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BlackRock meets with SEC over ETF, Binance’s new era begins and … – Cointelegraph

November 30, 2023 | Author: admin

Top Stories This WeekUS officials announce $4.3B settlement with Binance, plea deal with CZ

Binance and its co-founder, Changpeng CZ Zhao, have reached a settlement over criminal and civil cases with the United States Department of Justice. CZ will plead guilty to one felony charge as part of the negotiated agreement. Attorney General Merrick Garland announced the settlement, claiming Binances policies allowed criminals involved in illicit activities to move stolen funds through the exchange. As part of the settlement, CZ announced on X (formerly Twitter) that he had stepped down as CEO and that Binances global head of regional markets, Richard Teng, will assume the position. He added he was proud to point out that U.S. officials didnt allege that Binance misappropriated funds or manipulated markets. CZ was released on bail and is battling government efforts to bar his return to the United Arab Emirates to be with his family. His sentencing is scheduled for February.

Representatives from BlackRock and Nasdaq met with the U.S. Securities and Exchange Commission (SEC) to discuss the proposed rule allowing the listing of a spot Bitcoin exchange-traded fund (ETF). BlackRock provided a presentation detailing how the firm could use an in-kind or in-cash redemption model for its iShares Bitcoin Trust. Many reports have suggested the SEC could be nearing a decision on a spot BTC ETF for listing on U.S. markets. SEC officials also met with Grayscale representatives this week to discuss the listing of a Bitcoin ETF. BlackRock is one of many firms with spot crypto ETF applications in the SEC pipeline awaiting a response, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck and Bitwise.

A Bitcoin user paid $3.1 million in fees for transferring 139.42 BTC. The transaction fee is the eighth-highest in Bitcoins 14-year history. A wallet address tried transferring 139.42 BTC only to pay more than half the actual value of the transaction fee. The destination address received only 55.77 BTC. The mining pool Antpool captured the absurdly high mining fee on block 818087. This is the largest Bitcoin transaction fee ever paid in dollar terms, knocking off Paxoss September transfer of $500,000.

The U.S. Securities and Exchange Commission has sued Kraken, alleging it commingled customer funds and failed to register with the regulator as a securities exchange, broker, dealer and clearing agency. Additionally, the SEC alleged Krakens business practices and deficient internal controls saw the exchange commingle up to $33 billion worth of customer assets with its own. The SEC said this resulted in a significant risk of loss for its clients. In a follow-up blog post, Kraken said the SECs commingling accusations were no more than Kraken spending fees it has already earned, and the regulator doesnt allege any user funds are missing.

Sam Bankman-Fried will stay jailed after failing to convince a United States appellate court that he should be freed while his legal team appeals his conviction. Government prosecutors accused Bankman-Fried of leaking Caroline Ellisons journals to The New York Times in July, which caused his bail to be revoked by a New York District Court. Bankman-Fried was found guilty of seven fraud and money laundering-related charges on Nov. 2. The former FTX CEO will remain behind bars while he awaits his sentencing on March 28 next year.

At the end of the week, Bitcoin (BTC) is at $37,710, Ether (ETH) is at $2,079, and XRP is at $0.62. The total market cap is at $1.43 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Blur (BLUR) at 99.25%, FTX Token (FTT) at 39.05% and KuCoin Token (KCS) at 24.82%.

The top three altcoin losers of the week are Celestia (TIA) at -19.89%, ORDI (ORDI) at -17.63% and THORChain (RUNE) at -15.53%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

The U.S. has a financial regime that basically has been weaponized.

Charles Hoskinson, founder of Cardano

I made mistakes, and I must take responsibility.

Changpeng CZ Zhao, former CEO of Binance

We, the employees of OpenAI, have developed the best models and pushed the field to new frontiers, [but] the process through which you terminated Sam Altman [] has jeopardized all of this work and undermined our mission and company.

OpenAI employees

Get your crypto company out of the U.S. warzone.

Jesse Powell, co-founder of Kraken

The regulatory uncertainty that permeates the U.S. market is having an impact on the rest of the world.

Oliver Linch, CEO of Bittrex Global

Im looking forward to returning to OpenAI and building on our strong partnership with Microsoft.

