CasperLabs, a startup attempting to crack the blockchain scalability problem, raised $14.5 million in a series A round to build a faster, safer, and more efficient proof-of-stake blockchain—a lot like Ethereum.
The round was led by Terren Fiezer—a financier who has held senior senior executive positions at Goldman Sachs, First Boston, and Drexel Burnham—facilitated through his Los Angeles holdings company, Acuitas Group Holdings.
“I’ve been following and studying the crypto and blockchain space since its earliest days, and I’ve been waiting for a company that can build the strength and decentralized aspects of a public chain with the speed, security, and scalability of a next-gen platform,” said Piezer. “Scalability of a product and company is the leading driver of value creation. Consistently, the most proficiently scalable company becomes the industry leader.”
Building a better blockchain
The startup’s eponymous initiative, Casper, is one potential solution to solving problems around proof-of-stake consensus. The “correct-by-construction” solution aims to provide faster and more efficient decentralized network consensus.
Notably, CasperLabs intends to release the first concrete implementation of Casper as its own smart contract-enabled blockchain. This new blockchain will be decentralized, sharded, and scalable, claims CEO Medha Parlikar.
Meanwhile, Ethereum’s Casper upgrade is still a few years out while ETH 2.0 is getting closer, but as always, still just out of reach.
If this is indeed the case, then Ethereum may have yet another
Bringing on Vlad Zamfir
In February 2019, the startup brought on Vlad Zamfir, a researcher known for his scaling-related research for Ethereum and (the now largely defunct) RChain. He previously worked on Casper for Ethereum as early as December 2017. Currently, he’s an “independent researcher” for the startup.
“I provide support interpreting and specifying the protocol, I’m not an employee or an executive or anything like that,” he clarified in a Tweet.
The $14.5 million will be used to hire 10 or so people over the next year and a half to speed up development, said Parlikar. CasperLabs comprises 28 employees, 21 of which are on the core software team as engineers, researchers, or developers.
That said, there still isn’t enough information to jump to conclusions about CasperLabs’ plans for its own blockchain. But, given the number of Ethereum contenders which tout better technology, the startup will have a lot of proving to do if it wants to gain traction from the crypto-mainstream.
This technical formation could mean Ethereum is in for massive short-term upside
It has grown increasingly unclear in recent times as to whether or not the aftermath of the recent uptrend seen by Bitcoin and major altcoins like Ethereum (ETH) marks any type of fundamental shift in market structure, or if it is simply another lower-high that will be followed by further losses.
In spite of this lack of clarity, analysts are now pointing to some bourgeoning technical patterns for guidance as to where the markets will trend next.
In the case of Ethereum, these technical signs seem to favor the cryptocurrency’s bulls, as they may signal that it will soon see some further upwards momentum.
Ethereum inches lower as it closely tracks Bitcoin
At the time of writing, Ethereum is trading down nominally at its current price of $165, and it appears to be closely tracking Bitcoin’s price action as the markets attempt to establish some momentum.
Despite facing a swift rejection at highs of over $170 earlier this week, ETH has been able to maintain some stability within the $160 region and it appears to be in a consolidation phase that could be followed by a major movement.
One technical factor that should be considered in the near-term is that Ethereum appears to be currently trading within a bull flag, which could mean that this bout of sideways trading will be followed by a massive upwards movement.
“Ethereum: What was a bullish pennant, now perhaps a bull flag. Volume decreasing,
These factors could bolster eth’s bulls and perpetuate a major upside swing
The bull flag that Ethereum is currently in the process of forming isn’t the only factor currently counting in the favor of the cryptocurrency’s bulls, as Bitcoin Jack – another prominent analyst – pointed out a few other key factors that should be considered by investors.
He notes that ETH has been able to break its volume downtrend and has been able to flip its previous resistance level into a support level – two factors that suggest it will soon see notable upside.
“ETH vs BTC daily chart update: Volume down-trend broken on sharp move up. Rejection of resistance was met with flipping old local resistance in to support. If price can breach into old range above, target 1 becomes viable quickly. A pullback into green is for buying,” he said while referencing the levels marked on the below chart.
Bitcoin’s price action may have significant influence over that of Ethereum and other altcoins, but the technical factors discussed above may be enough to allow ETH to break its BTC correlation and garner some independent momentum.
Enterprise Ethereum Alliance announces launch of testnet
- The Enterprise Ethereum Alliance (EEA) has announced the launch of its first testnet.
- EEA has entered into a cooperation with Whiteblock to use their Genesis SaaS platform for blockchain testing.
