Ethereums biggest-ever upgrade is supposed to make the blockchain network faster and more efficient. But the new staking system could lock up so many of the networks native ether tokens that investors who want to trade them may have to rely on derivatives markets.

The blockchain, the worlds second-biggest, currently uses a validating mechanism similar to larger Bitcoins known as proof-of-work, where new data blocks and transactions are confirmed via power-hungry computers solving complex cryptographic puzzles.

Youre readingFirst Mover, CoinDesks daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you dont have to. You cansubscribe here.

Under Ethereums multi-year upgrade now underway, the network would shift to a proof-of-stake model, where investors validate transactions by staking ether on the blockchain in exchange for token rewards. Its a bit like depositing dollars into a bank account for interest, paid out in dollars.

A possible consequence, though, is the new staking system could soak up as much as 30% of the ether tokens in circulation, based on estimates from Adam Cochran, a partner at MetaCartel Ventures, a decentralized investment firm. An address needs to stake at least 32 ether tokens, worth about $12,400 at the current price, to become a validator in the proof-of-stake model.

Its possible to see a future scenario where the incentive to keep assets locked up on-chain is so great as to remove some liquidity from the market, says Diogo Monica, co-founder and president of the digital-asset custodian Anchorage, told CoinDesk in an email.

Lost liquidity

In May, a survey by the Ethereum developer Consensys found that 65% of ether investors were planning to stake the cryptocurrency under the new system, known as Ethereum 2.0, and half of those wanted to run validator nodes.

Most staking mechanisms have a lock-up period. Rocket Pool Staking, an Ethereum 2.0 staking service, offers staking terms ranging from three months to a year.

Some ether tokens might get locked in staking as the network upgrade proceeds. Ethereum 2.0 is being rolled out in three phases of what could end up being a multiyear process, with the original proof-of-work blockchain running in parallel until the two networks are merged at Phase 1.5.

Wilson Withiam, a research analyst at the cryptocurrency data firm Messari, told CoinDesk that ethers sent to the deposit contract will likely remain locked up until Phase 1.5, and that could cause a decline in the amount of ether readily available.

Staking derivatives market?

Cryptocurrency analysts say ether-staking yields of 3% to 5% would be so tantalizing at a time when government bonds carry near-zero or even negative yields that few investors would opt to leave their tokens in Uniswap or other decentralized trading systems where they could be accessed by traders.

In that case, people will have an incentive to create ways to buy and sell ether shares that abstract whether the underlying asset is currently being staked, Monica said.

Derivatives might be a solution.

Fixed income from staking could even be packaged as a distinct product. Holders who stake their coins could create voucher tokens representing a claim on the stake. Then they could trade the tokens for ether or other cryptocurrencies. So buyers could capture the yield without having to own the underlying asset.

As an alternative to selling voucher tokens, holders could deposit ether as collateral on decentralized lending and borrowing platforms.

Messaris Withiam says he thinks staking derivatives are inevitable.

It will give traders access to tradable assets so that they can continue to do what they do best, Withiam said. Exchanges will be able to offer new markets around these assets and potentially lock customers within their product suite if the synthetic assets arent transferable outside of the exchange.

For now, all this really just amounts to speculation over how speculators will want to speculate on ether.

But theres no lack of motivation: Plenty of cryptocurrency analysts say its possible ethers price could jump as demand increases for tokens to stake. Ethers price has tripled this year to about $390. Such returns far exceed bitcoins 56% gain on the year.

Financial incentive to buy and hold both increases the security of the network, and could lead to dramatic price appreciation, said Connor Abendschein, an analyst at the research firm Digital Assets Data.

Tweet of the day

Bitcoin watch

BTC: Price: $11,509 (BPI) | 24-Hr High: $11,521 | 24-Hr Low: $11,045

Trend:Bitcoin is showing signs of life with a near 3% rise to over $11,500 on Wednesday after a lackluster day yesterday.

The bulls will be hoping to maintain a foothold above $11,400, having failed to keep gains above that level in the previous two trading days. If successful, stronger buying interest may emerge, pushing prices to the psychological hurdle of $12,000 last put to test on July 27.

However, if the market fails to absorb selling pressure above $10,400, a re-test of the daily chart support at around $10,900 may be seen.

A continued bullish scenario looks likely with gold, an inflation-hedge, rallying to record highs above $2,000 and the U.S. dollar losing ground across the board. Both bitcoin and gold have recently moved in tandem, with Goldman Sachs warning that the greenback could lose its global reserve status.

The overall bias will stay bullish as long as prices are held above the former hurdle-turned-support at $10,500 (February high).

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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First Mover: Ethereums Transition to Staking Could Push More Traders to Use Derivatives - CoinDesk - CoinDesk

EOS

EOS fell 1.20% on Sunday. Partially reversing a 1.89% gain from Saturday, EOS ended the week up by 2.95% to $3.0277.

A bullish start to the day saw EOS rise to an early morning intraday $3.0821 before hitting reverse.

Falling short of the first major resistance level at $3.1117, EOS slid to an early afternoon intraday low $2.9318.

EOS fell through the first major support level at $2.9968 before finding support.

A late recovery saw EOS move back through first major support level to wrap up the day at $3.00 levels

At the time of writing, EOS was up by 0.46% to $3.0416. A bullish start to the day saw EOS rise from an early morning low $3.0284 to a high $3.0450.

EOS left the major support and resistance levels untested early on.

EOS would need to avoid a fall through the $3.0139 pivot level to support a run at the first major resistance level at $3.0959.

Support from the broader market would be needed, however, for EOS to break out from Saturdays high $3.0821.

Barring an extended crypto rally, however, the major first resistance level at $3.0959 would likely cap any upside.

A fall through the $3.0139 pivot would bring the first major support level at $2.9456 into play.

Barring an extended sell-off, however, EOS should steer clear of the second major support level at $2.8636.

First Major Support Level: $2.9456

Pivot Level: $3.0139

First Major Resistance Level: $3.0959

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum fell by 1.78% on Sunday. Partially reversing a 4.67% rally from Saturday, Ethereum ended the week up by 4.90% to $390.41.

A bullish start to the day saw Ethereum rise to an early morning intraday high $401.00 before seeing red.

Falling short of the first major resistance level at $406.32, Ethereum fell to an early afternoon intraday low $384.02.

Steering clear of the first major support level at $382.44, Ethereum recovered to $390 levels to limit the downside.

At the time of writing, Ethereum was up by 0.58% to $392.68. A bullish start to the day saw Ethereum rise from an early morning low $390.41 to a high $393.42.

Ethereum left the major support and resistance levels untested early on.

Story continues

Ethereum would need to avoid a fall through the $391.81 pivot to support a run at the first major resistance level at $399.60.

