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EY launches new blockchain solution to manage business contracts on Ethereum – TradingView

April 21, 2024 | Author: admin

EY has launched a new blockchain-based contract management tool, EY OpsChain Contract Manager (OCM), on the Ethereum public chain. The OCM is designed to help businesses execute complex agreements securely, efficiently, and at a lower cost, the company shared in a press release on Wednesday.

As noted, the OCM uses smart contracts on the Ethereum public blockchain to automate contract execution and enforce agreed-upon terms. It also uses zero-knowledge proofs (ZKPs) to keep confidential data private.

With the new solution, EY aims to eliminate the challenge of managing business agreements across numerous operational and technological divisions within and outside organizations. Traditionally, managing complex contracts across different parties and systems can be slow, expensive, and error-prone.

By utilizing EY OCM, companies can synchronize data with business partners and uniformly enforce key business terms, such as standardized pricing and volume discounts, the company noted. The solution is expected to create a secure and transparent environment for all parties involved.

According to the team, EY's solution can integrate with existing enterprise systems via a standardized API, supporting a wide range of business contract types.

In other words, enterprises of all sizes can use OCM to manage various types of business contracts. Early adopters are currently testing the system with complex Power Purchasing Agreements that incorporate market prices and strike prices.

Paul Brody, EY Global Blockchain Leader, highlights the efficiency of contract automation. He stated:

"Weve identified from past client work that contract automation can improve accuracy while cutting cycle times by more than 90%, and overall contract administration costs by nearly 40%. With our zero-knowledge privacy technology, we have industrialized this capability, and we can now get these benefits at a fraction of the up-front cost. Deploying on a public blockchain is not only cheaper, but also much more scalable, helping enable many-to-many integrations on an open platform with no one company having an unfair advantage by controlling the network.

The latest move follows EY's debut of a beta version of Nightfall in September 2021 in collaboration with Polygon. Nightfall is a privacy protocol that employs an Optimistic Zero-Knowledge Roll-Up to facilitate private transactions on Ethereum.

Nightfall concentrates on enabling private transactions for enterprises on Ethereum, addressing concerns like network congestion and high transaction costs. Its primary use is safeguarding transaction privacy while benefiting from the public Ethereum blockchain's security features.

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What is Ethereum Pectra? Bringing smart contract functionality wallets – OKX

April 21, 2024 | Author: admin

What if managing your Ethereum wallet could be as easy and secure as sending an email? The Ethereum network has introduced a big change that aims to deliver this kind of simplicity to users, called the Pectra hard fork. The update is expected to make transactions safer, bring added stability to the network, and introduce a host of new features.

EIP-3074 is a key part of the Pectra upgrade. It'll change how transactions are handled, making the network more accessible and bring smart contract functionality to wallets. How will these modifications affect the blockchain community? Read on as we explore the Pectra hard fork and what it means for users of the Ethereum network.

Pioneering change: The Ethereum Pectra hard fork aims to change how people use their wallets and make the network more efficient.

EIP-3074 introduction: The proposal allows regular digital wallets to use smart contracts, enabling you to make more complicated transactions that are also safer.

Streamlined transactions: Grouped transactions and paying fees to third parties aim to make usability easier.

Social recovery feature: The update introduces a new way to regain lost funds, using trusted contacts instead of traditional seed phrases.

Community impact: Greater simplicity and safety from Ethereum and its wallets can help increase people's trust in and use of decentralized applications.

The upcoming Ethereum Pectra hard fork is a major milestone in Ethereum's history. It aims to improve wallet capabilities and the overall efficiency of the network. The update, which introduces numerous Ethereum Improvement Proposals (EIPs) and notably EIP-3074 is scheduled for launch in late 2024 or early 2025.

This proposal is designed to change the way Ethereum handles transactions by allowing digital wallets to use smart contracts. EIP-3074 includes capabilities such as grouped transactions, which let users sign a transaction once regardless of how many tasks it contains. The proposal also allows for endorsed transactions, which enable someone other than the asset owner to pay for transaction fees.

These improvements are intended to simplify a user's interactions with the Ethereum network, greatly enhancing the overall experience by removing transaction complexities and expenses. Meanwhile, EIP-3074 comes with a new "social recovery" feature. The feature lets you regain access to your assets without needing the usual seed phrases.

