Ethereum is “Amazingly Positioned to Be A Central Part” of the Metaverse: Co-Founder Vitalik Buterin

Buterin is also in favor of DOGE’s 5 billion annual issuance, thinks more about the meme culture, is most surprised about NFT as an Ethereum use-case, and is most excited about ZK-SNARKs.

“I hope that doge can switch to PoS soon, perhaps using ethereum code,” said Ethereum co-founder Vitalik Buterin in response to Three Arrows Capital CEO and co-founder Su Zhu’s question about promising ideas for Ethereum / DOGE cooperation.

Zhu also asked Buterin what made him interested in the popular meme coin, which has the support of Tesla CEO Elon Musk, late on Tuesday after Buterin ran a “random Twitter experiment” where only the people he follows can ask him about anything crypto or non-crypto related.

Further talking about Dogecoin, Buterin said he favors DOGE’s supply emission, 5 billion per year annual PoW issuance. Instead of canceling it out, Buterin said, it should be put “in some kind of DAO that funds global public goods. Would fit well with dogecoin’s non-greedy wholesome ethos.” DOGE 0.92% Dogecoin / USD DOGEUSD $ 0.28
$0.000.92%
Volume 1.7 b Change $0.00 Open $0.28 Circulating 131.1 b Market Cap 36.85 b
8 h Ethereum is “Amazingly Positioned to Be A Central Part” of the Metaverse: Co-Founder Vitalik Buterin 1 d $4 Million Meme Coin “Doge” NFT Being Sold in Billions of Fractions on SushiSwap’s MISO 6 d Lake County Illinois Treasurer Accepts Campaign Contributions in Multiple Cryptocurrencies

During this Twitter Q&A, he further shared that he thinks “much more about the ecosystem of discussion and spread of memes / culture / ideas” instead of the market of resources, property rights, and trade, which was his focus a decade ago.

The Metaverse

When asked about the hardest lesson he learned through the Ethereum experience, Buterin shared that “People are harder to tightly coordinate in small groups than I expected. You can’t just get everyone to sit around in a circle, see each other’s inherent goodness and get along, especially when huge incentive conflicts are at play.”

His biggest non-technical regret in his Ethereum journey was the cryptocurrency’s composition of eight co-founders and “choosing them so quickly and nondiscriminately.”

Technically, he had an insane amount of confidence that “Ethereum will move to proof of stake within 1-2 years,” which turned out to be dead wrong.

As for which Ethereum use-case has surprised him the most, it’s non-fungible tokens (NFTs) which are currently taking over the crypto industry and driving usage on Ethereum blockchain right now, resulting in an increasing amount of ETH paid in fees getting burned.

According to him, Ethereum is “amazingly positioned to be a central part” of the Metaverse, defined as the internet plus shared state so that objects can be moved between platforms.

Overall in crypto, the ENS ecosystem — Ethereum Name service that gives web3 username for all of your cryptocurrency addresses and decentralized websites — and the whole concept of users and objects having cross-platform names is an obvious application that people just don’t get yet, he said.

The Future

The latest research that has Buterin excited the most is ZK-SNARKs, an acronym for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” which is cryptographic proof that allows one party to prove it possesses certain information without revealing that information. It basically requires no interaction between the prover and verifier.

“ZK-SNARKs getting powerful so quickly to the point that a full-on SNARKed EVM is not so far away is definitely exciting.”

ZK-SNARKs are also the privacy-preserving technology that he thinks will be the most widely adopted one 30 years in the future. Buterin expects it to be “a significant revolution as they permeate the mainstream world over the next 10-20 years.”

The second-largest network is shifting towards proof-of-stake (PoS), a less energy-intensive consensus narcissism than proof-of-work (PoW); once the merge is on mainnet, account abstraction statelessness and sharding will be high priority protocol upgrades, according to Buterin.

Also, crypto switching to PoS is only a small part of the solution, “ultimately we also need lots of very smart people contributing to longer-term fixes,” said Buterin, mentioning solar power, fusion, carbon capture, and sprinkling dust into the atmosphere. Overall, Buterin “definitely,” thinks that

“the crypto space needs to think hard about how it can be positive-sum toward more existing stakeholders to win more friends.”

