Ethereum ‘Getting Ready for Spadina’ Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per the dev update.

The means, next week, a “dress rehearsal” Testnet for the community to practice sending deposits, launching beacon nodes, and validator clients starting from genesis.

For this, Eth2 Standard API definitions are complete, and implementation started, and voluntary exit implementation is ready. Prysm web UI beta testing, meanwhile, will be coming in the first week of October.

It is a small scale testnet that will last just three days with 1024 validators with the main net spec requiring 16384 validators to launch.

For the eventual launch of Ethereum 2.0, Spadina’s deployment was announced a couple of weeks back, following the Medalla testnet going live last month.

This mainet-configuration test network will run parallel with Medalla with the aim to practice the more difficult and risky parts of the process before reaching the mainnet.

ETH 2.0 is expected to go live later this year or early next year with its phase-zero launch, but not everyone is excited to stake.

Still, a good 65% of 287 respondents of the ConsenSys survey revealed earlier this year that they intend to stake 32 ETH.

However, the extremely high fees and congestion on the Ethereum network are making it unusable for the small players for now. As we reported, Coinbase will no longer be covering the gas fees for its users.

“The Ethereum gas price is high due to increased network activity, which means that we have to find avenues to either support this increase in activity, or to reduce it,” said Kosala Hemachandra, founder and CEO of MyEtherWallet (MEW).

According to him, this can be done by “increasing the block gas limit to a safe amount and also by utilizing existing layer 2 solutions.”

Just this week, Optimism took its first step towards its testnet with Synthetix, Chainlink, and Uniswap being the early adopters.

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Author: AnTy

Bitcoin Cash Dev Proposes ‘BCH Node’ To Avoid An Unwanted Chain Split, Roger Ver On Board

The Bitcoin Cash (BCH) client upgrade scheduled for May, 2020 has raised heated arguments on some of its aspects. However, one BTC developer on Github by the name ‘ftrader’ is creating an alternative for the ‘disputed’ Bitcoin ABC v0.21.0 client.

According to ftrader’s post on reddit, the proposed version is unfit for upholding blockchain integrity. The developer defended this position by noting a chain split possibility in the near future due to lack of an activation method and consensus.

Bitcoin Cash Node (BCH Node)

In a bid to prevent the underlying risks, a group of BCH developers have come up with ‘BCH Node’ as a substitute to Bitcoin ABC v0.21.0. Basically, the former is a minimally altered version of the latter. The BCH Node as a modified client version will exclude a diversion code, signal and activation prompts for Coinbase rewards.

Current Bitcoin Cash ABC users will receive the proposed alternative as a ‘drop in’ replacing their old ecosystem. Notably, Roger Ver supports this version; the strong BCH advocate commented under ftrader’s post; “Looks like we now have the right software to run for the May 15th upgrade”

In addition, significant players in past BTC forks are set to contribute in the development of BCH Node. Some of the participating developers have featured in Bitcoin Cash ABC, Bitcoin Unlimited and Bitcoin XT forks.

A Proposed Developer Tax on Bitcoin Cash

Bitcoin Cash in its proposal has suggested a developer tax in the new client upgrade; this is meant to contribute towards growing the platform’s infrastructure. The proposal was however met with a resistance forcing BCH to review the tax from an initial 12.5% to 5%.

BCH came out to clear the air highlighting that they need to keep innovating within the Bitcoin Cash platform or face the risk of going down. It is still unclear what will be of the new BCH client version but some skeptics are of the opinion that this is an avenue to mint more coins.

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Author: Edwin Munyui

Ethereum’s Hard Fork ‘Muir Glacier’ Launches In 2 Days, Will The ETH Community Be Prepared?

While the entire world is preparing for the New Year, Ethereum has scheduled Muir Glacier, its long-awaited hard fork, for January 1 of the year 2020.

The Ethereum (ETH) Istanbul hard fork that happened just a few weeks ago didn’t make things easier when it comes to Ethereum’s so-called “difficulty bomb”, so many are expecting Muir Glacier to change everything. As the holiday season is one of the busiest in a year, the hard fork is still waiting on support from the most important infrastructure providers, exchanges and mining pools.

SBI VC Trade to Support the Hard Fork

The Japan-based virtual currency exchange, SBI VC Trade, which is an SBI subsidiary, said it will support the hard fork. Its customers have been informed about the hard fork lasting until January 3, 2020 and being planned to reach the 9,200,000 block height. SBI VC Trade has also cautioned people about the blockchain instability caused by the hard fork by saying:

“If ETH is received by us during this period, we may not be able to confirm it properly due to blockchain stability issues. In that case, please note that we cannot respond at all.”

Bittrex and Bitso Ready for Muir Glacier

The CSO of Blockstream, Samson Mow, has said in a tweet that platforms are not ready for Muir Glacier, while others members in the ETH community have expressed their confusion over the strange choice made by Ethereum Foundation for the hard fork’s date. The only crypto exchanges ready for Muir Glacier seem to now be only Bittrex and Bitso.

