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Ethereum Testnets Continue as London Hardfork Approaches

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June was a big month for Ethereum as three testnets were launched in the last month. A final one is due on June 26th. These testnet releases are about to hit the London hard fork.

The last year has been a big one for the Ethereum network as it heralded Ethereum 2.0. The network upgrade is a series of adjustments. This includes the switch to Proof of Stake (POS) and the implementation of transaction rollups.

As testnets for the London Hardfork are released, it will be seen how the network works towards Eth2’s goals of a more scalable, safer and more sustainable ecosystem.

It is becoming increasingly important that Eth2 meet these benchmarks as network activity hits an all-time high. This is due in part to the hype and engagement around NFTs and DeFi.

Post Berlin hard fork

Only a few months ago the Ethereum network underwent the Berlin upgrade. This was a big moment for the network, especially the post-NFT boom.

The Berlin Ethereum Improvement Proposals (EIPs) touched on the most important issues raised by developers and users within the community. One of the key points was the transformation of the network’s processing of transaction fees.

This included reducing gas costs and introducing a new type of transaction to support multiple transactions at the same time (rollups). In addition, Berlin had to be set up to pave the way for the much anticipated EIP-1559.

EIP-1559

EIP-1559 will be launched this July with the London hard fork and will play out EIPs that were introduced with Berlin. The EIP influences the process that determines the transaction fees. It adjusts the fees so that users are charged the lowest bid for the block.

Charges are then burned to reduce the overall supply of ether. This leads to a deflation of the cryptocurrency. The fees depend on the current network demand. The fees increase in the event of major traffic jams. The opposite is also true.

Ethereum developer Tim Beiko tweeted about how the network is finding solutions.

The story goes on

“After 1559, a simple return value may not be the best approach. Returning a single value, as suggested by adding an `eth_maxPriorityFeePerGas` endpoint, can lead to people overpaying because they are relying on a value that may be out of date or from recent high prices is distorted. ”

He explains that customers will have the option to return data on gas usage and charges to inform other wallets of congestion and priority charges.

Changes to the London hard fork are temporary

Although the changes introduced with London in the run-up to the final Ethereum 2.0 evolution are temporary, they are nonetheless expected.

The two big changes with London come with mining and transaction fees, as mentioned in EIP-1559.

Other EIPs besides the London upgrade are:

EIP-3198: BASEFEE opcode that returns the value of the basic fee for the block in question.

EIP-3529: Reduction of reimbursements, elimination of gas reimbursements for SELFDESTRUCT. It also reduces gas refunds for STORE.

EIP-3541: This EIP rejects new contracts that start with the “0xEF byte”.

EIP-3554: This EIP looks forward to December 1st, 2021, possibly with the Shanghai upgrade. It intends to delay the difficulty bomb.

The difficulty bomb is a highly anticipated moment. It’s built into the Ethereum network and makes mining extremely difficult.

When this is achieved, the time to mine a new block will skyrocket. This decreases profitability for miners and increases transaction time. The difficulty bomb is a tactic used by developers to force miners to work on Eth2.0.

At that point, the blockchain would hit the bomb too soon. Therefore, this EIP delays this detonation.

Network activity boom

As with other hard forks and upgrades, London has been received with some skepticism in the community.

The main concerns come from miners whose jobs are being changed. Fees could go down and mining could be more centralized. However, what is happening to London is only temporary in the lead up to the 2.0 overhaul.

On the other hand, users will no longer choose gas prices. Instead, those who conduct a transaction only pay a basic fee. Gas prices have already been massively reduced this year.

These upgrades pave the way for this to be an ongoing reality. In addition, this feature is more user-friendly and coincides with an increase in network activity.

The transition from Ethereum to Eth2.0 is generating interest due to the promise of lower fees and the move to POS that will increase security and become more environmentally friendly and leaner.

As NFTs become more mainstream and more users interact with the Ethereum ecosystem, these two aspects become even more important to network functionality.

As the Ethereum network continues its development, only time can tell what the new capabilities of the system will look like for miners, users, and developers.

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Cryptocurrency Fraud Dupes Bengaluru Man of Over Rs. 2 Crore, Police Initiates Inquiry: Report

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Crypto-related scams have been on the rise in recent times after the sector has expanded in several parts of the world including India. In a recent incident, a 30-year-old crypto investor from Bengaluru reportedly lost over Rs. 2 crore in a scam. The victim, Dhanraj S, a resident of Jayanagar area in Bengaluru, has made a complaint to the police, accusing an acquaintance named Santosh TS of allegedly cheating on him. In this case, an investigation was initiated.

