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The biggest upgrades providing a tailwind for the upcoming ETH 2.0

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2021 will be a year of progress for Ethereum as it undergoes some of the major network upgrades to make a big leap forward from its Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS). Every year the Ethereum network goes through regular upgrades to make necessary improvements to the underlying architecture. Two of the most prominent upgrades to make headlines this year, however, are Berlin and London Hard Fork for good reason.

Hedge fund letters, conferences, and more in the first quarter of 2021

The Berlin and London hard fork aren’t the regular, non-controversial upgrades we see every year. They are bringing together a number of changes in the network to continue the natural progress of Ethereum towards Ethereum 2.0, also known as the serenity. This article discusses the details of the Hark Fork upgrades in Berlin and London and why they are a stepping stone into Ethereum’s sustainable future.

The Ethereum Berlin hard fork

The naming convention behind the Berlin Hard Fork is inspired by the first Ethereum DevCon, which took place in Berlin, the capital of Germany. The Ethereum Foundation officially announced this upgrade on March 8, 2021. The Berlin Hard Fork followed the upgrades of Istanbul and Muir Glacier and went live on April 15, 2021 on the Ethereum mainnet in block 12,244,000.

The Berlin Hard Fork implements a series of four Ethereum Improvement Proposals (EIPs) that introduce new transaction types and tinker with the gas costs associated with complex transactions. The changes to the Berlin Hard Fork are a stepping stone for the upcoming London Hard Fork, which will be introduced this July.

The EIPs contained in the Berlin Hard Fork are:

EIP-2565: Lowers the cost of a specific set of transaction types that use modular exponentiation, ie ModExp (0x00..05).

EIP-2929: Increases the cost of transaction types that use state access opcodes on initial initialization. These transaction types have been a major cause of denial of service attacks on Ethereum in the past, and EIP-2929 addresses this issue.

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EIP-2718: Introduces a new type of transaction called Envelope Transactions, which is backward compatible with all new types of transactions.

EIP-2930: Adds a new type of transaction that allows users to create future complex transaction templates (based on EIP-2718 envelope transactions) to reduce gas costs and improve processing.

The Berlin Hard Fork upgrade is not backward compatible, which means that node operators and miners need to update their Etherum client to the latest version that supports the upgrade. Before going live on the Ethereum mainnet, the Berlin Hard Fork was rolled out on March 10, exactly two days after the announcement, on Ropsten (the Ethereum testnet), followed by its implementation on Goerli and Rinkeby.

Next stop, the London Hard Fork

The London Hard Fork is the most anticipated upgrade in the Ethereum community that aims to solve the decade-old problem of high transaction fees on the Ethereum network. Network congestion and high transaction fees with Ethereum have long been a topic of discussion. Over the years the Ethereum network has become very congested and transaction fees skyrocket, raising serious concerns about scalability and performance.

Ethereum fork

Source: Etherscan.io

To solve the underlying scalability problems, we have promising Layer 2 scaling solutions like Celer Network that enable ultra-fast and low-cost transactions on Ethereum. Celer is a Generalized State Channel Network with advanced rollup technology that is reducing transaction costs by 100 times with its project called Layer2.Finance, which is a pretty big leap given the massive volume of transactions on Ethereum thanks to DeFi.

Layer 2 solutions not only solve the scalability problem, but also go beyond the boundaries of the underlying platform to provide various services that are otherwise not possible on Layer 1. A perfect example of this is Celer cBridge, which enables cross-chain asset transfer between the main chain of Ethereum and any Layer 1 or Layer 2 platform at lightning speed and securely.

The London Hard Fork doesn’t come close to the scalability and flexibility of Layer 2 scaling solutions, but it does help lay the groundwork for improving the transaction fee mechanism by eliminating the incorrect fee estimation problem that is inherent in the ‘The model of the first price auction that Ethereum is currently using.

The London Hard Fork implements the EIP-1559, first proposed by Vitalik Buterin in 2018. This improvement suggestion brings the following major changes:

Exclusion of ‘single fee’: Ethereum has a “single fee” that is estimated by the “first price auction” model. EIP-1559 suggests that instead of a single fee, two fees should be charged; Basic fee (which is set per block depending on the block size) and admission fee (an optional fee that goes directly to the miners).

Deflationary pressure on Ethereum: The base fee is burned permanently, which in the long run puts deflationary pressure on Ethereum.

Elastic block size: The block size on Ethereum will now be dynamic, depending on the state of the network congestion. The maximum gas limit per block is now 25 million, which is twice the current gas limit per block of 12.5 million.