The Istanbul Hard Fork Had Some Readiness Problems Too

It looks like the Ethereum project didn’t have enough support from its team of developers, as these were focused on upgrading the ETH 2.0. The Istanbul hard fork had the same problem and updated most of the nodes last minute. However, it still was successful, so Muir Glacier has all the chances to be a hit too.

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Author: Oana Ularu

Ethereum’s Muir Glacier Upgrade Happening on Jan. 1, 2020

  • Starting 2020 with a bang with the scheduled upgrade at block number 9,200,000
  • The upgrade includes only one EIP 2384 – the difficulty bomb delay
  • Nodes to upgrade before Dec. 30

Ethereum is ready to start 2020 with a bang as the team announced the scheduled upgrade at block number 9,200,000. It is currently predicted to occur on Wednesday 1, 2020.

Ethereum network nodes are meanwhile asked to upgrade before, Dec. 30, 2019 to account for the variable block times.

Exchanges, web wallet service, mobile wallet services or hardware wallets aren’t required to do anything. But the node operators and miners need to download the latest version of Ethereum client, Latest geth client (v1.9.9), Latest Parity client (v2.5.12-stable), Latest Besu client (v1.3.7), Latest Nethermind client (v1.2.6), Latest ethereumJS client (v4.1.2), and Latest Aleth Client (v1.8.0).

After Istanbul, Constantinople, and Spurious Dragon, this new upgrade is called Muir Glacier.

Just this month, Istanbul upgrade occurred and now within a month another one. Reportedly, the bomb was estimated to be unnoticeable until mid-2020 but it turned out to be wrong.

This upgrade has only one Ethereum Investment proposal (EIP) 2384, which is the difficulty bomb delay.

This will delay the difficulty bomb for another 4,000,000 block or about 611 days, which is the same approach like the one taken in the past.

There have been discussions about removing the difficulty bomb altogether from the network but due to a short frame of time, the core developers decided to move forward with this change.

As for the difficulty bomb, it is one piece of the difficulty retargeting mechanisms built into Ethereum’s Proof-of-Work algorithm. This mechanism maintains an average block time by manipulating mining difficulty required to mine a new block. If a block is too long or too short, it increases the difficulty accordingly.

The difficulty bomb itself separately adds to the difficulty and every 100,000 block the value of how much it adds is increased as well. But the amount is so small, it doesn’t have any visible effect and because it is increasing very slowly it is known as “Ice Age”. But over time, “this will start making the chain bloated and more costly to use.”

Muir Glacier upgrade will be activated only on the Ropsten network and will be deployed on the testent and mainnet both on the same day.

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Author: Joseph Kibe

Binance ‘Heisenberg’ Mainnet Hardfork Activation Scheduled for November 28, 2019

The Binance hardfork upgrade is scheduled for the 28th of November following the successful Heisenberg testnet. Validators within the Binance ecosystem have agreed on block height 51,467,800 as the perfect time to execute this milestone.

Binance through its official blog noted that once the hardfork is complete full node facilitators and validators will have to upgrade their software to v 0.6.3. This will however not be necessary for the Binance exchange and BNB token users according to the blog;

“If you use any exchanges which support BNB [such as Binance.com, BitMax or Gate.io], one of the wallets, or a hardware wallet [such as Ledger, Cool Wallet], you do not need to do anything unless your exchange or wallet service specifies otherwise. There are no changes to Binance DEX matching engine logic.”

Binance Hardfork Upgrade Features

The new upgrade will increase the scope of Business that Binance chain can handle through blockchain logic. In addition, the performance for addresses within Binance’s ecosystem will be enhanced to deliver as per the current market standards. Binance is also looking to gain on Lot-size enhancements with the new upgrade; BNB tokens will be used for this calculation. Finally, the new Binance chain will allow for both quote asset and base asset owners to list transactions within its network.

Earlier on, Binance had published a report that detailed this update and a couple of other WIP’s. The Decentralized Exchange project also highlighted that they had approved over 10 proposals to commence operations within its DEX with 2 more in the pipeline.

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Author: Lujan Odera

Telegram Considers Delaying its TON Cryptocurrency Following a Legal Suit by the SEC

Telegram’s cryptocurrency that was scheduled for release in October, 2019 might be delayed after the project suffered a lawsuit setback filed by the SEC.

The digital asset which goes by Telegram Open Network (TON) has been under development for over a year and the news came as shock to both the team and investors. Telegram has since addressed concerns that may have arose as a result by writing a letter to its investors.

This information from Telegram addresses the current issue with SEC, possible solutions and notes a high probability of delaying TON’s launch.

In the letter, TON developers express their surprise on the SEC’s decision given they have been in talks for the past 18 months. During this period, the team was getting feedback on its blockchain development as it prepared for the launch this October.

However, it now seems the team is on different sides with the SEC based on the recent legal suit and made it official through the letter to investors.

The Telegram Open Network (TON) team is currently looking for feasible solutions that will have all stakeholders content with the deliverables and the means as well.

This might take a longer time than expected hence the prediction of a delay in launching its digital asset.

