Gartner Says Blockchain is Currently at the Disillusionment Stage Within the Hype Cycle

The blockchain technology is not living up to it’s big hype, at least according to Gartner’s Hype Cycle. A recent report made by The Next Web’s Hard Fork shows that the interest in the blockchain is decreasing and that many blockchain implementations are failing to live up to expectations. Because of this, investment is bound to decrease, too, unless some results are discovered.

The Hype Cycle is something created by Gartner, a graphical representation of how people get hyped about the new technology and then end up abandoning as they discover that the hype was too big. The company affirmed that the blockchain is “sliding into the trough of disillusionment”.

According to the company, most blockchain technologies are still from five to ten years away from having a real revolutionary impact in the world, but investors are often not that patient. They gave their money for development, now they want results.

Source: Gartner (October 2019)

Avivah Litan, an analyst from Gartner, believed that the blockchain has not been able to achieve the expectations mostly because it is still stuck in experimental mode, which is still set to happen for a quite long time.

According to her, the technology will only mature by 2028, when it will be fully operational and able to properly scale up. Fortunately, not everything is pure bad news. Some platforms will be scalable and interoperable by 2023, which will start some progress in the area and finally lead us to Web 3.0. Here is her direct quotes on the matter.

“Blockchain technologies have not yet lived up to the hype and most enterprise blockchain projects are stuck in experimentation mode,”

Adding; “Blockchain is not yet enabling a digital business revolution across business ecosystems and may not until at least 2028, when Gartner expects blockchain to become fully scalable technically and operationally.”

And finally “We are witnessing many developments in blockchain technology that will change the current pattern. By 2023, blockchain platforms will be scalable, interoperable, and will support smart contract portability and cross-chain functionality. They will also support trusted private transactions with the data confidentiality required. Altogether, these technology advances will take us much closer to mainstream blockchain and the decentralized web, also known as Web 3.0″

Gartner has been looking at the blockchain for a long time now and it noted back in 2016 that the blockchain already was suffering from being overhyped. While it might be frustrating to have to wait for so many years, at least there is hope for the future.

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Author: James W

Bitcoin Mining Difficulty Is Set To Grow 60% Quarterly as BTC Miners Get Bullish

The mining difficulty of the Bitcoin (BTC) network is set to grow at least 60% in the third quarter of the year. Data from Kevin Rooke, a well-known crypto analyst, seems to indicate that the mining difficulty will have expanded a lot when the quarter is over.

Rooke affirmed that the mining difficulty has gone up around 42% per quarter since 2016, but that this time the difficulty will get even higher. According to him, the growth has been big ever since the bear market was ended. The difficulty was already at an all-time high when the last quarter ended, so it is going to reach new highs soon.

In case you are not familiar with how the difficulty of mining is handled, you should know that it goes up when more people are mining and down when miners decide to stop mining. This is done in order that a single BTC block is mined around 10 minutes. The difficulty is adjusted every two weeks.

These recent changes seem to indicate that Bitcoin metrics are getting stronger than they ever were, which can be considered a great sign for the network. The difficulty is just one of the fundamentals that affect how well the network is faring, but most indicators seem to be going along fine.

The hash rate, for instance, is also reaching all time=highs and the prices may not be going up, as the $10,000 USD price range seems to be a strong barrier, but they are certainly holding up pretty well. This puts miners on bullish mode as they believe that prices will go up a lot in the next few months.

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Author: Gabriel Machado

India’s Proposed Blanket Bitcoin Ban Will Set The Economy Back As Blockchain Devs And Traders Leave

Being too tough on innovation can be a cause for brain drain. At least that is what some crypto specialists in India believe right now. As the government continues its plans to ban cryptocurrencies locally, India is starting to see its first big signs of brain drain happening in the country.

A complete blanket ban as proposed by the government would basically make it inviable for people who specialize in cryptocurrencies to have a place in the country. These people would possibly be experts in the industry could simply move to other places.

The upcoming law could imprison people for up to 10 years for trading cryptos or dealing with them. This is already prompting people in the industry to plan their exodus from the country.

Rahul Jain, for instance, was interviewed by the Economic Times. He works at a local crypto exchange and affirmed that the company wanted to serve Indians first, but they are having trouble to keep a viable business there.

The CEO of WazirX, Nischal Shetty, affirmed that the bill could erode the wealth of millions of people in the country who are already using Bitcoin. Criminalizing crypto assets, according to him, would be a blow to businesses that were operating completely within the boundaries of the law before.

One of the main concerns of the people in the industry is that the country will also lose the chance to participate in a $10 trillion USD industry, which will certainly harm the local economy.

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Author: Gabriel Machado

Developer Finds Concerning Issue with one of Ethereum Istanbul Hard Fork’s EIP

  • EIP-1884 is about repricing for opcodes
  • This EIP will break at least a few deployed contracts, says developer
  • Vitalik also answers what will break as current blockchain migrates to Eth 2.0

Recently, Ethereum core-developers finalized a list of six code changes to be activated for the next system-wide upgrade of Ethereum Network called Istanbul.

The update will be executed in two parts, with the first one featuring all six code changes with a tentative date in October while the second one will feature Ethereum Improvement Proposals (EIPs) — sometime in the first quarter next year — that require further testing from core developers.

The accepted EIPs are:

  • EIP-152: Add Blake2 compression function F precompile
  • EIP-1108: Reduce alt_bn128 precompile gas costs
  • EIP-1344: Add ChainID opcode
  • EIP-1884: Repricing for trie-size-dependent opcodes
  • EIP-2028: Calldata gas cost reduction
  • EIP-2200: Rebalance net-metered SSTORE gas cost with consideration of SLOAD gas cost change

However, Rust developer at Parity Technologies, Wei Tang is concerned about on of EIPs, EIP-1884.

