The Zano blockchain’s recently completed Zarcanum hard fork (HF4) will enable users and organizations to create custom tokenized assets that meet their specific needs. These custom tokenized assets or confidential assets, will be untraceable on the Zano blockchain. The team believes that without privacy and security, cryptocurrencies cannot achieve the much-hyped widespread adoption. Hosting Multiple […]
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Polygon Leaps Towards Future With Successful Napoli Hard Fork
Polygon’s Napoli hard fork, incorporating the RIP-7212 upgrade, marks a significant advancement in interoperability with mainstream tech by introducing support for the elliptic curve digital signature algorithm commonly used across the internet. The upgrade also aligns with Ethereum’s recent Denchun hard fork improvements, enhancing block space efficiency, limiting self-destruct opcode scope, and reducing memory copying […]
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Vitalik Buterin Unveils ‘Rainbow Staking’ and a ‘Recovery Hard Fork’ at Ethtaipei
During the Ethtaipei 2024 event in Taiwan, Ethereum founder Vitalik Buterin introduced “rainbow staking,” a new conceptual framework designed to allow protocol service providers to engage in a differentiated menu of protocol services. Rainbow staking aims to enhance the economic value and participation of solo stakers by integrating various protocol services in a more plug-and-play […]
Bitcoin News
Bitcoin Fork Discussions Surface Over Block Space Constraints and Ordinals
While no formal announcement has been made, murmurs of a potential Bitcoin fork are emerging amidst discussions on block space, Ordinal inscriptions, and escalating fees. Such speculation has led some to believe that a significant Bitcoin fork might occur in 2024.
Talks of a Bitcoin Fork Appear as Tensions Rise
Discussions about a potential Bitcoin fork are surfacing on social media platform X, sparked by ongoing debates about the trend of Ordinal inscriptions, the block space these inscriptions occupy, and the increasing transaction fees of BTC.
As of Dec. 23, 2023, a backlog of 291,660 unconfirmed bitcoin transactions exists. The current cost for transferring bitcoin stands at 81 satoshis per virtual byte (sat/vB) or .97 per transaction. Comparatively, fees were much higher on Dec. 16, 2023, when the rate was 674 sat/vB, equating to per transfer.
Moreover, certain Bitcoin enthusiasts scorn Ordinal inscriptions, labeling them as “spam,” an “attack,” a “scam,” and fundamentally a misuse of resources. On Dec. 23, advocate Adam Simecka asserted that Ordinal inscriptions are a “scam,” causing division among bitcoiners, and predicted that this trend “will result in a hard-fork (a new version of Bitcoin) that will eventually fail.”
The Twitter user Pledditor informed its 16,900 followers about Taproot Wizards’ alleged attempts “to fork Bitcoin to be more like Ethereum.” Pledditor’s X post came as a rebuttal to Udi Wertheimer’s mention of “BIP-1559” on the same platform.
Furthermore, Wertheimer’s X post from Dec. 20 proclaimed, “In 2024 we’re upgrading Bitcoin,” to which David Coen responded, “Please do it. Fork Bitcoin. Keep the spam on your chain.” Tyler Whittle, a sorcerer at Taproot Wizards, recently discussed the risks Bitcoin faces due to its reluctance to adapt and change.
Whittle argues that while the Bitcoin community is proficient at understanding the risks of protocol changes potentially wiping out its market cap, it underestimates the dangers of not evolving. This resistance to change Whittle compared to the downfall of formerly dominant companies like Blackberry, Kodak, and Nokia, which failed to adapt to new technologies and market shifts. Whittle added:
In 2024, we must move away from the biblical Bitcoin culture. We need more 1960s Space Race vibes, and less Bitcoin as religon.
Since the block size disputes and the 2017 split between Bitcoin and Bitcoin Cash, much has evolved. Each chain has diverged, with Bitcoin Cash expanding its block size to 32 megabytes (MB) and Bitcoin maintaining its 1 MB block size cap. Yet, because of Segregated Witness and Taproot, Bitcoin has attained a 4 MB block size this year.
