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Science with Sam: Is our reality just one part of a multiverse? – New Scientist News

The multiverse is one of the weirdest ideas in science but it might just be real. Find out how in the second episode of our new video series, Science with Sam

From bubble universes to a mirror world where time runs backwards, the concept of a multiverse isone of the weirdest ideas in science.But it might just be true.Could the reality we experience be one of many?Are there parallel versions of ourselves?And could alternative universes experiencedifferent laws of physics and maybe even extra dimensions?In thisepisode ofScience with Sam, we explain the science of the multiverse.

Tune in every week toyoutube.com/newscientistfor a new episode, or check back tonewscientist.com

The idea of a multiverse is pretty familiar from sci-fi, but how much of it is science and how much is fiction? There are a few different theories in physics around the multiverse. Lets take a look at the ones that arent completely out of this world.

The easiest one to explain is called the cosmological multiverse. The idea here is that the universe expanded at a crazy fast speed in a fraction of a second after the big bang. As this happened there were quantum fluctuations that caused separate bubble universes to pop into existence. Each one then started inflating itself and creating more bubbles. These new universes were no longer causally connected with one another so they were free to develop in different ways. Even with different laws of physics, and maybe even extra dimensions.

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String theoryis one way physicists have attempted to unite the universe under one set of, very complicated, rules. However, it requires some serious theoretical reimagining of reality to make it work and it predicts a frankly ridiculous number of universes, maybe 10 to the 500 or more, all with slightly different physical parameters. The calculations make sense in theory, but its notoriously difficult to test these ideas in reality.

And then theres the quantum multiverse. This idea was put forward by physicist Hugh Everett, who came up with the many worlds interpretation of quantum physics. Everetts theory is that quantum effects cause the universe to constantly split. It could mean that decisions we make in this universe have implications for other versions of ourselves living in parallel worlds.

Physicists recently think they may have spotted evidence for a parallel universe going backwards in time. Its pretty tentative but heres the idea. The big bang might have created two universes one containing mostly matter thats ours and another containing mostly antimatter. If this theory is correct, our universe should contain a new particle called a right-handed neutrino. Now two observations from an experiment in Antarctica may have seen one.

Alternative explanations have been put forward to account for these observations, but all of them have been ruled out. Whats left is a theory suggesting a topsy-turvy universe was created in the same big bang as our own and exists in parallel with it. A mirror world. In this mirror world, positive is negative, left is right, up is down and time runs backwards. It could be the most mind-melting idea ever to have emerged from the Antarctic ice but it might just be true.

So if a single vast, ancient and mysterious universe isnt enough for you, there are various theories and even some evidence that there are multiple universes out there. Unfortunately it looks like we wont ever be able to communicate between universes, let alone visit them.

What do you think are there other versions of you out there? Let us know in the comments and dont forget to like and subscribe for more Science with Sam.

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Despite the Hype, There’s No Proof of a Parallel Universe Now. Powered by – Now. Powered by Northrop Grumman.

If alternate universes actually exist, perhaps the writers and editors in those parallel worlds take great pains to avoid confusion in their articles about scientific discoveries.

Confusion is what happened in our world when several news outlets reported a startling finding from NASA-funded cosmic experiments in Antarctica. A parallel universe had been found, those stories reported, and it looked as if time was running backward there.

Its unclear if in this other reality backward meant that we (presuming it was, in fact, another version of us) started life in old age and got younger, just as Brad Pitt did in The Curious Case of Benjamin Button. But any further discussion about time moving in the other direction, or about the alternate universe itself, proved to be anti-climactic because the stories about this discovery were a bit sensationalized. There is no other universe. For now, at least, were relegated to living in our known reality here on good ol Earth.

Accusing the news outlets of negligence would be too harsh of a judgement. Their collective error appears to be nothing more than a rush to post stories with clickbait headlines.

NASA scientists detect parallel universe next to ours where time runs backward, declared a headline in a British tabloid. These stories went on to recount how the scientists in Antarctica had detected another universe where the laws of physics ran counter to ours. They got this idea from an April 2020 New Scientist article.

That article reported a scientific finding in Antarctica and indeed mentioned an alternate universe, but it wasnt technically claiming that the scientists had found one. The article instead teased much as a child stretches the truth just a bit but doesnt lie the possibility of a separate universe.

We may have spotted a parallel universe going backwards in time, the New Scientist headline read. And the subhead advanced the possibility: Strange particles observed by an experiment in Antarctica could be evidence of an alternative reality where everything is upside down.

The New Scientist article is behind a paywall, so journalists from other outlets seemingly read just enough to believe NASA was onto something real. It didnt help that the last sentence of the story, before the paywall starts, offered one more tease: It is perhaps the most mind-melting idea ever to have emerged from the Antarctic ice but it might just be true

If only those behind the follow-up stories had full access to New Scientist stories. As University of Hawaii at Mnoa experimental particle physicist Peter Gorham, who is the lead investigator on the Antarctica project, told ScienceAlert, It seems that for this tabloid science story, some speculative theoretical physics which might have had distant roots in plausibility was amplified for sensational reasons.

What really happened in Antarctica? Well, a team of researchers whose work is partially funded by NASA are listening to the cosmos and finding high-energy particles known as neutrinos.

