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Ethereum News Today – October 10

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  • Ethereum Is Uplifting the Crypto Market as Its Surges against Bitcoin (BTC)
  • More Focus in the Crypto Space Is Being Directed to Ethereum

Ethereum News Today – The digital currency market is currently in the green. The majority of coins in the market have amassed a considerable level of gain over the past twenty-four hours. The price of Ethereum (ETH) – the largest altcoin by market cap – is heading towards the $200 mark. Many believe that Ethereum has more to do with the current market upsurge than Bitcoin.

The price of Ethereum (ETH) earlier moved from $179 to $195. At the press time, the digital currency is trading around the $192 mark. The upsurge in the price of Ethereum is more than that of Bitcoin (BTC) over the past week. On the weekly chart, ETH to USD price is up by 9.27 percent while that of Bitcoin is up by 5.11 percent over the past week.

Ethereum (ETH) Price Today – ETH / USD

#NamePrice
2Ethereum(ETH)$192.13

Ethereum Is Uplifting the Crypto Market as Its Surges against Bitcoin (BTC)

The price of Ethereum was plunging against Bitcoin until it found a bottom at the 0.016BTC level. When compared to the value of BTC, the price of Ethereum has increased by 0.023 BTC. The significant increase depicts that Ethereum is uplifting the digital currency market.

The massive upsurge in the price of Ethereum might be as a result of the Devcon’s annual gathering that is taking place in Osaka, Japan. About 3000 people from the Ethereum community have joined the event with the aim of encountering Ethereum developers that have been working on the Proof of Stake upgrade.

More Focus in the Crypto Space Is Being Directed to Ethereum

The Ethereum 2.0 Deposit Contract is almost already. As such, many people from the Ethereum community would be focusing their attention on Ethereum, either towards earning on locked Ethereum or becoming a staker. This would also help to boost the Ethereum community and increase its number.

Recently, UNICEF announced that it could now receive payments or donations in the form of cryptocurrencies, Bitcoin (BTC) and Ethereum, through the UNICEF Cryptocurrency Fund. The organization would use the fund to support open source technology that would be of benefit to younger people.

In Great Britain, Brexit deals appear unbearable while the pound is plunging against the US dollar. These are some of the factors for the massive rise of the crypto market. The significant upsurge has pushed most of the coins in the market into the green zone, except USDT that is still in the red. Bitcoin (BTC) price just broke over the $8,500 mark.

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Android Tool Lets You Check Crypto Payment Apps for Double-Spends

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The risk of double-spending has traditionally been a major obstacle to creating and fully using digital money. A flaw of this kind would be detrimental to the credibility of any system claiming to provide universal solutions to the financial needs of our era. Whoever created Bitcoin elegantly solved the difficult task, but a growing ecosystem of related products and services comes with new threats and resurrects the challenge. It isn’t Bitcoin’s fault, but the danger is nevertheless present and a solution is needed.

Paynoway Tests Cryptocurrency Payment Applications

Developers have been working to protect you from some of the risks associated with products that expand the usability and utility of decentralized cryptocurrencies. The creators of a mobile application called Paynoway insist “double-spending is no longer a theoretical possibility but a practical reality.” They are offering software that allows you to verify transactions made through third party apps.

Most of the end-user applications widely available today leave their users vulnerable to being defrauded via double-spend attacks, the developers point out. “Paynoway is a tool that you can use to test the applications that you, or your business, depend on to accept on-chain cryptocurrency payments,” the team behind the app explains.

Android Tool Lets You Check Crypto Payment Apps for Double-Spends

The tool has been developed specifically for Android-based devices and is currently available for free download in the Google Play store. The version that can be installed right now is the app’s initial release. According to the description, the application is still in development but users have been invited to try it and provide feedback.

In its Github repository, Paynoway is described as a mobile app for testing payment systems against double-spend attacks. The program allows users to provide the details of a cryptocurrency transaction and check if it involves double-spending.

Paynoway produces reports about the tested transactions listed with their IDs as well as resolutions corresponding to each individual transfer of digital funds. The type of a transaction is determined as a “payment” or a “double-spend,” and its status is marked as “confirmed” or “invalid” respectively.

Understanding Double-Spends With Crypto

Double-spending in the context of Bitcoin may occur when a user attempts to make more than one transaction with the same amount of money. And since this involves digital files that are generally easier to duplicate, someone may be tempted to try and pay more than once with the same bitcoin.

Android Tool Lets You Check Crypto Payment Apps for Double-Spends

In peer-to-peer transfers, a user can attempt to broadcast two transactions, both of which will go into the unconfirmed transactions pool. But when these transactions are taken out and put into the blockchain they are checked for their validity and the second one won’t get confirmed.

When both transactions are validated simultaneously, two branches of the blockchain occur and a race between them begins. The first transaction to be confirmed in a block wins over the other. The more confirmations a transaction receives, the safer it is to consider complete.