Impressive, but it doesn't end there. These latest upgrades are part of a wider plan to future-proof the Ethereum network and strengthen its status as one of the leading platforms for decentralized applications (DApps) and smart contracts.

While EIP-3074 helps to make Ethereum more secure and easier to use, it's important to be aware of some security implications brought by the proposal's introduction. For example, the AUTH and AUTHCALL opcodes allow for more flexible transaction management but do introduce potential new vulnerabilities.

Formal audits and verification: EIP-3074 went through security audits to ensure safety. Audits are essential for finding and fixing vulnerabilities before they're exploited.

Enhanced user control and recovery: With EIP-3074, you can use digital signatures to give control of your Ethereum accounts to a smart contract. This makes it easier to get your assets back or manage them without risking the safety of your private keys.

Potential for misuse of invoker contracts: One of the main risks associated with EIP-3074 is the potential misuse of invoker contracts. If these contracts aren't implemented securely, they could be exploited to perform unauthorized transactions or access funds without the user's consent.

Need for trusted invokers: Building on the point above, transactions made with EIP-3074 need invoker contracts that can be trusted. Developers should use measures like whitelists to allow only confirmed safe entities to be involved in transactions.

Complexity in transaction authorization: Using more complex ways to approve transactions can make new and old contracts easy to attack. Greater complexity occurs because the AUTH opcode changes who's seen as the "sender" in transactions. Vulnerabilities can arise if this process isn't managed carefully, putting users at risk of attack.

Comprehensive auditing: Regular checks of the EIP-3074 implementation and the invoker contracts are important to protect users. These checks can help identify and fix vulnerabilities before they're exploited.

Strict validation of commits: To avoid issues like unauthorized access or replay attacks, commits must include ways to make sure each transaction is authorized correctly and can't be misused. One way to do this is by using unique identifiers or nonces.

The social recovery feature brought by EIP-3074 is one of the most noteworthy updates coming to the network. Let's explore how it works in more depth.

Digital signature for asset control: First, you give control of your assets to a special contract by using a secure digital signature. This step is important because it lets the contract manage the assets, but you can still get them back if needed.

Invoker contract: When the assets move to the new contract, that contract will handle all future actions for you. This setup lowers the chance of losing access to your assets if you forget your private keys.

Operational codes - AUTH and AUTHCALL:

AUTH: This code checks that your digital signature and transaction details match your original instructions.

AUTHCALL: After checking, this command lets the contract send crypto. It also allows others to know you've sent assets, so people can see the link between you and the contract's actions.

Security and asset recovery: The digital signature contains a unique code that guarantees you can retrieve your assets if you lose or forget your seed phrase, making it an invaluable feature.

Enhanced security measures: Despite the new features, there are risks of dangerous invoker contracts. To protect against losing assets without permission, the update includes ways to use invoker contracts that have been officially checked and reviewed.

EIP-3074 will alter the processes involved in Ethereum transactions by adding new features that bring welcome simplicity.

Batch transactions: EIP-3074 lets you combine multiple transactions into a single one. This should make transactions more efficient and may lower fees by distributing costs across multiple actions within the same transaction.

Sponsored transactions: Sponsored transactions are a new feature with EIP-3074. Here, a third party can pay the transaction fees instead of the asset holder. This could incentivize the use of DApps as asset holders no longer need to pay gas fees.

Smart contract-like capabilities in EOAs: Now, regular user accounts can do some of the same things as smart contracts. They can give permission to smart contracts to perform actions autonomously.

Alongside reducing the complexity of transactions made through the Ethereum network, the Pectra hard fork also introduces new ways for developers to make disruptive and easy-to-use apps.

Various other proposals are set to be introduced as part of the Pectra hard fork, each bringing additional functionality to the network.

EIP-7610: This proposal is designed to make the system more secure by only letting addresses with storage space create smart contracts. In theory, this change will make it easier to upgrade the system in the future, especially via Verkle trees.

EIP-7523: EIP-7523 focuses on making the Ethereum network more efficient. With the proposal, empty accounts will be removed from the Ethereum state. This helps reduce the state's size, making the network faster and easier to use.

EIP-7251 (Maxeb): This addition aims to make the network more scalable by simplifying the management of validators. This is achieved by increasing the maximum effective balance for validators from 32 ETH to 2,048 ETH. Doing so reduces the need to manage multiple validators, which reduces complexity.