Support from the broader market would be needed, however, for Ethereum to break back through to $399 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $400 should cap any upside.

A fall through the $391.81 pivot would bring the first major support level at $382.62 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $374.83.

First Major Support Level: $382.62

Pivot Level: $391.81

First Major Resistance Level: $399.60

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

Ripples XRP fell by 2.56% on Sunday. Reversing a 0.40% gain from Saturday, Ripples XRP ended the week down by 0.04% to $0.28781.

Tracking the broader market, Ripples XRP rose to an early morning intraday high $0.29582 before hitting reverse.

Falling short of the first major resistance level at $0.2994, Ripples XRP slid to a mid-afternoon intraday low $0.28207.

Ripples XRP fell through the first major support level at $0.2907 and the second major support level at $0.2860.

Finding late support, Ripples XRP briefly revisited $0.29 levels before easing back into the deep red.

The first major resistance level at $0.2907 pinned Ripples XRP back late in the day.

At the time of writing, Ripples XRP was up by 0.46% to $0.28914. A bullish start to the day saw Ripples XRP rise from an early morning low $0.28821 to a high $0.28992.

Ripples XRP left the major support and resistance levels untested early on.

Ripples XRP will need to move through the $0.2895 pivot to support a run at the first major resistance level at $0.2969.

Support from the broader market would be needed, however, for Ripples XRP to break back through to $0.29 levels.

Barring a broad-based crypto rally, the first major resistance level and Saturdays high $0.29852 should cap any upside.

In the event of a breakout, the second major resistance level at $0.3059 could come into play.

Failure to move through the $0.2895 pivot would bring the first major support level at $0.2804 into play.

Barring another extended crypto sell-off, Ripples XRP should avoid the second major support level at $0.2730.

First Major Support Level: $0.2804

Pivot Level: $0.2895

First Major Resistance Level: $0.2969

23.6% FIB Retracement Level: $0.3638

38.2% FIB Retracement Level: $0.4800

62% FIB Retracement Level: $0.6678

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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EOS, Ethereum and Ripples XRP Daily Tech Analysis August 10th, 2020 - Yahoo Finance

When the EOS network launched in 2018, it looked to be one of the biggest contenders to Ethereum (ETH) not just in terms of providing a scalable development platform for decentralized apps, or DApps, but also in terms of a well-funded project with great support, and one that could rival Ethereum as the second-ranked cryptocurrency.

So far, while EDApps OS is definitely a worthy competitor, its hard to argue that it has toppled Ethereum, which houses almost nine times more DApps on its platform than EOS, according to State of the DApps. Nevertheless, EOS remains a top competitor, mainly due to its superior throughput. Facilitating over 700,000 transactions in 24 hours, EOS can currently handle around 20 times the volume of Ethereum. This also translates into user numbers, with EOS now catching up.

Ethereums 2.0 upgrade is looming ever closer on the horizon, promising to level up scalability through sharding. So, how will the new and improved version of Ethereum measure up to EOS?

Ethereums ongoing challenges with scalability have been one of the most pressing drivers for the 2.0 implementation. Currently, the platform can support around 30 transactions per second, which causes frequent network congestion and spiraling gas fees.

Ethereum co-founder Vitalik Buterin has indicated that ETH 2.0 implementation will bring a vast improvement, ultimately achieving 100,000 transactions per second, or TPS, with the help of the sharding mechanism, which enables parallel execution by splitting the blockchain into pieces. However, although the first phase of the Ethereum upgrade will happen by the end of summer 2020, only the final phase which is around two years away will implement sharding, bringing about the assured 100,000 TPS speed.

In contrast to Ethereum, EOS was designed from the start with scalability in mind, and is achieved by enabling parallel transaction processing while keeping the number of block producers small, speeding up throughput. EOSs scalability, in comparison to Ethereum, contributed to much of the buzz generated around the project from the time it started selling tokens in 2017 to its first launch in 2018. Currently, the maximum throughput achieved on EOS stands just shy of 4,000 transactions per second.

Therefore, theres every chance that Ethereum 2.0 could contend with EOS by the time its implementation is finalized. However, this assumes that EOS will maintain the same transaction speeds it can currently handle. EOSIOs strategic vision lists scalability as one of the platforms priorities, detailing various methods that can enhance vertical and horizontal scaling and parallel smart contract execution. Dan Larimer, chief technology officer of the company behind EOS, Block.one, told Cointelegraph that EOS will continue to hold the edge over Ethereum in that metric:

EOSIO will continue to be the faster option in single shard applications, given that its entrenched in the architecture level, and Ethereums 2.0 release will account for more applications on its platform, but not bigger ones.

Interestingly, inter-blockchain communication also features among the EOSIO priorities. Larimer clarified that interoperability between blockchains could be another area for EOS to excel, adding, Were strongly encouraging interoperability solutions, like our recent EOSIO Challenge winner eosio.evm, that empower developers to keep using and scale their legacy ethereum smart contracts.

Beni Hakak, CEO of LiquidApps which runs the DAPP Network told Cointelegraph that he believes the interoperability will bring about a future where both platforms will operate in harmony for the benefit of developers:

The future is multi-chain, giving developers the opportunity to blend together the advantages of various chains, allowing them to optimize their dApps for performance and cost-efficiency in a way that best fits their end-users. Developers can choose the base layer based on their specific use case, and interoperability will give them the freedom to migrate to a different chain.

Ethereum is arguably more decentralized than EOS. Currently, anyone with the right mining equipment can join the Ethereum network and become a miner. The first stage of the ETH 2.0 implementation will involve a move to proof-of-stake, with the minimum stake set at 32 ETH. Anyone who can reach this barrier can still join the network as a validator to compete for block rewards.

A vast interest in staking led some analysts to suggest that there may be a price rally resulting from large quantities of ETH being put out of circulation. Whether mining or staking, Ethereums decentralized network makes it secure against attack, because the cost to attack the network is almost prohibitively high.

So far, one of the biggest criticisms of EOS is its centralization an integral part of the platforms design. The delegated proof-of-stake consensus only ever allows a fixed number of 21 block producers, with token holders entitled to cast their votes for who gets to participate as one of the group.

However, the number of block-producing nodes isnt the most pressing concern. Claims around lack of voter engagement, vote-buying and concentration of tokens into the hands of a powerful few have prompted concerns about the balance of power within EOS. Last year, news emerged that multiple block producers were possibly being operated by a single entity. In this respect, if a powerful party turned malicious, they could attack the EOS network.

Nevertheless, Vitalik Buterin himself has previously shown support for the EOS governance model, recognizing that although its centralized, it does avoid the problems that emerge from decentralized blockchains.