As CNET aptly describes, neutrinos pass through most solid objects without detection, as many as 100 trillion of them passing through the human body every second. They dont interact with matter, but if they happen to collide with an atom, neutrinos create a shower of detectable particles, enabling scientists to trace their origin in the universe.

To listen to the cosmos and track neutrinos in Antarctica, the scientists are using an array of radio antennas attached to a helium balloon that flies 37,000 meters above the ice. Throughout its years-long project, the Antarctic Impulsive Transient Antenna (ANITA) has detected neutrinos from a strange angle strange as in they arrive through the Earths interior, rather than coming from space.

The unusual ANITA events have been known and discussed since 2016, Ron Ekers, an honorary fellow at CSIRO, Australias national science agency, told CNET. After four years there has been no satisfactory explanation of the anomalous events seen by ANITA so this is very frustrating.

With no clear explanation for the origin of the neutrinos, confusion and conflation led to the recent round of stories pointing to a parallel universe. CNN recently reported that the guilty media outlets were conflating the theories of Gorham and his team with the ideas of physicists outside of the Antarctic Impulsive Transient Antenna project. Those on the outside have speculated about alternate universes. Of course, New Scientist is also on the hook for its misleading presentation outside of the paywall.

It would seem that more than a paywall separates us from alternate universes, that is, if they even exist. As Forbes noted, the idea of parallel universes was first conceived through the study of quantum physics, but they are hard to prove. Still, its fun to think about the possibilities. The many-worlds theory of quantum mechanics holds that all the outcomes that can possibly occur actually happen, but only one outcome unfolds in each universe. That means if more than one universe exists, William Shakespeare left us a treasure of written words, but in another universe he was a baker of bread.

Another way of examining the possibilities of alternate universes is through the infinite multiverse theory, which arises from inflation that happened after the Big Bang. For cosmologists, the multiverse theory describes the sum total of all possible universes, while for us common folk it has come to mean any universe that we might encounter other than our own.

A Tufts University physics professor stretched out the multiverse theory by offering that a replica of a person is on a replica of Earth somewhere else. A Stanford Magazine article from 2007 had even more fun by positing that we are the same in another universe but speaking different languages, while in another universe we have different careers because we followed different passions. If thats true, maybe journalists in another realm were a bit more careful in reporting about neutrinos in Antarctica.

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New Quantum Toolbox Helps Extend Theory Behind Electron-Light Interactions – AZoQuantum

Written by AZoQuantumSep 1 2020

Electron microscopes offer the maximum possible spatial resolution of less than one-millionth of 1 mm, thus enabling the study of the characteristics of materials at the atomic level. This allows the demonstration of the realm of quantum mechanics.

Specifically, the fundamentals of quantum physics can be investigated by studying the interactions between photons and electrons. When the electrons are excited using laser light, for instance, their mass, velocity, or energy tends to change.

A new toolbox, invented by Professor Nahid Talebi from the Institute for Experimental and Applied Physics at Kiel University, could now be used to extend the theoretical explanation for electron-light interactions with the maximum possible accuracy.

Professor Talebi combined Schrdinger and Maxwell equations in a time-dependent loop to completely simulate the interactions from first principles. For the first time, the simulation enables ultra-fast processes to be accurately described in theory and to map them in real-time without the need for applying adiabatic approximation.

She presented the study results recently Physical Review Letters, a renowned journal. In the long run, her findings could help optimize the microscopy technique as she is investigating in her ERC Starting Grant project NanoBeam, which is financially supported by the European Research Council.

The ultrafast electron microscopy is a combination of laser technology and electron microscopy. By using ultrafast electron pulses, researchers can investigate the dynamics of the sample at femtosecond temporal resolutions.

Moreover, this enables arriving at conclusions about the samples properties. With the further advancement of spectroscopy technology, it is now feasible to study not just the electronic and atomic structure of the samples but also their photonic excitations, like plasmon polaritons.

However, it is time-intensive to simulate such electron-light-interactions, which can be performed only with high-performance computers.

Therefore, adiabatic approximations and one-dimensional electron models are often used, meaning that electron recoil and amplitude modulations have been neglected.

Nahid Talebi, Professor of Nanooptics, Institute of Experimental and Applied Physics, Kiel University

Talebi is an expert in simulations. This is the first time that her new simulation demonstrates the process of the electron-light interactions as a real-time film, depicting the complex interactions to the maximum possible accuracy.

Schrdinger and Maxwell equations have been combined in a time-dependent loop in Talebis toolbox to completely simulate the interactions from first principles. Thus, she has established the new field of electron-light interactions far from adiabatic approximations.

Using this combination, she could simulate what happens when an electron advances toward a gold nanostructure that had already been excited with a laser. The simulation demonstrates how the energy, momentum, and typically the shape of the electrons wave packet change for each moment of the interaction.

Thus, Talebi was able to capture the entire dynamics of the interaction caused by both single-photon and two-photon processes. Single-photon processes are crucial, for instance, to model electron energy-gain and energy-loss channels. By contrast, two-photon processes help to model the laser-induced elastic channels, for example, diffraction phenomenon.