EIP-2537: The EIP-2537 update brings new pre-built functions to the BLS12-381 curve. These functions help make cryptography processes more efficient. Better cryptography means better security and verification on the network.

EIP-3074, 5806, and 7377: Account abstraction EIPs make it easier to process transactions. EIP-3074 adds new commands (AUTH and AUTHCALL) that allow for transaction contracts to be verified and executed autonomously once certain permissions are set. This helps with complicated tasks like combining multiple transactions into one or having someone else pay for a transaction.

EIP-5920 (PAY opcode): EIP-5920 provides an easier way to share ETH by sending tokens directly without activating the receiver's contract code.

Each EIP contributes to the broader goal of making Ethereum more scalable, secure, and user-friendly, laying the groundwork for future advancements in the blockchain space.

Further updates are planned following Pectra's release in late 2024 or early 2025, most notably the addition of Verkle trees.

After Pectra, Ethereum is planning more updates. One important step is adding Verkle trees, which upgrade Ethereum nodes to validate blocks without needing to store large amounts of state data. This upgrade is a significant step towards 'statelessness' for the network. A stateless client doesn't need to store a full state database to validate incoming blocks.

Verkle tress and progress towards statelessness complements Ethereum's wider ambitions to improve scalability through advanced technologies like sharding, which aims to increase the number of transactions the network can process at once. This scalability solution has been a major focus following the network's move to Proof of Stake with the 'Merge' event.

The upcoming Ethereum Pectra hard fork promises to permanently alter how users make transactions on the network and manage their wallets. Efficiency, safety, and uprated features are all key benefits set to be brought about by the development and the arrival of the EIP-3074 proposal.

Although this next phase of evolution for the network isn't without its challenges notably, concerns over potential security vulnerabilities it marks fresh change for Ethereum and added competitiveness for the network.

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What is EigenLayer? Ethereum’s restaking protocol, explained – TradingView

April 21, 2024 | Author: admin

EigenLayer, explained

EigenLayer aims to eliminate a critical barrier many new DApps face by providing developers with an established security framework.

Ethereum has come a long way since its launch in 2015. It has held its position as the most influential blockchain, successfully transitioned from proof-of-work (PoW) to proof-of-stake (PoS), and is the foundation for many innovative crypto projects.

One such project is EigenLayer, a decentralized Ethereum staking protocol that provides developers with an established security pool. This EigenLayer explanation details staking and other vital parts of the Ethereum staking protocol.

The EigenLayer protocol is an Ethereum-based project aiming to improve the networks PoS consensus through a process called Ethereum restaking. The EigenLayer team claims to solve many existing Ethereum security inefficiencies, such as requiring every protocol to manage its own security and scalability processes.

However, before discussing the EigenLayer restaking process, defining the traditional Ethereum staking process is essential.

What is staking?

Staking is one of cryptos most popular features, providing traders with a reliable passive income stream.

Staking involves locking ones cryptocurrency in a staking pool, exchange or smart contract. A user earns interest on their staked assets, and in turn, the network utilizes these assets to cultivate network security. The more funds a user stakes, the more passive income they make.

High-value stakeholders often become validators who participate in transaction validation and vote on upcoming or existing proposals to improve the network. The idea is that stakers are more invested in protecting the blockchain network and less likely to become bad actors. Staking incentivizes good behavior as well. Validator rewards on Ethereum are slashed if a validator fails to participate in the networks best interest.

Decentralized staking is seen as the more accessible form of transaction validation when compared to PoW. PoW has miners racing to be the first block validator to earn a reward. This process has miners spending thousands on computer equipment to increase their hash rates, meaning those who spend the most earn the most. As these users continue to amass tokens, it becomes even more difficult for new miners to get involved.

Staking on Ethereum is similar to holding a savings account in a traditional bank and requires much less effort from the user. Thanks to the advent of staking pools, even users without much money to spare can begin their staking journey.

What is restaking, and how does EigenLayer support it?

Restaking is EigenLayers take on traditional staking. It provides new ways for users to generate passive income while increasing network security.

Restaking, in the case of EigenLayer, is the act of taking staked Ethereum and repurposing it to increase security on other protocols essentially creating a pool of restaked assets from which other decentralized applications (DApps) can pull. Users can opt-in to EigenLayers restaking smart contract through their already staked Ether (ETH) or through a liquid staking token (LST).