The respective teams behind EOS and Ethereum development are a fairly good reflection of how each platform operates. The ETH 2.0 team isnt a single coherent entity. Rather, there are several teams working on different iterations of the platform. Among them are well-known names in the blockchain community, including Vitalik Buterin, Justin Drake and Vlad Zamfir.

On the other hand, while EOS is open-source, the company that originally built the platform, Block.one, continues to develop it today. Block.one is headed by CEO Brendan Blumer and Daniel Larimer, Block.ones chief technical officer and the architect of both the delegated proof-of-stake consensus and the Steem blockchain.

The biggest announcement to emerge from the EOS camp in recent months is around the launch of its social network, Voice. The company behind EOS, Block.one, has previously provided $150 million in funding to ensure that the project can operate independently. Meanwhile, most of the news around Ethereum continues to focus on the ETH 2.0 upgrade. Although no timeline is currently set, its widely expected that the first phase will be this year with the final public testnet already confirmed for launch on Aug. 4.

So, despite EOS being touted as the other half of a clash of titans with Ethereum, the two platforms continue to co-exist without a clear winner emerging. However, the promise of vastly improved throughput from Ethereum 2.0 does make it a more serious contender for EOS in the scalability stakes.

Nevertheless, a more centralized design of EOS arguably gives the platform an agility edge over Ethereum. Therefore, theres every possibility that EOS could pull off a scalability or interoperability upgrade before Ethereum 2.0 is fully implemented.

Either way, there isnt any reason why the two platforms cant continue to operate side-by-side in the future, as developments in interoperability could even see them start to play together in a way that has not been possible to date. As Hakak of LiquidApps put it: Each chain serves a purpose, and brings its own functionalities and its own advantages to the table. We arent far from a point where dApps would combine Ethereum and EOS technology without the end-user being exposed to the backend.

Follow this link:

Ethereum 2.0 and EOS Crossing Swords Over Scalability Supremacy - Cointelegraph

In summary:

Over the past few weeks, ChainLink (LINK) has proven to be the proverbial fastest horse in the crypto markets. LINK seems to be setting a new all-time high value every 24 hours with its current one being $14.46 set only yesterday, August 9th.

It is with this brief background that Timothy Peterson of Cane Island Alternative Investors, has highlighted the possibility of LINK hitting $32 by the end of the year.

However, Mr. Peterson has also warned that such a parabolic move up would not be sustainable. He added that investors who would be lured to buying LINK at such levels, risk losing 50% of their investment or even more.

Mr. Petersons exact statement was as follows.

Did some quick analysis of #chainlinks network growth rate and historical deviations in price put

Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.

Mr. Peterson has on more than one occasion, hit the nail on the head with his analysis of ChainLink and Bitcoin.

Firstly, and in early July, his modeling of LINKs price using Metcalfes law had estimated an $8 value of ChainLink by August. Checking the charts, LINK has since exceeded this value and almost doubled it at its current price of $13.45 Binance rate.

Secondly, Mr. Peterson had also used his Metcalfes model to predict that Bitcoin would hit $10k before mid-August. Checking the charts once again reveals that Bitcoin has overshot his estimates by a cool $2,000.

Thirdly, and in mid-July, he had predicted that ChainLink would eclipse Bitcoin SV (BSV) and Bitcoin Cash (BCH) in terms of market capitalization. Taking a brief look at Coinmarketcap reveals that LINK has surpassed BSV and claimed the number 6 spot. Mr. Peterson has since updated his comments regarding LINK flippening BCH as seen in the following Tweet.

Approximately $533 Million in market cap separates LINK from Bitcoin Cash. This means that LINK needs only be valued above $16.169 to take the number 5 spot from Bitcoin Cash.

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ChainLink (LINK) Hitting $32 is Possible but Risky - Crypto Analyst - Ethereum World News

Ethereum 4 Hour Price Update

Updated August 10, 2020 11:20 AM GMT (07:20 AM EST)

Ethereum is down 1.17% ($4.64) since the last 4 hour candle, marking the 2nd candle in a row it has gone down. Ethereum outperformed all 5 assets in the Top Cryptos asset class since the last 4 hour candle.

The back and forth price flow continues for Ethereum, which started today off at 390.28 US dollars, down 1.83% ($7.28) from the day prior. The change in price came along side change in volume that was up 12.22% from previous day, but down 72.95% from the Sunday of last week. Out of the 5 instruments in the Top Cryptos asset class, Ethereum ended up ranking 3rd for the day in terms of price change relative to the day prior. The daily price chart of Ethereum below illustrates.

Volatility for Ethereum has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 19 out of the past 30 days.

Behold! Here are the top tweets related to Ethereum:

Nobody wants DeFi to run on shitty consensus systems that are prone to all kinds of abuse, $EOS cartels are a good example, $TRX is a joke and $ADA is still far far awayEthereum still wins in that regard which is why DeFi is built on EthereumTo win, governance will be key

The creator of Ethereum cant confidently tell you what the total supply of ETH is, what it will be in the near or medium term, nor what it will be in the long term.Only that there will be more created based on his & his cronies subjectivity. This isnt crypto, its fiat.

One good thing that came out of this, imo, is that it helps shed light on the differences between the two communities.Hardliner bitcoiners dont understand Ethereum people at all, and vice versa. Its really quite amusing, given how obsessed the 2 camps are with each other /12

For a longer news piece related to ETH thats been generating discussion, check out:

Vitalik Buterin highlights the importance of EIP-1559 to Ethereums supply | CryptoSlate

If youve been following Ethereum over recent months, the term EIP-1559 has likely come up many times.CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article.None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. 2020 CryptoSlate.

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Ethereum (ETH) Down $4.64 in Last 4 Hours, Started Today Down 1.83%; in an Uptrend Over Past 90 Days - CFDTrading

The Ethereum DeFi remains one of the most attractive sectors of the crypto market. Yield farming investors are still on the hunt for the next star in the DeFi token sky, which promises exorbitant profits. The head of DTC Capital, Spencer Noon, has joined the search and identified the next star.

In a post to his more than 20,000 Twitter followers, Noon said that the CRV token of the Curve Finance protocol will be the next sensation in Ethereums DeFi sector:

The cat is out of the bag, thats right. CRV is probably the next big domino to fall that will put the DeFi back into a frenzy. Thats what happens when youre a critical infrastructure for farms, they have huge daily volumes, plus a thin table top.

Noons Tweet is a reaction to the announcement of the launch of the CRV token. The launch, which Noon described as the largest event in the DeFi sector in August, is part of a change to the governance model of the Curve Finance protocol which will move to a decentralized autonomous organization (DAO). As part of this, the CRV token will be used by the CurveDAO as part of its new governance model, which will give its users more decision-making power.