Sam Altman, CEO of OpenAI

Enjoy sub-$40K Bitcoin PlanB stresses $100K average BTC price from 2024

Bitcoin buyers should enjoy the chance to add to their stack below $40,000, according to PlanB, pseudonymous creator of the stock-to-flow family of BTC price models. He believes Bitcoin will rise much higher than its recent 18-month highs.

Bitcoin bear market bottoms are characterized by the spot price dipping below the realized price, while bull markets begin once the spot crosses the two-year and five-month realized price levels. BTC/USD is now once again above all three realized price iterations.

Enjoy sub-$40k bitcoin while it lasts, PlanB commented on an accompanying chart.

Asked whether the market should expect lower levels from here, PlanB would not be drawn, saying that he simply expected an average BTC price of at least $100,000 between 2024 and 2028 Bitcoins next halving cycle.

Crypto exchange HTX, formerly known as Huobi Global, resumed deposits and withdrawals within 24 hours after suffering a $30 million exploit on Nov. 22. The exploit was reported to be $13.6 million around the time of the incident, but has since increased in value. HTXs hot wallets were compromised alongside a coordinated $86.6 million attack against the HTX Eco (HECO) Chain bridge, consisting of HTX, Tron and BitTorrent. The company has promised to fully compensate users for any losses incurred as a consequence of the hack.

United States prosecutors are trying to stop former Binance boss Changpeng CZ Zhao from leaving the country, expressing concern about his potential flight risk. The government requested a review and overturn of a judges decision that would allow Zhao to return to his home in the United Arab Emirates (UAE) on a $175 million bond under the condition that he returns to the U.S. two weeks before his February 2024 sentencing. In a proposed order, prosecutors wrote that Zhao presents an unacceptable risk of flight, arguing that his ties and favored status in the UAE, along with the countrys lack of an extradition treaty with the U.S., are reasons to block him from leaving the country.

The decentralized exchange KyberSwap has offered a 10% bounty reward to the hacker who stole $46 million on Nov. 22 and left a note of negotiation. The exchange wants 90% of the loot returned. The hacker made away with roughly $20 million in Wrapped Ether, $7 million in wrapped Lido-staked Ether and $4 million in Arbitrum tokens. The hacker then siphoned the loot across multiple chains, including Arbitrum, Optimism, Ethereum, Polygon and Base.

This is your brain on crypto: Substance abuse grows among crypto traders

According to some addiction experts, the high-stress atmosphere of cryptocurrency trading can provide a perfect environment for substance abuse.

Michael Saylors a fan, but Frisby says bull run needs a new guru: X Hall of Flame

Bitcoin enthusiast Dominic Frisby has a wild journey, from penning one of the first-ever Bitcoin books to plastering Bitcoin fixes this on the Bank of England.

6 Questions for Alex ODonnell about financial journalism and the future of DeFi

Alex ODonnell spoke to Cointelegraph Magazine about his career as a financial journalist and how it led to his involvement in crypto and Umami DAO.

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Cointelegraph Magazine writers and reporters contributed to this article.

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Cristiano Ronaldo, MLB, and Mercedes F1 Hit with Litigation … – Cryptonews

November 30, 2023 | Author: admin

Four recent class action lawsuits were filed against high-profile organizations and individuals for promoting the crypto exchanges, according to court documents filed in Miami on Monday.

Cristiano Ronaldo, Major League Baseball, F1, and Mercedes-Benz and global advertising agency, Dentsu, are among the defendants listed.

The litigations come less than a month after FTX founder, Sam Bankman-Fried, was found guilty on seven different fraud-related charges in Manhattan federal court and less than a week after Binance founder, Changpeng CZ Zhao pleaded guilty to violating numerous federal statutes, including the Bank Secrecy Act.

Three of the lawsuits involve numerous organizations accused of aiding and abetting and/or actively participating in the massive, multi-billion dollar fraud committed by FTX through advertising the company as a safe and reputable exchange. The remaining lawsuit alleges Ronaldo, who partnered with Binance, engaged in mass solicitation of investments in unregistered securities on behalf of Binance.