When a user stakes funds on an Ethereum protocol, most projects offer liquid staking tokens to represent those staked assets a sort of receipt. These tokens allow one to keep using their funds in other ways, such as restaking them through EigenLayer via a process called LST restaking without unstaking their original assets.

Alternatively, users can allow EigenLayers smart contracts to work with their already-staked ETH. Restaking with already-staked ETH is called native restaking. If a user participates in native restaking, the network will add those assets to the protocols security pool. How safe is EigenLayer? Its about as secure as the size of its security pool.

Applications built on EigenLayer are called actively validated services (AVSs) and can be anything from a bridge to a DApp to an oracle. Developing on EigenLayer is cheaper and more efficient than developing on a separate protocol, as EigenLayer has an established trust network in place through restakers. Developing elsewhere requires building a trust network from scratch.

That said, AVSs arent randomly harnessing services from EigenLayer. Instead, theres an intermediary called a node operator, a volunteer opting to help manage the network. Much like an Ethereum validator, an operator can be a single user or an organization.

Operators can build their own AVSs or provide services to other existing AVSs while receiving rewards in return. However, operators are also subject to an AVSs slashing requirements should they fail to perform their duties.

Moreover, operators can be restakers, or restakers can choose to delegate their restaked assets to an operator. Either way, restakers have complete control over which services their assets go toward. As a result, EigenLayer creates a sort of free-market governance system. Developers build on EigenLayer to harness its established security, while operators and restakers earn rewards for managing and providing said security.

How do restakers manage their restaked assets?

EigenLayer streamlines asset management through its EigenPod solution.

Users must connect their wallet to the EigenLayer application and select the token they want to restake. First-time restakers must approve the process before depositing funds into EigenLayers restaking contract.

A restaker manages their restaked assets through an EigenPod, a smart contract created during the restakers initial restaking process. An EigenPod is essentially a hub for the restaker to manage restaking processes, withdrawals and more. There can only be one EigenPod per Ethereum wallet address.

Restakers can visualize their network contributions through EigenLayers restaked points. Users earn restaked points every time a block is validated from their restaking date onward. EigenLayer calculates a users restaked points through a proprietary formula that factors the amount of restaked assets and the time theyve been locked in. The formula views native restaked ETH and restaked LST equally.

Users can withdraw their staking rewards on EigenLayer through a partial or full withdrawal process. Restakers who want to withdraw their earned rewards but continue providing services go through a partial withdrawal process. Partial withdrawals require on-chain proofs, and their gas fees can be expensive. Restakers can request one partial withdrawal every four to five days, and withdrawn funds must go through an additional escrow period before appearing in the restakers wallet.

Full withdrawals are for restakers who no longer want to provide their services. Otherwise, the process is similar to a partial withdrawal, requiring on-chain proofs and an escrow period for withdrawn funds. If a restaker accidentally initiates a full withdrawal, they can redelegate their assets via EigenPods redeposit button. Restakers can initiate either withdrawal process through their EigenPods Unstake section.

Pros and cons of EigenLayer

EigenLayer features innovative solutions, though this Ethereum network upgrade also introduces its own problems.

EigenLayer hopes to innovate on Ethereums tried-and-true proof-of-stake feature. In some ways, it is doing just that. However, its innovations arent perfect and can lead to new problems.

Pros

Additional passive revenue

Since restakers can use their staked assets in additional ways, they have the potential to earn higher rewards than traditional staking methods.

Improving developer success rates

EigenLayers security pool eliminates a key barrier many new projects struggle to overcome. Now, developers can focus on providing valuable services without worrying about establishing trust.

By removing one of the most significant barriers that newer projects face, EigenLayer could lead to genuinely innovative layer-2 projects.

Cons

Higher barrier to entry

While EigenLayer benefits new DApps by providing them with established security, restaking to participate in the network may overwhelm some users. Many crypto exchanges offer staking as a built-in service, simplifying node setup and maintenance for users on the network. That accessibility comes at the cost of technical know-how. If less technical users are already comfortable with the staking process, they will unlikely be interested in restaking.

Increased risk

EigenLayer AVSs have slashing rules that are different from traditional staking. Since restakers hold assets in traditional staking and restaking avenues, theyre doubling their slashing risk should they fail to uphold their duties.

