utilization of Ether, the native asset of the Ethereum cryptocurrency, soared more than 90 percent according to the data provided by Etherscan.io. The surge according to Vitalik Buterin could have prompted the transaction costs to increase which made it more expensive for the corporate users. The comments mainly referred to Tether Limited which is the Hong Kong incorporated firm that issues the stablecoin built out of the ethereum blockchain. The past month, Tether paid up to $26,000 in fees to the miners whose machines processed transactions on the Ethereum ledger. The data researcher Ethdasstation noted that the company ended up jamming the network the same as the CryptoKitties app did on the Ethereum’s blockchain back in 2017. This time, however, the impact Tether had on the blockchain was up to 17 times bigger than the one of CryptoKitties.
Samson Mow how has become an adamant critic of Ethereum, took it to twitter to reiterate his dislikes of the second-largest blockchain project. He stated that Ethereum is a dead-end technology and forecasted that Ethereum would eventually die one day because of its own growth:
‘’Ethereum is a technological dead end. The more it’s used, the faster it dies. Fortunately, USDT is also available on the #LiquidNetwork which is more scalable and later will allow Lightning Networks to be created for assets like Tether.’’
The latest comments only add up to the Ethereum-shaming that has been going on over the past months. As a chief strategy officer at Blockstream, he has called Buterin’s project with many creative names some of which include, ‘’a science fair project’’, ‘’centralized AF’’ and ‘’the most impractical thing in existence.’’ He even stated:
‘’Personally I don’t think Ethereum is a competitor. It’s a science fair project. Cool concept. Little real world use.’’
In the meantime, the number two cryptocurrency is taking steps towards improving the network capacity issues and the blockchain which now relies on the proof-of-work mechanism will switch to a more basic approach better known as sharding or staking in order to reduce the burden of the network as we already learned in the latest cryptocurrency news.
Antminer E3 Stops ETC Mining While ETH Has 1 Month Left
‘’E3 is related to eth algorithm, and DDR capacity is up to the upper limit, so E3 will not be able to continue mining (...) the meaning is E3 only can mine to January 2020, then will not mine again.’’2Miners calculated that Ethereum (ETH) mining will be terminated in about five weeks as it is a few epochs later than the older version. Among the first speakers within the crypto community that discussed the story was the author of Ethereum’s mining algorithm Kristy-Leigh Minehan who considered that this could lead to the launch of more capable miners. Bitmain is more focused on Bitcoin mining solutions and Mrs. Minehan suggested waiting for the release of the main competitors Canaan and Innoscilion. As per the previous reports, The hashrate is one of the metrics that can assess how healthy a network is. The higher the hashrate, the more secure a network will become and it also becomes much expensive to mine the cryptocurrency. Ethereum Classic saw its hashrate explode previously during a sign of growing strength so the ETC network is arguable now more secure than ever before.
Ethereum Core Developers Move Forward With ProgPOW Update
“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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Enjin Goes Live On The Ethereum Mainnet: Report
“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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