Evidence now reveals that Binances fraud was only able to reach such heights through the offer and sale of unregistered securities, with the willing help and assistance of some of the wealthiest, powerful and recognized organizations and celebrities across the globe just like Defendant Ronaldo, reads the filing against the soccer superstar. Binances partnership with celebrities like Ronaldo was clearly designed to use the positive reputation associated with specific celebrities to convince consumers that Binance was a safe place to buy and sell cryptocurrency.

Zhao, a Dubai resident who was recently ordered to not leave the U.S. by a federal judge, has since resigned from his role as CEO of Binance. Moreover, the crypto exchange must pay $4.3 billion in forfeitures and make a complete exit from the U.S. market.

Zhaos sentencing is currently scheduled for late February 2024.

In Bankman-Frieds trial, the prosecution alleged the defendant and a number of his associates had undisclosed access to customer funds that they then used to fund their lavish lifestyle, including a $35 million luxury Bahamian penthouse. By the time the crypto exchange collapsed, FTX and its sister company, Alameda Research, had spent $8 billion of customers money.

Prosecutors alleged the former king of crypto used customer funds to finance various high-profile sponsorship deals, including a $150 million deal with Major League Baseball and $205 million deal with the stadium formerly known as FTX arena in Miami.

Furthermore, numerous celebrities were paid tens of millions to advertise on behalf of FTX, including Larry David, Steph Curry, Tom Brady, and Kevin OLeary.

Former head of engineering for FTX, Nishad Singh, testified that he was ashamed and embarrassed about the amount of spending Bankman-Fried was authorizing, telling jurors it all reeked of excess and flashiness.

He was celebrity chasing, and he liked it, claimed U.S. Assistant Attorney, Nicolas Roos.

Bankman-Fried is currently being held at Brooklyns Metropolitan Detention Center and could face another trial on additional charges, including foreign bribery, in the spring. His sentencing is scheduled for March 28th, 2024.

Zhao is facing a potential 12-18 months in prison, while Bankman-Fried could spend decades in prison.

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Binance Moves into Retail Space through Cryptoconvert’s … – IT News Africa

November 30, 2023 | Author: admin

As the digital payment revolution gains momentum, Binance, a cryptocurrency exchange, is over the moon to announce its partnership with CryptoConvert which will see its users able to make payments cashless, contactless, and incredibly secure at all Pick n Pay till points.

CryptoConvert partnered with Pick n Pay last year to trial making crypto payments more mainstream, and as of February this year, over 1,500 Pick n Pay stores now accept crypto payments.

Binance says that while they might not be the first to announce this partnership, this move is still a stellar announcement for their users. Why? Because now, anyone can use crypto to buy their groceries at any Pick n Pay outlet.

Talk about crypto going grocery shopping. Binance firmly believes that when it comes to partnerships, its better to arrive fashionably late than to never show up at all.

As one of the largest exchanges by volume and the first major crypto exchange to offer the option of buying groceries with cryptocurrency, this move will not only restore trust in the industry but also pave the way for long-term growth.

Hannes Wessels, General Manager for Binance in Southern Africa, highlights the growing trend of adopting cryptocurrency as a mainstream payment method: The partnership with Cryptoconvert exemplifies the rapidly growing trend towards adopting cryptocurrency as a mainstream method of payment, with nearly 75% of retailers planning to accept cryptocurrency payments within the next two years.

This strategic partnership signals a significant stride toward cryptocurrency adoption. Binance Pay and CryptoConverts CryptoQR application enable seamless transactions within seconds.

Carel van Wyk from CryptoConvert says Our partnership with Binance, one of the largest global exchanges, will enable users to make seamless payments via the CryptoQR app, ensuring swift and efficient transactions in seconds.

Binances Wessels elaborates, Binance Pay has been designed and evaluated by some of the foremost leading global security experts of our time, ensuring a highly secure transaction process. To safeguard your Binance Pay funds, its essential to exercise the same caution as you would with your internet banking app.

He also concluded that announcements have no punctuality! Being fashionably late merely means that one stands a better chance of being remembered because, well, your news becomes the last thing people remember, just like the catchy tune you cant get out of your head.