Specifically, in Talebis simulation, a distinct diffraction pattern originating from strong interactions between electrons and photons based on the Kapitza-Dirac effect could be observed. Such a diffraction pattern could find potential applications in time-resolved holography, to interpret the charge-carrier dynamics of molecular and solid-state systems.

Our toolbox can be used to benchmark the many approximations in theoretical developments, including eikonal approximations, neglecting the recoil, and neglecting two-photon processes. Although we already have made a great step towards electron-light interactions beyond adiabatic approximations, there is still room for further developments.

Nahid Talebi, Professor of Nanooptics, Institute of Experimental and Applied Physics, Kiel University

Along with her colleagues, she intends to incorporate a three-dimensional Maxwell-Dirac simulation domain to be able to model spin and relativistic interactions. In addition, she desired to gain better insights into the role of exchange and correlations in electron-electron interactions.

Talebis other goal is to apply the understanding gained from the theoretical modeling to develop innovative methodologies for coherent shaping and control of the sample excitations with the help of electron beams.

By using her NanoBeam project, she plans to create an innovative spectral interferometry technique that can retrieve and control a scanning electron microscopes spectral phase to overcome the difficulties in achieving both nanometers spatial and attosecond time resolution. The project is financially supported by an ERC grant of around 1.5 million euros from the European Research Council.

Talebi, N. (2020) Strong Interaction of Slow Electrons with Near-Field Light Visited from First Principles. Physical Review Letters. doi.org/10.1103/PhysRevLett.125.080401.

Source: https://www.uni-kiel.de/en/

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Two Pune Research Institutes Are Building Indias First Optical Atomic Clocks – The Wire

Pune/Bengaluru: Two Pune-based premier research institutes, the Inter-University Centre for Astronomy and Astrophysics (IUCAA) and the Indian Institute of Science Education and Research (IISER), have joined hands to build Indias first two optical atomic clocks.

The institutes will build one clock each, with help from the Government of India. If the project is successful, India will join a small global club of countries with the ability to build these ultra-precise timekeeping devices.

According to the scientists involved, the clocks will only skip one second in more than 13.8 billion years, which is the approximate age of our universe.

Since the middle of the 20th century till now, there have been tremendous efforts in the field of atomic clocks, making time the most accurately measured physical quantity, the authors of a paperpublished in 2014wrote.

Optical atomic clocks themselves have a few well-known applications. Foremost of course is accurate timekeeping which in turn has multiple applications of its own, according to Subhadeep De, an associate professor and expert in optical physics at IUCAA and one of the members of the project.

For example, GPS satellites use radar signals to determine the position of an object on the ground. However, there is a time lag both due to time taken for the signals to move between the ground and the satellites and because the satellites are in motion relative to the object while they move through Earths gravitational field, incurring really tiny but significant time delays arising from the theories of relativity.

The worlds prevailing frequency standard for measuring time is derived from caesium atomic clocks. Here, caesium atoms are imparted energy by different means in different designs and forced to jump from one energy level to a slightly higher one, called the atoms hyperfine ground states. Shortly after, the atom drops back to its previous state by emitting microwave radiation at 9,192,631,770 Hz.

Hz here is hertz, the SI unit of frequency, defined as per second. So when a detector measures 9,192,631,770 waves from crest to trough of this microwave emission, coming from the caesium atoms, one second will have passed.

According to theMechatronics Handbook(2002), all timekeeping machines have three parts: an energy source, a resonator and a counter. In a household wall clock, the energy source is a AA or AAA battery; the resonator, in this case the clocks gears, is the system that moves in a periodic manner; and the counter is the display. The energy and resonator are together called an oscillator.

In atomic clocks, the oscillator is, say, a laser imparting energy to a caesium atom ticking between the two hyperfine ground states. The radiation the atom releases is the resonator. The detector is the counter.

The clocks being built by IUCAA and IISER have the same underlying principle but use more advanced technologies. Indeed,opticalatomic clocks are considered to be the next step in the evolution of atomic clocks and are likely to replace caesium atomic clocks as the worlds time standard in future. A glimpse of the underlying engineering shows us why.

First, confining the atoms or ions is very difficult. To keep the clock precise, its operators need to ensure the atoms dont combine to form molecules, bump into each other and/or dont react with the containers walls. So instead of confining them in material containers, the IUCAA and IISER teams are using optical and electromagnetic traps.

Specifically, neutral atoms are confined in an optically created storage basket known as an optical lattice, which is created by interfering two counter-propagating laser beams, Umakant Rapol, an associate professor at IISER, said. The ions are confined by oscillating electric fields.

Second, once the particles have been confined, they will be laser-cooled to nearly absolute zero (the coldest temperature possible, 0 K or -273.15 C). In their simplest form, laser-cooling techniques force atoms to lose their kinetic energy and come very nearly to a still. Since the temperature of a macroscopic body is nothing but the collective kinetic energy of its atoms, a container of nearly-still atoms is bound to feel very cold. And once more of the atoms kinetic energy has been removed, their quantum physical effects become more noticeable, allowing the clock to be more precise.

The choice of atoms to use in the clock is dictated bywhether they can be cooledto a few microkelvin above absolute zero using laser-cooling, and if their switching between the two energy states is immune to stray magnetic fields, electric fields, the temperature of the background, etc., Rapol said.