Like the YFI token of the year.finance protocol and the LEND token of the Aave protocol, among others, many of the major protocols in the DeFi sector have changed their governance models in recent months to become more decentralized. Incentives for investors have caused the price of these tokens to skyrocket within hours of their deployment.

The governance token for the Curve Finance protocol, CRV, will be distributed to liquidity providers. Therefore, there will be no public sale of or ICO. Users who have given liquidity to the protocol will be able to receive the token retroactively from day 1, as announced by the Curve Finance team.

The total supply of the token will be 3.03 billion. It will be distributed as follows: 62% to liquidity providers, 30% to shareholders with 2 to 4 years vesting, 3% to employees with 2 years vesting and 5% that will go to the community reserve. The initial supply of the CRV token will be around 1.3 billion or at around 43% whereby 5% will be allocated to pre-CRV liquidity providers with 1 year vesting, the rest will have the same distribution mentioned above.

A member of the Curve Finance team announced that this first stage has been completed. According to the publication of the Curve team member, CRV pre-launch period ended at block 1.062.759. In addition, the following was announced:

We are also happy to announce that pre-launch liquidity providers will receive 5% of the total supply compared to the 3% initially announced. This brings the total CRV share to be distributed to liquidity providers to 62%.

It remains to be seen how Curves token will perform at launch. However, as Noons statements indicate, there seems to be enough hype to assume that there could be a big rally. In similar cases, as with the YFI token, investors saw gains of 11.000% just one week after the launch.

More:

Ethereum: This DeFi token might start a big rally soon Head of DTC Capital - Crypto News Flash

The rating agency Weiss Ratings has updated its ranking of the best cryptocurrencies worldwide. Various metrics such as the market situation, adaptation, technological progress or investment risk are incorporated into the ranking. In the latest ranking update, Ethereum now ranks first in the overall evaluation, ahead of Bitcoin and Cardano.

Source: https://weisscrypto.com/en/coins

With the upcoming launch of Ethereum 2.0 and the progress in development Ethereum has made, Ethereum has been able to put down a strong rally in the last few days. Furthermore, the growth of the DeFi sector has brought new capital to the market, which is also reflected in Weiss ranking. The agency especially appreciated the technological progress of Cardano.

The analysis team around Juan Villaverde has had the Shelley Hard Fork on its watch list for quite some time. According to Weiss Ratings, this step has made Cardano Blockchain the project with the best technology (freely translated):

Shelley is already reflected in our technology model because we had full confidence that he would come out with this (fork). We are also thinking about the same model that Cardano is capable of doing intelligent contracts and dApps, because we believe that these things will come out eventually, so when Cardano pushes a code update, it doesnt really reflect our ratings, unless there is something new on the roadmap that wasnt there before As the basics for the block chain, i.e. Cardano, improve over time, it will be reflected in our reviews.

However, Weiss Ratings does not only evaluate cryptocurrencies with a large market capitalization, but also smaller projects such as Cosmos (ATOM), Tezos (XTZ) or Fantom (FTM) are to be found in the top positions in the ranking of technical factors. Despite the current rally, the agency says that the current technical chart patterns indicate that a further upward movement is imminent.

Nevertheless, market participants are particularly alert at the moment, as another correction like last weekend, when Bitcoin fell by more than USD 1,500 in a few minutes, could quickly wipe out the current gains (freely translated):

This weeks pattern suggests that the crypto-markets are not yet frothy and that higher prices are yet to come. Normally we see the smaller legacy coins outperforming the broad crypto market as the rally enters its later stages.

The fact that the rally we have seen so far as remarkable as it has been has focused primarily on high quality names shows us that caution among crypto-market participants remains high

Weiss Ratings has been offering analyses from the financial market for more than 30 years and since 2018 also offers regular assessments of the largest and most valuable projects in the cryptomarket. Weiss Ratings is not undisputed in the crypto scene. Some critics argue that the rating of individual metrics is too opaque and thus lacks transparency to some extent.

The rest is here:

Weiss Ratings: Cardano has best technology, Ethereum ahead of Bitcoin - Crypto News Flash

Quick take:

Many crypto traders and investors across the world are becoming more bullish with the markets as Bitcoin (BTC) maintains its resilience after breaking $10k and $11k in quick succession. Usually, a rapid increment in the value of Bitcoin usually has a detrimental effect of altcoin pairs denominated in BTC. However, some altcoin such as VeChain (VET) seem not to be affected as much by Bitcoins positive gains as shall be illustrated.

Compared to other altcoins such as Ethereum and Litecoin, VeChains (VET) correlation to Bitcoin is relatively low. According to the team at Coinpredictor, the VeChain correlation to Bitcoin stands at 0.37 as compared to 0.68 for Ethereum and 0.83 for Litecoin. They go on to explain the relationship between VET and BTC as follows.

According to the correlation analysis, BTC and VEN have a moderate positive relationship.The correlation coefficient of their prices is 0.37, which was estimated based on the previous 100-days price dynamics of both assets.

This Correlation value from Coinpredictor may vary from -1 to 1 where -1 is the strongest negative correlation and 1 as the strongest positive correlation. Furthermore, a value of 0 indicates that there is no correlation at all. In the case of VeChain, a value of 0.37 points to VET not being as affected by Bitcoins sudden price movement when compared to other altcoins.

A good way of validating VeChains (VET) relatively low correlation to Bitcoin, is the analyses of the VET/BTC chart. If the two digital assets were highly correlated, the chart would be less exciting as it would indicate that with every pump or dump of Bitcoin, VeChain would follow a similar path. As a result, the value of VET denominated in BTC would not fluctuate as much.

Further dissecting the daily VET/BTC chart courtesy of Tradingview, the following can be observed.

Summing it up, during bullish periods in the crypto markets, some altcoins start to display patterns that are different from the rest. In the case of VeChain, the digital asset seems to have a relatively low correlation to Bitcoin when compared to other altcoins.

Furthermore, a quick analysis of the VET/BTC chart reveals that VeChain could be gearing up for another push up.

As with all analyses of altcoins such as VeChain, traders and investors are advised to use stop losses and low leverage to protect trading capital.

Read the rest here:

VeChain (VET) Has a Relatively Low Correlation to Bitcoin - Ethereum World News

In summary:

Ethereum (ETH) is gaining more than 3% to cross the coveted 400$ barrier for the second time this month. Yesterday, Ethereum reached a closing price of 390.66$ (CoinMetrics), a record-high since July 2018 amid spikes in the number of ETH active addresses and transactions. According to data analytics firm Glassnode, the number of daily active addresses crossed the 482,000 levels last week, a year-high value and the highest since mid-2019.