The EEA is a worldwide association of prominent companies from the tech industry that have set themselves the goal of advancing the development of the Ethereum blockchain technology. This conglomerate is the largest open source blockchain consortium in the world, which aims to deliver enterprise-ready software based on the Ethereum blockchain that can handle the most complex and demanding requirements of the corporate world.
Yesterday the EEA announced that through a cooperation with Whiteblock the first official testnet has been launched. Zak Cole, CEO of Whiteblock and chairman of the EEA Testing and Certification Working Group, said:
THE EEA TESTNET WILL ENABLE MEMBERS TO COLLABORATE AND UNDERSTAND HOW ETHEREUM SYSTEMS PERFORM AT SCALE IN A DETERMINISTIC AND CONTROLLED MANNER.
Under the partnership, EEA will use the Whiteblock-Genesis testplatform to provide and manage EEA’s official testnet. Genesis was launched yesterday and offers users the opportunity to pilot a whole range of end-to-end blockchain tests and development scenarios and to gain initial experience and results.
The testnet will enable the global business community to build, test and evaluate Ethereum’s next generation business applications. Participating actors can set up their own nodes and develop dApps. The EEA testnet will also support Metamask and provide full data and analysis capabilities. EA Executive Director Ron Resnick describes:
THE EEA’S BUSINESS-FOCUSED APPROACH ENABLES THE BROADER ETHEREUM BUSINESS COMMUNITY TO COLLABORATE, INNOVATE, AND CONTRIBUTE TO THE EVOLUTION OF WORLD-CLASS ETHEREUM SOLUTIONS. THE EEA’S TESTNET BRINGS US ONE
It is also possible to verify the requirements of companies within the testnet and thus to check the feasibility of projects in advance. The scalability and related key figures, such as transactions per second and other performance requirements can be determined quickly and easily in the testnet.
In addition, security tests, such as the simulation of a 51% attack, can be carried out. Stress tests on smart contracts are also possible to measure gas costs and to understand the limits of the system under different conditions. Migration tests can also be simulated. The launch of the testnet marks another milestone in the still young history of EEA.
Ethereum is the undisputed number 1
Ethereum provides a complex ecosystem that many big tech giants like Microsoft or Amazon already use with its web services. Ethereum also continues to be the leading network in the field of distributed applications, accounting for 55% of the total transaction volume of the dApps market. In 2019, ETH generated sales of USD 12.8 billion, followed by EOS with USD 6.1 billion and TRON with USD 4.4 billion.
However, Ethereum leads not only in terms of transaction volume, but also in categories: Number of dApps, active dApps, new dApps and active dApp users. With 1.82 million active dApp users, Ethereum has almost twice as many users as TRON.
Ethereum’s price follows the current market trend and has fallen 1.33% in the last 24 hours, to a price of USD 161.06.
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Last Updated on 16 January, 2020
ETHEREUM SHOWS FIRST BULLISH BUY SIGNAL FOR OVER A YEAR
- Ethereum Crosses Weekly MACD
- When Bullish?
Ethereum has been amongst altcoins showing double-digit gains and it’s long term technical indicators are turning bullish once again.
ETHEREUM CROSSES WEEKLY MACD
It would be fair to say that Ethereum is still deep within a two-year bear market. Since its heady peak, this time two years ago the world’s second most popular crypto asset has dumped 88% to current levels.
It has remained lethargic throughout 2019 with insignificant gains compared to its big brother. Ethereum actually ended the year lower than it started.
2020 has started on a slightly brighter note, but it couldn’t have got much worse for ETH prices.
So far this year Ethereum has gained 23%, most of that over the past couple of days. Prices have retreated back to the $160 level over the past couple of hours however as altcoins correct from their massive pump yesterday.
ETH prices 1 hour – Tradingview.com
The 50-day moving average turned positive earlier this month which could result in a golden cross on this time frame if bullish momentum continues.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!
Another long term indicator has been observed by Trustnodes, and that
According to Tradingview, the MACD takes the difference in values between two Moving Averages and an EMA of those Moving Averages and plots that difference between the two lines as a histogram which oscillates above and below a center Zero Line.
The MACD on the weekly time frame has turned bullish for the first time since December 2018 when Ethereum started to recover from its sub $100 low. The histogram is used as a good indication of an asset’s momentum.
The next step up for ETH prices would be the $185 resistance level where it spent a lot of time in October and November.
Traders are currently eyeing a bull flag pattern that is emerging on the ETH charts and the short term resistance is $170 which was yesterday’s top.
Fundamentally Ethereum is still strengthening with the largest developer base and most dApps in the ecosystem.
Add to that massive momentum and in Defi markets and it is easy to see that Ethereum will not stay on the floor for much longer. There is currently 3.1 million ETH locked in decentralized finance contracts and this figure is likely to increase as it evolves into a new financial ecosystem.