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Vitalik Buterin: AI may surpass humans as the ‘apex species’ – Cointelegraph

November 28, 2023 | Author: admin

Super-advanced artificial intelligence (AI), left unchecked, has a serious chance of surpassing humans to become the next apex species of the planet, according to Ethereum co-founder Vitalik Buterin.

But that will boil down to how humans potentially intervene with AI developments, he said.

In a Nov. 27 blog post, Buterin, seen by some as a thought leader in the cryptocurrency space, arguedAI is fundamentally different from other recent inventions such as social media, contraception, airplanes, guns, the wheel, and the printing press as AI can create a new type of mind that can turn against human interests, adding:

Buterin argued that, unlike climate change, a man-made pandemic or nuclear war, superintelligent AI could potentially end humanity and leave no survivors, particularly if it views humans as a threat to its survival.

Even Mars may not be safe, Buterin added.

Buterin cited an August 2022 survey from over 4,270 machine learning researchers who estimated a 510% chance that AI would kill humanity.

However, while Buterin stressed that claims of this nature are extreme, there are also ways for humans to prevail.

Buterin suggested integrating brain-computer interfaces (BCI) to offer humans more control over powerful forms of AI-based computation and cognition.

A BCI is a communication pathway between the brains electrical activity and an external device, such as a computer or robotic limb.

This would reduce the two-way communication loop between man and machine from seconds to milliseconds and, more importantly, ensure humans retain some degree of meaningful agency over the world, Buterin said.

Related: How AI is changing crypto: Hype vs. reality

Buterin suggested this route would be safer, as humans could be involved in each decision made by the AI machine.

The Ethereum co-founder also suggested active human intention to take AI in a direction that benefits humanity, as maximizing profit doesnt always lead humans down the most desirable pathway.

Buterin concluded that we, humans, are the brightest star in the universe, as weve developed technology to expand upon human potential for thousands of years, and hopefully many more to come:

Magazine: Real AI use cases in crypto, No. 1: The best money for AI is crypto

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Humans Are Deeply Good: Ethereum Creator Vitalik Buterin – Decrypt

November 28, 2023 | Author: admin

On Monday, Ethereum creator Vitalik Buterin reflected on his own take on techno-optimism, inspired by Marc Andreessen, who opined about AI in his Techno-Optimist Manifesto in October. While Buterin agreed with Andreessens positive outlook, Buterin also noted the importance of how AI is developed and the technology's future direction.

Buterin acknowledged the existential risk of artificial intelligence, including causing the extinction of the human race.

This is an extreme claim: as much harm as the worst-case scenario of climate change, or an artificial pandemic or a nuclear war, might cause, there are many islands of civilization that would remain intact to pick up the pieces, he said.

But a superintelligent AI, if it decides to turn against us, may well leave no survivors and end humanity for good, Buterin said. Even Mars may not be safe.

Buterin pointed to a 2022 survey by AI Impacts, which said between 5% and 10% of participants believe humans face extinction from AI or from humans' failure to control AI, respectively. He said that a security-focused open-source movement is ideal for leading AI development rather than closed and proprietary corporations and venture capital funds.

If we want a future that is both superintelligent and "humanone where human beings are not just pets, but actually retain meaningful agency over the worldthen it feels like something like this is the most natural option," he said.

Whats needed, Buterin continued, is the active human intention to choose its direction and outcome. The formula of 'maximize profit' will not arrive at them automatically, he said.

Buterin said he loves technology because it expands human potential, pointing to the history of innovations from hand tools to smartphones.

I believe that these things are deeply good, and that expanding humanity's reach even further to the planets and stars is deeply good, because I believe humanity is deeply good, Buterin said.

Buterin said that while he believes transformative technology will lead to a brighter future for humanity, he rejects the notion that the world should stay how it is today, only with less greed and more public healthcare.

There are certain types of technology that much more reliably make the world better than other types of technology, Buterin said. There are certain types of technology that could, if developed, mitigate the negative impacts of other types of technology.

Buterin cautioned about a rise in digital authoritarianism and surveillance technology used against those who defy or dissent against the government, controlled by a small cabal of technocrats. He said the majority of people would rather see highly advanced AI delayed by a decade rather than be monopolized by a single group.