The London Hard Fork is good news for Ethereum users, but certainly bad news for the miners. In the last month alone, Ethereum miners generated $ 2.35 billion in revenue, of which $ 1.35 billion came from transaction fees. Over the past few months we’ve seen this trend that almost half of all miner’s income comes from transaction fees. With the implementation of EIP-1559, miners could potentially lose ~ 50% of their total sales.

Ethereum fork

Ethereum fork

Source: The Block

The London Hard Fork is scheduled to launch in July, but the tentative date has not been finalized due to concerns from the large mining pools. Sparkpool, one of the largest Ethereum mining pools with a combined hash rate of over 50%, is on the opposite side, while F2Pool, which controls 11% of the network hash rate, is on the supporting side for the implementation of EIP- 1559 stands.

Wrap up

The Berlin and London hard fork are among the most anticipated upgrades that will be the stepping stone for the transition from Eth1 to Eth2. The Berlin Hard Fork introduces several transaction types and brings optimizations for a specific series of transactions, while the London Hard Fork puts deflationary pressure on Ethereum by omitting the first price auction model, introducing a basic fee and burning up the transaction fees overall.

About the author

Haroon Baig is an ex-Microsoft employee, a programming freak turned freelance researcher and writer. He works with companies of all sizes in the blockchain space to establish, expand, and improve their online presence through his writings. He got involved in the crypto space back in 2012 and was fascinated by the underlying technology. Since then, he has enlightened people about this space through his content.

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Cryptocurrency

Facebook’s Novi, Worldcoin, BTC ETF, Mastercard crypto

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1. Introduction of the first US futures-based Bitcoin ETF

2. Senators call out on Facebook, Novi. to turn off

Also on Tuesday, Senate Democrats wrote a letter to Mark Zuckerberg, CEO of Facebook, to get the social media giant to end its Novi digital wallet project.

The letter received from Sens. Brian Schatz, D-HI .; Sherrod Brown, D-Ohio .; Elizabeth Warren, D-Mass .; and others came after Facebook launched its Novi pilot program in the US and Guatemala on Tuesday.

“Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risk and keep consumers safe has proven to be utterly inadequate,” the letter said. “We urge you to immediately hire your Novi pilot and make a commitment not to bring Diem to market.”

Diem, renamed from Libra, is Facebook’s stopped digital currency project. However, instead of using Diem, Facebook announced it would be using a stablecoin called the Paxos Dollar. Novi would allow users to send and receive money using the Paxos dollar, with Coinbase as their custodian partner.

3. Worldcoin scans people’s eyes in exchange for free cryptocurrency

Silicon Valley tech millionaire Sam Altman has launched a new startup called Worldcoin that claims it will provide free cryptocurrency to those who verify their accounts through an iris scan.

Worldcoin says it has shipped its scanning devices to people in 12 countries.

Once users log in by scanning their irises, the image is encrypted and converted into a unique code, while the original data is erased to protect users’ privacy, Worldcoin told CNBC. Afterwards, the users will receive the cryptocurrency from Worldcoin for free.

Worldcoin has accumulated over 100,000 users worldwide and is adding 700 more every week. The start-up aims to reach 1 billion users by 2023.

4. Robinhood’s crypto wallet waiting list exceeds 1 million customers

During CNBC’s Disruptor 50 summit on Thursday, Robinhood CEO Vlad Tenev said that the trading app’s crypto wallet waiting list is more than 1 million customers.

“You can have a wallet, you can send people cryptocurrencies from that wallet to their wallet,” Tenev said. “The technology has certain advantages that somehow make it globally and by default available, and that makes it very interesting.”

Last month, Robinhood announced that it was testing a wallet feature that would allow investors to trade, send, and receive cryptocurrencies. Users can also move cryptocurrencies in and out of the Robinhood app.

5. Mastercard says that every bank or merchant in its network will soon be able to offer crypto services

On Monday, CNBC reported that Mastercard will soon allow banks and merchants on its payment network to incorporate cryptocurrency into their products.

These include bitcoin wallets, as well as credit and debit cards, which users can use to earn cryptocurrency rewards or spend cryptocurrency.

Mastercard partners with Bakkt, a digital asset platform that provides custody services to those who sign up.

6. Nigeria’s Central Bank Digital Currency Goes Live

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New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

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Bondly announced a new functionality on the Cardano blockchain aimed at creators. Energy consumption has been a major issue on the Ethereum network, especially given the increased use of the blockchain in recent months. The developers behind the project have been working to bring the network to proof-of-stake, but that’s still a year away.

