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Beacon Chain Genesis Nears, Ethereum’s Price Is Set To Surge

As the Beacon Chain genesis nears, Ethereum’s price is set to surge further as it performed well this year due to the increased demand for DeFi apps and yield farming opportunities. In our Ethereum news today, we read more about the update. Since the start of the year, Ethereum’s price gained 170% from below $140 on New Year’s Day to about $380 current levels. There’s no doubt that the main driver of the demand was the DeFi sector which surged by 200% in terms of ETH locked up. Today, there are about 9 million ETH or 8% of the entire…

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Ethereum 2.0: Developers optimistic about deposit contract launch

Ben Edington, a developer associated with ETH 2.0 at Consensys, recently updated the community about a few “breaking changes,” with respect to the series running on the Medalla testnet. Reportedly, a few configuration parameters have been changed. A previously noted pain point was the genesis delay. This has now been changed to one week, meaning […] The post Ethereum 2.0: Developers optimistic about deposit contract launch appeared first on AMBCrypto.

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Ethereum: ‘Base-layer scalability is years away,’ says Buterin

September was the first month in Ethereum’s history when transaction fees surpassed the subsidy. In fact, miners made more from fees than from block rewards. Further, the transaction fee as a percentage of total revenue has risen exponentially too. This is an interesting development, but the question is whether this is an anomaly. According to […] The post Ethereum: ‘Base-layer scalability is years away,’ says Buterin appeared first on AMBCrypto.

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Ethereum 2.0 Devs Head Back to the Drawing Board as Testnet Misses Mark

Ethereum developers termed the launch of the new ETH 2.0 testnet Spadina as a “dress rehearsal testnet for the community.” While the testnet launch was successful, delay in the process raised technical flags.  Spadina Testnet Faces Hurdles at Launch  Spadina is the second testnet for ETH 2.0 after Medela, which was launched on Aug. 4.  The threshold of 1,024 validators for kickstarting Spadina was reached within a day, with users locking in over 174,000 GöETH. The testnet is only meant to last for three days. GöETH is a free testnet version of Ethereum obtained from through faucets distributed by testnet…

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Spadina Testnet For ETH Fails To Launch Properly, Devs Need More Time

The Spadina testnet which was focused on genesis block creation had low participation because of technical issues which means it had trouble launching as we are about to read more in the ETH news. The Spadina testnet focuses on genesis for ETH 2.0 but the lack of user participation combined with technical issues and user confusion made the launch unsuccessful. The developers will run another trial- Zinken, next week. The short-lived ETH testent and “dress rehearsal” for the ETH2 Genesis, ran into major problems during the launch today. As a result, ETH 2.0 the upcoming proof-of-stake network will need at…

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Exorbitant Gas Fees on Ethereum Force UniLogin to Shutter Operations

UniLogin, an Ethereum onboarding solution and wallet, is shutting down due to high gas fees, an inability to scale, and browser issues. DeFi has been the main culprit behind rising transaction fees and the ultimate reason for the project’s death. In an official blog post, Alex Van de Sande, a founder of UniLogin, said:  “[At] the moment Ethereum has been going through a process of gentrification, where big DeFi users are pricing out all other usage of the network. Games, NFTs, DAOs, and many other exciting use cases are simply inaccessible at the cost of multiple dollars per transaction.” UniLogin…

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Ethereum’s Scalability Issues Will Not Be Fixed With ETH 2.0

Ethereum’s scalability issues will not be fixed with ETH 2.0 according to one analyst as we are reading more about it in the latest Ethereum news. ETH 2.0 could not solve Ethereum’s scalability issues as unique addresses for Defi are growing and surpassed the 450,000 mark since the start of the year. Ethereum has to scale dramatically to on-board the existing crypto user base of 50 million in the DeFi platforms already. ETH 2.0 along with the layer 2 implementations could not be able to keep up with the growth of the network usage from Defi. Assuming DeFi users have…

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Should Ethereum traders brace for a U-turn?

