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Ethereum News

Google’s CEO Sundar Pichai Says His Son Mines Ethereum (ETH)

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In the latest crypto news, we have the son of the CEO of Google, Sundar Pichai, who is apparently an Ethereum (ETH) miner. The CEO of Google appears to have a lot more in common with the co-founder Sergey Brin – as both tech billionaires have crypto-savvy young sons who mine ethereum.

As Pichai revealed, his 11-year old son mines Ethereum on a home computer that Pichai built himself, as Business Insider earlier reported. He said this during the New York Times DealBook conference this week while ironically discussing tech addiction and the importance of limiting screen time for children.

As Pichai noted:

“Last week I was at dinner with my son, and I was talking about something about bitcoin and my son clarified what I was talking about was ethereum, which is slightly different. He’s 11 years old, and he told me he’s mining it.”

Still, Pichai has said no to his son when he asked if he built a server to help with his son’s crypto mining efforts. Instead, he said:

“I had [to] explain to him how paper money actually works,” Pichai laughed. “I realized he understood ethereum better than how paper money works. I had to talk to him about the banking system, the importance of it. It was a good conversation.”

In July 2018, the co-founder of Google, Sergey Brin, also revealed that he mines Ethereum with his son, as reported by our crypto news site.

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Ethereum News

About 1% Of The Total ETH Supply Is Locked In The MakerDAO Smart Contract

A new research has gone viral in the latest digital currency news, coming from the creator of MKR.tools Mike McDonald and his celebratory alarm on Twitter, where he said that according to the Ethereum blockchain - about 1 million Ether (which is 1% of the total supply) is currently locked in MakerDAO smart contracts. As he revealed on Twitter: https://twitter.com/mikeraymcdonald/status/1062384077280632833 For those of you who don't know, MakerDAO is a project behind Dai, which is a second-generation stablecoin that offers issuance of US dollars on the Ethereum blockchain. Even though its mechanics are quite complex, Maker offers a helpful "for dummies" explanation that does not require one to be an expert crypto analyst in order to understand what's it all about. The author Gregory DiPrisco has briefly explained the difference between Dai and for instance, a traditional stablecoin like Tether, stating:
“You’re most likely familiar with stablecoins that hold USD in bank accounts and issue tokens on a blockchain that are ‘backed’ by these dollars. I call this legally-backed crypto, or an IOU coin, because if those bank accounts should ever be frozen or if the accountants defrauded token holders, the stablecoin now becomes an IOU on whatever’s left when they eventually get the bank accounts back (if they ever regain the bank accounts). Relying on the legal system to maintain crypto-tokens inserts an unreliable middle-man into the blockchain."
What's interesting is the following... Even though the blockchain shows around 1 million in ETH locked up in Maker smart contracts, Dai's token market capitalization is about a third of the figure, currently sitting at $72 million. The way this system functions is simple - users pool Ether together (referred to as PETH) and are issued Dai tokens which are deposited and stabilized at $1. One term that is widely used in these discussions is "WETH" which is short for "wrapped Ether" and a concept of the MakerDAO. At the time of writing, there is a total of 967,507.91 ETH locked in the primary Maker contract.
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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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