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Author: AnTy

Vitalik Buterin Casts Doubt on Jack Dorsey & Mark Zuckerberg’s Influence on Crypto

Vitalik Buterin, the Russian-Canadian co-founder of Ethereum, has never been shy of making his opinions on crypto heard – no matter how unpopular they are.

Now, the developer is turning his focus on a seemingly growing wave; the entrance of social media platforms – and their founders – into crypto.

Vitalik Bites Back at Dorsey

In a recent interview with Bloomberg, Buterin shared doubts about the plans that Twitter CEO Jack Dorsey and Facebook founder Mark Zuckerberg have for the crypto space. Speaking with the news medium, Buterin was especially skeptical of Dorsey, who has stated that he plans to make Bitcoin more applicable to decentralized finance (DeFi).

Last month, Dorsey announced on Twitter that Square – his payment processor – plans to build a division that will focus on building DeFi infrastructure on the Bitcoin blockchain. In his tweet, Dorsey explained that the division’s objective will be to make it easier to create “non-custodial, permissionless, and decentralized financial services” on Bitcoin’s blockchain.

Since it doesn’t support smart contracts, the Bitcoin network is unable to compete with blockchains like Ethereum. Building DeFi on Bitcoin will need additional tools like sidechains and bridges to initiate smart contracts. But, Square hopes to break this barrier, further bringing Bitcoin to DeFi.

Buterin, whose work and company will be affected by this, is somewhat not a fan. As he explained to Bloomberg, the Bitcoin blockchain can work similarly to Ehereum for DeFi. But, it will have a much weaker trust model overall.

The Ethereum co-founder added that Ethereum already allows users to directly put Ether or an ERC token into smart contracts. To bring that into Bitcoin, Dorsey, and Square will have to create their dedicated system.

Dorsey has risen to be one of the harshest Ethereum critics. The billionaire has reiterated that he and Square will not invest in Ether, even though Twitter still just released 140 non-fungible tokens (NFTs) on Rarible – an Ethreum-based platform.

Dorsey further criticized Ethereum last week, claiming that the network is unable to “disrupt Big Tech” on its own. He did follow up by saying that his singular focus on Bitcoin isn’t necessarily a sign that he hates Ethereum; he just believes Bitcoin to have a stronger network and more potential for the type of disruption he envisions.

Facebook’s Trust Issues Still Haunts It

As for Zuckerberg, Buterin criticized the tech mogul and Facebook’s planned digital currency, Diem. Launched as “Libra” in June 2019, Diem works as a stablecoin whose value will be tied to a basket of fiat currencies. But, it has so far been met with significant pushback from regulators and policymakers.

Even after changing its name and making concessions, Diem is yet to see the light of day. As Buterin explained, there is a great deal of mistrust for Facebook, given the company’s many privacy indiscretions. So, building a currency is somewhat ill-timed at the moment.

Buterin further added that Facebook could build Diem on an existing blockchain. Of course, there’s little chance that Facebook will do so.

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Author: Jimmy Aki

Ethereum Co-founder Proposes Uniswap’s UNI to be Used as an Oracle Token

While “Chainlink is great,” Vitalik Buterin says, “there’s room for a simple alternative specialized for high-value, okay-with-high-latency use cases.”

Vitalik Buterin, the co-founder of Ethereum, posted a new proposal on the Uniswap forum. He recommends the popular DEX and its native UNI token step in to provide a highly secure oracle modeled after the Augur or UMA design.

Such an oracle will be “specialized to providing price data that’s robust and extremely costly to manipulate and attack,” he wrote.

The proposal called “UNI should become an oracle token” says a highly secure price oracle is one of the most important pieces of a successful decentralized finance (DeFi) ecosystem as everything from algorithmic stablecoin to synthetic assets and collateralized loan depend on a price oracle.

While Uniswap already provides an “oracle” for the price of ERC20s traded on the exchange, it does not do so for anything in the outside world.

Buterin says stablecoins need an oracle for the price of ETH/USD, but workarounds like taking the ETH/USDC price are not sufficient.

