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Ethereum 2.0: Is the Interest Real or Hype About Nothing?

Ethereum 2.0 is the next level of the Ethereum platform which will introduce several new features aimed at scaling the platform and adding value for its many users and dapps.

The post Ethereum 2.0: Is the Interest Real or Hype About Nothing? appeared first on CoinCentral.

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No sooner had the crypto world started to settle down after the third Bitcoin halving event, when another wave of hype started to build around Ethereum 2.0, which was initially projected to be released this July. Ethereum 2.0 is the next level of the Ethereum platform which will be achieved by introducing sharding, proof-of-stake and a new virtual machine. Despite some doubts regarding the prospective date, in a February AMA ETH 2.0 researcher Justin Drake expressed his 95% confidence that phase 0 of the project will be finally launched in summer 2020. As it stands now, no one knows if Ethereum will hit the target date, as, according to testnet coordinator Afri Schoedon, the full spec hasn’t been implemented in any client so far. 

Ethereum’s shift from its current proof-of-work (PoW) consensus to a proof-of-stake (PoS) algorithm has been the talk of the town over the past few weeks. It’s obvious that many average users and big investors enamored by the team’s strong commitment to better security, further decentralization, and lower reliance on miners are highly anticipating the rollout of ETH 2.0. But with all the buzz going around, it’s getting harder to sort out the wheat from the chaff and understand whether the positive public sentiment towards the future of Ethereum is fact-driven or hollow. So, let’s figure it out.

Ethereum regaining lost ground

In early 2018, when Ether holders saw it hit its record price of around $1400, the number of ETH addresses was slightly over 10 million. Today, according to data from Glassnode, there are currently 40 million active ETH addresses, with more than 15 million joining the party after Ethereum 2.0 was announced in late May 2019, which represents a good 60% growth. The overall usage of the world’s second most popular cryptocurrency has also experienced a significant increase since the beginning of 2020 and, as of mid-May, the amount of ETH daily transactions has almost doubled from 450,000 to roughly 900,000.

Source: Etherscan.io

The same upward trend can also be seen within the Ethereum network powered by the Gas token, which enables transfers of payments or smart contract information. The total consumption of Gas has recently surpassed 61 million units, hitting its all-time high and moving up by around 60% compared to what it registered in January. This is a great sign for Ethereum 2.0 developers, as the more people utilizing Gas to make the whole network operate, the more smooth the update from PoW to PoS will be.

With that said, the release of ETH 2.0 is expected to create a real demand for the in-house cryptocurrencies, Ether and Gas. While the latter will serve as a fuel for decentralized computers, the higher speed of ETH transactions and much lower fees will become more appealing for both producers and consumers, as well as for both retail and institutional investors.

The influx of larger players feeling bullish about Ether has been dramatic, since it was revealed that currently over $276.5 million are under the management of the Grayscale Ethereum Trust, whereas that figure was only $11.7 million at the same period in 2019.

Authentic hype or marketing?

But are big investors really prepping for Ethereum 2.0? Some media outlets have also tied the surge in ETH volumes to growing institutional interest. At first sight, it seems to be a logical conclusion, however, figures are stubborn things.

Ethereum 2.0 Charts

Source: Coin360

As you can see ETH daily volume hit its maximum of over $10 billion after the March crypto market breakdown on April 30. This was a remarkable performance considering its previous level of $2.92 billion in early January and the subsequent global financial turbulence. Nevertheless, if we take this value and divide it by the number of transactions that were registered on the eve of Labour Day – approximately 840,000 – we discover that the average volume of one transaction is only around $12,000. Moving further, this figure decreases to below $10,000, where it remains today. Doesn’t actually look like intense institutional involvement, does it?   

There is another explanation and it’s probably much more authentic. With Ethereum 2.0, users will have the chance to become staking agents and earn rewards over time by transferring 32 ETH to a contract. At the time of writing, 32 ETH is worth $7,776, which is almost equal to the current average Ether transaction. With that in mind, this rising demand seems indicative of average users and retail investors feeling curious about how this is going to work out and flocking to ETH markets available on the most liquid exchanges with proven security, such as HitBTC and Huobi, in order to come out winning after the much-awaited release.