Not only this, but restakers are doubling their exposure to security risks. Stakers already trust Ethereums smart contract code when they stake assets, and restaking requires trust in EigenLayers development prowess. This isnt to mention the quality of EigenLayer AVSs.

Fortunately, both Ethereum and EigenLayers code is entirely open-source. Knowledgeable developers can assess this code before risking their assets.

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What is Ethereum Blockchain? – Blockchain Council

April 21, 2024 | Author: admin

In the landscape of blockchain technology, Ethereum stands out as a pioneering platform that extends the capabilities of blockchain beyond simple transactions. Since its launch in 2015 by Vitalik Buterin and a team of developers, Ethereum has revolutionized the decentralized application (dApp) ecosystem, offering developers a platform to build a wide array of applications ranging from decentralized finance (DeFi) to non-fungible tokens (NFTs). In this comprehensive guide, we delve into the fundamentals of the Ethereum blockchain, its underlying technology, key features, applications, and future prospects.

At its core, Ethereum blockchain is a decentralized, open-source platform that enables the creation and execution of smart contracts and decentralized applications (dApps). Unlike Bitcoin, which primarily serves as a digital currency and payment system, Ethereums blockchain is designed to be a programmable platform, allowing developers to build and deploy smart contracts and dApps.

Despite its groundbreaking innovations, Ethereum faces several challenges and limitations:

Despite these challenges, the future outlook for Ethereum remains optimistic. The Ethereum community is actively working on solutions to address scalability, security, and sustainability concerns. Ethereum 2.0, a major upgrade to the Ethereum blockchain, aims to transition from proof-of-work to proof-of-stake consensus mechanism, thereby improving scalability and reducing energy consumption.

In conclusion, Ethereum blockchain represents a significant advancement in the realm of blockchain technology, offering developers and users a platform for building and deploying decentralized applications and smart contracts. From decentralized finance to non-fungible tokens and decentralized autonomous organizations, Ethereum has unlocked a world of possibilities for innovation and experimentation. While challenges remain, Ethereum continues to evolve and innovate, paving the way for a more decentralized, transparent, and inclusive future. As we embark on this journey of exploration and discovery, Ethereum remains at the forefront of the blockchain revolution, empowering individuals and communities to build a more equitable and decentralized world.

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Kraken-backed Nibiru Chain allocates $15m in NIBI tokens to boost developer activity – crypto.news

April 21, 2024 | Author: admin

Smart contract platform Nibiru Chain has unveiled a $15 million initiative in NIBI tokens to fuel its developer ecosystem.

Nibiru Chain, a proof-of-stake blockchain backed by HashKey Capital and Kraken Ventures, has allocated $15 million in NIBI tokens as part of the so-called Nibiru Builder Grants initiative aimed at fueling its developer ecosystem. In a press release shared with crypto.news, the developers said the allocated sum is equivalent to ~2.5% of the token supply.

Erick Pinos, ecosystem lead at Nibiru Chain, says the grant will supplement ongoing aid in partnership pairings and access to mentors, industry experts, and experienced developers. Commenting on the initiative, Jonathan Chang, COO of Nibiru, told crypto.news the firm wants to lower barriers to entry and create opportunities for those who may not have access to traditional VC funding.

Were expecting Nibirus grant program to propel further growth in tokenization of real-world assets (RWA) joining projects like Coded Estate which specialises in bringing homes and rentals on-chain, democratizing access to the real estate system; as well as on-chain gaming, where platforms like IntoTheVerse and Chess3 are already building on Nibiru. Jonathan Chang

Beyond the initiative, Nibiru also plans to host multiple hackathons with prize pools of up to $100,000 per event. Additionally, Nibiru wants to bring more developers into the ecosystem by introducing a reward mechanism that would allow blockchain creators to earn a portion of transaction fees every time their smart contracts are executed on the Nibiru Chain network.

Following the announcement of the initiative, Nibirus native token NIBI surged by over 4%, reaching $0.34, according to data from CoinGecko.

Founded in 2022, Nibiru Chain has secured millions of dollars in funding, propelling its valuation to around $100 million. The blockchain is backed by Tribe Capital, Kraken Ventures, HashKey Capital, Republic Capital, NGC Ventures, and Original Capital, among others.