High Relationship between ETHs Price and Active Addresses

Since the beginning of the year, ETH price and the number of active addresses are correlated at 60.9% while, during 2019, this relationship was higher slightly over 76% showing a high relationship between Ethereums price and the number of active addresses holding ETH.

Active Addresses Influence ETHs Price

Our analyses reveal that, in 2020, when the number of active ETH addresses increase by 1%, its price increases, on average, by 0.18% the same day. As such, investors have available another on-chain metric that allows to have a statistically significant relationship with returns, allowing to define intraday strategies.

On the same line, in 2019, this relationship was as significant as in 2020, but of a lower magnitude: when the number of active ETH addresses would increase by 1%, its price would increase, on average, by 0.07% the same day.

Will ETHs Price Reach 500$?

Since the start of the year, Ethereum beat Bitcoin as the best performing asset, more than doubling Bitcoins cumulative returns during that period. ETH has maintained a long-term positive trend, setting new yearly-highs, since the March crash.

Ethereum is challenging mid-July 2018 price levels with crypto executives as BITMEXs CEO predicting a new yearly-record at 500$. On-chain indicators as the Ethereums mean hash rate, transaction count and the number of active addresses are also approaching record-levels since the start of the year, suggesting future growth.

Original post:

The Number of Active Ethereum Addresses Impacts Its Price Positively - Ethereum World News

The most favorite crypto coin, Bitcoin, is trying hard to take out stiff resistance just above $11,800, in order to test the $12K mark. Ethereum is the main laggard among the top three cryptocurrencies on Sunday. Ripple breaches $0.2900 after rejection just below the $0.30 barrier. The total market capitalization of the top 20 cryptocurrencies now stands at $356.41 billion, as cited by CoinMarketCap.

The top 3 most favorite digital assets remain on the back while heading into a fresh week, with FXStreets Confluence Detector tool indicating how they are positioned technically.

Bitcoincontinues to keep its range play intact below the critical barrier at $11,817, the confluence of Fib 38.2% 1D, Bollinger Band 4H Middle and SMA5 4H.

The bulls will face an uphill task despite the break above the latter, as a bunch of minor resistance levels are placed around $12,000, where the previous week high and Pivot Point 1D R2 coincide.

Alternatively, minor support around $11,590 caps immediate downside. That level is the intersection of the Fibonacci 61.8% 1W, Bollinger Band 4H Lower and Previous Day Low.

A failure to resist above the aforesaid support, the selling pressure will likely accelerate towards the next cushion aligned at $11,470, the convergence of the Pivot Point 1D S2 and the previous month high.

According to Ethereums near-term technical view, the bearish bias remains intact while the spot trades below the critical resistance at $392, which the intersection of the Pivot Point 1M R1 and Fib 38.2% 1D.

The next upside target is located at $396.75, the confluence of the Fib 23.6% 1D, SMA5 4H and Bollinger Band 1H Middle.

To the downside, a cluster of resistances is stacked up near $388/386, which is the convergence of the Fibonacci 61.8% 1D, Bollinger Band 1H Lower and SMA200 1H.

Rippleextends the break below $0.2900 this Sunday, with the immediate support seen at the Pivot Point 1D S2 at $0.2876.

Amid a lack of healthy support levels below the latter, the sellers will then aim for $0.2785, the Fib 61.8% 1W.

Any recoveries will likely face stiff resistance at $0.2907, the convergence of the Pivot Point 1M R1 and Bollinger Band 15-minutes Lower.

A break above the last will call for a test of $0.2950. Further north, the 0.2983 will be on the buyers radar. At the level, the Fib 38.2% on 1D and 1W coincide.

See all thecryptocurrency technical levels.

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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto bears dominate, Ripple breaches $0.2900 - FXStreet

The recent Ethereum Classic 51% attack was far from an innocent mistake as some initially suspected, netting the attacker more than $5 million in stolen funds. What's more, the hacker only spent $200,000 to do it.

Bitquery, a blockchain data intelligence firm, released analysis today breaking down the steps the attacker took to pull off the 51% attack against the Ethereum Classic blockchain over the weekend.

Those steps reveal careful planning and an intimate knowledge of the Ethereum Classic blockchain architecture, allowing the multi-million dollar exploit to be completed without immediately alerting blockchain watchers and requiring several days to be uncovered.

In essence, the hacker sent ETC from an exchange to his own wallets, then back to the exchange on the original ETC blockchain. Using more than 51% of available ETC hash power, the attacker then mined thousands of blocks, some containing transactions sending ETC to other wallets he also controlled, instead of back to the exchange. Finally, the attacker broadcast his malicious blocks, causing a reorganization of the blockchain that replaced real blocks with those created by the attacker.

The hacker spent more than 12 hours sending ETC to the exchange to be sold or converted into other currency. After the offending blocks were reorganized into the ETC blockchain, the ledger showed that those transactions sending ETC from wallets back to the exchange never happened, instead remaining in the hackers possession. These double spend exploits are the reason 51% attacks can be so catastrophic for blockchains that are meant to be immutable.

Bitquery analysis indicates that the attacker spent less than $200,000 to perform the malicious mining, using hash power from the nicehash provider daggerhashimoto. Anchain.ai CEO Victor Fang also confirmed for Bitquery that OKEx was the exchange likely targeted by the double spend attack.

Decrypt reported on earlier analysis by head of developer relations at the Ethereum Classic Cooperative Yaz Khoury indicating the apparent 51% attack and chain reorganization could have been the result of unique circumstances where a miner lost internet connection, then submit more blocks than the true chain could manage due to a large mining pool being offline for maintenance.

Whether the attacking miner had knowledge of these circumstances or just caught a lucky break is not yet confirmed. Khoury also contributed to the follow up Bitquery analysis.

Any 51% attack is a troubling sign for the cryptocurrency industry, but the public nature of distributed ledgers and meticulous sleuthing by blockchain watchers may offer hope that exploits will rarely go undiscovered for long.

See the article here:

Hacker nets over $5 million in Ethereum Classic 51% attack - Decrypt

Quick take:

Litecoin is often referred to as Bitcoins little brother and sometimes BTC steals the show as seen with the current bullish market environment. As a result, the analysis of Litecoins on-chain activity is sometimes left to the few. In the case of Litecoin, the number of active daily addresses has been on a steady increment since the year began.

According to data from the team at Santiment, 2020 kicked off with LTC having approximately 60k active daily addresses. That number now stands at around 113,000. Furthermore, the Litecoin network experienced a peak value of active addresses on the 5th of June and at a value of 312,000. The screenshot below provides a better visual cue of the increment of activity on the Litecoin network.

In a previous analysis, it was highlighted that the team at Bloomberg had used the number of active BTC addresses to predict a $12,000 value. Sure enough, Bitcoin hit this mark a few days back.

