In a recent meeting, Ethereum developers have been debating about the most important upgrades to the network: Sharding and Casper. The meeting known as Ethereum Core Devs meeting #40, took place on June the 15th and left some important things that are worth mentioning.
Ethereum Sharding and Casper Development
The key point of the meeting was to re-schedule the releases of the two important Ethereum upgrades, Casper and Sharding. The new proposal suggests that Casper could be released on a shard, or a side chain, which is totally different from the idea of releasing it using a smart contract.
Sharding is a scaling solution that has been presented by Vitalik Buterin back in April. This improvement would allow nodes to store just a small part of the distributed registry. But for example, each node is able to rely on the information of others.
Casper, instead, was first published in October 2017. It is a proof of stake (PoS)-based finality system that aims to solve the ‘questions of economic finality through validator deposits and crypto-economic incentives.’
Buterin explained about it:“The Casper component is somewhat more separate from the main chain. That means it can be developed less intrusively in some ways, it can be developed as a separate chain and can have its own rules.”
On the latest proposal, the Ethereum network would be using PoW with a PoS consensus mechanism. The main goal in the future is transition to a full PoS system.
Vitalik has also said that with the re-schedule of the upgrades would help reduce the deposit amount required to participate in securing the network. It would require 32 ETH instead of 1,500 ETH.
The second most important network in the market, Ethereum is trying to improve and scale with these two solutions. But it is also important to mention that Bitcoin developers are also working in an off-chain scaling proposal for the most important crypto in the market. The so called Lightning Network could be launched to the market during this year.
Tiffany Hayden Claims XRP Price Will Eventually Catch Up With Development!
In a heated debate on Twitter, Financial advisor and XRP enthusiast Tiffany Hayden was embroiled in a discussion around the price of XRP.
CCN News initially tweeted an article regarding PayPal Director Xapo CEO Wences Casares stating ‘One Bitcoin Could Exceed $1 Million in 7-10 years”
The tweet caught the attention of many followers quite noticeably an XRP supporter who speculated their opinions on XRP’s price.
@xrpdoll tweeted “And 1 XRP could exceed $42,000 in 7-10 years!”
This was then met by a barrage of insults indicating XRP could not reach such price due to its market cap.
Has the bear market brought out the worst in some Cryptocurrency communities spreading relentless toxicity?
And more importantly…
Will there ever be an end to the continuous division between Bitcoin maximalists and XRP Maximalists?
Tiffany Hayden responded to one of the replies adding;
I know the bear market has been difficult, particularly for people who bought at the peak, but the direction and momentum of $XRP have only increased since then. At some point, the price will *finally* reflect that. And then the haters will all scream “price manipulation!”
It is easy to forget during the 2018 bear market that Ripple was one of the few Cryptocurrency projects making significant progress and paving the way for adoption with financial institutions, banks, and payment providers.
Ripples progress has also been unmatched with the confirmation of partnering with over 200 banks worldwide, over 100 financial institutions around 40 countries in six different continents.
Not to mention…
Equally successful provided liquidity for cross border payments using XRP and utilizing payment providers such as Mercury FX and Cuallix – Some of the first customers to adopt xRapid to increase payment speed and make it substantially cheaper for their customers.
A key indication of the innovative strides Ripple was making!
Breakthrough XRP Utility and Academic Advancements
While this market traction has had a profound impact on its customers and clients, Ripple’s year of breakthroughs also expanded beyond the cross-border payments use case.
We saw new utility and diversity spread across the XRP ecosystem. Ripple launched the Xpring initiative in May to build infrastructure and drive growth in blockchain through investments and partnerships. In just half a year, Xpring has helped develop several notable blockchain projects, including SB Projects, Coil, Omni and Securitize.
XRP is currently trading at $0.32 against the USD and currently down 90% from its all-time high around $3.40.
However, whilst it’s easy to recognize the current undervalued price of XRP, investors should be aware that the bear market would not last forever.
The Cryptocurrency space moves in cyclical frequencies and eventually, the price of XRP will catch up with the unwavering development that has occurred during this difficult time.
Do you want to know the key to becoming a successful investor in this market?
Having a long-term outlook on the development of Ripple/XRP and acknowledging this is at least a 5-10 year project.
The price of XRP now will truly be a blessing for those that remained patient throughout this period.