As it stands, both the developers and investors are in the grey as to what will unfold in the coming days!

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Author: James Fox

Bloomberg Editor: “Bitcoin ‘Halving’ is Completely Irrelevant As A Price Driver”, CT Reacts

[2020 Bitcoin Halving Watch] BTC's Current Block Halving Event is Nearly 75% Underway, Under 500 Days Away

There are less than 290 days left in the block reward halving that is scheduled for 18 May 2020. Bitcoin halving is the most anticipated and purportedly bullish event that affects the supply flow of the leading cryptocurrency.

According to Joe Weisenthal, the executive editor of news for Bloomberg Digital and the co-anchor of “What’d You Miss?” took to Twitter to “piss off a lot of Bitcoiners” as he says halvening is irrelevant in driving BTC price skywards.

Popular analyst Murad Mahmudov says, “literally no one believes that the bitcoin market is smart or efficient.” As for there being no edge to knowing about the event or trading around it:

“if everyone can all agree on the same event happening at a known time.”

“What % of the world do you think is aware of Bitcoin’s halvening?,” is Mahmudov’s response.

Weisenthal says it is irrelevant that most people know nothing about the halving event, only a small % need to know to matter.

The Bitcoin block mining reward halving occurs every 210,000 blocks that is every four years that reduces the reward by half. The upcoming halvening would be the third such time which will decrease the reward from 12.5 coins to 6.25 BTC.

Currently, Bitcoin inflation rate per annum is 3.75% which will decline to 1.8% after this halving.

As per the historical data, after the first halving in 2012 Bitcoin price went from $11 to $1,100, only to get back down to $220. The second halving saw BTC going from $230 to about $20,000, the all-time high of BTC. After this, BTC came back down to $3,200.

This time, the halving is expected to make a new ATH and take us $50k, $100k or according to some BTC price predictions $1 million.

Well, what about the fact that million dollars buy pressure hits the market every day from the 1800 BTC miner emission, this will be 900 BTC on May 2020 that will hit the market enabling price goes up, as asked by one enthusiast.

“The very fact that you are aware of that means you’re expecting, which means that every fund is expecting it, (and expecting that others are expecting it), so any positive view has been expressed long before the halving,” clarifies Coin Metrics co-founder Nick Carter.

Adam Back, co-founder and CEO of Blockstream explains how price rise as it gets closer to the halving event because there is “volatility risk overlaid,” for someone to price in, they have to hold it from now until May.

The volatility risk, he says deters over longer-term and as the event gets closer, volatility risk is shorter term.

This is regarding the poll, part of his “piss off a lot of Bitcoiners” thread, regarding the effect on price if:

“suddenly tomorrow there were a surprise halvening and new supply of the coin collapsed?”

Last month, a report by Strix Leviathan found that the running bullish narrative around the halving event could be just an “illusion of validity” and “increasing levels of speculation.”

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Author: AnTy

Ethereum Classic All Set to Test Code for its Latest Blockchain Upgrade Atlantis

Ethereum Classic All Set to Test Code for its Latest Blockchain Upgrade Atlantis
  • The proposed network upgrade was initially scheduled to go live sometime during the first week of August.
  • However, it is now being rumored that the update might be deployed within the next couple of weeks.

As per an all-new story circulating over the internet recently, the ETC (Ethereum Classic) dev team is all set to test out a proposed upgrade for their currency’s native blockchain ecosystem (within the coming few days).

The upgrade — dubbed ‘Atlantis’ — was scheduled to go live sometime later this summer. However, due to the ETC stakeholder committee pushing for the upgrade to go live as soon as possible, it now appears as though the update will be implemented by June 19.

In regards to the matter, an ETC dev named ‘soc1c’ was recently quoted as saying:

“The July 1st target is off. No need to further discuss that. We have agreed on testnet and can still decide on mainnet.”

A Closer Look At The Matter

It is being said that the upcoming Atlantis upgrade will usher in a number of changes to the ETC network that were “formally introduced” on the original ETH network all the way back in 2017. However, simply put, the goal of this entire operation is to increase user interoperability between the two systems.

Notably, Ethereum Classic (ETC) came into existence in 2016, after the Ethereum (ETH) community voted in favor of a hard fork (following the ‘The DAO hack’, a smart contract-based funding vehicle that was subject to a host of hacking scandals after it was discovered that the platform’s native coding structure had a massive flaw present within in it),

Details Regarding Atlantis to Be Sorted Out in Coming Weeks

Also, as of last week, ETC’s core dev team was still divided about certain aspects of the upcoming Atlantis upgrade. For example, some members of the currency’s governance committee raised concerns regarding the usefulness of “making a fixed cap to the size of smart contract code on the blockchain a backwards-incompatible change”.

As things stand, no clear resolution pertaining to this disagreement has been made. However, it is being said that any pending issues regarding the implementation of Atlantis will be sorted out by June 13.

Another meeting is scheduled to take place amongst ETCs primary stakeholders this coming Friday — so as to discuss some of the final changes (pertaining to the pending network upgrade) that need to be made.

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Author: Shiraz J