In the meantime, the Ethereum blockchain is still using a proof-of-work mechanism that takes a lot of energy to confirm transactions on the network. So Bondly has introduced a new solution for NFT makers who may be looking for more sustainable and environmentally friendly options for their creations. At the same time, however, you don’t want to lose the NFTs that they already minted on the Ethereum blockchain.

Related reading |

Bridges between two worlds

In his announcement, Bondly says his official Ethereum-to-Cardano bridge will allow developers to choose a greener blockchain for their NFTs. This bridge allows creators to move their NFT creations from the Ethereum blockchain to the Cardano blockchain.

In terms of energy efficiency, the Cardano blockchain is four million times more efficient than Bitcoin. Ethereum is said to consume Columbia’s energy equivalent, while Cardano’s energy consumption is equivalent to that of a single family home. This will create a greener, greener network for creators who are concerned about the environmental impact of blockchain usage.

Related reading | Cardano loses 3rd place in the Crypto Top 10, why it can drop even more

Bondly announced that through this partnership with IOG NFT creators, it will provide a way to easily transfer NFTs imprinted on the Ethereum blockchain to Cardano without the risk of losing a transaction or paying high fees for wire transfers.

Cheaper on Cardano

Aside from their work on an environmentally friendly blockchain, the creators don’t have to worry about the high fees that the Ethereum network has become known for. With the bulk of NFT minting happening on Ethereum, network fees have skyrocketed, drying up smaller creators who can’t afford these high fees. However, this is not the case with Cardano.

ADA price struggles at $ 2.13 | Source: ADAUSD on TradingView.com

The network prides itself on having low fees for every transaction carried out on the blockchain. In addition, the network also provides NFT builders with price predictability and stable transaction costs, eliminating ever-increasing fees and the fear of lost transactions due to insufficient gas charges to cover a transaction.

The bridge is slated to launch in 2022 and to celebrate its launch, Bondly will be releasing a special series of eco-friendly NFTs on the network. Harry Liu, CEO of Bondly, said; “The creation of a cross-chain NFT bridge between Ethereum and Cardano marks a crucial moment in the transition from legacy blockchain technology to one of the most anticipated “third generation” networks. As one of the pioneers of the NFT movement, we continue to play a key role in building the infrastructure that will usher in the next phase of the NFT evolution. “

Related reading | Cardano enters the Babbage era after the Alonzo HFC milestone

Liu isn’t the only one who loves the bridge. Cardano founder Charles Hoskinson expressed support for the project. “We built Cardano with energy efficiency in mind, which is why this partnership with Bondly is so critical,” said Hoskinson. “We believe that blockchain will only achieve mass adoption if end users have a seamless experience regardless of which blockchain they are using, whatever bridges like this one will achieve.”

The founder has always believed that interoperability will be the future of the blockchain industry and that stance is reinforced with the new partnership with Bondly.

Featured image from Bitcoinist, chart from TradingView.com

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Cryptocurrency panel discusses innovation, investment opportunities – Oakland News Now

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Oakland news now –

Cryptocurrency Panel Discusses Innovation, Investment Opportunities

– YouTube channel video with the logo in the top left corner of the video. OaklandNewsNow.com is the original blog post for this type of video blog content.

Crytpo #bitcoin #investingincrypto #YFAMS #YahooAMS Jennifer Schonberger from Yahoo Finance hosts a comprehensive discussion on cryptocurrency with three …

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Note from Zennie62Media and OaklandNewsNow.com: This video blog post demonstrates the full and live operation of the latest updated version of an experimental Zennie62Media, Inc. network for video blogging systems for mobile media launched in June 2018 by Zennie62Media, Inc .s new and innovative approach to news media production. What we call “The Third Wave of Media”. The uploaded video is from a YouTube channel. When the YouTube video channel for Yahoo Finance uploads a video, it is automatically uploaded to the Oakland News Now site and Zennie62’s own social media pages and formatted automatically. The overall goal here is, in addition to our smartphone-enabled real-time reporting of news, interviews, observations and events anywhere in the world and within seconds, not hours – the use of the existing YouTube social graphic on any topic in the world. Now messages are reported with the smartphone and also by advertising current content on YouTube: There is no need for heavy and expensive cameras or even a laptop or a camera team to film what is already on YouTube. The secondary goal is faster and very inexpensive production and distribution of media content. We found that there is a discrepancy between post length and time to product and revenue generated. This means that the problem is much smaller, but by no means solved. Zennie62Media is constantly working to improve the system’s network encoding and is looking for interested content and media technology partners.

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