Connect with us

Blogs

Can Ethereum Innovations Help ETH Markets Go Back Up?

Published

on

Ethereum
READ LATER - DOWNLOAD THIS POST AS PDF

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.

Conclusion

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Altcoins

Top 3 Coins to Buy Before They Go Big

Published

on

coins
READ LATER - DOWNLOAD THIS POST AS PDF

Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

Continue Reading

Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

Published

on

crypto credit cards
READ LATER - DOWNLOAD THIS POST AS PDF

It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

Continue Reading

Elite