Bitcoin (BTC) Closes Below 50 Week EMA But Shorts Decline Around 20%
The most anticipated event of the week which was the BTC/USD weekly close is now over. The price has just closed below both its 50 Week EMA as well as the 61.8% Fibonacci retracement level. This means that the ongoing weekly candle now has a higher probability of being red and could at least fall towards the 200 Week EMA if not lower. The Stochastic RSI on the weekly time frame shows that Bitcoin (BTC) has not been this overbought since the beginning of the bear market. Even when the price topped in late 2017, the Stochastic RSI was much lower than it currently is. This means that there should be no doubt that the price is poised for a sharp decline, the only question is when.
Bitcoin (BTC)’s close below the 50 Week EMA and the 61.8% Fib retracement level should have been a confidence booster for the bears but the exact opposite has happened. The number of margined shorts has declined around 20% and could continue to decline if BTC/USD trades sideways. Bitcoin (BTC) may be quite close to its true bottom but the fact remains that it is more overbought than it was when the bear market started. Perhaps, the sentiment is also a lot more bullish than it was back then. When the price topped around December, 2017 and the rally slowed down, a lot of people were concerned that BTC/USD had a parabolic run and will not have to come down. This time however, a few pumps to the upside has convinced majority of the bulls that the bear market is over regardless of what the technicals say.
If the rise in BTC/USD was gradual and sustainable with higher highs and higher lows, it would be a bit hard to deny it can’t keep going up even if the price had been overbought short term. However, that is now what has happened. We have seen a clear lack of bullish momentum in the price action. There is too much friction and the price is too weak to break past resistance levels smoothly, but then we see a pump to the upside and the bulls are excited again. However, every time the bulls push after a pump, the whales dump on them. So far, they have allowed the price to rally to trap in as many bulls as possible with their high leveraged positions.
The weekly chart for BTCUSD Shorts shows what is going on. The number of margined shorts has declined to its trend line support as the bulls confidently expect a rally towards $6,000 or higher. The retail bears have been affected by this sudden sentiment shift in favor of the bulls which is why the shorts have declined so heavily. The weekly chart shows that BTCUSDShorts is now long overdue for a strong trend reversal which would see the number of shorts rise again. This means that Bitcoin (BTC) is far from being out of the woods just yet and could see significant downside in the months ahead.
John McAfee Stops Promoting Skycoin Cryptocurrency, a Controversial Token, Despite His Tattoo
John McAfee, one of the most popular crypto supporters in the space, announced that he is not supporting Skycoin anymore.
This comes after the decision he took to make a tattoo related to the digital asset.
I got a Skycoin (https://t.co/2oeokRUOME) tattoo today. My tech folks will stitch a two minute video together that should capture the essence of the experience. For now, this short clip should summarize. Why Skycoin? If you have to ask, you've been living in a fucking closet. pic.twitter.com/c6plwQrH2t
— John McAfee (@officialmcafee) November 7, 2018
John McAfee Stops Promoting Skycoin
On Twitter, John McAfee explained that he s no longer working or promoting Skycoin. The crypto expert did not provide any further information about it or why he decided to take this decision.
Nonetheless, he mentioned that users could send him a direct message in order to know more about the decision that he took.
In another tweet, he talked about the Tattoo that he did on his body. He said that he will keep it as a reminder that he will still get scammed by “unscrupulous people.” He has also mentioned that they almost drove him to violence.
I'll keep it as a reminder that no matter how old I get, I still get scammed by unscrupulous people with pie in the sky plans. They almost drove me to violence.
— John McAfee (@officialmcafee) March 20, 2019
McAfee started promoting this project back on November 4. In order to increase adoption and show that he was truly devoted to the project. Once McAfee decided to show its support to the digital asset, SKY increased 45% of its value.
At the time of writing this article, SKY is the 203rd largest digital asset in the market. It has a market capitalization of $15 million and each coin can be purchased for $1.12.
Since its all-time high in January 2018, the digital currency lost more than 98% of its value, being one of the biggest losers in the market. BitConnect (BCC), for example, lost 99% of its value after the Ponzi and pyramid scheme handled by the company fell.
McAfee has been promoting different Initial Coin Offerings (ICOs) during several months and it has also offered its support to many different projects and digital assets released to the market.
Today’s Bitcoin (BTC) Price Prediction Plus ETH, XRP and BCH Chart Analysis