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Ethereum News

Joseph Lubin Thinks That Ethereum Adoption Is Growing (Despite The Falling Price)

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Ethereum (ETH) is the third largest cryptocurrency on the market – and a topic of our today’s crypto news section. The cryptocurrency has been falling in terms of price – but according to its co-creator – it is also growing rapidly.

Joseph Lubin, who is the co-creator of Ethereum and the founder of ConsenSys – a blockchain software studio that houses 1,000 developers – thinks that Ethereum is growing at an exponential rate. As he said:

“Blockchain is more than a market. It’s a movement. Market cap doesn’t reflect (this) activity. Decentralized networks are growing. 10 billion daily API requests served by Infura. 1 million Truffle downloads. 1 million MetaMask downloads. 12,000 live Ethereum nodes. 48 million unique Ethereum addresses. 3 times LinkedIn blockchain job openings.”

The three major products of Ethereum – Truffle, Infura and MetaMask (known as “TIM”) – serve as the backbone of the infrastructure surrounding the asset. As of recently, it was reported that all three blockchain tools achieved major milestones. While MetaMask launched a mobile client, Truffle secured 1 million downloads and Infura surpassed 10 billion requests.

So, despite Ethereum and its struggling performance on the market – in which it lost 92% of its value from the peak on January 13th – the user base of the blockchain protocol has increased and the infrastructure has strengthened quite noticeably.

“I believe in blockchain technology because of the people behind it. The developers, engineers, and technologists who build. The smart contract experts who audit and secure the code. The designers who care deeply about user experience. The marketers who tell the story of Web3,” Lubin concluded.

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Ethereum News

Mining Ethereum Can Make You A Target For Hack Attacks According To Developers

As time goes by, hackers are getting creative and are finding new ways to steal your cryptocurrencies. In today’s ethereum news we take a look at the massive growth in hack attacks in ethereum wallets since they have a specific vulnerability. According to developers, the hackers are targeting Ethereum wallets and mining equipment through an exposed port 8545 on specific devices, which is a standard port for the JSON-RPC interface that can be used for mine-related activities. The ethereum developers have also warned users about the dangers of exposing the interface when using equipment for mining ethereum and the ethereum software, urging them to create a password for the interface to activate a firewall. The JSON-RPC interface doesn’t come with a password. Users can set one but they rarely do. For Ethereum wallets that are exposed, hackers can send the API different commands and transfer funds from the wallet they attacked. The mining rigs producers have also done the best they can to limit the damage that is caused by the problematic interface by urging the users to add a password. Other removed the interface totally. This is the first time that the market scanning is done in a bear market. All of the data reports show that all of the analyses were conducted when the prices were stable. What makes the market scanning that hackers do incredibly difficult to understand is how it can be possible to find such tools so easy to exploit Ethereum clients. More than 4,500 devices made up of Geth mining rigs and Parity wallets are the ones that are the most vulnerable devices. In 2017, hackers managed to steal about $32 million in ether because of the vulnerability in Parity’s multi-signature wallet.
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Ethereum News

Ethereum Browser Startup Status Cuts Down A Quarter Of Its Staff

The Ethereum startup Status decided to lay off about 25 percent of its staff, according to the latest crypto news allegedly due to the steep decline in the crypto prices. Announcing the decision on Monday, the co-founder Jarrad Hope explained that the startup is big and that it cannot be sustained since the ethereum’s price dropped more than 80 percent. The startup originally managed to raise 182,000 ETH last year during a token sale which is approximately $64 million. Another problem of the startup was the lack of solid banking partners until the second quarter of 2018. Status decided to cut off a quarter of its staff and the company believes that this decision is considered ‘’non-essential’’ to the long-term goals of the startup. However, the startup hopes to stretch its fiat currency holdings so they can manage to cover their expenses for the next six months. The company also hopes that the employees will accept the pay cuts and that they will accept the greater amount of SNT tokens to sooth the cut. Hope continued to explain:
 “The reality is that we will have to make another assessment end of Q2 which if the market hasn’t picked up we will be forced to make the organization even leaner, and the remaining fiat and our large ETH holdings will be used to create a runway measured in years.”
Now, the priorities are to keep up the promises that the company made in its white paper and to get the app to be usable. Also, despite the cuts, Status confirms that they still have enough engineers that will work on the promises.
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Ethereum News

Hack Attacks Towards Ethereum On The Rise As Price Struggles To Climb Above $90

After dropping to a yearly low of $82, Ethereum (ETH) managed to regain its traction and experienced a short-term corrective rally that pushed the price to the current one of $89, but the hack attacks seem to be on the rise again according to the latest ethereum news. According to a tech magazine ZDNet another wave of hack attacks seems to be on the rise again after a research done by the monitoring company Bad Packets LLC revealed that the price drop didn’t stop malicious individuals or groups to from stealing from miners and investors. Hackers are working intensely to identify mining rigs and wallets by scanning the network which will lead them to gain control and redirect the funds to other places. The Bad Packets co-founder commented:
 “Despite the price of cryptocurrency crashing into the gutter, free money is still free, even if it's pennies a day.’’
The phenomenon of scanning the ethereum network was first discussed in June this year after one operation managed to obtain $20 million in ETH. Other incidents include joining different groups and parties to separate the crypto holders from their valuable assets. This year is possibly one of the worst years for cryptojacking or hack attacks which multiple companies monitor as well. Hackers tried to command the devices that mine in order to steal cryptocurrency. The monitoring companies noted a 500 percent increase this year only. Many new users don’t recognize this threat and many don’t understand it which is even a bigger potential of crypto jacking.
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Ethereum News

Developers Tested Exchanging ERC-20 Tokens Using The Second-Layer LN Protocol

A new report by the R&D lab at the crypto startup TenX is in today’s ethereum news for testing the cross-blockchain interoperability protocol that allows transferring the ERC20 tokens for BTC by using the Lighting Network. According to the report, the test was conducted in order to exchange ERC-20 tokens that run on the ethereum network and they rely on the smart contracts for easier ownership transfer, for Bitcoin’s Satoshi, the smallest possible unit able to transact by using the Lightning Network’s second layer protocol. The lightning network is one of the most successful solutions for the biggest problem bitcoin has-scalability. The method uses Hashed Timelock Contracts (HTLCs) so they get the ability to open payment channels between users that keep their transactions off-chain. The previous Ethereum HTLC CoBlox was much more simple and it involved native assets. CoBlox noted that their approach is to split the HTLC into two transactions: ‘’contract deployment’’ and ‘’ERC20 transfer call’’ but end up not being able to combine the two. In the report you can read that:
 “The ERC20 transfer function uses msg.sender for authentication. However, calling transfer from a contract deployment sets msg.sender to the address of the yet to be deployed contract which obviously has no tokens!”
CoBlox noted that using the Lightning Network for atomic swaps allows the users to create invoices and pay them instantly but they also point out that the atomic swap can’t always be expressed with this model. They are still looking for other possible solutions to resolve this issue and this is one of the reasons they haven’t included the results of the PoC for the ERC20 tokens.
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