Using a similar analysis but using LTC transactions, David Schwartz, project director at Litecoin Foundation, has pointed out that the number of daily Litecoin transactions has reached levels last seen in early December 2017. Per his analysis, the use of Litecoin will continue to increase with time and the price of LTC should follow a similar path up.

He explained his thesis via an 8-part Twitter thread that can be accessed via the following Tweet.

Key to his thesis are the following statements that link the use of Litecoin to the value of LTC.

#Litecoin is currently averaging 0.5 trx/s at roughly $59 per coin. This means its average usage has doubled since the start of the last bull run & is gaining steam. So much so, that trxs have outpaced historical price, which means price is not showing its true value.

The usage rate for #Litecoin will continue to climb during 2020 & beyond to much higher than the former high of 2.61 trx/s & should take the price with it over time. This shows that real adoption HAS indeed occurred, even through the 2 year bear market & will continue to grow

Originally posted here:

Litecoin's (LTC) Daily Active Addresses On the Rise in 2020 - Ethereum World News

In the midst of an apparent resurgence of the crypto fever, data analysis firm Santiment shared its predictions for Ethereum. According to Santiments analysis and conclusions, Ethereum investors should proceed with caution. The data analysis firm highlights ETHs performance in recent months.

At the time of publication, ETH is trading at $395 with gains of 0.15% in the last 24 hours. In the weekly and monthly charts, ETH shows gains of 23.97% and 62.98% respectively.

Santiment said in a new report that the rise of ETHs price over the last 30 days was predictable. Several analysts have argued that ETH has a variety of reasons for a price boom. First, the hype around the launch of the Ethereum 2.0 mainnet and the start of the final testnet with the deployment of Medalla .

Additionally, the rise in the Total Value Locked on Ethereum DeFi sector. Santiment data shows that the so-called summer DeFi lead to an all-time high of $4.3 billion, as can be seen in the graph below. The majority of the investment has been made in the last two months, following the growth in investor interest in yield farming.

Source: https://app.santiment.net/assets/list?name=DeFi%20Summer@2046#shared

However, the analysis firm says that the rise in ETHs price is too exceptional. According to Santiment the MVRV (Maket Value to Realized Value) metric is at its highest point since February 2014 and the 90-day return is at its highest point since February 2018 with 45.93%. The high percentage in this metric indicates that there will be a correction in ETH price that will precede a possible rise driven by the reasons mentioned above:

Even though the price of $ETH has risen exponentially since its public market trading 5 years ago, the metric, just like for all assets, hovers around 0% due to non-optimal trading strategies, including FOMO and FUD. Often times, when average returns get this high, there will be a likely shake-out upcoming to remove the weak hands. ETH has plenty more upside from these prices, but short-term, things are beginning to look a bit too one-sided into the positive for investors.

Source: https://twitter.com/santimentfeed/status/1290322838470176769/photo/1

Santiment highlighted in a separate report the newcomer Ampleforth (AMPL) and the fast price development of the token. The analysis firm claims that the token has gained popularity and investor confidence, as can be seen in the graph below. Santiment describes investors perception of AMPL as extremely positive with the potential to continue that trend.

Source: https://insights.santiment.net/read/a-new-stablecoin%3A-swings-happen.-ampleforth-5934?utm_source=twitter&utm_medium=post&utm_campaign=twitter_a_new_stablecoin_ampleforth_article_garry_07_31_20

However, the analysis firm also warns of caution. Due to the experimental nature of the token, the Age Consumed indicator that measures confidence in the asset over a longer period of time is shown to be negative. Santiment concludes the following:

Volatility markers are in place. Whales accumulating, crowd is paying attention. There will be redistribution between both. Just the question at what price level. Signs are concerning and not advising anything financially.

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Santiment: Ethereum might face correction DeFi token Ampleforth will rise - Crypto News Flash

1. Ethereum Classic Attacker Double-Spends $1.68M: Report - CoinDesk  CoinDesk
2. Ethereum Classic Suffers Another 51% Attack  Finance Magnates
3. Ethereum Classic Price Analysis - A second 51% attack Brave New Coin  Brave New Coin
4. Hacker swiped $1.7 million in second Ethereum Classic attack  Decrypt
5. Why isnt Ethereum Classic worth $0? Macro investor asks after 51% attacks  CryptoSlate
6. View Full Coverage on Google News

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Ethereum Classic Attacker Double-Spends $1.68M: Report - CoinDesk - CoinDesk

The Ethereum Foundation will be building a dedicated security team for Ethereum 2.0 to study any potential cybersecurity and crypto-economic issues in the next generation of the Ethereum network.

Justin Drake, an Eth 2.0 researcher at the foundation, announced the start of the recruitment process on his Twitter feed.

The foundation is looking to hire a variety of security and auditing professionals, both for the software and the general model of the upcoming upgrade.

Among the potential teams tasks will be fuzzing, bounty hunting, pager duty, which directly relates to software security management.

Ethereum client developers have already engaged in fuzzing for the upcoming Eth 2.0 clients. The efforts were spearheaded by Sigma Prime, the developers of the Rust-based Lighthouse client.

Fuzzing is a bug searching technique that involves feeding garbage data to software in order to trigger a non-standard response. Many of the bugs found today in the web are due to improper input sanitation, where special types of inputs may be interpreted as machine code or simply produce undesired behavior. Fuzzing helps find these critical points and update the code to prevent potentially catastrophic bugs.

The security team will also be doing more theoretical work on formal verification of cryptographic algorithms. This process will seek to mathematically prove that a certain algorithm is secure. Economic modeling experts are also sought by the foundation.

With the final stages of preparation forEthereum 2.0 Phase 0 underway, heavy emphasis is now being placed on the networks security.

Recently, the foundation launched specialized attack networks for bounty hunters to break. By finding issues before the mainnet launch, developers are looking to ensure a smooth transition.

This approach has proven to be successful, with several confirmed exploits being patched. A multi-client attack net has been launched today following the programs success.

The Ethereum Medalla testnet, the first to be fully maintained by the community, is due for launch on Tuesday after locking in the required number of validators ahead of deadline.

Mainnet launch will follow at an unspecified date when developers feel confident with the networks stability.

Drake anticipated earlier that this may only happen in 2021, though some, like Ethereum co-founder Vitalik Buterin, are more optimistic for a launch this year.

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The Ethereum Foundation Is Building a Dedicated Eth 2.0 Security Team - Cointelegraph

WarGames, a movie from 1983, stars a young Matthew Broderick as a computer whiz kid who accidentally connects into a top secret super-computer which has complete control over the U.S. nuclear arsenal. After his exploits result in triggering a countdown that almost leads to World War III between America and Russia, a Hollywood ending allows Brodericks character to save the day.