Over the past year, Bitcoin’s average daily block size has also risen from 1.19 MB to 1.7 MB. Nonetheless, there’s no additional capacity for expansion, and the likelihood of proposing and agreeing on a block size increase is virtually nonexistent.
As we near 2024, the Bitcoin community encounters a decisive juncture. Discussions about Ordinal inscriptions, block size, and escalating fees highlight an increasing schism. With debates heating up and transaction queues expanding, talk of a potential fork is becoming more prevalent. Mid-December 2023 saw the term “bitcoin fork” hit the peak of Google Trends scores globally, signaling heightened interest and concern.
What do you think about the rising discussions concerning a Bitcoin fork in 2024? Share your thoughts and opinions about this subject in the comments section below.
XRP Price Prediction: Rare Bent Fork Pattern Predicts Explosive 3000% Surge To $15
Crypto analyst Egrag Crypto has been continuously bullish on the future of the XRP price and the latest prediction proves this. This time around, the crypto analyst is using a rare Bent Fork Pattern to back up his prediction that the XRP price is headed for double-digits.
The Rare Bent Fork Pattern
Egrag first mentioned the Bent Fork Pattern in a June post while showing a bullish roadmap for the XRP price. In the earlier post, the analyst points out ‘four distinct tracks’. These include the “Track A) Major Historical Support, Track B) Ranging Zone, Track C) Mid-Cycle Top, and Track D) Cycle Top.”
As Egrag explained, the Track D is the cycle top which could see the altcoin’s price reach as high as , although not without incidence. Despite expecting a surge, Egrag says that XRP could fall lower before this happens. However, the analyst asks investors not to fret when this happens. Rather, they should see it as an opportunity to buy the cryptocurrency for lower prices.
Now, four months after the initial post was made, Egrag has revisited this Bent Fork Pattern, doubling down on the previous prediction. In a post made on Wednesday, October 18, Egrag updated the previous prediction, showing what needs to happen for the XRP price to reach the lofty price of . This would mean at least a 3,000% price increase for XRP if the pattern plays out exactly as expected.
In the chart below, the analyst explains that the XRP price needs to breach the white line for the rally to begin. “the real excitement is if #XRP shatters the ‘White’ Ascending Triangle – get ready for some market-shaking action,” the analyst said.
Looking at a time frame, the crypto analyst asks investors to keep an eye out for the 3rd and 4th week of November as this is when something interesting might happen. “Feeling uncertain about your next move? This might just be your last chance to seize a buying opportunity,” Egrag said in closing.
Not The Only Bullish Chart For XRP Price
Interestingly, Egrag’s XRP price prediction using the Bent Fork Pattern also matches their other predictions for the altcoin. Earlier in the week, Egrag had also put forward another forecast but used the Elliot Wave Theory to present the bull case.
As Egrag notes, the fifth wave is where the main movement really lies where the analyst expects the price surge to happen. Just like with the Bent Fork Pattern, it also suggests a double-digit price level at the top. However, the wave theory takes it a step further with a price mark compared to the Bent Fork’s mark.
Another similarity between both predictions is that the June Bent Fork chart shows the XRP price at somewhere between 2025 and 2026. This is the same timeframe presented using the Elliot Wave analysis, so most of this will likely play out in the bull market.
Ethereum Hard Fork Coin ETHW Down More Than 95% Since The Merge
Nearly a year after Chandler Guo — the instigator of the Ethereum blockchain’s last hard fork — predicted its rise, the native coin of the breakaway Ethereum proof-of-work blockchain has plummeted by more than 95%. Ethereumpow (ETHW) now trades at a price less than 1% of the U.S. dollar value of ether. The team behind the Ethereum proof-of-work network acknowledged in March that the protocol’s prospects may not be as bright as they were in September 2022.
ETHW’s Gradual Decline
Almost a year after it debuted at just over 0, ethereumpow (ETHW), the native coin of the breakaway Ethereum proof-of-work (PoW) blockchain, traded at .32 on Sept. 13, 2023. At this price, the coin is down by more than 95% from its maiden price. In contrast, the main Ethereum blockchain’s native coin ETH, which traded at just under ,560 at the time of The Merge, was pegged at ,600 on the same day.
