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Can Ethereum Innovations Help ETH Markets Go Back Up?

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Ethereum

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.

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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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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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