crypto
A Vision For Ethereum Final Design
Published
1 week agoon
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adminIn a significant development for the Ethereum (ETH) ecosystem, researchers propose redesigning the network’s consensus layer, aiming to enhance scalability, decentralization, and security.
During a presentation at DevCon in Bangkok on Tuesday, Justin Drake, an Ethereum Foundation researcher, introduced the concept of “Beam Chain,” a new consensus layer intended to replace the existing Beacon Chain.
The Beam Chain Proposal
Drake explained that the Beacon Chain, which has been operational for five years, has become somewhat outdated. “In those five years, so much has happened,” he remarked, highlighting the rapid advancements in blockchain technology and research.
The redesign will reportedly focus exclusively on the consensus layer, leaving the Ethereum Virtual Machine (EVM) and the binary large object (blob) data layer untouched.
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In addition, the Beam Chain aims to revamp several critical aspects of Ethereum’s staking mechanism, block production system, and cryptographic architecture. One of the central proposals is to reduce the validator bond from 32 ETH to just 1 ETH, a move intended to foster greater decentralization within the network.
Drake noted that the current issuance model for Proof of Stake (PoS) is perceived as flawed, presenting an opportunity for improvement that could benefit Ethereum’s long-term health.
To enhance censorship resistance, the proposal includes mechanisms for attestor-proposer separation, which would further secure the block production process. Additionally, the Beam Chain is designed to improve throughput by accelerating block time slots, ultimately leading to faster transaction confirmations.
Plans To Transform Ethereum Future
A hallmark of the Beam Chain initiative is its incorporation of zero-knowledge (ZK) consensus, which leverages Succinct Non-interactive Argument of Knowledge (SNARK) proofs.
These cryptographic tools will serve dual purposes: enabling consensus clients to compile high-level languages into bytecode and creating a “hash-based post-quantum infinitely-aggregatable scheme” that can condense thousands of hashes into a single proof.
Recent advancements suggest that users can prove over 2 million hashes per second, indicating that the “SNARKification” of the consensus layer is feasible even on consumer-grade hardware.
Drake outlined that if the community supports the proposal, the next steps would involve specification in 2025, development in 2026, and testing in 2027.
The researcher described this strategy as “ossification accelerationism,” aiming to achieve stability and maturity for Ethereum sooner rather than later. “We want Ethereum to go into ‘maintenance mode’ as soon as possible,” he stated.
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The proposal has generated considerable interest within the Ethereum community, with Drake emphasizing the importance of community participation in shaping the future of the consensus layer. He referred to the Beam Chain as his “most ambitious initiative to date,” highlighting the need for collaboration to realize this vision.
In an exclusive interview with NewsBTC, Professor Christian Cachin from the University of Bern commended the Beam Chain proposal for its potential to solidify Ethereum’s consensus roadmap.
Cachin noted that while the planned upgrades involve sophisticated and non-backwards-compatible technologies, they are crucial for advancing Ethereum’s scalability and overall capabilities:
As far as I see so far, the proposal makes the existing Ethereum consensus roadmap concrete, it takes the next steps toward more powerful and more scalable consensus of Ethereum.
At the time of writing, ETH was trading at $3,227, up 22% for the week.
Featured image from DALL-E, chart from TradingView.com
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crypto
UK Government to Draft a Regulatory Framework for Crypto, Stablecoins, Staking in Early 2025
Published
9 hours agoon
November 22, 2024By
adminThe new Labour government, elected in July, intends to implement its predecessor’s crypto proposals on the creation of regulated activities, including operating a crypto trading platform and a market abuse regime, in full, Siddiq said. Under current plans, stablecoins will no longer fall under the U.K.’s payments regime. There will also be a carve out for staking to prevent it being treated like a collective investment scheme.
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Bitcoin
$2 Million PEPE Purchase Sees 105 Billion Tokens Snapped Up
Published
1 day agoon
November 21, 2024By
adminThey say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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Bitcoin
The Case For A Future Valuation Of $1 Million
Published
3 days agoon
November 20, 2024By
adminSince November 5, the day President-elect Donald Trump secured another term in office, Bitcoin has experienced a remarkable uptrend, reaching a new all-time high of $93,300.
Since then, BTC has been trading within a narrow range between $89,000 and $92,000, positioning for a potential move toward the $100,000 milestone. This raises an intriguing question whether a price of $1 million per coin is feasible over the next decade.
A Long-Term Vision For Investors
Market expert VirtualBacon has conducted an in-depth analysis of these possibilities, delving into the numbers, trends, and catalysts that could propel Bitcoin to experience a surge of nearly 1,000% from its current price levels.
Within the current market cycle, the expert forecasts that Bitcoin could hit $200,000 in the next one to two years. However, he notes that while this milestone is significant, altcoins may offer higher returns at a greater risk, often crashing by 80% to 90% in bear markets.
In contrast to altcoins, which face increasing regulatory scrutiny, Bitcoin stands out as a safer long-term investment. VirtualBacon argues that Bitcoin’s potential is not just confined to the next few years but spans a decade or more.
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To understand why Bitcoin’s price could reach $1 million, VirtualBacon asserts that investors need to consider its fundamental utility as a store of value. Bitcoin’s fixed supply of 21 million coins, its global accessibility, and its resistance to censorship and manipulation make it a compelling alternative to traditional financial assets.
The expert suggests that if Bitcoin is to become recognized as the digital gold of the 21st century, reaching a market capitalization that rivals gold’s estimated $13 trillion is not merely a theoretical possibility but “a logical outcome.”
Key drivers for this potential growth include increasing participation from asset managers, corporate treasuries, central banks, and wealthy individuals. Recent data indicates that Bitcoin ETFs have seen record inflows, with $1 billion invested last week, reflecting growing institutional confidence.
Additionally, discussions among corporations, such as Microsoft considering Bitcoin reserves, further enhance its strategic value. Wealthy individuals are also beginning to adopt Bitcoin as a standard portfolio allocation, with even a modest 1% investment becoming commonplace among billionaires.
What Does Bitcoin Need To Reach $1 Million?
For Bitcoin to reach the $1 million mark, two critical factors must be analyzed: global wealth growth and portfolio allocation. VirtualBacon notes that in 2022, total global wealth was estimated at $454 trillion, and projections suggest this could grow to $750 trillion by 2034.
Currently, gold holds approximately 3.9% of global wealth, while Bitcoin is at a mere 0.35%. If Bitcoin’s allocation in global portfolios rose to just 3%, still significantly below gold’s share, its market cap could soar to $20 trillion, pushing the price to $1 million per coin.
Historically, gold’s market cap saw significant growth following the launch of exchange-traded funds in 2004, with its portfolio allocation increasing from 1.67% to 4.74% over the next decade.
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If Bitcoin follows a similar trajectory, its allocation could rise from 0.35% to 1.05% or more, translating to a market cap of approximately $7.92 trillion, equating to about $395,000 per Bitcoin. Therefore, reaching $1 million doesn’t require Bitcoin to surpass gold; it must capture about 57% of gold’s projected market cap by 2034.
With gold representing 4.7% of global portfolios compared to Bitcoin’s 0.35%, a modest increase in Bitcoin’s share of global wealth to 3%—just 60% of gold’s allocation—could “easily” result in a $20 trillion market cap and a $1 million price point.
At the time of writing, BTC is trading at $92,240, up 7% every week.
Featured image from DALL-E, chart from TradingView.com
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