In a new development which could open a new era in the history of the cryptoverse, Emin Gun Sirer, a professor at Cornell University, is looking at launching his own cryptocurrency and network. He will be receiving funding from several big VCs in the field.
Sirer said that the AVA network was going to be of a higher throughput, which will also be looking at reducing transaction time. The blockchain will also have an application which tracks supply-chains and keeps a tab on securities and gold.
Sirer said,“Many existing blockchains tend to be specialized, focusing on ensuring user privacy or functioning as a store of value. Ava aims to run as many transactions per second as Visa and with 1.35 second confirmation latency, which should enable all these applications, plus ones that aren’t even possible yet.”
Sirer stated that “every certificate will one day be represented on the blockchain,” while adding that the Ava network was trying to create the correct foundation for making that vision happen.
Ava Labs Inc. has already raised $6 million in funding, with the investors being Andreessen Horowitz, Polychain and MetaStable. The test version of the network
Avalanche protocol is one of the latest developments from Ava Labs. Team Rocket, an anonymous group, had last year come up with a new distributed way to verify transactions. The Avalanche protocol was designed to be more flexible and able than Bitcoin.
Emin Gun added,“You can create a digital asset on top of Ava, a coin X, And then you can say, I want my coin to support Bitcoin transactions as well as Zcash –- you can mix and mash features from different languages. And I want these features to be supported on this set of nodes.”
According to Sirer, Ava is also working towards securing large corporations as partners, and is planning to establish Ava chapters in cities throughout the world.
However, Cornell isn’t the only institution at the forefront of the crypto, blockchain revolution. According to reports, professors from seven universities have come together and are working on a digital currency called “Unit-e,” an initiative by Distributed Technology Research, a non-profit foundation.
Ava is expected to compete with Ethereum since the network will provide all the services that Ethereum already does.
Ethereum 2.0 test network starts with more than 22,000 validators
- The Ethereum 2.0 test network operated by Prysmatic Labs has reached its maximum capacity with over 22,000 validators.
- The introduction of Ethereum 2.0 could lead to the staking of about 10 million ETH within 6 months.
On 9 January 2020 Prysmatic Labs launched its Ethereum 2.0 Sapphire testnet. After a few days the test was restarted with a more powerful configuration than before, so that every Goerli test participant could join it. As a result, the capacity of the test network, with 24,000 active validators, had a sensational start at the time of publication. According to Raul Jordan, client developer for Ethereum’s Prysmatic Labs, the network is currently the largest Eth 2.0 testnet.
Ethereum 2.0, also known as Serenity, will mark the beginning of Ethereum’s transition from Proof of Work (PoW) to Proof of Stake (PoS) and a scalable blockchain with its Phase 0. The basic functionalities of the Beacon Chain will be introduced.
Sapphire is the largest testnet of the Ethereum 2.0
According to the Prysmatic Labs website, Sapphire has a total of 32,147 validators, 24,019 are active and 8,128 are pending. The test was restarted after its launch due to some difficulties, according to Jordan:
THE VALIDATORS WERE NOT ABLE TO PROPOSE BLOCKS FOR A TOTAL OF 217 SLOTS, CAUSING ALL KINDS OF CRAZY PROBLEMS, BOTTLENECKS AND, OF COURSE, US GOING CRAZY.
The problem was related to an error in the configuration and serialization library (SSZ). This led to discrepancies between the roots state of genesis with the
Preston van Loon, one of the client’s developers, said that after 4 days the validators are composed of 5 to 10 thousand individual operators for a total of 70 active nodes. The website beaconchain.in records that the Sapphire tesnet has reached its maximum capacity with 70182.20 ETH staked. The interest in the test is broadened by the rewards it offers to participants.
Buterin estimates that 10 million ETH will be staked
Ethereum co-founder Vitalik Buterin is not missing the strong development of Ethereum 2.0. When the transition from Proof of Work to Proof of Stake is complete, around 10 million ETHs will be staked, according to Buterin. In addition, the inflation rate of Ethereum will increase by about 5%.
As reported by CNF, the proposal to accelerate the transition to Ethereum 2.0 introduced by Buterin was approved by the core developers. Buterin’s proposal consists in making a migration from eth1 to a shard of eth2 after adding the infrastructure in a phase 1 (Shard data chain). The developer of Ethereum 2.0, Danny Ryan, explained that this will be known as phase 1.5 and will encourage “rollups”, and give access to the scalable layer of the sharded data.
However, a final date for the publication of Eth 2.0 is still pending. As Ryan explained, version 0.10.0 will be an important step in the development of Eth 2.0, with a V.0.11.0 to come before version 1.0.