Ytterbium and strontium atoms check both these boxes. IUCAA will be building a ytterbium-ion clock. In this clock, a single ytterbium ion will be used to produce the resonating radiation. Using multiple ions gives rise to an effect called a Coulomb shift, which interferes with the clock design. IISER will be building a strontium-atom clock.

A view of the strontium-based optical atomic clock being developed at IISER Pune. Photo: Umakant Rapol/IISER Pune

When a caesium atom swings between the two hyperfine ground states, it emits a specific amount of energy as microwave radiation. When the ytterbium and strontium atoms swing between two of their energy states, they emit energy as optical radiation. Both these elements have highly stable optical emissions at wavelengths of 467 nm and 698.4 nm corresponding to 642,121,496,772,645 Hz and 429,228,066,418,009 Hz for ytterbium-ion and strontium atom, respectively.

These high frequencies two orders of magnitude higher than the microwave radiation in caesium clocks is the source of the clocks ability to miss less than one second in 13.8 billion years.

(The makers of an optical strontium clockreported in 2014that their device wouldnt miss one second in 15 billion years!)

Also read:Experimenting with Cold, Magnetic Materials in Indore

However, taking advantage of this stable emission means accurately detecting the high-frequency optical radiation. That is, if researchers need to build optical atomic clocks, they also need to be able to build and operate state-of-the-art frequency measurement systems. These devices in the form of frequency combs constitute the third feature of the IUCAA and IISER clocks.

A frequency comb is an advanced laser whose output radiation lies in multiple, evenly-spaced frequencies. This output can be used to convert high-frequency optical signals into more easily countable lower-frequency microwave signals like in the diagram shown below (source).

The principal challenge before India is to build all these devices from scratch. Rapol said the teams plan to develop most of the required technologies in Pune. They require expertise in the fields of optics, instrumentation, electronics, ultra-high vacuums, and mechanical and software engineering, among others.

National collaborations such as [us] working together with our next-door neighbour IISER will be beneficial, De said. Rapol mirrored this opinion: We are going to share expertise with IUCAA and are already working [together] to create an ion trap.

Rapol also said one clock is half-ready: We have laser-cooled the strontium atoms and are ready to load these atoms into one-dimensional chains, to increase the signal-to-noise ratio, and will have the optical clock soon, he said. They are also waiting to fit in the frequency comb.

He estimated that once the funds and equipment have been procured, it should take two years or less to build the clock at IISER. The IUCAA clock is expected to be ready in four or five years.

Once both clocks are operational, they will be linked together.

Grander applications

There are multiple open problems in physics at the moment. Four of the more prominent ones include the search for new physics, the reconciliation of quantum mechanics and relativity, an explanation for what happened to the universes antimatter, and the nature of dark matter.

De noted that various experiments designed to help answer these questions and others besides require researchers to be able to measure time in different contexts with increasingly higher precision and accuracy.

Rapol also expressed excitement about measuring changes in the values of fundamental constants. Constants are called so because their values dont change but the values of some constants could be changing too slightly for existing clocks to notice.

For example, the fine-structure constant is a number that determines the strength with which a charged particle, like an electron or a ytterbium ion, couples with an electromagnetic field. If this number increases or decreases with time, there could be implications for the whole universe everywhere charged particles interact with each other.

According to De, the ytterbium ion is more sensitive to the fine structure constant than strontium atoms. So if the constants value changes with time, the ytterbium clocks transition frequency will vary at a much faster rate relative to that of the strontium clock. This [difference] will eventually allow us to measure time variation of the fundamental constant, if there is any at all.

For a different example, physicists who study particles called neutrinos sometimes need to beam these particles from a source to a detector hundreds of kilometres away, through the atmosphere (these particles are entirely harmless). In 2011, physicists in Italy found that some neutrinos that had been beamed from a facility near Geneva and detected at their instrument, called OPERA, had travelled faster than light. The claim became a major source of controversy because faster-than-light travel violates the special theory of relativity.

The problemwas found a few months later: the OPERA master clock had glitched, and measured the neutrinos time of arrival wrong by just 75nanoseconds.

Other applications of atomic clocks include GPS systems, gravity-aided navigation,astronomyand geology.

Also read:Listen | Tick-tock, Tick-tock, Say Hello To the Doomsday Clock

More immediate concerns

Nirmala Sitharaman presents the Union Budget 2020-21 in the Lok Sabha, in New Delhi, Saturday, Feb. 1, 2020. Photo: PTI

The clocks also bring deeper opportunities for Indias scientists and engineers.

In 2017, the Department of Science and Technology had mooted its Quantum-Enabled Science & Technology programme. Its aim, the principal scientific adviser hadtoldThe Printin 2019, was to ramp up research and development activities related to quantum computing. In the 2020 Union budget, finance minister Nirmala Sitharaman announced the Centre would investRs 8,000 crorein the next five years under a new national mission for quantum technologies.

So as such, there are both interest and funds available at the moment to develop concepts and technologies to address a variety of applications. At present, we are using conventional technologies in our daily life for commercial and navigational purposes, De said. The world is moving towards the quantum computers, quantum communication systems and quantum internet.

