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What is Ethereum 2.0? Why is it Important? 

Ethereum was launched in the year 2015, with great fanfare by developers and investors alike. All those expectations came to a harsh realization when the scalability, security, and other issues were p

The post What is Ethereum 2.0? Why is it Important?  appeared first on AMBCrypto.

Republished by Plato



Ethereum was launched in the year 2015, with great fanfare by developers and investors alike. All those expectations came to a harsh realization when the scalability, security, and other issues were presented in the Protocol. After a while, the creators and founders behind the project made some small improvements around the edges. This was enough for a while, but soon it became clear that Ethereum needed a full overhaul to complete in the future. This is what has become known as Ethereum 2.0 named Serenity. 

Find out all the nitty-gritty details about Ethereum 2.0.

The brief description

Ethereum Serenity, described by Van Loon, is a different blockchain from what we know to be Ethereum in its current form. The planned update won’t demand a hard fork of the original chain. 

The door to Ethereum 2.0 will be accomplished by a one-time deposit of Ether from the old chain to the new via smart contracts. This will be a one-way transaction, after which the use of the legacy Ethereum system is expected to stop.

As discussed before, Ethereum has already undergone some changes preparing the full deployment of Ethereum 2.0. These changes are Homestead March 2016, Metropolis Byzantium October 2017, Metropolis Constantinople February 2019, and Istanbul December 2019.

Legacy system versus new design

The reason behind the change came by clear limitations in the old design. The Proof of Work algorithm and other parts of the architecture could not cope with developers’ demand. Some of the main issues are:

Scalability: it is a well-known fact that the world computer that was the original aim of Ethereum is slow. Right now, the protocol is overwhelmed by all the Decentralized Applications and Smart Contracts running in it. Some improvements were made in this front, but it became clear that a Proof of Work blockchain could not cope with demand.

Security: there were never significant security breaches in Ethereum. But it is known that some improvements could be made. This is a focus for Ethereum 2.0, which aims to create a more robust platform.

A new virtual machine: one of the great innovations of Ethereum, was the release of a virtual machine. This is the part that runs the smart contracts and makes the protocol a world computer. The issue is that it is very slow. This is a problem because each transaction in Ethereum updates the global state of the network. Right now, the EVM is a bottleneck in the system.

So now that we are acquainted with the challenges of Ethereum 1.0, we can look at the improvements. These are at a planning stage, but we are also at the point that some advances have been made.

Proof of Stake, the PoS consensus algorithm is the biggest change in Ethereum 2.0. The mechanism uses stakes instead of electricity as a measure of validity. In a PoW blockchain, the chain with the hash power behind it is considered valid. In a PoS network, the chain with the highest staked resources is the one valid.

Also, validators become the new source and propagators of blocks. These are users who have locked at least 32 coins. These coins allow the validator to enter a lottery to be selected as the next block’s creator and claim its rewards. If a validator goes offline or acts dishonestly while it is an active part of the network, some or all of the Ether used to become a validator will be taken away.

Another big change in the system is the use of side-chains known as shards. As we have discussed before, transaction throughput is one of the major problems of the current system. In its existing architecture, this problem doesn’t appear to have a solution. This is why the creation of separate smaller chains that can attract unique use cases is a significant improvement.

Phase 0 Proof of Stake and Beacon Chain

Source: Remitano

Still expected it to be released in 2020, the Beacon Chain is a Proof of Stake network planned to run along with Ethereum 1.0. It will only be launched if 524,288 in Ether has been staked, and at least 16,384 nodes have been registered as validators. Initially, the Beacon Chain won’t change things much for general users. This network won’t host Dapps or run smart contracts. Its’ primary function will be as a register for validators and their stakes in the network.

Phase 1 Sharding

This stage is planned for one year after the finalization of Phase 0. Within it, the old system network’s singular chain will be cut in smaller portions called shards. The expected number of shards is 64 in the initial launch. This will be useful to direct transactions into special sub-chains and allow for parallel processing of data.

Phase 1.5 Merge

At this stage, old PoW- based is expected to be incorporated into the new network as one of the sub-chains. As a result, there won’t be any need to transfer records from one chain to the other. The change will be as seamless and as fast as possible. The history of transactions of the PoW chain will live on as a part of Ethereum 2.0. This is expected to happen shortly after the completion of Phase 1.

Phase 2 EWASM

The next big change proposed to occur sometime after merging the two chains is to replace the Ethereum Virtual Machine. There aren’t too many details regarding this stage, but the new virtual machine would be named Ethereum WebAssembly (EWASM). This is because it would be based on the web assembly format. 

For a more in-depth discussion of how smart-contracts currently work, check out everything you need to know about smart contracts posted on the Remitano forum

With this update, Dapp hosting and smart contract running will be in full capacity in Ethereum 2.0. This means that the finished update won’t be ready until Ethereum completes Phase 2.

Despite the long road ahead, many are already anticipating the capabilities Ethereum 2.0 will bring into the world. It is an important update that will not only benefit Ethereum users but also push the industry as a whole into the future.

Disclaimer: This is a paid post and should not be considered as news/advice.



Crypto Exchange Binance Under Investigation by Department of Justice and IRS

Republished by Plato



Crypto exchange giant Binance is allegedly under investigation by the U.S. Internal Revenue Service (IRS), as well as the Department of Justice (DOJ) for money laundering and tax evasion.

