Ethereum has a great problem. There’s so much demand to the point it can’t handle it all unless it gets a bit creative.
Sharding is two or more networks right. So why not create an ethereum ‘shard’ by literally copy pasting current eth and call the new one ethereum defi?
Unlike in sharding, here these two networks wouldn’t be able to talk to each other after the fork point, but the idea isn’t to replace eth or challenge it or offer an alternative, it’s more to try and provide a temporary solution while we all wait for eth 2.0.
Unlike previous forks, this would be the first complementary fork and it could even be launched by the Ethereum Foundation itself like a stock split or some defi consortium could launch it or anyone can launch it really.
Then what would happen is the constrain on node resources would change significantly because each network has its own nodes.
Thus for those that currently have eth this would allow for 2.4 million transactions a day, but with the same resource requirements as for current nodes and new resource demands would also grow at the current rate.
Basically you’d be getting double the capacity for free, but thats for current eth holders. Newcomers would be stuck with the current capacity as they have to choose one network or the other, unless they buy both for an equal amount at the same time.
If this was officially launched, you can even call it eth-a and eth-b, or eth and eth-b, and just as the current eth will be merged into an ethereum shard, eth-b can be merged as well because you just copy paste right.
Or if people don’t like the split stock idea, you can get the last letters of ethereum and call it RUM.
Rum just to make it clear that this isn’t trying to interfere with eth in any way, it’s meant to be very, very complementary.
We prefer eth and eth-b, in which case the latter shouldn’t be called ethereum defi but just ethereum as eth and eth b makes it clear it’s the same thing (kind of), but we don’t really care about the ticker or even about the name as long as it’s not a rubbish one and as long as it is an identical copy pasta of the current network with zero changes.
How to do that is very easy, you just fork the Geth github repo, compile it into a new client, and to split the networks you can do some non-meaningful consensus change like publish an empty contract on eth and tell Geth b or Geth defi to delete that.
Why would this work and why did no one think of it or why has bitcoin not done it in a complementary way?
Well the use case for bitcoin is either for payments, in which case you accept either btc or bch, or you accept both, but it’s not really complementary as you pay with one or the other. Or the other use case is a store of value where again either one or the other stores that value.
For ethereum however it’s main use case now is to provide financial services through dapps as well as other services like betting on Trump v Biden on Augur.
So once it is forked, then all the current eth on say sushi or yeth or maker are ethb on sushib or yethb or makerb. Basically, it’s a literal copy clone.
All the bots and everything, all the set-ups, just get cloned like magic really, and then on MetaMask like you can now switch from eth to Ropsten or some other testnet, they can offer the functionality of switching from eth to ethb.
So nothing changes except if you didn’t deposit on yeth because of high fees, you probably would deposit on yeth-b as initially you’d think fees would be low or conceptually if people do use both as equals then fees on current eth would halve or they’d be the same on both networks but with twice the activity.
What may well be the case as well is that if you go to the sushi website and change to eth-b, then the same site/interface may respond as normal because all of it is on eth-b and therefore nothing might need to be changed at all with the switch to different ‘universes’ being just a click on MetaMask.
Eth-b however wouldn’t be stakeable on eth 2.0 because that accepts eth and to add eth-b to it as well would probably be complicated.
For various other reasons the two would have different prices in any event and since they’re not pegged, if someone sold eth-b but kept eth or vice versa, then to them the other network wouldn’t be very complementary because they’d want new money to go to the token they held.
Also it’s not clear actually whether you can RPC this to eth2 because it’s a different token and in eth2 there’s only eth, but you can either copy clone eth2 as well or keep ethb as a running Proof of Work network.
So holistically for some this wouldn’t be very complementary, but that’s in the future and in the future there should be eth2 when then you can have different networks but with the same token.
In the present however this would be complementary because any additional value that the network currently can’t capture due to capacity constrains would go to ethb, which for current eth holders is basically eth, rather than to say Tron.
The latter is trying to copy pasta defi, but they don’t have gas, they have bandwidth, meaning the current running smart contracts would need to be re-written.
That would take time and skill, while for ethb or Rum, it would take just a few hours to double the capacity as far as current ethereans are concerned.
So why not do it? It would give current eth some competition as well so miners won’t be able to get as greedy, which can only be good for end users because we all know monopolies are bad.
Meaning in addition to layer 2s, this can also be a partial solution, but while implementing layer2s can take some time, this would be practically instant, so allowing ethereans within days to continue with their sushis or yeths or whatever rando token they want on uniswap.
Ethereum Classic (ETC) Price Poised for a Surge to $100
- Ethereum Classic (ETC) looks poised for a surge
- Technical indicators show that ETC could go up to $105
- Also, one reason that could help the altcoin surge is its upcoming ECIP-1103 upgrade
Ethereum Classic price poised for a surge. The altcoin has been outperforming the market recently but can it bounce back over the $100 resistance level?
The crypto market has been experiencing a rough ride. Many altcoins have sunk to less than half their value in less than a month. However, Ethereum Classic managed to rebound faster than most of the market. In addition, the altcoin has managed to hold its ground against the bearish market.
In fact, looking at Ethereum Classic price charts, the asset looks poised for a surge.
At the time of writing, ETC is trading at $55.01, down 67% from its May 8 all-time high of $167.09. However, looking at the crypto’s Fibonacci levels, ETC could go up to ranging from $74 to $105. The price rise depends on whether ETC manages to breach the $60 resistance level. Looking at RSI, ETC is just above 40 and is thus in the safe zone.
