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Ethereum miners plot April 1st “show of force” against EIP-1559

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  • Ethereum’s miners aren’t happy with EIP-1559 which will drastically cut down the revenues they earn from gas fees.
  • They plan on directing 51% hash power on April 1 to Ethermine, a mining pool opposed to the upgrade as a “show of force.”

A group of Ethereum miners opposed to a proposed upgrade intends on diverting their hash power to one mining pool on April 1 in a show of protest. The miners oppose Ethereum Improvement Proposal (EIP) 1559 which could drastically cut down their profits. The movement by the miners started on social media where they have been drumming up support for their “show of force.”

EIP-1559 is a proposal by Ethereum founder Vitalik Buterin and others to change the fee structure in the network. It proposes that rather than paying gas fees to miners, a user will send the fee to the Ethereum network as a base fee. The network will then ‘burn’ this fee, “deleting it out of existence,” as Buterin recently put it. Users can still pay fees to miners, but this will now be optional, more like a tip.

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As CNF reported, the upgrade is set for July as part of the London hard fork. Buterin, its core proponent stated in a recent podcast:

And so if the demand to use Ethereum is high enough, then there would actually be more ETH being destroyed than is being created. And so the joke that I would sometimes make is, if Bitcoin knows if fixed supply is sound money, then if you have a decreasing supply, does that make us some ultrasound money?

Miners disagree with Buterin

EIP-1559 will be very beneficial to Ethereum users, finally ridding the network of the outrageously high fees. However, for the miners, this would mean losing their biggest revenue stream. These miners have not taken this well and are planning a revolt against the upgrade.

Michael Carter, an Ethereum miner explained the revolt on his popular YouTube channel, Bits Be Trippin.

Part of this is a show of force. […] This isn’t for us to try and take down Ethereum, this is purely on the grounds of protecting Ethereum because we’ve all been mining it since 2015.

Carter pointed out that this is a disagreement between the miners, the developers and the investors. While the miners may get all the blame, he believes that all three groups have played a part. To avoid an unfortunate scenario in which the Ethereum network is prone to attacks, he urged the three groups to reach a compromise, fast. Carter further clarified that the miners aren’t out to attack the Ethereum network, even when they secure more than 51% of the hash power.

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“That pool (Ethermine) is not going to attack the network. There’s no incentive for them to attack the network,” he told his 55,000 subscribers.

Other miners have reiterated this point, stating that destabilizing the Ethereum network isn’t their aim. One stated on Twitter:

If miners were looking to actually damage Ethereum, we’d be coordinating the sudden change of where we directed our hash power to a different project altogether such as Ravencoin instead of consolidating hash power to a single pool.

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Ethereum

Ethereum Competitor Could Power Major Real-World Use Cases, According to Hedge Fund Veteran Anthony Scaramucci

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SkyBridge Capital founder Anthony Scaramucci says one Ethereum competitor is well-equipped to power complex use cases in the real world.

In a new interview with Real Vision, the hedge fund veteran says the decentralized blockchain network Algorand (ALGO) could breathe new life into the consumer goods sector.ADVERTISEMENT

Scaramucci explains,

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“If you’re flying American or Delta, you’re accruing miles. You may or may not be using them. They’re on Delta’s balance sheet marked as a liability. And for whatever reason, you’re not using them, but you can’t unlock them.

What if we created a coin that could take those miles out of your account in exchange for this coin? Then this coin had some universality to it where you could buy groceries, or you could buy something [else].

What would be the best blockchain to use for something like that? In my opinion, it would be Algorand.”

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Last month, SkyBridge joined the NAX trading platform to form a new partnership called UNLOX.

Scaramucci says the new venture will work with ALGO while pursuing investments in traditional financial services as well as art and other alternative assets.

“We’re identifying assets that have typically been locked, and we’re unlocking them.

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I said I want to raise a fund, an ALGO-based fund that participates. We’ve raised $100 million so far, capping the fund at $250 million.

I’ve got a Bitcoin [BTC] fund. I have an Ethereum [ETH] fund. And we will soon have an ALGO fund. And I think those are three major blockchains, cryptocurrencies that are going to win and design the future.”

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Ethereum Whale Bought 276,592,553,073 SHIB, Is Something Big Coming?

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  • An anonymous Ethereum whale decided to go on SHIB coin shopping.
  • The whale bought 276,592,553,073 #SHIB tokens ($11,510,207 USD).

Investors seemed highly interested in Shiba Inu since the total value locked (TVL) climbed close to $2 billion in June and July. Recently, an anonymous Ethereum whale decided to go on SHIB coin shopping, buying close to an enormous 276 billion SHIB.

On October 26, a Twitter account by the pseudonym Shiba Inu News tweeted the news first. The user said,

Wow… An Ethereum whale just bought 276,592,553,073 #SHIB tokens ($11,510,207 USD). We haven’t seen a whale transaction THIS BIG in quite some time. This is massive and sends a clear signal that He/She knows something is coming.

This move comes after Shiba Inu token had an impressive rally from the last few days, surging by over 340% in the past 7 days and reaching a new all-time high of over $0.000046.

The last time an anonymous whale bought an enormous 6.3 trillion coins, a couple of weeks later, the Shiba Inu (SHIB) token went bullish, hitting a new all-time high. So, the Twitter user said that this latest whale might know that something big is coming that’s why he or she bought this much SHIB.

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Less Than 48 Hours Until Ethereum Altair Update, But 30% of Nodes Are Not Yet Ready

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With Ethereum Altair update coming, users are not being dexterous

Ethereum’s main network is getting closer to the new Altair network, which means that the absolute majority of the nodes on the network have to update their clients. According to the Nodewatch service, currently around 30% of nodes remain unsynced.

The new upgrade for Ethereum is aimed purely at validators, and it does not change anything for general coin users. The update affects only the beacon chain consensus mechanism. In addition to users, updates will not have any effect on contracts. 

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If users act as validators, they will need to download the latest version of their software, which they will be able to find in the table on the Ethereum blog, and restart their nodes as usual.

If node holders decide not to update to the latest version of the software and join the upgraded chain, they will be synced with the old chain after an upgrade on Ethereum occurs. While functioning on the incompatible chain, users will not be able to receive proper rewards and realize them on exchanges.

Validators running on the old network will receive penalties for not participating in the upgraded consensus with respect to the upgraded mainnet.

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When the Ethereum community has decided which changes should be made to the network, the change is written by the clients functioning on the network. The changes to the beacon chain protocol go live in a specific epoch (the Altair update goes live at epoch 74240).

Any new nodes with the old ruleset will remain abandoned on the old chain without being able to use new functions, participate in the current network or, in general, utilize the cryptocurrency.

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