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Ethereum News

The Most Complex dApp on Ethereum Is Already Valued At $1.5 Million

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Described as the most complex decentralized application (dApp) by its co-founder Joey Krug, Augur is an application running on the Ethereum blockchain which recently surpassed million dollars at stake – demonstrating a rapid growth over the last few weeks.

Since Augur exists on the Ethereum network, it utilizes smart contracts and therefore settles bets and pays out users about any subject, topic or an event they betted.

The launch of Augur took place in mid-July when the platform demonstrated a rapid rate of growth and increased its user base, daily volume and amount of stake on the platform. As of July 25th, around $1.5 million are at stake on the Augur prediction market.

The three largest bets on the network account for about 80% of the ether at stake, which include:

  1. Will the price of Ethereum exceed $500 by the end of 2018 ($685,000 at stake, biggest bet)
  2. Will REP token trade above $32 at the end of 2018? ($479,115.72 at stake)
  3. Will the Ethereum (ETH) marketcap be higher than the Bitcoin (BTC) marketcap on December 31, 2019 at 24:00 UTC ? ($27,097.03 at stake)

The Augur platform its known for its data verification, which is exactly where its complexity lies. For example, if we take the largest bet on Augur (mentioned above), the platform would have to verify that the price of Ethereum is actually larger than $500. However, there are many variables surrounding it which is why it is difficult to verify the specific piece of information in an accurate way.

As the creator of Augur and the co-chief Information Officer at Pantera Capital Joey Krug mentioned:

“Augur’s about 10x more complex than the second most complicated ethereum project, makerdao, which has about 10 contracts vs augur’s 100 [complexity isn’t a good thing, and the augur team has tried to make it as simple as possible, it’s just a really complicated endeavor].”

The long-time contributor to CNBC’s Fast Money show, Brian Kelly, also pointed towards Augur and its impact on the Ethereum network in the live show, explaining:

“Augur was one of the oldest ICOs [initial coin offerings] and the platform has been in development for about two to three years now. What’s interesting about this is probably going to be one of the biggest decentralized apps launched on top of Ethereum. If Augur doesn’t slow the system down [unlike CryptoKitties] that could generally be a positive for Ethereum.”

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Ethereum News

Constantinople Hard Fork Will Launch In Late February: Core ETH Developers

The latest digital currency news show that a bunch of core developers at Ethereum (ETH) have finally decided to share a date for the Constantinople hard fork, which is now again delayed until late February. It seems that this situation is raising a lot of eyebrows but at least we have a confirmation about it. As announced by a team lead at Ethereum named Peter Szilagyi in a tweet, the upgrade is now set to be implemented at ETH block 7,280,000. This is not the first time Ethereum has delayed Constantinople. However, in the announcement, Szilagyi explains that the activation fork is expected to be mined on February 27th this year, implemented as "a single fork on mainnet and a post-Constantinople-fix up fork on the test nets to get them back in line feature wise with the main network.” This new deadline comes in times when there is an unexpected delay over a recently discovered security vulnerability which allows a reentrancy attack, detected in Constantinople's code by the smart contract audit firm ChainSecurity. The vulnerability allows a potential attacker to steal cryptocurrency from a smart contract on the network - by repeatedly requesting funds from it while feeding it false data about the malicious actor's actual ETH balance. For those of you who don't know, the upcoming Constantinople hard fork is an upgrade to the ETH network which encloses separate Ethereum Improvement Proposals (EIPs) in order to soften the transition from the current proof-of-work (PoW) to the more energy efficient proof-of-stake (PoS) consensus algorithm.
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Altcoin News

Nearly 1.5 Million People Used dApps In 2018, More Than A Half Being On Ethereum

A new report from Dapp.com is in the digital currency news, putting dApps in the spotlight with their increasing usage in 2018. According to the report, the number of dApps was constantly increasing and the most active dApp category across platforms was gaming, followed by betting. Decentralized exchanges had the largest volume of users of dApps, where crypto trading was the first major killer use case for decentralized applications. However, the volume transacted on decentralized exchanges is still dwarfed by the volume at centralized ones. Even though Ethereum had the most users (about 800,000) and the widest variety of dApps, the usage of Ethereum programs was less in terms of transactions than other platforms like the newcomer Tron (TRX). As the dApp report showed:
"TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."
TRON (TRX) launched 97 decentralized applications in 2018, while its ecosystem and community have been growing at an alarming rate. This week, TRX was added to OKCoin, which is one of the largest US exchanges, in order to be traded against fiat, Bitcoin and Ethereum. The report also showed that gambling accounted for $3 billion in transactions over the course of 2018 in dApps.
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Ethereum News

Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork

The major US exchanges Coinbase and Kraken are among the latest organizations and exchanges to confirm their support for Ethereum's (ETH) Constantinople hard fork, according to their official announcements on Twitter yesterday which are in the focus of today's crypto news. With this, Coinbase and Kraken join Binance, Huobi and OKEx in pledging to monitor the event which will trigger at Ethereum block height 7,080,000 and is expected this week. As Coinbase's staff  wrote in the post:
“Coinbase intends to support the Constantinople Ethereum (ETH) upgraded. Upon commencement of the upgrade, for security and technical purposes, we will temporarily pause sending and receiving ETH across all of our trading platforms until the upgrade completes and we confirm security of the network.”
Kraken also confirmed the support of Constantinople in a tweet, adding that the exchange "expects that this will be a non-contentious fork" and will not spark competing ETH chains like the Bitcoin Cash hard fork which occurred in November.
“Kraken will be supporting this. No new coins will be credited to ETH holders as we expect the old chain will quickly become obsolete," the exchange said on Twitter.
Meanwhile, ETH/USD has been seeing short-term support in the run-up to the hard fork, seeing the largest gains in the top twenty cryptocurrencies over the past 24 hours and surging by 8.7%.
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Ethereum News

TrustToken (TrueUSD) Develops A New Method For Managing Client ETH Addresses For Crypto Exchanges

In today's crypto news, we have TrustToken which is the developer and issued of the stablecoin TrueUSD - and its new novel method that allows crypto exchanges to manage millions of addresses associated with TrueUSD as well as other ERC20 tokens. According to TrustToken, this is the first publicly available means of easily handling thousands of millions of addresses for crypto exchanges within a single wallet, reducing the amount of Gas (Ethereum used for transaction fees) that is required for the maintenance of wallets that accept the TUSD stablecoin. However, this update to the TrueUSD smart contract does not only have to apply to TUSD. The token's code is open-source which means that other tokens and outfits can replicate the method. In an official press release, the Head of Engineering at TrustToken Rafael Cosman described the new technology as following:
"While exchanges are currently able to set up individual addresses for users, there is no standardized process for the backend accounting for how these accounts are settled, and each transaction requires gas payments. AutoSweep is the first implementation of an ‘alias’ feature for an Ethereum-based token and allows exchanges to significantly improve both the accounting structure and save on time and gas cost by automatically sweeping user accounts to the central wallet."
The press release also includes a diagram on how the process works. According to the lead engineer, "the AutoSweep features have big implications for the Ethereum blockchain more generally and could be applied to any ETH token." All of this could make ERC-20 token trading cheaper and help exchanges to benefit from a new discovery, saving thousands of dollars on behalf of their customers through gas savings.
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