“UNI is in an excellent position to be a token for such an oracle,” he said. “More broadly, Ethereum L1 needs to remain governance-minimalist, but L2 should be more ambitious, and UNI can be part of that.” Jason Choi of crypto fund The Spartan Group noted,

“Tl;dr minority voters are penalized, majority rewarded, not dissimilar to a prediction market. Interesting that only a high-value token can make this work – i.e., price is a feature, not a distraction.”

As for why Chainlink hasn’t been considered for the same as wondered by Fiskantes of Zee Prime Capital as well,

“Why not implement this design into Chainlink, which is the second biggest?

Buterin says while Chainlink is great, there’s room for a simple alternative that is specialized for high-value and high-latency use cases. ChainLinkGod, the Community Ambassador of Chainlink explained,

“Chainlink 2.0 introduces a cryptoeconomic model extremely similar to this with two-tier oracle networks where the first tier explicitly stakes tokens and the second tier consists of the nodes with the greatest financial exposure to LINK and the most skin in the game to lose.”

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Author: AnTy

Tron Is Getting Ready for 4.0 While Ethereum 2.0 Is Struggling for A Launch Date

Tron founder and CEO Justin Sun is yet again challenging his nemesis Vitalik Buterin co-founder of Ethereum with the latest announcement.

On May 23, Sun took to Twitter to write three magical words that got both sides to start dissing each other. These three words involved nothing more than “Tron 4.0 is coming.”

Although no details are shared, the fact that Tron is on its way to 4.0 version while Ethereum hasn’t even released 2.0, whose launch date has been delayed numerous times, has the community congratulating Sun.

Start of the Alts rise

Some are ecstatic about this development while others are calling for a pump.

The 16th largest cryptocurrency by market cap is currently trading at $0.150, up 3.44%. So far in 2020, TRX reported gains of just over 11% but is still down 95% from its all-time high.

Meanwhile, the second-largest cryptocurrency is trading at $206, up 2.22%. Down 87% from its peak, Ether has recorded over 58% gains YTD.

Eth 2.0 testnet gaining support

There is also a group that is not feeling Sun’s latest announcement.

“When you try competing with ETH 2.0, so you invent some bogus update for your shitcoin,” wrote Crypto Whale.

Eth 2.0 is still struggling with its launch date which was already rescheduled, after many times for June 2020 but this again is “carefully” optimistic.

This delay involves fixing the bugs, multi-client paradigm, and management problems among other issues.

However, the Ethereum 2.0 testnet Topaz run by Prysmatic Labs is making a lot of progress. Nearly 30,000 validators are now staking over a million ETH, worth more than $200 million.

Although Prysmatic Labs remains a major contributor to the project, controlling 47% of the network, this domination is slowly decreasing, already down from 53% from the beginning of May. Crypto exchanges like OKEx are also becoming validators to stake Eth and keep the testnet running.

Eth 2.0 is a complex upgrade and has been in the works for many years now. This upgrade will make the blockchain more scalable, essential for the network as it is running almost 100% at capacity. The transition from PoW to PoS will also allow users to stake their funds, the first milestone of this phase.

Growing Networks

Amidst the increasing interest in Eth 2.0 testnet, the number of addresses holding more than 100 coins have reached an all-time high of 47,722 on May 21.

Also, the unique Ether addresses are close to reaching 100 million, currently at 98.25 million addresses, as per Etherscan.

Meanwhile, the total number of accounts on the Tron network has surpassed 5.9 million, as per Tronscan. The number of Dapps on the network has also climbed to 763.

“The TRON ecosystem is growing at a steady pace, we welcome more developers and users to join our community,” said Sun about the ongoing developments.

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Author: AnTy

Ethereum 2.0 Is All About Scaling Says Vitalik Buterin While Sharing His Vision for ETH

Ethereum 2.0 might be not any closer to happening than it was before but co-founder Vitalik Buterin has its vision of what he wants it to be.

Ethereum is the second biggest blockchain platform after Bitcoin by market capitalization. As we recently reported, during the heightened market activity the network got congested resulting in the unconfirmed transactions spiking up along with the gas prices.