The decline of the forked coin’s value appears to contradict assertions made by Chandler Guo, the instigator of the Ethereum blockchain’s last hard fork. As reported by Bitcoin.com News in 2022, Guo insisted the price of ETHW was “very cheap” and predicted its eventual rise by 100X. At the time, Guo suggested that it would take 10 years for the price of ETHW to match that of ETH.
However, some twelve months later, ETHW, whose value was equivalent to 6% of that of ETH, is seemingly not on course to match the price of ether. Instead, as shown by the latest data, the forked coin now trades at a value which is less than 1% of ETH’s value.
Similarly, the forked coin’s current traded volumes are also significantly lower than what they were 12 months ago. To illustrate, just after the hard fork, ETHW daily traded volumes were averaging more than 0 million for the remainder of Sept. 2022. However, the data shows that between September 1 and 13, 2023, the forked coin’s traded volumes have remained under million.
Ethereum PoW Team Identifies Problems Besetting the Chain
The daily traded volumes of ETH, on the other hand, have largely ranged between billion and billion since the migration to the proof-of-stake consensus mechanism. In addition, ETH has retained its position as the second-most dominant cryptocurrency.
🟩 Proposal: EthereumPoW One — An All-in-One Ecosystem DAO
Since the inception of EthereumPoW, some excellent NFT projects have emerged in the EthereumPoW ecosystem. Through these projects, we have witnessed the enormous potential of EthereumPoW. Nevertheless, the overall… pic.twitter.com/wWtNmXliNA
— EthereumPoW (ETHW) Official (@EthereumPoW) March 17, 2023
Although some supporters of the Ethereum PoW network have remained upbeat, the team behind the chain acknowledged in March that the protocol’s prospects may not be as bright as they were in September 2022. In a message shared via their official handle on X (formerly Twitter), the team noted the project lacked funding as well as “a unified and effective organization to coordinate limited resources in this ecosystem.”
To overcome these and other challenges, the team proposed the establishment of “EthereumPoW One — A All-in-One Ecosystem DAO [decentralized autonomous organization].” However, as shown by the data, even the team’s March 17 announcement of the proposal has seemingly failed to halt ETHW’s price decline.
What are your thoughts on this story? Let us know what you think in the comments section below.
Maker Co-Founder Proposes Future Protocol Implementation on Solana Fork
Rune Christensen, a co-founder of Maker, the Ethereum-based stablecoin protocol, has proposed to reimplement the protocol on a new chain forked from Solana. This move would be the final part of “Endgame,” an update to the protocol that seeks to grow the stablecoin dai by enhancing “efficiency, resilience, and participation.”
Maker Proposal Involves Protocol Reimplementation on Solana Fork
Rune Christensen, a cofounder of Maker, the stablecoin protocol behind dai, has proposed reimplementing the protocol on top of a fork of Solana, updating it to manage possible problems derived from technical failures or governance attacks. The move would be part of Maker’s roadmap evolution, called “Endgame,” designed to “enhance efficiency, resilience, and participation” around the Maker protocol.
He defended the creation of a blockchain used only to run the backend of Maker, stating that it would “deal with the eight years of technical debt in the protocol.” This would imply each component would be redesigned and custom-built for its exact function. However, Christensen stated that this change would take at least three years.
Solana, according to Christensen, presents three significant advantages over other chains. First, the “highly optimized” technical quality of the Solana codebase is well-suited for operating a singular blockchain. The second advantage is related to the resilience it showed after the fall of FTX, indicating that the chain can withstand attacks and is “likely to stick around long term.” The third advantage is that it has already been adapted for app chains, as a custom version of Solana has been implemented as part of the Pyth network.
Inbound Criticism
Christensen was criticized on social media due to the nature of his proposal, with some claiming that most Maker users had allegiance to the Ethereum protocol. He explained that none of these changes would affect the user experience and that all of the user-facing parts of Maker and the protocol tokens would remain on top of Ethereum.
Christensen declared:
EVM (Ethereum Virtual Machine) is still the most important when it comes to building stuff for users, since that’s where the users are. But for a specialized backend for Maker’s specific needs it is not ideal.
