The more cryptocurrency markets are experiencing a dip because of bitcoin, the more FOMO (fear of missing out) is driving investors to buy top-10 crypto. Although Bitcoin has nearly touched the surface of $6000 some experts are indicating further fall in price in the coming days. This scenario is quite different when it comes to Ethereum and other altcoins. It’s safe to say that Ethereum still has a trick up its sleeve to climb markets and give its investors a breather soon. In this article, we shall discuss more how we believe Ethereum could already be on the path towards recovery.
What Is Casper Protocol?
Anyone who knows anything about crypto must know that Ethereum has always been crowned as one of the most significant digital currencies. the primary reason being its innovative technology and its incessant advancements in the blockchain industry. Crypto enthusiasts, as well as crypto experts, believe that Ethereum has made more impact in the industry and is well-rooted into the system that for it to be called just a cryptocurrency would be insufficient. Ethereum is known for its technological advancements, constant updates, reliable and improved ecosystem.
Casper protocol is all but an example of Ethereum’s advancement. The two Ethereum development projects under the name Casper are Casper FFG, a protocol being developed by Vitalik Buterin, Ethereum’s co-founder. The other one is called Casper CBC. Casper one of the latest proof-of-stake protocol which has got everyone in the crypto space talking. Through Casper, validators will be able to stake some of their existing Ether. After encountering a block that needs to be validated they will place their bets and if that block is attached to the chain then the validators will be rewarded according to their bets. This validation system does not contain any loophole according to Ethereum team and it also effectively hinders malicious activities within the system. with all these features, developers at Ethereum say that Casper will surely add to energy efficiency, strengthen economic security and give way to scalability.
Will Ethereum Enter Gaming Via New ERC Standard?
Ethereum ecosystem has always been recognized specifically to be working as a foundation for smart contracts. Smart contracts are actually automated protocols that execute and enforce various types of transactions autonomously. And now Ethereum might be entering the gaming industry with a new token standard. This new token standard has been created by Witek Radomski also known as the Co-founder and CTO of Enjin coin. He has written a medium post regarding the creation of new token standard being called, ERC-1155 on the Ethereum blockchain. According to Witek, new blockchain games require recent Non-fungible ERC tokens such as ERC-71 because it allows each and every unit to be unique collectible item having its own serial number. But that’s impractical and wastage of space if we compare it to the situation where you buy a new PC just to run a different Application. Even so, the reason for its popularity could be related to the huge success of Cryptokitties.
But mainstream games require more advanced token standard, more precisely ERC-1155. According to Witek, using it would mean that a single contract will be sufficient for storing more item while playing mainstream games. Some of its highlighted features are as follows:
- The amount of data required to differentiate the tokens from others will be kept at a minimum.
- This contract state would also contain configuration data per token ID.
- The ERC-1155 has attracted much attention towards it because it will allow the creation of token that makes atomic swaps easier (in just two steps).
- This new standard would also ease the process of sending any number of items by a user to one or more recipients on the blockchain with just one transaction.
- Sending to multiple recipients using one transaction would save a good amount of energy and reduce network congestion.
- Developers can also create a fungible and non-fungible item with the help of this new token standard.
- To create the token, one does not need to be an expert developer from Enjin program. Almost anyone can create tokens by using ERC-1155 standard since it’s a simple store of data and behaviors that features a GUI for the creation and launch of new tokens.
Current Market Position:
These recent updates and the release of the ERC-1155 standard has positively influenced Ethereum’s markets. At the time of writing the individual price of Ethereum that is ranked as the 2nd largest cryptocurrency of the world is close to $458.20 which is constantly rising at the rate of 1.41%. the total market capitalization of Ethereum according to the latest data on CoinMarketCap is approximately $45.962 billion. Around $4.3 billion ether has exchanged hands within the past 24 hours. As it seems, ETH is trying to recover from past losses and once after it reaches correction we might observe bullish trends.
The ERC-1155 contract has already been released to the Game Development and Ethereum community. most of the community members and Ethereum developers seem to be favoring this innovative token standard on various forums. It is true that people are enthralled by the possibilities and opportunities ERC-1155 standard is proposing but we still need to see it in action to ascertain whether it is worth the hype or not. The only certainty is that it’ll rake in more usability and appreciation for Ethereum ecosystem in the near future.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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