On the other hand, ETC price could fall to $9 if the market turns on the crypto.
Possible reasons why ETC has been outperforming the market could be the crypto’s recently announced new upgrade scheduled for July 21. The upgrade will implement ECIP-1103 and include ETH’s Berlin Upgrade.
Also, perhaps investors deem the altcoin a good asset to diversify into and hedge against Bitcoin and ETH volatility. ETC has a limited coin supply of 210 million. In comparison, sister blockchain ETH has an unlimited supply. As such, ETC’s token value is likely to appreciate once the blockchain reaches its maximum token supply.
In addition, the underway ETH 2.0 upgrade will help further differentiate ETC from its more popular sister ETH. In this case, ETC could prove to be a good way for investors to diversify their portfolios.
Finally, ETC holds sentimental value for those who wish to see what ETH would look like if the platform followed its initial roadmap.
Shiba Inu Drops Hard Below Critical Support Level
- Shiba Inu’s price hit below its critical support level of $0.000007.
- Its price is now is going for new lows of $0.00000630.
- SHIB needs to reach above $0.000007 to change the momentum and go up.
Notwithstanding a recent drop in the crypto market, Shiba Inu (SHIB), the meme-based coin named as “Dogecoin killer” has not disappeared. However, there are still some struggles that SHIB has to face.
As of writing, SHIB’s price hit below its critical support level of $0.000007 and is headed for new lows of $0.00000630. Meanwhile, If Shiba Inu breaks through the $0.00000630 support level, it will go to the $0.00000440 support level.
Now, to acquire momentum and make it go up, SHIB needs to reach above $0.000007. Otherwise, if SHIB is able to break through this resistance, it will go on to the next level of resistance at $0.000008.
Numerous individuals think that the SHIB’s rise recently is merely because of the community. In any case, there are different conditions that help the crypto gain investor’s interest. Respectively, SHIB announced its listing in Binance last month.
Furthermore, Shiba Inu will establish its own exchange soon called ShibaSwap. With this, another decentralized exchange (DEX) like UniSwap or PancakeSwap will be available in the market. Of note, the platform has been operational for a while, but it is still undergoing some tests for security and transparency development.
On another note, many experts and analysts have shared their predictions for SHIB. Market experts even outlined a strategy for Shiba Inu to hit the $1. To reach $1, SHIB needs to increase around12,000,000%.
Consequently, the coin has increased by around 2,000,000 percent monthly since January. Moreover, according to Market Realist, if SHIB continues to expand at this rate, it might touch $1 by the end of 2021.
Lastly, based on Wallet Investor, Shiba Inu’s price is expected to hit $0.000030 by June 2021 and could rise to $0.000048 at the end of the year.
US Financial Giants Tread Carefully Into Crypto Trend
- A large number of financial players continue to move into the crypto space.
- Its volatility may be holding it back from reaching its potential value.
- The future of crypto seems uncertain as both community interest and risks stay high.
Even as the pressure around entering the crypto space has cooled down, a large number of big players continue to move in. Many US finance giants are treading forward, cautiously.
Jamie Dimon, Chief Executive at JPMorgan and Chase, said recently, “My own personal advice to people: Stay away from it.” He added, however, “That does not mean the clients don’t want it.” The biggest US bank in terms of assets, JPMorgan is currently assessing how it can help its clients transact in crypto.
Early 2021 saw the financial industry brimming with excitement and possibilities for cryptocurrency. Part of this was due to Bitcoin’s unprecedented jump in value from late 2020 to early 2021. Some of the most recent players attracted by crypto’s novelty are:
- Online trading firm Interactive Brokers, who promised that it will establish online trading of crypto on its platform by summer end. At this moment, it doesn’t offer crypto payments. Still, it gives its clients the option to invest in assets that include crypto or Bitcoin futures.
- ForUsAll, a platform managing retirement accounts for small businesses, has also stepped in. It announced on Monday its decision to work with Coinbase for clients to invest up to 5 percent of their balances in crypto.
- Morgan Stanley, Goldman Sachs, have both recently targeted crypto enthusiasts within their clients. The former stated that it would allow its richer clients to invest in Bitcoin funds, while the latter opened its doors to crypto trading with a newly assigned team.
- Brokerage firm Fidelity Investments also filed papers with US securities regulators for a Bitcoin exchange-traded fund (ETF). Previously, it created a digital assets division in 2018 to trade crypto for hedge funds.
Despite the steady, yet cautious increase in digital asset investors, concerns remain high. This has also to do with high volatility in the market, especially reflected in Bitcoin’s most recent bull run. BTC went from $63,000 in mid-April 2021 to half its value, $34,000 in June.
Ian Gendler from Value Line, a research firm, sheds light on the influx of investors saying, “Speculators and those suffering from FOMO (the ‘fear of missing out’) will surely continue to flock to cryptos in the hopes of achieving huge returns.”
He, however, directs clients to avoid crypto investments due to high risks and the lack of tangible assets. He also noted, Bitcoin and other digital money is not backed by governments.
Cryptocurrencies are only worth what the next investor is willing to pay.
It seems likely that crypto’s lack of a steady trend may be holding the currency back and blocking possible investments. Be that as it may, but investor interest in the digital asset is far from going down. We’ll just have to keep waiting to see what the future holds for cryptocurrency.
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