Nonetheless, he condemned crypto tribalism, stressing that Ethereum, Solana, and Cosmos were all great chains and that “tribalist incels (of every flavor) are in the wrong decade.”
What do you think about the proposed changes for the Maker protocol? Tell us in the comments section below.
Ethereum’s Fiery Path: $6.6 Billion Ether Burned Since the London Hard Fork
Drawing upon recent data, the Ethereum network has incinerated close to 3.46 million ether, translating to a staggering .68 billion in value burned since the London hard fork’s implementation on August 5, 2023. Taking into account the 710-day period that followed, the Ethereum network maintained a relentless burn rate, burning an average of over 146,000 ethereum every month.
Ethereum Has Burned 3.46 Million Ether in 710 Days
Nearly two years — precisely 23 months — have zipped by since the enforcement of Ethereum’s London hard fork, marking the implementation of Ethereum Improvement Proposal (EIP) 1559. This significant change has led to the continuous burn of the base fee portion of a transaction fee on the Ethereum network, around the clock, each day.
Current figures reveal a total of over 3.46 million ether has been burned since the London hard fork. Given the prevailing ETH exchange rates, the overall worth of the obliterated ether adds up to .68 billion. This equates to a monthly average of more than 146,000 ether being destroyed since EIP-1559 came into effect.
To give a sense of scale, the sum of .68 billion worth of ether burned could enable a person to purchase roughly 19,085 single-family homes, each estimated at an average price tag of 0,000. EIP-1559 paved the way for a deflationary technique in Ethereum, steadily diminishing the total ETH supply.
Regular ETH transfers have contributed most significantly to the Ethereum reduction, incinerating nearly 300,000 ETH. Opensea’s non-fungible token (NFT) transactions have witnessed over 230,000 ether burned, while Uniswap v2 has led to the destruction of close to 200,000 ether.
Transactions involving Tether have wiped out over 150,000 ETH, and combined, Uniswap v3 and v1 have caused the burning of more than 200,000 ETH. At the time of writing, an estimated 120,201,621 ETH is making its rounds in circulation, holding a worth around the 2.53 billion mark.
Post the implementation of EIP-1559, a little over 3 million ethereum has been minted. It’s been 304 days since The Merge on September 15, 2022, the transition when the Ethereum network pivoted from a proof-of-work (PoW) blockchain to a proof-of-stake (PoS) blockchain.
Had The Merge not transpired, the network would have generated 6.5 million ether. Moreover, if the chain remained a PoW model and shunned the implementation of EIP-1559, an additional 9.9 million ETH would be contributed to the existing 120 million ETH in circulation.
As Ethereum continues to chart its deflationary path, how do you think it will influence the future of this network? Share your thoughts and opinions about this subject in the comments section below.
Dash Blockchain Halts After Upgrade Attempt, Possible Fork Detected
Multiple sources have reported that the Dash blockchain came to a standstill at block height 1,874,879 following an attempted upgrade to version 19 by the developers. As of now, data indicates that the most recent block verified on the network was over 16 hours ago.
Dash Network Upgrade Fails, Resulting in Block Production Halt, Cause Is Currently Unknown
On Monday, May 22, 2023, block production came to a halt, prompting Dash Core Group CTO Samuel Westrich to take to Twitter at 1:12 a.m. Eastern (ET) to address the issue. In his tweet, Westrich revealed that the Dash Core upgrade to version 19 had encountered a snag, causing the chain to stall and block production to cease.
“The chain is stalled and currently not producing blocks. We have everyone investigating the issue. I will continue with updates on Twitter as we have more information,” he wrote.
As of 4:30 p.m. (ET) on Monday, block production remains at a standstill. There are also indications that the upgrade may have caused a fork, resulting in two separate chains. For example, the blockchain explorer at dash.org reports that the last block mined was block height 1,874,879, which was mined by Viabtc. However, Blockchair’s explorer shows that block 1,874,880 was mined by Binance’s mining pool, suggesting that the chain may have bifurcated.
News of the block production glitch quickly spread across social media platforms like Twitter. Just days before on May 15, the official Dashpay Twitter account had urged all users of the Dash network to “update their software to accommodate the upcoming hard fork.” Close to five hours ago, the Dash Core developer by the name of Pasta said that the release of version 19.1.0 would address the issues at hand.