In this regard, we can import the clock, but [operating it] will need highly skilled professionals. On the other hand, being able to build optical atomic clocks could help us become self-sustained and develop skilled human resources in the process, De noted.

And of course, theres the pride. A few years ago, a team at the National Physical Laboratory of India, New Delhi, led byPoonam Arorabuilt Indias first atomic clock with caesium atoms (the authors of the 2014 paper quoted earlier). This clock is Indias current frequency standard the machine that defines how time is measured in the country. The researchers acknowledge in their paper that they expect optical frequency standards will replace the [caesium fountain clock] as primary frequency standards in the next few years.

De, Rapol and their colleagues and students at IUCAA and IISER are now attempting to bring India to this next threshold.

Japan is the only country in the Asia-Pacific to have built [optical atomic clocks], and China is working hard among other nations like Australia, Taiwan, Thailand, South Korea, Singapore and Russia, according to De.

Himanshu N. is a freelance journalist. Vasudevan Mukunth is editor,The Wire Science.

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Intel ups the ante on quantum computing research – IT-Online

Intel is one of the US quantum technology companies included in Q-Next, one of five national quantum research centres established by the White House Office of Science and Technology Policy (OSTP) and the US Department of Energy (DOE).

Q-Next, National Quantum Information Science Research Centre, is led by Argonne National Laboratory and brings together researchers from national laboratories, universities and technology companies.

Advancing quantum practicality will be a team sport across the ecosystem, and our partnership with Argonne National Laboratory on Q-Next will enable us to bring our unique areas of expertise to this cross-industry effort to drive meaningful progress in the field, says James Clarke, director of quantum hardware at Intel.

At Intel, we are taking a broad view of quantum research that spans hardware and software with a singular focus on getting quantum out of labs and into the real world, where it can solve real problems.

Quantum computing has the potential to tackle problems beyond the capabilities of conventional systems today by leveraging a phenomenon of quantum physics that exponentially expands computational power.

This could dramatically speed complex problem-solving in a variety of fields such as pharmaceuticals, telecommunications and materials science, accelerating what today could take years to complete in only a matter of minutes.

To speed the discovery and development in this promising emerging field of computing, the DOE and the OSTP have created five new quantum information science research centers across the country, with Q-Next being one of them.

The Q-Next facility will create two national foundries for quantum materials and devices, and leverage the strength of private-public partnership to focus on the advancements of three core quantum technologies:

* Quantum networks: Development of communications networks and interconnects for the transmission of quantum information across long distances, including quantum repeaters that enable the establishment of unhackable networks for information transfer.

* Quantum-enabled sensing: Development of sensor technologies that can leverage the exponential power of quantum computing to achieve unprecedented sensitivities for data capture, which would have transformational applications in physics, materials and life sciences.

* Quantum test beds: Ongoing research utilising quantum test environments, including both quantum simulators and future full-stack universal quantum computers, with applications in quantum simulations, cryptanalysis and logistics optimisation.

We are excited to have Intels expertise and partnership, along with numerous technology leaders, as part of the new Q-Next centre. Intel will help us to drive discoveries and technical progress in quantum computing that will advance both known and yet-to-be discovered quantum-enabled applications, says David Awschalom, Q-Next director, senior scientist at Argonne, Liew Family professor of Molecular Engineering at the University of Chicago and director of the Chicago Quantum Exchange.

Intels research efforts in quantum span the entire quantum system or full-stack from qubit devices to the hardware and software required to control these devices, to quantum algorithms that will harness the power of quantum technologies.

All of these elements are essential to advancing quantum practicality, the point at which quantum computing moves out of research labs and into real-world practical applications.

The company aims to develop a large-scale quantum computing system, which will require thousands of quantum bits, or qubits, working reliably together with limited error and information loss. It is focused on overcoming the key bottlenecks preventing researchers from moving beyond todays few qubit systems, including qubit operation at slightly higher temperatures, and elegant control systems and interconnects to facilitate the design of quantum systems at scale.

Earlier this year, Intel demonstrated progress in hot qubit performance, leveraging its silicon spin qubit research, and continues to advance its research on customised cryogenic control chips for quantum systems like Horse Ridge.

Featured picture: The inside of a quantum computing refrigerator in Intels Quantum Computing Lab in Hillsboro, Oregon. (Credit: Walden Kirsch/Intel Corporation)

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Ethereum Is Eating Bitcoin – Forbes

Ethereum, having long played second fiddle to the number one cryptocurrency, bitcoin, is stepping into the limelight.

The ethereum price, climbing more than 10% over the last 24-hour trading period and adding to gains of all almost 300% so far this year, remains far behind the bitcoin pricebut price isn't everything, with the number of bitcoin tokens "wrapped" into ethereum doubling in August.

Ethereums supply of tokenized bitcoins had been hovering around 3,000 until mid-May when the rate ... [+] of new ethereum-wrapped bitcoin tokens suddenly surged.

Bitcoin can be wrapped onto the ethereum blockchain using a number of ethereum-based tokens, such as WBTC, which has surged in popularity since May, according to data from Dune Analytics. During some periods in August, more bitcoin was wrapped onto ethereum than was created by bitcoin miners.