Actor Matthew Broderick plays the role of David Lightman in the movie WarGames (1983) as his ... [+] computer hacking almost starts World War III between the U.S. and Russia.

Only more absurd than this story would be if Hollywood created a tale where a 17-year old manages to bypass security at Twitter, take control of several popular accounts including Elon Musk and Joe Biden, and then solicits Bitcoin with an anonymous online address. Of course, for the year 2020 where the unexpected continues, a Mr. Graham Ivan Clark is accused of doing this very thing. His Crypto War Games scenario has landed him in court in Florida facingcharges of communications fraud, and fraudulent use of personal information, as well as accessing computers or electronic devices without authority.

Graham Clark, Twitter Hacker, Bitcoin Thief

Clark has been profiled in the New York Times as a troubled youth, who had a history back to stealing from others with respect to the video game Minecraft. Ultimately, the idea of a hacker simply disrupting a major social media channel with the sole purpose of stealing Bitcoin leaves Mr. Clarks story more as one of a common criminal than the innocent hacking of a computer system.

Luckily for the world, Clarks actions were not at the level of a terrorist or evildoer that could have potentially caused much more harm, particularly with President Trumps use of Twitter as a regular form of communication with the public. If anything was provided of value from this mans exploits, it is likely the post-mortem on how to protect social media platforms in the future as they have become a common and popular medium of communication.

Meanwhile, although there is the tale of another youthful whiz kid named Virgil Griffith, who was arrested for teaching cryptocurrency and blockchain in North Korea. For Griffith, 37 years old, his history with hacking and coding on computer systems goes all the way back to 2008, where he was described in a New York Times magazine article as an Internet Man of Mystery.

Over 12 years ago, it was a program called WikiScanner that Griffith developed as a way of determining if corporations were updating stories in Wikipedia to their advantage. His solution was to determine if the IP addresses of the uploads were traceable back to the corporate buildings of the companies. Indeed, Griffith certainly fulfilled his most famous quote where he explained his purpose was to, tocreateminorpublic-relations disasters forcompaniesandorganizationsI dislike".

Picture of Virgil Griffith aka 'RomanPoet', or 'Internet Man of Mystery'

As opposed to the common Bitcoin thief, Griffith plays the role much closer to our protagonist in WarGames, as a modern day Renaissance Man, or an Ethereum cypherpunk. Griffith is credited by Vitalik Buterin, the co-founder of Ethereum, for the role he played as a leading scientist and researcher for Ethereum. Ethereum, often considered the next advanced development in blockchain after Bitcoin, envisions a new form of an Internet that is not dominated by the largess of profits going to Big Tech corporations.

Regarding the moniker cypherpunk, this person is an activist advocating widespread use of strong cryptography a route to social and political change aimed at maintaining privacy in a modern world. However, for the visionary Griffith, he took this concept to new levels where he graduated from simply developing programs or platforms - whether WikiScanner or Ethereum - and decided to travel to the Democratic Peoples Republic of Korea (DPRK) and offer a presentation on Blockchain and Peace.

Griffith, who faces chargesfor traveling toNorth Koreato teach cryptocurrency and blockchain technology to evade economic sanctions, currently awaits trial at home with his parents in Alabama. Represented by the famous high-stakes trial attorney Brian Klein of Baker Marquat who often helps in defense cases regarding crypto matters, Griffiths trial may result in a Hollywood ending and find him back at work with Buterin at the Ethereum Foundation.

Ultimately, Griffith is the Ethereum cypherpunk, an activist on a mission where getting arrested is more of an incidental byproduct to his hopes for achieving world peace through crypto. Meanwhile, the world watches with interest at Clark, who as a Bitcoin Twitter thief, does not have the promise of a young Griffith. It is likely that for Clark, justice will be firm and swift and likely one that is to provide a lesson to other young teenagers in the U.S. about the dire consequences of breaking into large social media platforms. For Griffith, it may be more about the book deal or movie actor that will play his story - the story of the purposeful activist of cypherpunks, from which Bitcoin was born in 2008 and around which the fast-growing crypto and blockchain industry continues to grow.

The rest is here:

Crypto WarGames: Ethereum Cypherpunk Virgil Griffith Vs. Bitcoin Twitter Thief Graham Clark - Forbes

Ethereum 4 Hour Price Update

Updated August 10, 2020 07:24 AM GMT (03:24 AM EST)

Ethereums 3 four-hour candle positive streak has officially concluded, as the candle from the previous 4 hours closed down 0.41% ($1.65). Those trading within the Top Cryptos asset class should know that Ethereum was the worst performer in the class during the previous 4 hours.

The choppiness in the recent daily price action of Ethereum continues; to start today, it came in at a price of 390.28 US dollars, down 1.83% ($7.28) since the previous day. The price move occurred on volume that was up 12.22% from the day prior, but down 72.95% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 3rd since the previous day in terms of percentage price change. The daily price chart of Ethereum below illustrates.

Volatility for Ethereum has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days.

Behold! Here are the top tweets related to Ethereum:

Nobody wants DeFi to run on shitty consensus systems that are prone to all kinds of abuse, $EOS cartels are a good example, $TRX is a joke and $ADA is still far far awayEthereum still wins in that regard which is why DeFi is built on EthereumTo win, governance will be key

The creator of Ethereum cant confidently tell you what the total supply of ETH is, what it will be in the near or medium term, nor what it will be in the long term.Only that there will be more created based on his & his cronies subjectivity. This isnt crypto, its fiat.

One good thing that came out of this, imo, is that it helps shed light on the differences between the two communities.Hardliner bitcoiners dont understand Ethereum people at all, and vice versa. Its really quite amusing, given how obsessed the 2 camps are with each other /12

For a longer news piece related to ETH thats been generating discussion, check out:

Vitalik Buterin highlights the importance of EIP-1559 to Ethereums supply | CryptoSlate

If youve been following Ethereum over recent months, the term EIP-1559 has likely come up many times.CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article.None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. 2020 CryptoSlate.

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Ethereum (ETH) Down $0.53 Over Past 4 Hours, Tops All Top Cryptos to Start the Day; in an Uptrend Over Past 14 Days - CFDTrading

Ethereum 4 Hour Price Update

Updated August 09, 2020 11:18 AM GMT (07:18 AM EST)

Ethereum entered the current 4 hour candle at $392.81, down 0.68% ($2.67) from the previous 4 hours. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 4th since the previous 4 hours in terms of percentage price change.