Both Dhanraj and Santosh have known each other since 2014. In order to raise additional funds, Santosh is said to have convinced Dhanraj to invest in multiple avenues, including cryptocurrencies.

Dhanraj reportedly invested around Rs. 2.25 crore via online and cash transactions in cryptocurrencies and other trades which he claims are lost.

The exact amount Dhanraj had invested in crypto assets remains a secret for now.

Jayanagar Police have reportedly registered a fraud case against the suspect.

Also in early 2021, a 38-year-old crypto investor from Bengaluru lost nearly Rs. 10 lakh in an alleged fraud case.

The incident took place on a crypto trading platform when the victim attempted to transfer Rs 90,000 from a bank account to a wallet but was connected to a bogus helpline number.

At that time, the unknown fake helpline operator took OTPs from the victim and transferred Rs. 9 lakh for personal wallets. Because the underlying technology of cryptocurrencies, based on blockchain, can enable untraceable payments, it is difficult to recover funds lost in such scams.

In December 2021, Hyderabad’s Additional Police Commissioner (Crime and SIT) Shikha Goel had warned crypto investors in India to refrain from transferring assets to unknown, unauthorized wallets.

“The scammers ask you to share your cryptocurrency details. And once you put it in your wallet, the money will be taken away. If you are using or investing in cryptocurrencies, please only approach the reputable and long-established players in the field,” Goel had said.

India is considering what regulations to impose on the crypto space.

The government has raised concerns that cryptocurrencies could be used to lure investors with misleading claims and to fund endeavours, such as terrorist activities and money laundering.

A recent report by Chainalysis also warned Indian investors after the research firm identified nearly 10 million visits from India to rogue crypto websites.

Crypto scams have drained investors over $7.7 billion (around Rs 58,700) over the past year, a report by Chainalysis revealed in December.

Interested in Cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 Podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made based on an accepted recommendation, forecast or other information contained in this article.

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You may be overlooking what happens to these assets when you die

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Freemixer | E+ | Getty Images

If you’re like most Americans, you don’t have a formal plan for what will happen to your wealth when you die.

According to a 2021 Gallup poll, only 46% of Americans have taken precautions with their money and wealth.

These results have been more or less consistent since 1990.

But while people’s reluctance to plan their deaths has remained the same over the past several decades, the assets they own have likely become more complicated.

More from Personal Finance:
Bank of America cuts overdraft fees
How rising inflation can affect your tax bill
Here are the top jobs – and how to get them

From airline rewards and credit card points to social media accounts and cryptocurrencies, the checklist of assets to budget for has grown longer.

While your written plan – if you have one – should cover big things like your home and retirement savings, you may have other possessions that have been overlooked.

“It’s a good idea to think about anything that you or others you love might find valuable,” said Abby Schneiderman, co-founder and co-CEO of Everplans, which helps people create accounts to make their wills wishes to save their passwords and their funeral.

“Take an inventory of what those things are, and then figure out who you want those things to go to if something happens to you,” Schneiderman said.

Conduct an inventory of digital assets

Damir Khabirov | iStock | Getty Images

Your digital assets can run the gamut from hardware and software to photos or videos.

To ensure those assets are accessible in an emergency, consider sharing the unlock code for both your phone and computer with someone in your life, Schneiderman recommended.

In addition, you should store all your online passwords in a secure password manager and make sure someone else has access to this information.

“If you don’t, you may be completely shut out of the human world today,” Schneiderman said.

Not only create access to social media accounts, but also plan how they will be continued after your death, if at all.

With Facebook, for example, you can let the company know who you want your account with after you die, said certified financial planner Carolyn McClanahan, director of financial planning at Life Planning Partners in Jacksonville, Fla.

That might not be as easy with other social media companies, McClanahan said. In addition, it is important to indicate whether the account should be closed or continued.

This can be especially complicated for social media or other revenue-generating sites. Do you want the deal closed or is there someone else you can pass it on to?

Wills cover the basics, but they don’t cover the practical aspects of what happens when someone dies.

Carolyn McClanahan

Director of Financial Planning at Life Planning Partners

“You have to plan really well,” McClanahan said. “This is a financial asset, not just a digital asset.”

Appointing a digital executor who can help you fulfill your wishes can make the process of handling your digital estate smoother, Schneiderman noted.

In most states, this isn’t a legally binding term because an executor has a will, she noted. Nevertheless, this person can help the executor to fulfill your wishes.

providing access to online financial accounts

If you don’t make online financial investments accessible, you risk losing them for good.

This is especially true for cryptocurrency assets, McClanahan noted.

“Once you’re gone and nobody knows how to access it, that’s gone forever,” she said.

Keeping a detailed list of your online financial accounts and passwords through a secure password manager can help ensure none of these assets go unnoticed.