Crypto payment applications provide businesses and individual users with much needed faster transfers which may involve accepting transactions with fewer or even zero confirmations. However, it’s not always guaranteed that a wallet, for example, will be able to detect both the original payment and a double-spend. And that’s where apps such as Paynoway can be useful.

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What is “Ethereum Spoon” Athereum?

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Ethereum is one of those cryptocurrencies which people seemingly like to fork. There has been the creation of Ethereum Classic, albeit a new fork could occur at the next major network upgrade as well. In the meantime, there is the Athereum project, which labels itself as a “spoon” of Ethereum. 

Spooning Cryptocurrencies

In this world of cryptocurrencies and blockchain technology, there are many ways to copy an existing project and making further additions or improvements. Forking is the most common approach. This method takes the existing codebase of a blockchain and introduces its own protocol and changes at a certain network block height. From that point forward, both projects can co-exist without any problems. That is, assuming the developers take the necessary precautions to avoid any potential issues on the network.

Spooning a cryptocurrency or blockchain is slightly different. It is labeled as creating a “friendly fork” rather than one which occurs under far less amicable circumstances. Ethereum now has such a “spoon” in the form of Athereum. It is quite interesting to see developers take this completely different approach, although the end result is not necessarily all that exceptional. Further growth in the cryptocurrency space is always a good thing, thus no method or ideology should be left unturned. 

Athereum in a Nutshell

As one would expect, Athereum takes a few promising elements of Ethereum and adds its own flavor to the mix. The goal is to benefit from the applications and developer tools developed for Ethereum. This includes support for MyEtherWallet, Remix, Metamask, and others. Athereum will also introduce its own Avalanche consensus protocol, which operates very differently from how Ethereum works under the hood today. 

The testnet of Athereum has been launched on AVA. This particular platform focuses on high performance, scalability, customization, and modularity. Developers can create their own subnetworks, of which Athereum seems to be one. As a result, this spoon will benefit from all the functionality built into the Ethereum Virtual Machine. It will not use Ether as a currency, but rather Ather, or ATH. Holders of Ethereum are also eligible for an ATH amount equal to their current ETH holdings. 

Not a “Competitor”

It is interesting to note Athereum has zero intentions of directly competing with Ethereum. Instead, this subnetwork will give dApp developers an extra option to run their creations at a higher throughput and with faster finality. This should, in an ideal situation, lead to more development and research of decentralized applications as a whole. That would be good news for both Athereum and Ethereum, as well as other ecosystems providing dApp support and functionality.

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Ethereum 2.0 and 1.0 Chains Will Likely Co-Exist in the Beginning, Have Different Prices

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Everyone is excited by the prospects of Ethereum 2.0, but the transition towards this new chain will prove complicated. It seems very likely that both ETH 1.0 and ETH 2.0 will be trading simultaneously and exist as separate tokens for a time.

Let’s think back to 2016—it was the year of the DAO hack when 3.6M ETH was stolen. The consensus then, among a large portion of the community, was to conduct a hard fork. Ethereum (ETH) today is essentially a forked version of the original chain due to this controversy, and the leftover chain became what is known today as Ethereum Classic (ETC).

ETH 2.0 v. 1.0: A Repeat of 2016?

Once Ethereum 2.0 is rolled out officially, the leading smart contract platform will find itself at a similar crossroads. Could we have a situation where ETH 1.0 and ETH 2.0 co-exist, with different prices on exchanges, during this awkward transition period? If we are to learn anything from the DAO hack and how it created both Ethereum Classic and Ethereum, this seems not only possible but likely.

As grubles (@notgrubles) brings up on Twitter, this has played out before in 2016 and we need to be cognizant of the fact that it may happen again. ETH 1.0 will arguably still trade after the beginnings of ETH 2.0 are rolled out—and, with each chain being separate, we could see two different ETHs trading on exchanges for a while. This means that we would have ETH 1.0, ETH 2.0, and ETC all trading at the same time.

Vitalik Buterin has claimed that the ETH 1.0 chain will “technically continue” but will die out due to being “valueless.” However, in the beginning, ETH 2.0 will effectively be ‘valueless’ because phase 0 won’t support the full extent of the network at the start. We will likely see some confusion which will be reflected in chaotic market prices of ETH 1.0 tokens and the new ETH 2.0 tokens.

Grubles even goes as far as to claim that “ETH2 will be valued less [than ETH1] for a relatively long time” because of phase 0 being useless in the beginning.

The Road Forward Will Prove Difficult

Let’s not mince words: Ethereum 2.0 is desperately needed if Ethereum ever wants to be viable on a commercial level, and create applications that can benefit the world. As of now, Ethereum has failed to scale which has caused considerable headaches for enterprises wishing to use the network.

However, the transition to this much-needed upgrade will be rocky. One cannot unilaterally stop the trading of Ethereum 1.0. This means that there will be some inevitable tension between the new Ethereum 2.0 and the old chain.

So, Ethereum developers should acknowledge this problem, and confront it head-on, rather than assuming that the Ethereum 1.0 chain will just ‘die out.’ It won’t.

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