My basic fear is that the same kinds of managerial technologies that allow OpenAI to serve over a hundred million customers with 500 employees will also allow a 500-person political elite, or even a 5-person board, to maintain an iron fist over an entire country, he said.

While Buterin said he is sympathetic to the effective acceleration (also known as "e/acc") movement, he has mixed feelings about its enthusiasm for military technology.

Enthusiasm about modern military technology as a force for good seems to require believing that the dominant technological power will reliably be one of the good guys in most conflicts, now and in the future, he said, citing the idea that military technology is good because it's being built and controlled by America and America is good.

Does being an e/acc require being an America maximalist, betting everything on both the government's present and future morals and the country's future success? he said.

Buterin cautioned against giving extreme and opaque power to a small group of people with the hope they will use it wisely, preferring instead a philosophy of "d/acc"or defense, decentralization, democracy, and differential. This mindset, he said, could adapt to effective altruists, libertarians, pluralists, blockchain advocates, and solar and lunar punks.

A defense-favoring world is a better world, for many reasons, Buterin said. First of course is the direct benefit of safety: fewer people die, less economic value gets destroyed, less time is wasted on conflict.

"What is less appreciated though is that a defense-favoring world makes it easier for healthier, more open and more freedom-respecting forms of governance to thrive," he concluded.

While he emphasized the need to build and accelerate, Buterin said society should regularly ask what we are accelerating towards. Buterin suggested that the 21st century may be "the pivotal century" for humanity that could decide the fate of humanity for millennia.

These are challenging problems, Buterin said. But I look forward to watching and participating in our species' grand collective effort to find the answers.

Edited by Ryan Ozawa.

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Vitalik Buterin unveils major overhaul of Ethereum staking to enhance decentralization – crypto.news

November 28, 2023 | Author: admin

Vitalik Buterin plans to overhaul ETH staking and has outlined the progression of Ethereums roadmap, particularly focusing on the forthcoming Dencun update.

In a recent interview with the NFT platform Defiant while in Turkey, Ethereums co-founder Vitalik Buterin addressed the issue of staking centralization in the Ethereum network.

Buterin underscored the importance of reforming Ethereums staking process to support more effective mining and staking pools, with the ultimate goal of boosting the platforms decentralization.

The initiative is a response to the challenges of data availability in off-chain systems, which have been sluggish due to high demands in the short and medium term.

Buterin highlighted the upcoming Ethereum Improvement Proposal (EIP) 4844, known as Danksharding, which is expected to significantly increase the data map space to 16 Megabytes per slot. This upgrade is part of Ethereums continuous efforts to improve scalability and efficiency.

Buterin also proposed a new voting system for governing future changes on the Ethereum network. This system aims to provide a more democratic and less disruptive process, potentially eliminating the need for hard forks. This strategic move is in line with Ethereums ongoing evolution to address scalability challenges.

Slated for early 2024, the Dencun upgrade is set to be a significant milestone in Ethereums development journey. This upgrade aims to play a pivotal role in improving Ethereums scalability, efficiency, and decentralization.

During the interview, Buterin also delved into the potential adoption of the Unspent Transaction Output (UTxO) model, a system currently employed by blockchains like Bitcoin and Cardano. This exploration signifies Ethereums willingness to consider a variety of strategies to tackle the existing challenges in its network.

Upon Buterins reference to UTxO, there was an immediate and humorous response from Cardano enthusiasts on the microblogging site X. Charles Hoskinson, the founder of Cardano, joined in with a satirical remark, quipping, Ethereum 3 will solve it all, in a light-hearted jab at the discussion.

Responding to a comment, Hoskinson expressed his view that Cardanos achievements would likely never be acknowledged as significant by Vitalik or the Ethereum team. He also suggested that Ethereum is only now discovering solutions that Cardano has been working on for years.

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Ethereum Co-Founder Vitalik Buterin Thinks If AI Turns Against Us, It May ‘Well Leave No Survivors And En – Benzinga

November 28, 2023 | Author: admin

November 28, 2023 1:32 AM | 2 min read

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Ethereums (CRYPTO: ETH) co-founder, Vitalik Buterin, on Monday shed light on his own version of techno-optimism, influenced by Marc Andreessens Techno-Optimist Manifesto penned last October, in which Andreessen took a positive stance on AIs future.