Bitcoin wrapped onto the ethereum blockchain using WBTC is backed 1:1 by bitcoin and minted by locking up bitcoin on the bitcoin blockchain. It's thought that by wrapping bitcoin onto ethereum and making it compatible with smart contracts, users will be able to unlock tools such as lending, liquidity provision, and decentralized exchanges.

"This presents an interesting quandary for bitcoin. While it clearly has more utility after being converted onto the ethereum blockchain, its underlying value ostensibly comes from the 68 terawatt-hours of power that go into securing the bitcoin blockchain each year," Glassnode analysts wrote in their weekly newsletter.

"How much bitcoin has to migrate onto ethereum before the necessity of the bitcoin blockchain itself starts coming into question," Glassnode asks. "And, if this were to occur, what would back the value of bitcoin if not the massive amounts of energy that go into maintaining its existence?"

The value of WBTC--bitcoin wrapped onto the ethereum blockchain--has exploded in recent months.

Meanwhile, the ethereum price is soaring, boosted by the decentralized finance (DeFi) craze that's currently sweeping the bitcoin and crypto world. DeFi is the idea that cryptocurrency technology can be used to recreate traditional financial instruments such as loans and insurance.

"Following a challenging number of weeks for many crypto-assets, ethereums price increase shows it is one of the main alts leading the market," Simon Peters, bitcoin and crypto analyst at investment platform eToro, said via email.

"I agree with Glassnote's reports that bitcoin is no longer investors first steps into cryptomany new investors may be entering the market directly into ethereum or DeFi protocols, rather than choosing bitcoin as their first or only crypto investment as they did in the 2017 crypto bull run."

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Ethereum Soars 10% Overnight Implications For Bitcoin – Forbes

POLAND - 2020/06/15: In this photo illustration an Ethereum logo seen displayed on a smartphone. ... [+] (Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)

Since last Friday, Ethereum has increased by over 20% further padding its 2020 gains. Ethereum has been one of the brightest stars in the current bull market for digital assets, gaining 261% in 2020 compared to 65% for bitcoin.

https://www.coinbase.com/price/ethereum

The principal driver for $ETHs growth has been the enormous boom in decentralized finance (DeFi) given the majority of the DeFi networks are built atop the Ethereum platform. For example, the alphabet soup of hot tokens $YFI, $YAM, and $SUSHI (to name a few), have experienced meteoric price increases, 107,761%, 446%, and 1,358%, respectively.

Most importantly, the DeFi boom has accrued value to Ethereum via greater developer interest, i.e. building the the next unicorn DeFi token on Ethereum rather than competitors. This dynamic can be visualized by the Total value locked-up (TVL) on DeFi, which has dramatically increased from less than $1 billion to over $9 billion in 2020.

https://defipulse.com/

Josh Olszewicz, Market Analyst at Brave New Coin, notes that the aforementioned dynamic is identical to the initial coin offering (ICO) boom in terms of organic demand driving $ETH price. For example, in 2017 if you wanted to launch an ICO, you needed to buy $ETH to do so, similarly with DeFi token launches today. Thus, until the speculative frenzy for DeFi cools, $ETH price could conceivable rise back to 2017 levels.

Additionally, former Quant Trader, Qiao Wang, notes since DeFi tokens are largely illiquid and traded on decentralized exchanges (DEXs) with $ETH as a trading pair when speculators take profits, they sell DeFi token $X and buy $ETH, thus boosting price.

The question for bitcoin is whether DeFi can find a legitimate use case for synthetic $BTC ($WBTC), i.e. bitcoin wrapped in a way to be compatible on the Ethereum blockchain?

https://twitter.com/QWQiao/status/1300410024632766469

If so, then bitcoin could begin to benefit from the same feedback loop as Ethereum, thus an additional boost to price beyond its current store of value utilization.

It is too early to state, but TVL trends of $WBTC in 2020 suggest that this process is already underway, thus a potential boon for bitcoin price could be in the making as long as the music continues to play for DeFi.

Glassnode.com

Disclosure: Author owns bitcoin and ethereum.

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A Radical New Crypto Just Blew Past The Bitcoin Price All-Time HighUp A Shocking 3,500% In Just One Month – Forbes

Bitcoin and cryptocurrency markets have been dominated by decentralized finance, often shortened to DiFi, over recent months.

The bitcoin price, up around 40% since the beginning of 2020, has been left in the dust by the gains made some DeFi project tokensincluding yearn.finance (YFI) that's up a staggering 3,500% in just a little over a month and has surged past bitcoin's late-2017 $20,000 all-time high.

Bitcoin remains the biggest cryptocurrency by total value with a market capitalization of over $200 ... [+] billion, however, individual yearn tokens are now worth far more than single bitcoins.

The price of yearn.finance tokens have soared from under $1,000 per YFI since it was created in mid-July to over $30,000 this weekend, passing the bitcoin price on Friday. The yearn.finance price came close to $40,000 on some bitcoin and cryptocurrency exchanges before falling back.

YFI is the governance token of DeFi protocol yEarn, designed to aggregate yields from other lending protocols. DeFi is the idea cryptocurrency technology can be used to recreate traditional financial instruments such as loans and insurance.