397.56 (USD) was the opening price of the day for Ethereum, resulting in yesterday being one in which price moved up 4.74% ($17.99) from yesterday. This move happened on lower volume, as yesterdays volume was down 51.14% from the day before and down 64.66% from the same day the week before. On a relative basis, yesterday was pretty good: Ethereum bested all 5 of the assets in the Top Cryptos class The daily price chart of Ethereum below illustrates.

The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 10 out of the past 14 days.

For laughs, fights, or genuinely useful information, lets see what the most popular tweets pertaining to Ethereum for the past day were:

@WhalePanda @wullon @LucLammers @adam3us @Excellion @VitalikButerin I wrote this book and continue to study Ethereum because I think it is interesting, from a technical perspective. This interest has cost me money and some goodwill from BTC maxis, but I continue despite these costs. I am motivated by intellectual curiosity.

Ethereum is *5 years old*For that whole time everyone was so busy trying to get rich by creating new ways to dump on dumb money that no-one bothered to make a way to easily verify the total supply of $ETH and that is why many have ethical issues with $ETH (and others)

@WhalePanda @wullon @LucLammers @adam3us @Excellion @VitalikButerin I wont get into this debate, but your assertion that Im motivated by book sales and conferences is easily disproved. The income from Mastering Ethereum is tiny and well below minimum wage considering the effort. Ive spoken at 2 conferences for Ethereum, both free.

In terms of news links for Ethereum heres one to try:

$MTXLT on Ethereum: Roadmap. We are constantly looking for ways to | by Christian Eichinger | tixlcurrency | Aug, 2020 | Medium

As an ERC-20 token, MTXLT can also take advantage of the benefits of Uniswap.ERC-20 tokens provide more opportunities to be included in staking programs and thus achieve added visibility for the project.Smart contracts for MTXLT are also made possible with an ERC-20 token.In addition to our own MTXLT token and ETH, other ERC-20 tokens can be sent on the Autobahn Network.

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Ethereum (ETH) Down $2.67 On 4 Hour Chart, Outperforms All Top Cryptos to Start the Day; 2 Day Down Streak Ended - CFDTrading

In summary:

Back in mid-2019, the team at IOTA launched the Coordicide Website. The aim of the website is to track and update on the processes of removing the networks Coordinator in an upgrade dubbed IOTA 2.0. This move will allow IOTA to migrate to a fully decentralized and scalable DLT.

The IOTA coordinator is the centerpiece of the network and performs the task of signing transactions on the network. By doing so, the Coordinator provides reference points (milestones) to avoid instances of double-spending. Basically, the IOTA coordinator provides security given the risk of dishonest actors whose main aim is to attack DLT networks.

Given the enormity of the task to remove the Coordinator which is the centerpiece of the IOTA network, the team at IOTA has broken down the process into three phases. These three phases will mark significant milestones and testnet releases leading up to the completion of IOTA 2.0.

The team at IOTA decided to name these three stages after the three major steps in the creation of honey: Pollen, Nector and Honey.

Each step of the process to migrate to IOTA 2.0 has been defined as follows.

Pollen: The first official testnet of the IOTA 2.0 networkThe Pollen network will primarily be a research testbed for the Foundation, community, and external researchers to validate concepts from the Coordicide white papers and simulate certain attack vectors. During this active research phase, much of the Coordicide specifications will be fully finalized, giving us the final blueprint of IOTA 2.0.

Nectar:Expected in the second half of 2020, Nectar will be a full implementation of our Coordicide modules on an incentivized testnet. The goal of this network is to test for any bugs or issues that need to be fixed before the final release of the mainnet. As the name already mentions, participants in this network will be incentivized with progressively increasing rewards to find bugs or attack vectors.

Honey:The final release candidate for IOTA 2.0, Honey, will include all of the modules according to the full and final specification of Coordicide.At this point, the network will have been battle-tested and secured through many hundreds of hours of testing with full audits of our node software. Honey can be considered the first version of IOTA 2.0, our fully decentralized IOTA mainnet.

At the time of writing, the team at IOTA has recently published an update on the progress of Pollen in which they stated the following.

With this new release, IOTA has introduced a new architecture made up of three separate layers (Application layer, Communication Layer and Network Layer). This new architecture will provide support for upcoming features like Tokenization, Scalable Smart Contracts, Feeless dApps and Sharding.

All in all, IOTA 2.0 is on track to attain its mission of a truly decentralized and scalable DLT.

Read more here:

IOTA 2.0 Will Usher in a Fully Decentralized and Scalable DLT - Ethereum World News

Full-time crypto trader and strategist Michal van de Poppe says hes keeping close tabs on five low-cap altcoins that are showing strong bullish signals.

The analyst, also known as Crypto Michal, says he is watching Celer Network, as he believes the CELR/BTC pair indicates a significant rally is coming.

Celer Network is showing a clear volume accumulation, which is showing that people are interested in this asset We see that we are above the 100-day and 200-day [moving average] for the first time since the listing. So were getting into the bull territory for the first time since it has been listed.

Van de Poppe sees Celer Network possibly climbing as high as 200 satoshis, which is a 140% increase from its current level.

The crypto trader is also looking at Harmony (ONE/BTC), which he says has a similar market structure to the CELR/BTC pair. Van de Poppe says that as long as it holds 73 satoshis, he expects ONE/BTC to launch a parabolic move en route to 180 satoshis representing an increase of nearly 110% from its current value of 83 satoshis.

Another coin on Crypto Michals list is TROY (TROY/BTC). He says that while it is still consolidating, a breakout can take the pair to 100 satoshis, which is a surge of over 70% from its current price of 58 satoshis.

In addition, the trader is waiting for a pullback on Decentraland (MANA/BTC). He says the coin broke out of a year-long accumulation. Should it hold 680 satoshis, he believes the crypto can soar to 2,000 satoshis.

The last coin on the traders list is Algorand (ALGO/BTC). Van de Poppe is looking to buy on dips as he sees ALGO going as high 5,500 satoshis should it hold 3,000 satoshis.

Meanwhile, Michal van de Poppe is keeping a close eye on Ethereum (ETH) after going vertical over the last few weeks. He says hes waiting for the second-largest cryptocurrency to significantly correct down to $320 and then $280 before placing long positions.

Its the same for XRP. The analyst says the third-largest crypto is now ripe for a retracement after a strong push above $0.32. Van de Poppe is eyeing $0.28 and $0.24 as possible levels to take longs.

As for Bitcoin, Crypto Michal says BTC is now trading around the resistance level between $11,600 and $12,000. He suggests waiting to see if the king crypto converts resistance at $12,000 into support. Otherwise, he is expecting BTC to drop to strong support at around $9,800.

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Top Trader Names Five Altcoins Set to Rally, When to Buy Ethereum and XRP, and Whats Next for Bitcoin - The Daily Hodl