Follow us on Facebook and Twitter and don’t miss any hot news anymore! Do you like our price indices?
Last Updated on 18 January, 2020
Ethereum Above This Key Level for First Time in 6 Months: Is a Surge Coming?
While Bitcoin (BTC) saw a crazy week in and of itself, gaining 10%, Ethereum outpaced the market leader. The second-largest cryptocurrency by market capitalization gained 20% over the past seven days, pushing to $175 for the first time in weeks.
While some analysts are skeptical that this rally will last, citing the fact that ETH printed a clear swing failure candle at the top of the rally, a top analyst just observed that the cryptocurrency has surmounted two key price levels on the daily chart.
Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week
This suggests that a surge could be supported in the coming weeks.
Ethereum Tops Two Key Price Levels
Brave New Coin’s Josh Olszewicz recently observed that Ethereum’s one-day chart has printed an extremely bullish sign: the price of ETH just crossed above both the 200-day exponential moving average and the Ichimoku Cloud for the first time since July 2019.
NewsBTC’s analysis found that a majority of the time the cryptocurrency found itself trading above the two key resistances that were aforementioned, prices continued to rally higher, sometimes gaining dozens of percent more.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!
This historical strength would suggest Ethereum has room to rally higher in the coming weeks.
Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion
Not Only Positive Sign
Olszewicz isn’t the only Ethereum bull.
Dave the Wave, the cryptocurrency trader who in the middle of 2019 called Bitcoin’s decline to $6,400, posted the below chart last week. He noted when the cryptocurrency was at ~$150 that he expects ETH to push towards $200. This move would put ETH above a key falling wedge structure, which would bode well for bulls.
This comes shortly after the prominent trader noted that Ethereum recently bounced off the 0.786 Fibonacci Retracement level of the price action from the 2018 bottom to the 2019 bottom, while the Moving Average Convergence Divergence (MACD) has shown signs of a reversal on a medium-term basis, boding well for bulls.
Although the number of new Ethereum addresses may not seem to related to ETH’s price on the surface, the user’s chart shows that there is a clear correlation between the two metrics, with address count growth seemingly preceding price action.
Due to this historical correlation, the rapid growth seen in this metric could imply that the second-largest cryptocurrency has extreme upside potential ahead of itself, upside that may take it back towards $200 and $300.
A Strong Uptrend Is Forming For Ethereum And It Could Rally To $200
Ethereum gained bullish momentum above the $170 resistance against the US Dollar, and bitcoin jumped above $9K. ETH price is likely to continue higher towards the $195-$200 resistance area.
- ETH price is showing a lot of positive signs above the $165 and $170 levels against the US Dollar.
- The price traded to a new 2020 high close to $180 and it is currently consolidating gains.
- There is a key rising channel forming with support near $172 on the 4-hours chart of ETH/USD (data feed via Kraken).
- Bitcoin is up around 3% and it broke the main $9,000 resistance area.
Ethereum Price Could Test $195-$200
This past week, there were mostly positive moves in Ethereum above $160 against the US Dollar. ETH gained bullish momentum and broke many hurdles near $165 and $170.
Moreover, there was a close above $170 and the 100 simple moving average (4-hours). Finally, the price traded to a new yearly high at $179 and it is currently consolidating gains.
It traded below the 23.6% Fib retracement level of the recent wave from the $165 low to $179 high. The first major support on the downside is near the $172 level. Besides, there is a key rising channel forming with support near $172 on the 4-hours chart of ETH/USD.
The 50% Fib retracement level of the recent wave from the $165 low to $179
On the upside, the first major hurdle for the bulls is near the $180 level. A successful break above the $180 resistance area could set the pace for more gains above $190.
The main resistance above $180 is near the $195 and $200 levels, where sellers are likely to emerge. A clear break above the $200 barrier would suggest an opening for a long term uptrend.
What’s Bearish for ETH?
The first key support is near the $172 level, below which Ethereum price might extend its correction towards the $165 support. The next major support is near the $160 area and the 100 simple moving average (4-hours).
Only if ETH bears succeed in pushing the price below $160 and the 100 simple moving average (4-hours), the price could turn bearish. If not, it is likely to extend gains above the $178, $180 and $185 levels in the near term.
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for ETH/USD is currently well above the 55 level.
Major Support Level – $165
Major Resistance Level – $180Tags:ETHethereumBitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Instant Crypto Credit Lines™ from only 5.9% APR – unlock your crypto-wealth tax-efficiently, without selling it. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.