YFI holders can use their tokens to vote on proposals for network upgrades and it can be earned by putting cash into yEarn, a practice known as yield farming.

"The yearn.finance coin has become the altcoin star recently," Alex Kuptsikevich, FxPro senior financial analyst, said via email.

"In a month it has shown twentyfold growth, living proof that 'unicorns' still exist, at least in crypto. The rapid growth of the coin also reflects the popularity of the decentralized financial sector. The creators of the project decided to follow the bitcoin path, limiting the issue of only 30,000 YFI coins. Such limited supply spurs rapid price growth."

This price growth was not something planned by the YFI creator, however. Yearn.finance tokens were described as "completely valueless 0 supply token," by its creator Andre Cronje.

The yearn price has jumped by 26% in just the last 24 hours, adding to massive gains through August ... [+] and leaving the bitcoin price in the dust.

"We reiterate, it has 0 financial value," Cronje wrote in a Medium post last month outlining the project.

"There is no pre-mine, there is no sale, no you cannot buy it, no, it wont be on uniswap, no, there wont be an auction. We dont have any of it."

But this warning hasn't stopped some of the biggest personalities in bitcoin and crypto from making outlandish predictions about the YFI price.

"One YFI [equals] $100,000," Arthur Hayes, the chief executive of the Seychelles-based bitcoin and cryptocurrency exchange BitMEX, said via Twitter, forecasting the yearn.finance price would continue to climb and hit $100,000.

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A Radical New Crypto Just Blew Past The Bitcoin Price All-Time HighUp A Shocking 3,500% In Just One Month - Forbes

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The History of Bitcoin – WTOP

From humble beginnings in 2008 to its 2017 price peak, Bitcoin has taken investors and the world for quite the

From humble beginnings in 2008 to its 2017 price peak, Bitcoin has taken investors and the world for quite the ride. In just over a decade, its spiked and crashed and rallied and fallen again.

Bitcoin is following principles of economics and principles of market efficiency, says Hemang Subramanian, assistant professor in Florida International Universitys business information systems department. It is an asset that is not controlled by a central entity, that is secure, international and fungible, liquid and is available in a limited supply for trade. This demand at near-constant supply has caused prices to go up disproportionately in a short period of time, attracting more investors.

Some would say Bitcoins raucous journey has paved the way for the thousands of other cryptocurrencies used for financial and investing activities today, he says. Heres how Bitcoin did it.

When Did Bitcoin Start?

The idea behind Bitcoin was introduced to the world on Oct. 31, 2008, at the depth of the financial crisis by a pseudonymous person called Satoshi Nakamoto, says Chetan Chawla, assistant professor of entrepreneurship at North Central College in Naperville, Illinois, who studies cryptocurrencies and blockchain.

Nakamoto posted a message on a cryptography mailing list titled, Bitcoin P2P e-cash paper. In it was a link to a white paper called Bitcoin: A Peer-to-Peer Electronic Cash System. Both of these are still available online.

In these papers, Nakamoto laid out the concept for Bitcoin as a decentralized, digital currency. Being decentralized means there is no single administrator but rather a public ledger of transactions that anyone can store on their computer, says Kris Marszalek, CEO of Crypto.com. Coins can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries.

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On Jan. 3, 2009, the blockchain was launched when the first block, called the genesis block, was mined. The first test transaction took place about one week later.

For the first few months of its existence, it was obtainable only by miners validating the Bitcoin blockchain, Chawla says.

At this point, Bitcoin had no real monetary value, says Mark Grabowski, an associate professor at Adelphi University who teaches a course on Bitcoin and author of Cryptocurrencies: A Primer on Digital Money. Miners computers that solve complex math problems to uncover new bitcoins and verify previous bitcoin transactions are legitimate and accurate would trade Bitcoin back and forth just for fun.

It would take more than a year for the first economic transaction to take place, when a Florida man negotiated to have two Papa Johns pizzas, valued at $25, delivered for 10,000 bitcoins on May 22, 2010. That transaction essentially established the initial real-world price or value of bitcoin at 4 bitcoins per penny, Grabowski says.

Fast forward to today, and that same transaction would have a value of $114 million, says Peter C. Earle, economist and research fellow at the American Institute for Economic Research. In honor of this pivotal moment, cryptocurrency fans and supporters call May 22 Pizza Day.

In the early days, the first transactions with Bitcoin were negotiated on internet forums with people bartering for goods and services in exchange for bitcoin, says Garrette Furo, partner at Wilshire Phoenix, a New York-based investment management firm. The value of bitcoin was originally arbitrary.

Then, in 2011, miners and coders started to build other networks like Ethereum and Litecoin and began to improve the code behind Bitcoins blockchain, adapting it for different uses, Furo says.

This wider base of applications brought in more individuals, which contributed partly to the increase in Bitcoins perceived value, he says. There was also an increase in the use of Bitcoin as currency once select businesses began to accept the asset alongside traditional currency.

Once Bitcoin became available on exchanges in 2010, it became easier to buy, sell, trade and store. Thanks to these exchanges, bitcoin could also be priced against the U.S. dollar, Chawla says. From a low of a few cents in 2010 to the all-time high of late 2017 when each bitcoin touched U.S. $20,000, Bitcoin has come a long way and continues to dominate the cryptocurrency markets.