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Ethereum spot ETFs Why the SECs expected rejection isnt all bad news – AMBCrypto News

April 21, 2024 | Author: admin

Disclaimer:

AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

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3 Must-Know Facts About Ethereum, Before You Buy the Cryptocurrency – Yahoo Finance

April 21, 2024 | Author: admin

With a current market cap (as of the afternoon of April 17) of $360 billion, Ethereum (CRYPTO: ETH) is the world's second most valuable cryptocurrency. It's behind only Bitcoin when it comes to market domination.

Just in the past five years, Ethereum's native token has skyrocketed nearly 1,700% in value. That would have turned an initial $1,000 investment into a jaw-dropping $18,000 balance today.

Ethereum has also been on a fantastic run since the start of 2023, benefiting from the broader crypto market's rally. But this digital asset remains 36% off its high. Before you rush to buy the dip, here are three things you should know about Ethereum.

Ethereum's key characteristic is that it allows for the functionality of smart contracts. These are computer programs that automatically execute once separate parties in a transaction satisfy their ends of the agreement. Think about an escrow account immediately releasing funds as soon as a home buyer meets certain conditions. In theory, Ethereum could handle this without human intervention, which could lower costs.

This feature is what makes this cryptocurrency much more useful when compared to Bitcoin, according to what Ethereum bulls believe. In fact, Ethereum has a sprawling ecosystem of decentralized applications (dApps), ranging from gaming and finance protocols to non-fungible tokens and the metaverse. Smart contracts enable these types of use cases, which could disrupt traditional industry structures.

Given this background knowledge, it's not surprising that Ethereum is often dubbed the "world's decentralized computer."

Like Bitcoin long has, Ethereum used to operate a proof-of-work consensus mechanism. This is an energy-intensive way to process transactions and secure the blockchain. Estimates point to how Bitcoin's network uses the same amount of energy as a small country.

Believing that this was harmful to the environment and not on a sustainable path, Ethereum's developers successfully transitioned the network to a proof-of-stake (PoS) system in September 2022. After the so-called Merge, in this setup, token owners who lock up their holdings have the right to validate transactions. According to Ethereum's website, the PoS consensus mechanism reduces energy usage by over 99%.

The other hope for the PoS transition is that it'll make Ethereum a much faster and cheaper network. It can only handle 14 transactions per second. And when demand is high, fees can soar. In order for Ethereum to one day usher in multiple new use cases, as many hope it can, the throughput needs to increase. There are other planned upgrades in the pipeline to one day make this a reality.

Story continues

Besides the Merge, Ethereum's developers have four main updates planned in the future. Each one focuses on a specific area of improvement. The end goal is to have a fully functioning Ethereum network that is good for the environment, fast, cheap, and able to have a vast dApp ecosystem operating on top of it.

Of all the cryptocurrencies in the world, Ethereum has the most developers working on it by far. This bodes well for its future because it means there are smart people focused on solving complex problems to keep progress going. I always say that I believe the ultimate success of a cryptocurrency depends on its ability to bring about real-world utility. Ethereum is trying to do this.

The issue, though, is that no matter how smart the upgrade pipeline looks on paper, it introduces immense technical risk. We can't forget that blockchain technology is still in the early innings. There is a lot that needs to be learned. Constantly tweaking and messing with the software means there will always be the possibility that something will break along the way.

If you are bullish on Ethereum, understanding these three key areas should help give you a better understanding before you put your money to work.

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3 Must-Know Facts About Ethereum, Before You Buy the Cryptocurrency was originally published by The Motley Fool

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Bitcoin, Ethereum and XRP Price Prediction: Can we See Post-Halving Rally This Week? – Coinpedia Fintech News

April 21, 2024 | Author: admin

With the successful Bitcoin Halving this Friday, the blockchain completes 840,000 blocks. Further, the halving reduces the mining reward to 3.125 Bitcoin per block. As the event is known for creating bull markets, the fourth halving comes at a rather wrong turn in global markets.

As the U.S. markets stand at a vulnerable stage and the Iran-Israel conflict creates ripples of fear, the crypto market struggles for a bull run. However, considering the buyers gain confidence post-halving, the crypto market might witness a strong jump next week.

So, with the crypto market at a pivotal stage and growing anticipations, will bulls make a comeback next week? How is this going to affect top coins like Bitcoin, Ethereum and XRP?

Lets find out more in our BTC, ETH, and XRP price analysis.

Following the Bitcoin-halving, the BTC price showed a modest uptick of 0.36% on Saturday to currently trade at $64162. While the demand pressure at $60000 psychological level is still intact, the daily indicates the continuation of sideways action.