Now, Buterin took to Twitter to share what the next 5 to 10 years of ETH 2.0 and beyond might look like, with a special focus on scalability.

Over the last about two years, Buterin said there has been a solid shift from the “blue sky” research as they try to understand what exactly is possible and to optimize specific primitives that are implementable.

The focus during this time has been on maintaining compatibility and ensuring a smooth transition for applications, “making eth1.x and eth2 fit together as part of a coherent vision.”

The market is volatile and fast-paced but Buterin maintains that it will be worth it for both security and scalability. But it is subject to change as new information or technology comes into the light.

Reducing Complexity

The Ethereum 2.0 will mark the transition from proof-of-work (PoW) to proof-of-stake (PoS), which will bring fundamental changes to the network.

Buterin specifically talked about Zero-Knowledge Proofs (ZK-SNARKs) which he previously said could scale Ethereum. Privacy-based technology, ZK-SNARKs make it easier to send anonymous crypto transactions.

Sharding is another technology that has long been considered by Ethereum for scalability that splits the blockchain up, making it lighter to keep the network running. “Sharding allows massive scaling, much higher than the capacity of a single computer, and rollups give us an extra 2 orders of magnitude of scaling in top. Eth2 is all about scale,” said Buterin.

Both combined, Buterin said would accommodate more transactions and make the network cheaper to use.

All of the changes in the Ethereum network, Buterins said, are in the direction of “reducing complexity.”

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Author: AnTy

Vitalik Buterin Back on Dumping his Ethereum? It Could Crash ETH into Double-Digits

  • Ethereum co-founder Vitalik Buterin keep on dumping his Ethereum
  • Chances of ETH even crashing to double digits
  • Etherem 2.0 puts its under regulators’ scrutiny

A total of 214,953 Ether worth about $26.8 million has been sent to cryptocurrency exchanges on Dec. 25.

ViewBase, blockchain analysis company reported 99,987 of these Ether has been sent to Huobi, 89,058 ETH to Kraken, and 25,908 ETH to Binance.

The 90k of Ether sent to Kraken particular originated from a single whale which received most of its Ether from Ethereum co-founder Vitalik Buterin’s wallet address. This wallet still has a balance of 350,000 Ether left.

The firm deduced that the whale is likely to be an Ethereum developer or Buterin himself.

Is Buterin dumping his Ethereum?

According to the Reddit post, Buterin previously revealed that he received a total of 630,000 ETH, 553,000 out of which has been from the genesis pre-mine and 150,000 from the developer purchase program.

In April 2016, he sold 25% of his ETH position as he divulged, “I’ve sold about a quarter of my ETH. Meh, I am not going to apologize for sound financial planning.” As per this, he sold about $1.1 million’s worth.

Just like other founders, such as Charlie Lee of Litecoin who sold all of his LTC during the last bull run, Buterin than sold another of his 30,000 ETH around the top in December 2017.

As we reported, Buterin also persuaded Ethereum Foundation to sell 70,000 of their ETH at its peak.

Now, 90k ETH has been moved by Buterin again.

Chances of crashing to double digits

Eth currently is trading at $125, down 8% on a year-to-date basis and down 92% from its all-time high of $1,570.

But such a huge amount of ETH, if dumped in the market, would put selling pressure on the second-largest cryptocurrency that could see its price sliding even more.

Currently, analysts and traders aren’t feeling very bullish about it either.

Ethereum price chart, Analyst CryptoDude says, “looks like utter shit.”

“Don’t get your hopes up until it reclaims $365 – if it does so then we can talk about 1k+ targets. Until then this is a short every bounce setup,” explained the analyst.

However, until we move back to $160, there are even chances for crashing to double digits.

However, not everyone is bearish…

Ethereum 2.0 Puts It Under Regulators’ Scrutiny

But Ethereum’s pain isn’t limited to just price. Its much-anticipated 2.0 Proof-of-Stake (PoS) transition will also put it under SEC’s scrutiny.