Bitcoin Price History

Bitcoins history is largely one of astronomical growth punctuated by a few severe price retrenchments, Earle says.

In February 2011, bitcoins price crossed the $1 threshold. For its first few years as it grew, its price was under $2, Marszalek says. In June 2011, it hit its first bubble, rocketing to around $31 before sinking back down to the single-digit range.

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Almost two years later, in April 2013, Bitcoin reached $200. By the end of November that same year, it was worth more than $1,000. It then rose tenfold to $10,000 in November 2017.

Bitcoins highest price was about $19,650 in mid-December 2017, Earle says, noting there were different peak prices on different exchanges. It then fell tremendously over the next few years.

The 2017-2018 bubble was primarily led by a boom in initial coin offerings, or ICOs, Furo says. Some market veterans compare the Bitcoin bubble to the internet boom at the end of the 20th century.

Everyone from your next-door neighbor to the wealthiest hedge fund managers was talking about Bitcoin or some altcoin, new network or protocol, Furo says. The ICO craze brought in billions of dollars into the crypto space. Investors saw the value of coins fall dramatically in the early months of 2018 as prices crashed amid uncertainty, fraud and a lack of belief among other psychological and technical factors.

After the fall of bitcoins value, what you could call a more mature market arose around the cryptocurrency. Fidelity entered the custodian space (and) national banks were given permission to custody digital assets, Furo says. Today, Square offers Bitcoin trading in all 50 states.

Because of these developments, the market for Bitcoin has become relatively mature, he says. Smart and efficient exchanges exist, and core institutional-grade players are adopting the necessary measures to create a sustainable and viable market for the trading and investing of Bitcoin and other cryptocurrencies.

The 2020 global pandemic has also been a boon for the digital currency, reflected by its current price of more than $10,000, Marszalek says.

Bitcoin Today

Today, one bitcoin is worth a little less than $12,000. Its a far cry better than its post-peak lowest price of just more than $3,000.

To this day, no one knows who Satoshi Nakamoto is or was, Earle says. Its a subject not only for debate, but speculation and perhaps inevitably conspiracy theories.

These theories abound, from Bitcoin actually being a skunk work, or advanced and often secret project of Google or an intelligence agency like the National Security Agency, Earle says. Others believe that its a trapdoor project which, when it gets big enough, a malevolent party which has been lying patiently in wait for over a decade will suddenly seize control of.

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To Earle, more important than Bitcoins price history is its testimony to two long-disputed views: First, that money is a good like any other, (and) second, that money can come about as a result of a market process.

While BItcoin is still growing into its role as a store of value and unit of account, cryptocurrencies, and especially Bitcoin, have largely buried the idea that money somehow isnt money unless it is accepted as payment for taxes, Earle says. (The IRS does not accept bitcoins.)

Bitcoin Tomorrow

So what is in store for Bitcoins future? No one can tell for certain, but Furo sees it being a bright and exciting place. Investment vehicles that are innovative, cost-effective and transparent are nearing reality and will help make investing in cryptocurrency even more accessible, he says. This access would rival that of traditional markets.

Just bear in mind that no investments particularly frontier investments are without risk. If there is one lesson to be taken from Bitcoins history, it is that what goes up can also come down, and it can come down fast.

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The History of Bitcoin originally appeared on usnews.com

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The History of Bitcoin - WTOP

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Major Swiss Insurer Adds Bitcoin and Ether Payments | News – Bitcoin News

Atupri, a Swiss health insurance provider, said Monday that its 200,000 customers will now be able to make payments using bitcoin and ethereum. The 110-year old firm claims it is the first insurer in Switzerland to accept cryptocurrencies.

In a statement, Atupri said payments will be made through local regulated crypto financial firm Bitcoin Suisse, with which it has partnered. The Bern-based health company will not hold any bitcoin (BTC) or ether (ETH), only the converted cash it receives from Bitcoin Suisse.

As digital pioneers in the health sector, we anticipate social trends and offer insurance solutions with long-term prospects, said Caroline Meli, Atupri head of marketing and sales.

Blockchain technology and the associated use of cryptocurrencies will become increasingly important, she added.

Founded in 1910 as a company health insurance fund for the Swiss Federal Railways, Atupri has grown into one of the biggest health insurers in the central European country. In 2019, the firm reported a premium income of $885 million.

Armin Schmid, head of Bitcoin Suisse crypto payments, said: We are pleased about the partnership with Atupri and guarantee secure and uncomplicated payment options with cryptocurrencies.

Among other things, Bitcoin Suisse handles the trading of digital assets for customers. It also offers crypto custody services.

In May, the company added gold, silver, and platinum to its platform, allowing users to trade the precious metals against both BTC and ETH, as well as five other major fiat currencies. The precious metal trades are available for 24/7 trading with immediate cash settlement, it said.

Switzerland, with its crypto tax haven of Zug, has taken a progressive stance toward crypto assets by legalizing its use and formalizing crypto transactions in a range of different contexts. The country sees virtual money and blockchain technology as strategic innovations in global finance.

What do you think about Atupri accepting bitcoin payments? Let us know in the comments section below.

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