Dash is down for more than 15 hours now due to a faulty hard-forking upgrade
https://t.co/56wUvwsQJn
— Nikita Zhavoronkov (@nikzh) May 22, 2023
“This release should resolve the chain stall once a sufficient number of masternodes and miners have upgraded,” Pasta wrote. “Please be aware of the known issues listed in the release announcement. A reindex may be needed.” The tweet written by Pasta was published at 1:33 p.m. ET on Monday. A Twitter user by the name of Dash Memes responded to Pasta to thank the developers for the new release.
“Thank you for hard work pushing this out. I hope serious effort is put into the post-mortem to evaluate how this came to pass and what can be done to eliminate this risk for ever happening again,” the Twitter user replied. “Dash’s reputation has been seriously damaged today, the fix needs to be structural.”
What do you think the Dash Core Group should do to prevent similar glitches and forks from happening in the future? Share your thoughts and opinions about this subject in the comments section below.
Post-Shapella Hard Fork: Ethereum Deposits Exceed Withdrawals, Wait Time Climbs, ETH Transfer Fees Jump
It has been a week since Ethereum’s Shapella hard fork, and statistics indicate that ethereum deposits on April 18 have exceeded withdrawals for the first time since the upgrade. At present, 929,999 ether worth .94 billion is pending withdrawal, and over the past three days, 112,568 ether has been added to liquid staking protocols.
Just Under a Million Ether Worth Close to B Waits to Be Withdrawn; Average Network Fee Jumps Over Per Transfer
Since the Shapella upgrade, market participants have been closely monitoring Ethereum withdrawals as there was a lot of debate in the past over whether there would be massive sell pressure on the market. However, as of April 18, 2023, that has not been the case. Ethereum (ETH) is up 9% against the U.S. dollar over the past seven days.
During the week, withdrawals and those waiting to withdraw have continued to climb, and currently, just under a million ether, or 929,999, is in line to withdraw. On Tuesday, Nansen.ai statistics show that deposits have outpaced withdrawals, a first since Shapella was implemented on April 12.
Shapella enabled ethereum stakers to withdraw both the full balance of a validator or a validator’s consensus layer rewards. When a full validator removes their 32 ether, they are deactivating their validator position as a whole, while partial withdrawals allow stakers to simply withdraw rewards earned over the period they started staking.
The withdrawal queue can take days for people, and statistics currently show that some unstaking participants will wait close to 20 days to unlock their funds. On Tuesday, data showed that deposits moved above withdrawals, with ether being added to liquid staking protocols like Frax, Lido, and Rocketpool this week.
According to liquid staking metrics from defillama.com on April 15, 2023, 8,030,870 ether was locked into liquid staking derivatives platforms. As of today, that number has increased to 8,143,438 ether worth .10 billion using current ETH exchange rates. The total value locked (TVL) in the liquid staking protocol Lido is .65 billion, which has increased by 1.86% over the last seven days.
In terms of the 8.14 million ether staked, Lido accounts for 74.22% of the market share with 6,044,058 ETH staked. While Coinbase’s Wrapped Staked Ether protocol shed 2.84%, Rocket Pool recorded a 4.37% increase. Seven-day metrics also show that Frax Ether’s protocol TVL increased by 13.01%.
Data shows that the annual percentage rate (APR) for staking ethereum is currently 4.87%, according to token.unlocks data. Statistics indicate a jump in higher Ethereum network fees during the week, as bitinfocharts.com data shows the average Ethereum network transaction fee is 0.0059 ETH or .45 per transfer, while the median-sized Ethereum network transaction fee is 0.0025 ETH or .30 per transfer.
Etherscan.io’s gas tracker tool says a high-priority transaction will get through for 51 qwei or .92 per transaction. An Opensea sale costs .10, a Uniswap v3 swap costs .02, and to send an ERC20 like Tether (USDT) will cost an estimated .63 per transfer.
Do you think the trend of increasing deposits will continue? Share your thoughts about this subject in the comments section below.