Last month, US CFTC Chairman Heath Tarbert indicated that the agency and US SEC is undertaking a careful analysis of Ethereum 2.0 that fintech attorney Grant Gulovsen says could have

“significant negative implications for the Ethereum Network’s planned upgrade as well as the wider cryptocurrency market.”

Gulvosen says he isn’t trying to create FUD, but encourage those who develop digital asset-based technology to accept that laws apply to their products and developments and they need to proactively engage with regulators, so as not to “run afoul of applicable legal and regulatory frameworks.”

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Author: AnTy

Binance Controls More than Half of Voting Power on Tron Network

  • “Decentralize the Web” is Tron’s vision but how decentralized it really is?
  • Ethereum founder Vitalik Buterin has been calling it a “centralized piece of trash” all along, however, about 62% of ETH nodes are running on centralized cloud services.

Recently, DigiByte founder Jared Tate also went ballistic on Twitter, talking about being “disgusted” with Tron – a “completely centralized” network hyping itself as “the most decentralized gift from god.”

In the blockchain and crypto industry, nothing really is decentralized, not as of yet!

When it comes to Tron, more than half, 56% of the New York voting power is controlled by the world’s leading cryptocurrency exchange Binance, according to TronScan.

“If they split their votes across 25 nodes, they’d have 499k per node and would control 25 out of 27 validating nodes. Decentralization theater. Centralized exchanges are an existential threat for crypto,” said Epicenter podcast co-host Brian Fabian Crain.

Binance became the highest-ranked Tron Super Representative in September this year with 12 billion votes while announcing support for TRX staking as well.

Tron has the top 27 Super Representatives among the 127 candidates that are voted on once every 6 hours. These Super Representatives play a key role in governing the Tron ecosystem as they ensure basic functions like block generation, bookkeeping, and package transactions while also having the right to participate in the voting of TRON network parameters proposals.

These 27 SRs are awarded a total of 336,384,000 TRX annually.

Although for Binance, Crain says, it “makes perfect sense from the point of view of delivering a better product for their users (…) even if it undermines the long-term viability of crypto.”

Tron founder and CEO Justin Sun also has “a huge bag” of Binance’s native token BNB along with other native tokens of crypto exchanges where TRX is listed, revealed Sun last month.

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Author: AnTy

Bitcoin Blender Users Ordered to Withdraw Funds in Sudden Shut Down of Crypto Mixing Service

Bitcoin Blender Users Ordered to Withdraw Funds in Sudden Shut Down of Crypto Mixing Service
  • Bitcoin Blender voluntarily shut down its cryptocurrency mixing services.
  • Vitalik Buterin commented that he may launch a similar service for ether.

The bear market of the cryptocurrency industry has proven that no firm is safe from the lack of activity during hard times. Unfortunately, that is the fate that Bitcoin Blender recently reached. Bitcoin Blender, a cryptocurrency mixing service, chose to shut down operations this week, asking that users withdraw their funds.

This development was reported by BleepingComputer on May 30th, saying that the service posted a message on their website, which appeared on both the Tor network and on Clearnet. The message stated:

“We are a hidden service that mixes your bitcoins to remove the link between you and your transactions. This adds an essential layer of anonymity to your online activity to protect against ‘Blockchain Analysis.’”

This Monday, the shut down was announced on the BitcoinTalk Forums, and there were many users left with no ability to actually withdraw their funds, considering the short window.

One user mentioned that they were unable to succeed in accessing the website over the course of two to three hours, and that they had missed the warning from the company to withdraw their funds.

Presently, the Tor mirror cannot be accessed, but the Clearnet website is still available. Authorities in Europe had banned BestMixer, which is one of the three largest cryptocurrency tumblers, due to their connection with money laundering.

This type of criminal activity is always a major concern amongst mixers, depending on the team and which groups can access it. However, it also promotes the anonymity of the market that many consumers prefer.

Vitalik Buterin, the well-known co-founder of Ethereum, made an announcement soon after Bitcoin Blender shut down their service, saying that he may begin a mixing service for one-chain smart contract-based ether. The note by Buterin can be viewed at https://hackmd.io/s/rJj9hEJTN#We-need-a-first-step-toward-more-privacy.

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Author: Krystle M