The aforementioned boom in user activity inevitably led to an ETH price surge. It’s noteworthy that since Ether was worth $1400, its price has declined by 85%. At present, ETH is trading at around $243, having recovered from the repercussions of “Black Thursday” when the price fell to just $111. Nonetheless, it is still not even close to its all-time high.

But this explanation for the uptick in Ethereum activity has been largely ignored in favor of the institutional investor’s narrative.

Why? Whether it is being consciously manufactured or not, the narrative that has institutional investors flocking to DeFi, and specifically Ethereum, is more beneficial to the Ethereum ecosystem. Big names getting involved with Ethereum is more likely to lead to another bull run than average users making investments in a project they believe in. 

Artificially inflated excitement?

In the crypto space, there are few better at making waves that cross over into traditional finance than the Winklevoss twins, long-known in the community for their crypto investing experience and for holding the biggest Bitcoin fortune in the world.

In a recent interview for The Defiant, Tyler and Cameron admitted to making concerted efforts to accumulate a huge stake of Ether, which is now rumored to be “in the same galaxy” as their BTC holdings: “We’re big fans of Ether. We have a material amount.”

It comes as no surprise that the brothers have been investing in ETH, but until this May they never really spoke about the quantity of their investment. Notwithstanding the fact that the real figure remains undisclosed, Cameron has hinted at its size, saying that a few years ago they received a large amount of Ether in profit, meaning that they have been investing heavily for a while now. 

So it is more likely than not that the Winklevoss twins number among the ETH whales as well, and their public bullishness has played no small part in the public’s enthusiasm for Ethereum 2.0. But why did they decide to break their silence on the issue now? Coincidence or not, the interview was published on May 21, when the price of Ether dropped below $200 for the third time in two weeks, and, following its publication, the price did an about-face and began climbing again. The Winklevoss’ enthusiasm was disseminated by a number of leading crypto media outlets where retail traders, eager to make profits, found their next big market event. The effect on institutional investors was remarkable, too, and Ether derivatives are becoming more popular than ever before.

Killing two birds with one stone indeed. This is how it works and above all, nobody can blame Tyler and Cameron Winklevoss for their sincere belief in the Ethereum network’s significance for the development of decentralized finance.

“Sell the news” opportunity

The hype around the Ethereum 2.0 launch can also be seen as a consequence of the “buy the rumor, sell the news” maxim when traders act in anticipation of any big announcement that can potentially cause a shift in the market. “If we get the rally on Ethereum I am expecting,” tweeted popular crypto trader Ethereum Jack, who used to go by the “Bitcoin Jack” moniker, “then July seems like the perfect sell the news moment with the ETH 2.0 launch.” ETH whales, if they employ this trading strategy, will be able to take advantage of the situation, while the community is speculating on the release date and the media are adding fuel to the fire.

But in reality, the event itself is not as important as we imagine, because, at least initially, Ethereum 2.0 will mostly serve as a testnet for the updated PoS consensus system. So, it’s not completely clear whether institutions are investing in the future of the crypto-financial network or are just trying to grab as big a piece of the hype pie as they possibly can. We can only wait and watch how things unfold.

Source: https://coincentral.com/ethereum-2-0-coverage-real-interest-or-hype/

Blockchain

SafeEarth Donates $100,000 to TheOceanCleanUp Kicking Off Blockchain Eco Project

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SafeEarth

Bitcoin Press ReleaseBlockchain eco project SafeEarth has donated over $100,000 to TheOceanCleanUp charity with more donations planned for other global charities. 

 

16th April, 2021, London, UK SafeEarth, a blockchain eco project, has donated over $100,000 to community selected charity TheOceanCleanUp. The donated funds will help towards the removal of plastic waste from the planet. This generous donation represents the first act of SafeEarth’s continuing initiative to help charities across the globe. 