Tradingview

For over two months, the BTC price has been trading sideways resonating between the two horizontal levels of $73850 and $60000. The consolidation came after a notable rally from late January to Mid-March, which revealed the formation of a bullish flag pattern.

In theory, this pattern provides buyers a break period to recuperate their exhausted bullish momentum. Amid the Bitcoins resilience to geopolitical tension in the middle, the buyers uplifted the coin from 7% from the $60000 support.

Amid the post-halving rally, the BTC price could breach the patterns overhead trendline as a signal of uptrend continuation. If the pattern holds true, the buyers may lead a rally to $85000 followed by $95000.

Ethereum, the second-largest cryptocurrency by market cap, has been under a steady correction since mid-March. The formation of a new lower high and low indicates the near-term sentiment has shifted bearish as the traders are selling on bullish bounce. From the top of $4090, the ETH price plunged 25% to hit a low of $3050.

Tradingview

Amid the current market consolidation, the ETH price is trading at $3051, projecting an intraday loss of 0.21%. If the supply pressure persists, the ETH price is poised for another 8% drop before hitting an emerging support trendline intact since October 2023.

The ETH price shows a history of bullish reversal from this dynamic support. Thus, it indicates the buyers continue to accumulate this asset at market dips.

Thus, a potential rebound will accelerate the buying pressure and bolster Ethereum buyers to chase a potential target of $3730, followed by $4090.

XRP, the native cryptocurrency on the Ripple network, has been an underperforming asset so far in 2024. Amid the recent market sell-off on April 13, attributed to Irans attack on Israel, the XRP price witnessed a major outflow and plunged below Jan 2024 low of $0.485.

Tradingview

Amid the recent downturn, the XRP price plunged below a 16-month-long support trendline. The Ripple coin currently trades at $0.514, struggling to follow this breakdown as broader market sentiment is bullish with recent Bitcoin Halving.

If the renewed recovery at $0.5 pushed the XRP price above the breached trendline again, the sellers will lose their grip over this asset.

The failed breakdown may favour buyers and bolster XRP price to regain value above $0.56 and aim for $1.

Following the Bitcoin halving, the cryptocurrency market offers local bottoms for the majority of top coins. With Bitcoin bouncing back from $60000, Ethereum and XRP are likely to witness demand pressure from below. This indicates a renewed recovery sentiment among market participants.

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Bitcoin, Ethereum and XRP Price Prediction: Can we See Post-Halving Rally This Week? - Coinpedia Fintech News

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Here’s How Much a $1,000 Crypto Investment in Ethereum at Its Launch Would Be Worth Now – Yahoo Finance

April 21, 2024 | Author: admin

recep-bg / Getty Images

I invest a little play money in cryptocurrencies. And 2024 has beena greatyear for them.

Read Next: 10 Valuable Stocks That Could Be the Next Apple or Amazon Learn More: 6 Genius Things All Wealthy People Do With Their Money

In fact, I occasionally share the story about how I tried to invest in Bitcoin when it was worth under $1,000 a coin, but I couldnt get the transfer to the cryptocurrency exchange. Eventually, I gave up and lived to regret it in theyears to come.

Along those lines, how would you have fared if youd gotten in on Ethereum in its early days? How much would you have today if youd invested $1,000 at the launch of the second-most popular cryptocurrency?

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In July 2014, Ethereum held an initial coin offering (ICO), raising money for the project through Bitcoin. It worked like a crowdfunding project, where investors bought in (paying with Bitcoin) for early access.

A year later, the actual Ether blockchain coins (ETH) started trading live at$0.31 per coin.

As of mid-April 2024, ETH trades at $3,157 per coin. That marks a roughly 10,000% increase in value.

If you had invested $1,000 at $0.31 per coin, youd have owned 3,225.81 ETH coins. At todays pricing, that would be worth $10,183,871.

Todays pricing doesnt even represent Ethers peak. On November 9, 2021, ETH reached a dizzying $4,815. If you had cashed out your ETH coins at its zenith, youd have walked away with a cool $15,532,258.

Because cryptocurrencies exist in ones and zeroes, rather than, say,physical gold and all the supply limitations attached to it, crypto creators must build in sometype ofscarcity.

