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Ethereum News

Ethereum Will Reach Up To $1,900 Per Token By The End Of 2019 According To Tom Lee

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In today’s Ethereum news, Tom Lee argues that the second largest cryptocurrency Ethereum is about to see a strong upwards rally up to $1,900 per token by the end of next year.

Lee stated that the current negative sentiment on the entire crypto market is a base for the strong rebound in the near future. He based his prediction on the historical performance of Ethereum where he shows all of the times when the altcoin ‘’underperformed’’ and the price saw a reverse motion.

He believes that Ethereum will reach up to $1,900 by the end of 2019 and that this is a price point that is 40% higher than Ethereum’s all-time high recorded in January this year when Ethereum’s price was $1,349. Right now, the price of Ethereum is $225 so the prediction is basically a surge by 730 percent by the end of the year.

In the middle of the summer, Lee claimed that the Bitcoin might come to trading between $22,000 and $25,000 but right after that he concluded that Bitcoin could finish this year much higher than he expected.

Ethereum was launched in 2015 as the second largest cryptocurrency by market cap and it provides an open-source blockchain that offers smart contracts but it’s also a base for new blockchain-powered applications for many industries. This year, Ethereum saw a massive decline where Ripple has surpassed it twice in terms of market cap just this month.

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Blockchain News

January 16th: The New Goal For Ethereum’s Constantinople Blockchain Upgrade Launch

January 16th has been put in the calendar for many Ethereum developers - as the date when Constantinople which is Ethereum's upcoming network hard fork could launch. The upgrade is now everywhere in the digital currency news. While it was originally targeted for November, Constantinople's upgrade brought a lot of trouble for the Ethereum developers and aimed at streamlining the platform's code in a bid to boost performance. Due to unanticipated problems with the test release, it also necessitated a longer development period. The January 16th date was reached by way of a non-binding verbal agreement. The developers at Ethereum this Friday said that Constantinople could be (again) postponed if additional problems arise. As one of the core developers named Peter Szilagyi remarked:
"We can just say mid-January, it doesn't make difference if we decide on a date or not. We can always postpone."
Other developers pointed to Ethereum's so-called "difficulty bomb" which is an algorithm that is embedded within Ethereum's code that makes blocks steadily harder to mine - and one that was put in place to act as an incentive for encouraging regular updates in the network. Constantinople has delayed this difficulty bomb for a further 18 months while decreasing the Ethereum mining reward from 3 ETH to 2 ETH per block. However, Szilagyi noted that the software upgrades which will implement the hard fork should be released before the end of the year
"All clients should release a stable version with the baked in block number before Christmas," he concluded.
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Blockchain News

ConsenSys Creator: Blockchain Is Much More Complicated Than The Internet And Will Take A Little Longer To Develop

ConsenSys Creator and co-founder of Ethereum, Joseph Lubin, is in today’s Ethereum news for making a bold statement in an interview about the blockchain technology. According to him, the blockchain technology is much more complicated than the internet and therefore will probably ‘’take a little longer’’ to develop. While talking to German Cointelegraph, Lubin explained how the blockchain technology works and is developing in a very similar way to the web since there are hundreds of projects that can be practically used for humans today. Lubin continued by explaining how the distributed ledger technology will also be able to ‘’permeate society more than the Internet’’. The DLT will be able to bring us the decentralized internet but we will, of course, have to wait a little longer for the blockchain to develop on such a mass scale. He said:
''Blockchain projects will enable people to build more things that will come in handy again. That's how the web was developed. It will probably take a little longer because it is much more complicated. Also, because we work on topics such as digital money, Blockchain will permeate society more than the Internet. Everything will be networked in a Web3.”
ConsenSys was created right before Ethereum was released with one goal only-to build tools and the right infrastructure so a decentralized system can be created in which Ethereum will function and also not focus on controlling the ecosystem bur promoting it. While explaining how the current internet functions and how the blockchain does as well, he said that the internet today and the nature of the blockchain technology is completely contradictory which enables a ‘’self-determined, sovereign identity.’’
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Blockchain News

School Principals In China Caught Red-Handed For Stealing Power To Mine Ethereum

From the latest crypto news coming in from China, two school principals were caught mining the Ethereum cryptocurrency at work by using the school’s power. According to a report from a Hong Kong news website, just yesterday in the Puman Middle School in the province of Hunan, higher noise levels were recorded which were louder than normal from the computers in a certain room of the school. This is the first time over the past few months this has been noticed. The school’s IT network also showed significant signs of slowing down while the electricity consumption even doubled from July. At first, the school’s general manager believed that the high usage spike was due to the overuse of air conditioners but he didn’t really believe that air conditioners could spend so much electricity. This is why an investigation was conducted where it was revealed that the school’s principal Lei Hua and the vice Principal Wang Zhipeng, managed to install even nine computers. The principal used the machines for mining at his home at first, but he was shocked when he received the electricity bill so he decided to move them to the school. He installed the machines in the school dormitory. The school allegedly lost more than $2,000 for electricity bills and was instantly removed from his position at the school as well from the Communist Party where he was a member. The vice principal got off with only a warning. However, this isn’t the first time this is happening. Back in early spring, a state employee at Florida’s Department of Citrus used official computers to mine cryptocurrencies.
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Blockchain News

EtherDelta Exchange Founder Charged With Operating An Unregistered Exchange

Today on our DC Forecasts crypto news site we share with you the latest breaking news coming from the US Securities and Exchange Commission for charging the EtherDelta decentralized exchange founder with operating an unregistered exchange. As a decentralized Ethereum exchange, the platform let users trade Ethereum-based tokens easily without having to register or to create an account or even moving their funds and trusting an exchange-controlled wallet. The trading was supervised and managed by a smart contract and the entire exchange infrastructure was maintained by an operator. According to the US Securities and Exchange Commission, the Ethereum-based exchange, EtherDelta, illegally allowed all the users to trade tokens that are considered securities under federal law. This action makes the EtherDelta an unregistered securities exchange.
 “We are witnessing a time of significant innovation in the securities markets with the use and application of distributed ledger technology. “But to protect investors, this innovation necessitates the SEC’s thoughtful oversight of digital markets and enforcement of existing laws,’’ an SEC official explained.
EtherDelta’s founder, Zachary Coburn, calmly consented to the charges and agreed to pay a fine of $300,000 in disgorgement plus the additional $13,000 in prejudgment interest and last, $75,000 for a penalty fine. However, the exchange founder hasn’t really denied nor admitted the allegations, just agreed to pay the fines.
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