 

The money was raised from SAFEEARTH token transaction fees. From each token transaction a portion of the fees will continue to be used for further donations to charities that focus on green initiatives as SafeEarth looks to effect a lasting and positive change on the planet.

 

The Ocean Cleanup Head of IT Steven Bink offered his thanks to Safe Earth on Twitter, stating: 

 

Dear SafeEarth community. On behalf of the entire crew at The Ocean Cleanup, I would like to thank you for this very generous donation. We are also honored that you chose The Ocean Cleanup to be the first charity to receive this gift from @SafeEarthETH”

 

Safe Earth & Earth Fund

Deforestation, pollution, global warming and many other factors have had an adverse effect on the environment for decades. As the world shifts more towards renewables and eco-friendly alternatives, initiatives like that of  Safe Earth represent a changing mentality in industry 

 

SafeEarth’s sole focus is to generate capital and build a community which is able to repair the ecological damage done to the planet. Safe Earth also collaborates with another green charity called The Earth Fund, which has raised around 50 ETH ($125,000 at the time of writing) to be used for similar causes. 

 

#PlasticChallenge

As a part of their plan to raise awareness for ecological causes SafeEarth have also started a #PlasticChallenge on twitter, which urges people to get rid of plastic waste. The challenge (which launched on 27th of March) rewards users from a prize pool of $3,600 in SAFEEARTH tokens. 

 

In the short time since the challenge began the SAFEEARTH token has been listed on the number one DEX Uniswap, recorded $3 million in trading volume and locked away more than $1.5 million in liquidity. 

 

SAFEEARTH Token Burn & Benefits

The SAFEEARTH token is a deflationary asset that uses an autonomous yield and liquidity generation protocol. Each transaction charges a total of 4% in fees, which is then broken up evenly with 1% going to charities, 1% refunded to holders, 1% for advertising and 1% token lock-ups to increase liquidity. By burning at least 50% of the total supply after launch, (which will go to a black hole address) SafeEarth ensures increased token scarcity and liquidity. 

 

$SAFEMARS

$SAFEMARS is the sister token to SafeEarth and available on PancakeSwap exchange. The token uses very similar tokenomics to SAFEEARTH and over 50% of the tokens have already been burned. As none of the transaction fees from SafeMars go towards charity the company has chosen to give more back to users, with a total of 2% going instantly back to the holders wallets and the other 2% is auto-locked to increase scarcity and liquidity. Right now the number of $SAFEMARS holders is growing steadily with 93,699 holders at the time of writing. 

 

Save Earth Through Safe Earth

Harnessing blockchain technology through it’s unique protocol in the interest of both charitable giving and community incentives is helping SafeEarth to stand out from its competition. This $100,000 donation is just the beginning of the company’s mission to effect a lasting and positive change to the planet. 

 

SafeEarth blockchain eco project is already gearing up for another large donation with another 35 ETH (roughly $87,600) reserved for 5 charities that focus on humanitarian causes, such as access to clean water and wildlife preservation. The charities will be chosen by the SafeEarth community and will be announced on Earth Day, April 22nd, 2021. 

 

Media Contact Details 

Contact Name: Bitcoin PR Buzz Press Team

Contact Email: press@bitcoinprbuzz.com  

 

Learn more about SafeEarth https://safeearthcrypto.com/ 

Buy SafeEarth Coin on Uniswap https://app.uniswap.org/#/swap

Take off with SafeMarshttps://www.safemarscrypto.com/index.html

 

About Bitcoin PR Buzz 

Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 9 years. Get your Bitcoin Press Release Distribution today.

 

SafeEarth is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 

Source

The post SafeEarth Donates $100,000 to TheOceanCleanUp Kicking Off Blockchain Eco Project appeared first on Bitcoin PR Buzz.

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Source: https://bitcoinprbuzz.com/safeearth-donates-100000-to-theoceancleanup-kicking-off-blockchain-eco-project/

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Blockchain

Did Elon Musk’s ‘jet fuel’ set GameStop (and Bitcoin) ablaze?