“Ethereum shouldn’t be of exception if it wants to have a bright future.”

This EIP proposes repricing certain opcodes in order to obtain a “good balance between gas expenditure and resource consumption.” It basically proposes to raise the gas cost for opcodes that are more resource-intensive than they were previously.

According to Tang, this EIP will break at least a few deployed contracts. That he says may be a “standalone incident” but he is more concerned about the fact that some core developers take it as “acceptable behavior.”

Tang argues that backward compatibility is one of the priorities for making design decisions for projects on which many people depend on.

Giving the example of Windows and Linux and how they gained popularity because of backward compatibility, he says, “Ethereum shouldn’t be of exception if it wants to have a bright future.”

What will break as current blockchain migrates to Eth 2.0?

Ethereum co-founder Vitalik Buterin is in favor of this EIP, although he wishes repricing were higher but says Tang’s concern “is still an important other side of the debate to highlight.”

Istanbul’s first part will be the fifth hard fork to be executed on Ethereum blockchain that is expected to help it secure against replay attacks and boost chain interoperability with zcash, a privacy coin.

As for what will break under the currently deployed contract when the existing blockchain is migrated to Eth 2.0, Buterin shares a few factors to be affected.

Testnet activation of the first part of Istanbul will be the last set before mainnet activation, which all ethereum core developers are looking forward to as it will ensure that “everything’s working correctly.”

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Author: AnTy

Amid Lawsuits, XRP Tokens Are Faring Bad In The Market as Ripple Investors React

Ripple’s XRP tokens are certainly not a great investment. At least that’s the take that most holders have right now. XRP is on a huge downtrend since its all-time high and is seeing its value drop. The token is trading at $0.25 USD at the moment, 90% down from its highest value, $3.30 USD.

Amid several lawsuits against Ripple, investors are starting to lose hope. Many of them are about to capitulate and leave the community for good because prices don’t seem to go up anymore.

A fan account called XRPBRad, for instance, affirmed that it would sell off its XRP and invest in other tokens. This person is not alone. The XRP market sentiment is considerably bearish right now and some people believe that the token may lose even 50% of its value in the future.

Tradeboi Carti, a Twitter figure, for instance, affirmed that the token could take a huge hit if it breaks its $0.27 USD support and it seems that this has happened.

The community is far from happy with the news. Some people are angry that Ripple Labs continues to release more XRP tokens in the market, which causes inflation and makes the price of the tokens go down.

Some users have even started a petition to make Ripple stop selling tokens to companies, which will obviously never happen. This gives more strength to the idea that Ripple is simply not so interested in its community as it claims and that the eyes of the company are really turned to the larger financial market.

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Author: Bitcoin Exchange Guide News Team

Bitcoin is the Second Best Performer in 2019 but is the Least Volatile of All Crypto-Assets

Bitcoin is the Second Best Performer in 2019 but is the Least Volatile of All Crypto-Assets
  • Bitcoin one of the best performers with Binance Coin leading the market
  • BTC is the least volatile coin of them all

The leading cryptocurrency is beating ‘em all!

Bitcoin is not only outperforming the traditional assets like gold, oil, and government bonds in 2019 but also remains the king of the cryptocurrency market.

When it comes to one-year returns, the leading cryptocurrency might register mere 4 percent returns but still is at the second spot due to the reason that other top cryptocurrencies have 1-year returns in the negative.

While BTC is at the second spot, Binance Coin (BNB), the native token of the largest cryptocurrency Binance is the winner with 100 percent gains. If we take a look at other cryptocurrencies, Chainlink is the winner with almost 300 percent gains.

As per the data provided by Messari, Chainlink is followed by Bitcoin SV (185%), Ravencoin (130%), Holo (100%), Enjin Coin (42%), Moeda Loyalty Points (28%), and Basic attention Token (24%). However, with over 98 percent losses, RChain is the biggest loser.

Currently, the flagship cryptocurrency is trading at $8,005 with 24 hours gains of 0.72 percent. In the past seven days, BTC/USD is down by 6.54 percent while in the green by over 32 percent in the past 30 days and up by 115 percent till date in 2019.

Bitcoin is the Least Volatile Crypto-asset

The cryptocurrency market is known for being an extremely volatile market, much more than the stock market.

Volatility is actually the amount of uncertainty or risk associated with the size of the change in an asset’s value. A higher volatility means the value of an asset is spread out over a large range of values, meaning its price can change dramatically over a short time period in either direction. On the other hand, lower volatility means the value doesn’t fluctuate dramatically and tends to be more steady. Speaking of being steady, take a look at this monster chart.

Among all the cryptocurrencies, Bitcoin is the most stable one as in the past one year, its volatility has been the least at 0.55.

BTC is followed by Monero (0.78), Zcash (0.79) Binance Coin (0.79), Ethereum (0.81), Decred (0.82), Dash (0.82), Litecoin (0.83), Bitcoin Gold (0.83), and Lisk (0.84). Meanwhile, PChain has the highest 1 year volatility at 5.13.

Bitcoin’s price is $7,975.53 BTC/USD exchange rate today. The real-time BTC market cap of $141.55 Billion currently ranks #1 with a chart dominance at 55.51%, daily trading volume of $3.96 Billion and live coin value change of BTC -0.99 in the last 24 hours.

Latest Bitcoin Price News and Analysis

Latest Bitcoin Price News and Analysis

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Author: AnTy