What Happened: Buterin in a blog post said, "This is an extreme claim: as much harm as the worst-case scenario of climate change, or an artificial pandemic or a nuclear war, might cause, there are many islands of civilization that would remain intact to pick up the pieces."

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However, the risks posed by a superintelligent AI that may turn against humanity could signify complete annihilation. "But a superintelligent AI, if it decides to turn against us, may well leave no survivors and end humanity for good," he remarked, worrying that not even Mars could be a refuge.

He advocated for a future that preserves human traits and agency, stating, If we want a future that is both superintelligent and humanone where human beings are not just pets, but actually retain meaningful agency over the worldthen it feels like something like this is the most natural option.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Addressing concerns about the future evolution of Ethereum during an AMA on Farcaster, Buterin disclosed that two of his greatest fears were the stagnation of cryptocurrency and the potential dangers associated with AI.

When questioned on what occupies his thoughts frequently, the influential developer cited, AI-related issues, specifically existential risks derived from it.

Price Action: At the time of writing, ETH was trading at $1,999, down 1.12% in the last 24 hours according to Benzinga Pro.

Read Next: Heres How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

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2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Hoskinson criticizes Vitalik for not acknowledging Cardano’s staking innovations – CryptoSlate

November 28, 2023 | Author: admin

Cardano founder and Ethereum co-creator Charles Hoskinson criticized Vitalik Buterin in a tweet on Nov. 25 for not acknowledging Cardano (ADA) for its innovations in staking.

Hoskinsons remarks followed a recent interview, where Buterin discussed the Ethereum roadmap and proposed redesigning Ethereums (ETH) staking system to combat issues around centralization.

During the interview, Buterin went over potentially adopting the UTxO approach, which relies on unspent transactions, to address these challenges. This model differs from Ethereums current account-based system and is used by some blockchains, such as Bitcoin and Cardano.

The crypto community was quick to point out that this solution is similar to the approach Cardano has taken with its staking system.Hoskinsons response to Buterins proposal was notably sarcastic, as he wrote:

No worries, Ethereum 3 will have it all sorted.

This isnt the first instance of Hoskinson critiquing Ethereums staking system, having previously pointed out its inconveniences and similarities to features already implemented in Cardanos ADA staking. His tweet highlighted a perceived delay in Ethereums development and adaptation.

Hoskinson further stated that the tweet was not an attempt at fueling hostilities but rather an expression of his confusion. He said:

I am truly at a loss that Cardano can never be mentioned as an innovative ecosystem over on team E. V is rediscovering what weve been working on for almost a decade, and its like a new revelation.

Buterin was interviewed by DeFi and NFT platform Defiant in Turkey on Nov. 24, with most of the conversation on Ethereums roadmap.

Buterin addressed the pressing issue of staking centralization. He emphasized the need to redesign Ethereums staking mechanism to promote healthier mining and staking pools, thereby enhancing decentralization.

The initiative is a response to the challenges posed by data availability moving slower in off-chain systems due to high near-term and mid-term demands.

The Ethereum founder also discussed a major upcoming Ethereum upgrade, known as EIP 4844 or Danksharding. Buterin outlined that this upgrade aims to improve the data map space to 16 Megabytes per slot.

Post-upgrade, the main task would involve setting appropriate parameters and attributes for the system. This enhancement is part of Ethereums ongoing evolution to address scalability and efficiency.

Additionally, Buterin proposed the potential use of a voting system to govern future changes in Ethereum, suggesting that this could eliminate the need for hard forks. This idea indicates a shift towards a more democratic and less disruptive process for implementing significant changes on the network.

The Dencun upgrade, an integral part of this roadmap, is slated to go live in early 2024. The upgrade is expected to be a significant step in Ethereums journey, focusing on improving its scalability, efficiency, and decentralization.

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Cardano Founder Gives Snide Comment on Ethereum Staking Redesign Plans – The Crypto Basic

November 28, 2023 | Author: admin

Cardano founder Charles Hoskinson recently gave a sarcastic response to the plans to redesign Ethereum staking structure by Vitalik Buterin.