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Depending on where you stand on the GameStop saga, which saw organized retail traders extract $6 billion from Wall Street overnight, you may think someone should either take the matches away from Elon Musk, or give him more.

The CEO and “Technoking” of Tesla was accused of pouring “jet fuel” on the GameStop short-squeeze at a critical moment by hedge fund manager David Einhorn, founder of Greenlight Capital, in a letter to investors published Thursday.

Einhorn said Elon Musk and venture capitalist Chamath Palihapitiya were the real instigators behind the short-squeeze, claiming both had supplied “the real jet fuel” for the pump with their tweets and TV appearances.

“We note that the real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation,” wrote Einhorn, according to Markets Insider.

Amid the orchestrated short-squeeze on GameStop by redditors on r/WallStreetBets, Elon Musk tweeted what some interpreted as his support for the endeavor. On Jan. 26, shortly after GME stock was pumped 91% in a single day, Musk tweeted the phrase “Gamestonk!!” accompanied by a link to the WallStreetBets sub-reddit.

Over the course of the next 24 hours, GME stock soared 134%, climbing from a unit price of $147 to $347. The following 24 hours brought even more fireworks, and by Jan. 28, the value of GameStop shares had hit an all time high of $483 — an 18,693% increase on the stock’s value just nine months earlier.

Chamath Palihapitiya appeared to voice his support for the short-squeeze on Jan. 27, when he told interviewers on CNBC that the GameStop saga was an example of the man on the street pushing back against the man on Wall Street.

Einhorn said that “quasi-anarchy” now reigns, based on what he sees as toothless regulation of the stock market. Einhorn compared the situation, where “the laws don’t apply to [Elon Musk]” to the defunding of the police force.

“Many who would never support defunding the police have supported — and for all intents and purposes have succeeded — in almost completely defanging, if not defunding, the regulators,” said Einhorn.

Previously Elon Musk was suggested to have unduly influenced the cryptocurrency market with his vocal support of Bitcoin (BTC) and Dogecoin (DOGE) via Twitter. Legal professionals suggested in February that Musk’s tweets may have acted as a catalyst for the coins’ gains at the time, and warned that such tweets could attract SEC attention.

Musk laughed off the suggestion at the time, claiming that he would welcome any SEC investigation into his tweets, and that he simply liked “dogs and memes.”

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Source: https://cointelegraph.com/news/did-elon-musk-s-jet-fuel-set-gamestop-and-bitcoin-ablaze

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Blockchain

Turkey to ban cryptocurrency payments

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A new ban in Turkey will prohibit crypto holders from using their digital assets for payments, in addition to preventing payment providers from adding funds to their digital wallets at crypto exchanges.

According to a Friday announcement by the Central Bank of the Republic of Turkey, the ban will come into effect on April 30, rendering any crypto payments solutions and partnerships illegal.

The bank stated, “any direct or indirect usage of crypto assets in payment services and electronic money issuance” will be forbidden.

While banks are excluded from the regulation, which means users can still deposit Turkish lira on crypto exchanges using wire transfers from their bank accounts, payment providers will be unable to provide deposit or withdrawal services for crypto exchanges.

Payment providers and digital wallets are widely used in Turkey to transfer fiat funds to crypto exchanges and vice versa. Major global exchange Binance partnered with local payment provider Papara when they first entered the Turkish market to provide a lira onramp for several different cryptocurrencies. 

This new regulation means that users have two weeks to clear their balances if they exclusively use payment providers as fiat-to-crypto gateways. 

Historically, the Turkish government has always had a tight grip on the payment ecosystem. In 2016, Turkey banned major global payment provider PayPal in the country.

Crypto regulation is a hot topic for Turkey in recent months. Last month, the Turkish Ministry of Treasury and Finance announced that they are monitoring the crypto ecosystem and working with the Central Bank, Banking Regulation and Supervision Agency, and Capital Markets Board to regulate crypto.

Additional reporting by Cointelegraph Turkey’s Emre Günen.

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Source: https://cointelegraph.com/news/turkey-to-ban-cryptocurrency-payments

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