DeFi’s explosion has fueled Ethereum’s transaction fee hike and the subsequent price rally. When DeFi exploded on 2 September 2020 and later, on 5 September 2020, the figures for Total Value Locked hit $9.6 B on the charts. In fact, Ethereum’s price hit a new high of $484.15, corresponding to DeFi’s rally.  Source: Coinmarketcap Not just the price, but the transaction fee continued to rise too due to high demand and network congestion on the part of DeFi traders. In its correlation with DeFi, the stakes are high for Ethereum as the network has many important events planned for 2020.…

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Ethereum 2.0 Imminent, Serenity Phase 0 EIP Submitted

Danny Ryan and Vitalik Buterin have submitted a formal proposal outlining the different components of the highly-anticipated Ethereum upgrade, ETH 2.0. This is an essential step towards the network’s launch and shows the upgrade is still scheduled for a November launch. Etheruem 2.0 Set for 2020 Launch After restarting the Medalla testnet, the ETH 2.0 team submitted an EIP that outlines the workings of ETH 2.0. Danny Ryan and Vitalik Buterin jointly submitted the proposal. The ETH 2.0 development team came under pressure for saying a release before 2021 was not likely. This drew sharp criticism, as Ethereum has developed…

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Declining ETH Gas Cost Still Higher Than BTC Fees: Supporters Insists ETH 2.0 to End High Fee Woe

Ethereum network gas fees that averaged $15.13 on September 2 have been declining in the past four days ending the day at $3.43, according to Token View charts. At that cost, ethereum fees are still ahead of those on the Bitcoin network that averaged $2.75 on September 6. The highest average daily fee on the Bitcoin network of $5.31 was recorded on September 4. In the meantime, the Token View charts also seem to support the notion that the start of the Defi boom coincided with the spike in Ethereum gas fees. For example, between early June and July 19,…

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ETH 2.0 Validator Says Medalla Testnet Incident Was a “Learning Experience”

One of the validators testing on ETH 2.0, Ethereum’s upcoming platform upgrade to a proof of stake consensus design, said the recent Medalla testnet incident was a “learning experience.” Validator Says ETH 2.0 on Track Prsymatic Labs, the validator in question, said the ETH 2.0 network will release as planned and that any rumors ofRead MoreRead More. The post by Shaurya Malwa appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Ethereum 2.0’s Medalla Testnet Back Online After Multi-Day Outage

Ethereum 2.0’s testnet is back online following a multi-day outage, according to current network statistics. Medalla is saved! INFO blockchain: Synced new block block=0x68a46008… epoch=3428 finalizedEpoch=3424 finalizedRoot=0xf0e6b2fe… slot=109700 — prestonvanloon.eth (@preston_vanloon) August 19, 2020 Outage Comes to an End On Aug. 14, Ethereum 2.0’s Medalla testnet crashed due to a Cloudflare outage that affected node synchronization. This issue prevented nodes from validating blocks and processing transactions. One of the crucial issues was the dominance of the network clients called Prysm and Lighthouse. A diversification between clients is necessary to keep the network intact if some client breaks. The issue wasn’t…

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Are crypto-tax regulations ready for Ethereum’s staking rewards?

Over the past decade, the crypto-market has diversified significantly and today, the average crypto-user has a wide variety of options in terms of coins and derivatives products to choose from. However, this growth hasn’t translated well when it comes to addressing issues pertaining to regulatory and tax compliance. Tax laws and the IRS’s guidelines for crypto-users have historically been obscure and cryptic. In the past, there has been a lot of debate over a better crypto-tax policy and clearer guidelines for users. In fact, with Ethereum transitioning towards a Proof of Stake consensus algorithm that is expected to reach fruition…

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Ethereum 2.0 Isn’t a Panacea for Sharding and Scalability, Who Might Be?

The launch of ETH 2.0 seems to be one of the hottest stories since the launch of the original Ethereum blockchain. Despite the first-ever smart contract platform being so hotly anticipated, it was not even three years old before its scalability issues started to become evident. Amid the blockchain and ICO mania of late 2017,Read MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Ethereum derivatives soar on the back of Medalla going live

Medalla, Ethereum 2.0’s final public testnet, went live on 4 August with over 20,000 validators. This testnet was the final leg before ETH 2.0 goes live tentatively by the end of 2020. According to Beaconchain block explorer, with 21,605 current active validators, approximately 691,360 ETH have been staked. Medalla’s launch may have also contributed to the surge observed in the spot price of Ether. With the coin reporting a nearly 71% rise in its price over the last 2 weeks, the press time value of the world’s second-largest crypto stood at $396.42. Source: Coinstats With the spot market surging and…

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