According to Bloomberg, the federal probe is confidential, with both the DOJ and IRS having “sought information from individuals with insight into Binance’s business.” The report accused Binance of succeeding without strong government oversight, with its lack of corporate headquarters and incorporation in the Cayman Islands — which levies no taxes and offers more lenient business practices. 

“We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion. We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity,” said a Binance spokesperson in response to the recent probe. 

Binance and Crypto Markets Continue to Face Regulatory Scrutiny

One of the biggest criticisms of Bitcoin and the crypto space at large has been their use for criminal activity. Back in January, Treasury Secretary Janet Yellen raised concerns over cryptocurrencies being used in terrorist and illegal financing, with other major financial figures like Charlie Munger associating the industry with “kidnappers” and “extortionists.” 

Chainalysis, a blockchain-based data analytics firm used by U.S. federal agencies, reported in 2019 that Binance saw more funds tied to criminal activity than any other exchanges based on the transactions that it had analyzed.

Binance and Huobi, which are two of the largest cryptocurrency exchanges in the world by volume, saw over 51% of total illicit transactions in the space. Source: Chainalysis Blog

“Binance and Huobi lead all exchanges in illicit Bitcoin received by a significant margin. That may come as a surprise given that Binance and Huobi are two of the largest exchanges operating, and are subject to KYC regulations. How can they be receiving so much Bitcoin from criminal sources? Let’s start by looking at the specific accounts receiving illicit funds at both exchanges.”

This is certainly not the first time Binance has been embroiled in legal troubles. Recently, the exchange’s venture into tradable stock tokens landed the company under the scrutiny of European regulators, including the U.K’s Financial Conduct Authority (FCA) and Germany’s BaFin. In March, Binance hired former U.S. senator Max Baucus as a regulatory advisor. 

Binance Coin (BNB) on
Featured image from UnSplash 

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Kraken Daily Market Report for May 14 2021

Republished by Plato




  • Total spot trading volume at $3.17 billion, 5.3% higher than the 30-day average of $3.01 billion.
  • Total futures notional at $638.8 million.
  • The top five traded coins were, respectively, Ethereum (+2.3%), Bitcoin (-1.4%), Tether (0%), Dogecoin (12%), and Polkadot (-0.6%).
  • Strong returns from Dogecoin (+12%) and Synthetix (8.5%).

May 14, 2021 
 $3.17B traded across all markets today

#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset

The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 14 2021)

Figure 2: Mid-size trading assets: (measured in USD) (May 14 2021)

Figure 3: Smallest trading assets: (measured in USD) (May 14 2021)

#####################. Spread %. ##########################################

Spread %

Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (May 14 2021)


#########. Returns and Volume ############################################

Returns and Volume

Figure 5: Returns of the four highest volume pairs (May 14 2021)

Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (May 14 2021)

###########. Daily Returns. #################################################

Daily Returns %

Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 14 2021)

###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

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Ternoa Blockchain’s NFT-based data transmission project gets LVT Capital as a partner

Republished by Plato



Ternoa Blockchain has found a new partner as it introduces its NFT-based data transmission service to the market.

The company received an investment from Australia-based private equity firm LVT Capital to form a strategic partnership aimed at enhancing the sustainability, innovation, competitiveness, and dependability of Ternoa’s services that allow users to build time capsules for safely transmitting their memories and important data to their descendants even after death.

Building on LVT’s Expertise

With its focus on blockchain, crypto, and tech projects, LVT Capital has already proven its expertise in these areas with its numerous collaborations and investments. The company has already made investments in more than 40 top-caliber crypto, real estate, finance, education, and cybersecurity firms with 200 more under evaluation for potential collaborations.

LVT Capital has the market and technology expertise as well as the resources to enhance Ternoa’s unique service and promote it to boost the company’s competitiveness. For instance, LVT Capital has its own media & marketing services and an online publishing arm focused on blockchain, technology, and business, which makes the firm a perfect fit for Ternoa.

Ternoa Blockchain Offers Customizable Time Capsules

Ternoa Blockchain found a new way to use NFT and blockchain technologies to help people handle their data storage and transmission needs, which is one of the reasons for LVT Capital’s decision to invest in its business. With its Polkadot-powered, NFT-based customizable time capsules, people can securely transmit their memories such as photos, videos, and other important data to future generations or simply use the platform as a secure storage solution.

Ternoa’s platform is flexible enough and gives users several options on how they wish their data to be retrieved by their intended recipients. The available transmission protocols are Safe Protocol, Consent Protocol, Death Protocol, D-day Protocol, and Countdown Protocol.

  • Safe Protocol – Data owners can retrieve data at any time, which makes use of Ternoa as a secure and portable storage solution.
  • Consent Protocol – Recipients can access the time capsule as long as the original owner does not use his veto option.
  • Death Protocol – The time capsule will be delivered to the beneficiaries upon the death of the creator based on local death registries APIs.
  • Countdown Protocol – Introduces a countdown feature which can be set to1 month, 1 year, or 10 years. The time capsule will be delivered to the recipient if the countdown reaches the limit. The creator can reset the countdown at any time.
  • D-day Protocol – Time capsule can only be accessed on a specific date, which is set by the creator.

While the loss of data is always an issue for other data storage solutions, Ternoa eliminated this risk by making copies of the files inside the time capsule, which are stored in other dex storage blockchains. At the moment, Ternoa sends these copies to Aerweave, Sia, and Storj while keeping the original version in its network. To learn more about the project, click here.

IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.

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