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Ethereum Defi, a New Fork Coming?

Defi memeEthereum 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….

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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.

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Fund Manager Bashes Bitcoin: An Extreme Form of Libertarian Anarchism

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As Bitcoin price makes headlines across mainstream and financial media, skeptics of cryptocurrencies have come out of the woodwork in droves.

The latest skepticism comes from Tim Bond, partner and portfolio manager at Odey Asset Management, who claims that Bitcoin has very little benefit to society, and instead is an extreme form of Libertarian anarchism. But could there actually be truth in the bold, blanket statement?

Tim Bond Bashes Bitcoin As Pointless, Vile, And Damaging To The Environment

Bitcoin is a subject that most economists, tech enthusiasts entrepreneurs, and fund managers alike are asked about these days, as the asset has ballooned from under $10,000 to more than $50,000 per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin in less than one year.

Depending on who you ask, it is the most important technological revolution since the internet, while others might claim it is a bubble wait to burst.

Tim Bond, fund manager at Odey Asset Management, instead calls it “particularly vile,” “pointless,” and “damaging to the environment.”

Related Reading | Summing Up The Case For Crypto As The Future Of Collateral

Bond claims that Bitcoin isn’t only emitting more CO2 than most small economies, but that it is spearheading “a particularly extreme form of libertarian anarchism,” which he says is why the cryptocurrency is so popular amongst Silicon Valley types.

“If bitcoin starts to displace fiat currencies [government-issued currency that is not backed by a commodity], governments’ ability to tax, spend and redistribute will be severely impaired,” Bond continued.

bitcoin btcusd

As Bitcoin grows in value, the more disruptive power it wields | Source: BTCUSD on TradingView.com

Crypto Anarchist Future Prefers Consensus Over Forced Taxation

Bond, however, is absolutely right about at least one thing: Bitcoin could severely impact a “governments’ ability to tax, spend and redistribute” – a system that is arguably broken already.

Governments like the United States establish control over society through their money, and without that leverage, society won’t be as compelled to comply with taxation and other forms of control.

While much of this infrastructure was designed for the benefit of civilized society, governments have abused this control and how they redistribute wealth is a major ongoing economic problem that only Bitcoin has the potential to fix.

Related Reading | Why March Is The Bloodiest Month In Bitcoin History

By removing the government from the equation, it will require community consensus – something the crypto industry does well – to handle redistribution in the future.

Bitcoin has several key benefits that give the unique cryptocurrency its underlying value. It cannot be counterfeited, there are only 21 million BTC available ever, and much more. However, the greatest benefit of all could be the fact that governments can control it – something that Bond clearly can’t comprehend.

Featured image from Deposit Photos, Charts from TradingView.com

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Source: https://www.newsbtc.com/news/bitcoin/bitcoin-libertarian-anarchism/

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Chiliz (CHZ) rallies 60% to a $1B market cap as fan token offerings expand

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Nonfungible tokens (NFTs) and decentralized finance (DeFi) are two of the hottest concepts in the crypto sector, and each is altering the way projects and companies interact with the public on a wide scale. 

One project that is looking to apply these concepts into a framework for sports fan engagement is Chiliz, a blockchain platform created by the Socios fan engagement platform. The project is designed to allow fans to purchase branded Fan Tokens that let them influence their teams through the popular vote.

According to the project website, all Fan Tokens are minted on the Chiliz blockchain with on-platform voting being executed through a series of smart contracts.

Data from Cointelegraph Markets and TradingView shows that over the past month, the price of Chiliz (CHZ) has increased 760%, going from $0.022 on Feb. 8 to a new all-time high of $0.189 on March 8. CHZ trading volume also hit a 24-hour record at $1.92 billion.

CHZ/USDT 4-hour chart. Source: TradingView

The platform currently offers Fan Tokens for some of the most popular sports teams in the world, including FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray and Atletico de Madrid.

Token launch sparked a strong rally

Momentum for Chiliz began to gather steam at the end of 2020 when the platform partnered with Binance to launch the ACM Fan Token for AC Milan on Feb. 24. The launch generated $6 million in revenue for the CHZ ecosystem.

ACM is part of a network of 23 major sporting and esports organizations that also have plans to work with Chiliz on launching Fan Tokens.

CHZ price received an added boost on March 2 when CEO Alexandre Dreyfus announced that the project would allocate $50 million to expand operations to the United States, and there are already plans to start working with local leagues and sports franchises.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CHZ on March 1, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CHZ price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score hit a high of 66 on March 1, less than 5 hours before the price of CHZ began to break out above $0.06. Following the price rise and consolidation above $0.11, the VORTECS™ score climbed to 69 on March 6, two days before the price surged to a new all-time high.

Currently, Chiliz is in ongoing talks with Formula One, and if the team is able to onboard popular U.S. sporting teams, the project could be well positioned to see further growth as blockchain technology and NFTs become more ingrained into the sports industry.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/chiliz-chz-rallies-60-to-a-1b-market-cap-as-fan-token-offerings-expand

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Decentralized esports tournament series looks to bring traditional gamers to crypto

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Non-fungible token-focused investment firm Polyient Games is launching a new online tournament to introduce mainstream gamers to the crypto space.

In an announcement today, Polyient Games said it would be partnering with esports tournament platform Community Gaming for a $100,000 series featuring games using non-fungible tokens, or NFTs. The esports games will reportedly “function as a method of introducing mainstream gamers to the world of cryptocurrency and blockchain assets” by allowing players to acquire digital collectibles and use NFTs as in-game items.

“The marriage between decentralized technology and gaming will be one of the most significant themes of the coming decade,” said Craig Russo, co-founder of Polyient Games. “Our work with Community Gaming on this brand new decentralized tournament series serves as a major step towards bringing mainstream adoption to this new industry.”

In addition to esports games, the tournament will reportedly feature blockchain games including trading and battling game Axie Infinity and Ethereum-based digital trading card game SkyWeaver. All games will reportedly utilize Polyient Games’ decentralized exchange for in-game currencies.

The first event of the $100,000 tournament will begin on March 29, with prizes paid out in U.S. dollars and Polyient Games’ native token, PGU. 

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Source: https://cointelegraph.com/news/decentralized-esports-tournament-series-looks-to-bring-traditional-gamers-to-crypto

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