Ethereum creator Vitalik Buterin is spotlighting a new cryptocurrency from the co-founder of Occupy Wall Street, the socio-economic movement that swept across the US in 2011 in response to wealth inequality.
According to creator and social activist Micah White, Sparkle is the world’s first redistributive currency. It aims to solve the same problems that Occupy Wall Street attempted to tackle by using Ethereum. Billed as a “better money”, White says, “When the rich spend Sparkle, the poor receive their share.”
“Here’s how Sparkle works: every time Sparkle is bought or transferred, 2% is taxed and redistributed to the entire economy.
This 2% tax is a transaction tax reminiscent of the Tobin Tax or Robin Hood Tax with one key distinction: the proceeds of the tax are redistributed proportionally to everyone in the economy. The system does not penalize being wealthy — after all, the wealthy will receive a greater share of the transaction tax — and still it rewards the poor.
Imagine if we all benefited from the luxury consumption of the elite.”
Responding to White, Buterin supports the main idea of Sparkle but suggests different ways to distribute the 2% tax.
“I actually like this! My main issue with redistributing the tax to hodlers is that in practice wealth inequality tends to be higher than income/consumption inequality so this could backfire. I have some other ideas for where I think the funds from the tax pot should go.”
“Particularly I agree with E. Glen Weyl @glenweyl that more egalitarian ethereum applications do need to bite the bullet and find a good way to represent people and not just coins.
In general I’ve always found the idea of having a “tip” enforced by social norms that goes to fund public goods in some way a really cool idea.
Ideas of where the tax pot should go: The “obvious default” is per-person UBI [universal basic income]. But I actually think quadratic funding (see https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3243656… and https://medium.com/@RhysLindmark/a-visual-representation-of-liberal-radicalism-d99b0a70c8b8…) is even more interesting and cooler.”
Sparkle lists its critical advantages and key features.
Sparkle has no kill switch or pause function.
Sparkle cannot be broken, changed or modified.
Sparkle is a protest that offers an alternative.
Sparkle enacts new economic laws that could form the basis for a better society.
Sparkle’s design fights currency speculation and is backed by a verifiable reserve of ETH that guarantees a minimum value.
- Actually Exists
Sparkle is real and exists right now.
White says he was invited by the Ethereum Foundation and that he’ll be speaking at DevCon, the upcoming Ethereum conference for developers and researchers.
Buterin says he’s interested in exploring the new cryptocurrency.
“Would love to chat more in person at some point.”
Ethereum’s Harmony will not support upcoming Istanbul hardfork
With the Istanbul hardfork expected to roll out by 4 December, developers of the Ethereum community have been releasing several upgrades in its ecosystem.
The testnets before the execution of the Istanbul hardfork have been activated with Rinkeby testnet being the latest one. While the community is gearing up for the Kovan testnet scheduled for December, the team lead at Ethereum Péter Szilágyi affirmed that Rinkeby was a success. His tweet read,
“The Rinkeby #Ethereum testnet is officially in Istanbul!!! :-)”
In more recent updates, Ethereum’s Tim Beiko took to Twitter to elaborate on the developments that took place in the Ethereum Core Devs Meeting #75. After the release of several versions of Nethermind, Besu, and Geth, Parity v2.5.10-stable and v.2.6.5-beta was the latest versions to be released. The release would add block numbers for the activation of the Istanbul hardfork on the mainnet along with other updates. Along with the latest versions of Parity, Aleth 1.7.0 was also released which focused on EIPs for the Istanbul hardfork.
While the developers urged the community to update their nodes, Beiko revealed that only 16% of nodes were updated.
Additionally, Beiko revealed that Harmony wouldn’t be supporting Istanbul. His tweet read,
“We also have an update from EthereumJ/Harmony to announce that they will stop maintaining their Eth1 client to focus on Eth 2.0. They will not be supporting Istanbul.”
While meeting mainly focused on Istanbul as there were no major updates pertaining to the Berlin hard fork.
Furthermore, Beiko revealed the status of Ice Age and tweeted,
“One final update, on the Ice Age! @JHancock is still looking at predicting exactly when it will hit. He will share the numbers with core developers as soon as he has them!”
Ethereum price analysis: ETH/USD attempts a recovery above $184.00
- ETH bulls engineered a recovery above the critical resistance area.
- The upside momentum has faded away so far.
Ethereum, now the second-largest digital asset with the current market value of $20 billion, has recovered from the recent low of $177.o5 and hit $184.33 during early Asian hours. At the time of writing, ETH/USD is changing hands at $183.77, mostly unchanged both on a day-to-day basis and since the beginning of Sunday.
Ethereum’s technical picture
On the intraday charts, ETH/USD has moved above SMA50 (Simple Moving Average) 1-hour (currently at $181.20) and attempted a breakthrough above SMA100 1-hour at $183.54; however, the bulls failed to keep up with the upside momentum. We will need to see a sustainable move above this handle for the recovery to gain traction. Once it happens, the next resistance of $185.00 will come into focus. This psychological barrier is strengthened by SMA200 1-hour located on approach.
On the downside, keep an eye on the middle line of 1-hour Bollinger Band at $182.30 and the above-mentioned SMA50 1-hour at $181.20. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $180.00 and the recent low of $177.05.
ETH/USD, 1-hour chart
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Ethereum (ETH/USD) forecast on November 18 — 24, 2019
Cryptocurrency Ethereum (ETH/USD) is trading at 179. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Ethereum. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.
Ethereum (ETH/USD) forecast on November 18 — 24, 2019
As part of the Ethereum forecast, a test of level 190 is expected. Where can we expect an attempt to continue the fall of ETH/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 142. The conservative area for sales of Ethereum is located near the upper border of the Bollinger Bands indicator strip at the level of 195.
Cancellation of the option to continue the decline in the Ethereum rate will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of 230. This will indicate a change in the current trend in favor of the bullish for ETH/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Ethereum (ETH/USD) forecast on November 18 — 24, 2019 implies a test level of 190. Further, it is expected to continue falling to the area below the level of 142. The conservative area for selling Ethereum is located area of 195. Canceling the option of falling cryptocurrency will be a breakdown of the level of 230. In this case, we can expect continuation growth.