As two protocols that offer similar value propositions, Charles Hoskinsons latest reaction to Ethereums grand staking plans proves the Cardano founder still believes in the formers design flaws.

Despite ranking below Ethereum in market capitalization, Cardanos founder often touts the protocols liquid staking offering as the de facto standard for judging a decentralized system.

Speaking at an event in Turkey, Vitalik Buterin admitted that the centralized nature of Ethereum is not ideal. Notably, he called out the multiple staking pools model and acknowledged Ethereums solo staking being hard. According to Vitalik Buterin, there is a need to tackle these challenges via the unspent transaction (UTxO) approach.

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Staking in the crypto ecosystem is a volatile concept in relation to regulatory allowance. Earlier this year, Kraken paid $30 million to settle a legal case with the United States Securities and Exchange Commission (SEC) for offering staking as an unregistered investment contract.

Since then, Proof-of-Stake (PoS) blockchain protocols started exploring how to change the nature of their Staking features. The plan to redesign the Staking service came as soon as Ethereum transitioned from its Proof-of-Work (PoW) system to PoS.

Though the SEC has not flagged the protocol in this regard, Vitalik Buterins proposition to decentralize the offering could make it less susceptible to falling under the regulators radar.

Designed as an Ethereum killer with a mission to help cut on cost and speed of transactions, Charles Hoskinson takes every opportunity to sing Cardanos praises.

Notably, his simple response to Vitalik Buterins proposition reads: No worries, Ethereum 3 will have it all sorted.

Ethereum 1 is generally denoted as the PoW era and Ethereum 2.0 is the current stage with a PoS consensus mechanism. Neither Vitalik Buterin nor the Ethereum Foundation has hinted at any potential Ethereum 3 in the future.

The fight for dominance continues and though Cardano seems ahead in most of the innovations Ethereum plans to implement, as community members pointed out, the DeFi Total Value Locked (TVL) of both protocols shows Cardano has a long way to go before catching up with Ethereum.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Ethereum: Vitalik Buterin Wants to Redesign the Network – Watcher Guru

November 28, 2023 | Author: admin

One of the most important figures in the digital asset sector, Ethereum co-founder Vitalik Buterin has shared his intention to redesign the entire network. Indeed, Buterin spoke in Turkey where he discussed plans that would bring widespread changes to users across the network.

Moreover, Buterin had outlined an overall strategy that he would seek to employ for those changes. Specifically, they would target an enhancement to the staking of ETH, and performance issues that have occurred regarding addresses. The latter has notably been an issue for the network in years past.

Also Read: Vitalik Buterin Says He Hasnt Sold Ethereum (EHT) Since 2018

Within the mainstream perception of digital assets, two tokens reign supreme. Specifically, Bitcoin (BTC) and Ethereum (ETH) have become staples for the industry. Subsequently, those connected to the assets have become some of its most important entities. Now, one of those individuals is set to bring forth massive changes to one network.

Speaking at Devconnect in Turkey, Ethereum co-founder Vitalik Buterin delved into his plans to redesign the network. Specifically, Wu Blockchain reported that the changes to the platform are connected to staking and performance concerns. Ultimately, any issues would have widespread changes in the user experience.

Vitalik Buterin stated at the Devconnect in Turkey that he plans to redesign Ethereum staking and solve problems affecting performance. He recognizes the UTXO payment model and hopes to integrate private mempools, ERC-4337, code pre-compilation, ZK-EVMs and liquid staking in

Also Read: Ethereum Founder Discusses ETH Staking Changes

The plans Buterin is seeking to set in motion include the integration of private mempools and ERC-4337. Indeed, the former would bring about greater security and privacy to the operating network. This would be done through the authorization of transactions without the intentions being displayed to the public mempool. therefore, they would be far less a target of potential exploits.

Subseuqnlety, ERC-4337 is related to account abstraction, and giving users more control over their own accounts. Therefore, things like multisig wallets become far easier to implement, and far more secure for users. Altogether, these plans are geared toward pushing the network forward and encouraging the protection of users across its operations.

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Ethereum: Vitalik Buterin Wants to Redesign the Network - Watcher Guru

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