For Bitcoin, that means halving the coins paid to miners for each block on a schedule of every 210,000 blocks.In fact,the next halving will likely have happened by the time this article publishes in mid-April.

Like Bitcoin, Ether must add scarcity and limit production over time. But unlike Bitcoin, it does so with far more complexity.It does so through a triple halving processincluding:fee burning, staking, and token issuance rate reduction.Read up on theEther triple halving processfor all the nerdy details.

That happens continuously, unlike the much-hyped halving events for Bitcoin. It produces the same resultthough: slowing new supply entering themarket,to drive up values.

Story continues

I opened by claiming that I invest a little money in cryptocurrencies. The simple truth, however, is that I consider it speculating, not investing.

Whats the difference?

Investments have intrinsic value. That value could come from its use, such as a home.Orit could come from revenue,in the caseofa business or an apartment building.You can measure the investments value based on that revenue,orbased oncomparable assets in the same market.

Cryptocurrencies dont produce revenue and have no tangible use. Theyre only worth wherever someone else is willing to pay for them, similar to collectibles like baseball cards or, dare I say it, non-fungible tokens (NFTs). To me, that makes them speculative.

Is there an inherent value in a decentralized currency? I imagine so but I have no idea what it mightbe,because theres nothing concrete to measure.

By all means, play around with money you can afford to lose in speculative assets like cryptocurrencies.Just dontbet the farm on something that produces no revenue or measurable value.

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This article originally appeared on GOBankingRates.com: Heres How Much a $1,000 Crypto Investment in Ethereum at Its Launch Would Be Worth Now

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$45 Million Worth Of Ethereum Transfer to Okex Goreville Gazette – Goreville Gazette

April 21, 2024 | Author: admin

April 21, 2024April 21, 2024

In a digital age where cryptocurrency transactions are becoming more frequent, a recent transfer of 14,408 Ethereum (ETH), valued at approximately $45.7 million, to the cryptocurrency exchange OKEx has stirred the market and speculations alike. This long-form article delves into the details of this significant transaction, its potential impact on the cryptocurrency market, and what it signifies for traders and investors alike.

Ethereum, often heralded as the queen of cryptocurrencies, holds a pivotal role in the blockchain ecosystem. Unlike Bitcoin, which is primarily a digital currency, Ethereum introduces the concept of smart contracts, which automate transactions and applications without any possibility of downtime, fraud, or interference from a third party.

Ethereums smart contract capability has given birth to the Decentralized Finance (DeFi) sector, which is reshaping the financial landscape by eliminating intermediaries in financial transactions. This move towards DeFi has increased the utility and, subsequently, the value of Ethereum.

The ongoing development of Ethereum 2.0, which aims to improve the networks scalability and security through a transition from proof of work (PoW) to proof of stake (PoS), suggests a bullish future for Ethereums market performance and its foundational technology.

The transfer of 14,408 ETH to OKEx is not just a large financial move but also a strategic one. OKEx, being one of the leading cryptocurrency exchanges globally, plays a critical role in the liquidity and price stability of Ethereum.

When large sums of Ethereum are transferred to an exchange like OKEx, it typically indicates a potential sale or increased trading activity. This can lead to fluctuations in Ethereums price due to changes in supply and demand dynamics.

Following the transaction, the cryptocurrency community has been buzzing with speculations about the potential impact on Ethereums price and market stability.

Typically, such large transactions can lead to a temporary dip in price as the market anticipates a large sell-off. Monitoring the price of Ethereum following such transactions can offer insights into the sentiment and potential strategies of big players in the market.

If the transferred ETH is used for investment in DeFi projects, it could signify a strong vote of confidence in the Ethereum network, potentially leading to a positive long-term impact on its value.

Investors and traders need to consider the implications of such transactions on their strategies.

Understanding the context and the potential aftermath of large transactions is crucial for effective risk management in cryptocurrency investments.

Traders might see volatility as an opportunity. By analyzing the market trends and reactions to such transactions, traders can position themselves advantageously.

This significant transfer of Ethereum to OKEx highlights the fluid nature of the cryptocurrency markets and the substantial impact that large transactions can have on the market dynamics. It serves as a reminder of the volatility and the continuous evolution of the cryptocurrency space, urging investors and traders to stay informed and agile in their strategies.

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$45 Million Worth Of Ethereum Transfer to Okex Goreville Gazette - Goreville Gazette

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