It’s also important to think about the perks some of these accounts can offer, from airline points to credit card rewards.

Some points may still be redeemable by a spouse. But it may not be possible to transfer them to friends or family, McClanahan said.

“People accumulate these big accounts,” McClanahan said. “Don’t do that because it will really cripple your family.”

Make arrangements for your pets

While you cannot leave assets directly to an animal, you can make plans for the care of any pets you may have.

That includes naming a handler, as well as the money he should be given to care for this animal, Schneiderman said.

Also plan sentimental items

Elizabeth Fernandez | moment | Getty Images

Some things you may want to share may have more emotional value than financial value.

For Schneiderman, that includes a cookie recipe her grandmother taught her that has been in the family for generations.

For others, it could be an important piece of jewelry, like a grandparent’s wedding ring.

Determining who gets these items while you’re still alive can help prevent family arguments when you’re gone. McClanahan said she advises letting customers, friends and family choose the items they ultimately want in advance.

She also lets clients write down their wishes for their funeral arrangements, which can help reduce the amount of decisions their grieving families have to make.

“Wills cover the basics, but they don’t cover the practical aspects of what happens when someone dies,” McClanahan said.

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Crypto Prices today: Top cryptocurrency prices today: Bitcoin, Terra, Solana gain; Cardano drops 7%

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New Delhi: Crypto prices remained sluggish on Wednesday as the Fed’s dovish stance and economic woes continued to spook crypto investors.

With the exception of Bitcoin, Terra and Solana, all other seven of the top 10 digital tokens traded lower during early trade. Cardano fell 6 percent thanks to the profit booking in the meter. Bitcoin held above $42,000 even as Ethereum slipped below $3,200.

The global crypto market cap fell about 1 percent from the previous day to $2 trillion. The total volume of the crypto market remained flat and stood at $77.46 billion.

As Bitcoin heads into 2022, a growing cohort of long-term investors is doubling their cryptocurrency stockpiles in hopes that a December plunge was just a blip.

What is cooking in India
Indian cryptocurrency exchanges are considering updates to their self-regulatory code of conduct to avoid clashes with regulators. IAMAI and BACC did not respond to ET’s requests for comment. The move comes amid heightened scrutiny of the sector by regulators including the Income Tax Division, the Enforcement Directorate and others.

expert opinions

BTC continues to trade sideways while other altcoins of BNB, ADA and XRP are trading in red CoinDCX research team. “Ahead of the House Energy and Trade Committee hearing on cryptocurrency and blockchain energy use, we can expect the crypto market to face major tough battles,” he added.

Global Updates

  • Singapore and China’s Silicon Valley, the city of Shenzhen, is building what is likely the world’s first blockchain-based network for cross-border trade data exchange between two major economies.

  • Animoca Brands, an investor in non-fungible tokens (NFT) and Metaverse projects, raised nearly $360 million at a $5.5 billion valuation.

  • Bahrain-based cryptocurrency exchange Rain Financial has raised $110 million in a Series B funding round co-led by Paradigm and Kleiner Perkins, CoinDesk reported.

Rationalization of NFTs
OpenSea, a non-fungible token (NFT) marketplace, set a new daily record of $261 million on Sunday. This month has seen an average of $169 million in trading volume per day so far.

Monthly Ether (ETH) trading volume surpassed $3.5 billion for the first time ever, two weeks before the end of January.

New competitors are quickly gaining ground on OpenSea, and a major competitor is LooksRare, a new NFT marketplace that launched earlier this month and is already surpassing OpenSea in terms of trading volume, according to Dune Analytics.

The lack of major competition was one of the main reasons for its success. That could change in 2022 as numerous platforms look to capitalize on the potential, WazirX Trade Desk said.

“The market is still buzzing with activity which could easily attract newcomers like the recently launched ‘LooksRare’. Based on the numbers above, NFT may not be a fad as it could play a pivotal role in the Metaverse.

BuyUcoin tech view
MATIC by Polygon is one of the top 20 best performing cryptocurrencies. Even during the recent dip, it was trading above the 200 moving average.

Matic trades in a parallel channel. After mostly trading in the upper range, Polygon (MATIC) has fallen back into the red bottom leg of the channel, ie support, followed by a bullish retracement towards $2.50.

ET STAFF

With a Relative Strength Index (RSI) around 50, the price seems to be pushing a bit in the middle of the trend channel. In the short-term, price activity could go either way, but the surge is likely to continue as the Polygon London hard fork is set to go live.

It’s still aiming for the fair $3 target. It will be interesting to see how far MATIC can go given current events.

(The views and recommendations in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the assets mentioned.)

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