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Vitalik Buterin Outlines Helios’s Role In Multi-Chain Ethereum Scaling
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2 hours agoon
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adminEthereum co-founder Vitalik Buterin has outlined key steps for Ethereum’s scaling, emphasizing the role of Helios, a multichain light client.
Following ETH’s path toward scalability and decentralization, Vitalik Buterin noted that implementing Helios and similar solutions to mobile and desktop wallets is crucial for light client verification on Ethereum’s Layer 1 and Layer 2 networks.
Vitalik Buterin Outlines Helios’s Role
In his recent posts on X (formerly Twitter), Buterin emphasized the need to add Helios or other light clients into user wallets. This integration would allow users to check the validity of transactions without running full nodes, which is important given that Ethereum has plans for an ecosystem with thousands of rollups. A productive, verifiable light client is deemed essential for the sustainability of the ecosystem and users’ security.
Noah Citron, a developer associated with Helios, elaborated on the project’s goals of building a multichain light client. Citron pointed out that rollup operators currently require a full node for every chain they are engaged with, which is a problem when the number of chains increases.
To this end, Helios plans to optimize this process by offering a highly effective light client for ETH’s Layer 2 solutions which include Optimism, Base, Unichain and other platforms that are built on OP Stack.
Rollup Interoperability & Cross-Chain Communication
Rollup interoperability is a major focus for ETH as it scales. Some current proposals such as Optimism’s Superchain and zkSync’s Elastic Chain have suggested that rollups can be interconnected. According to Citron, these solutions will rely on secure light clients via which rollup operators will be able to validate cross-chain messages.
Helios’s current support for the OP Stack is a step in that direction. Through signed sequencer pre-confirmations, Helios can co-ordinate the data across the different rollups in the Superchain ecosystem, thereby easing the burden on rollup operators.
Citron added that Helios will be implemented on other platforms, so users can manage different Layer 2 solutions without setting up complex full-node wallets.
Vitalik Buterin’s Proposal to Optimize Gas Fees
Ethereum co-founder Vitalik Buterin also revealed that there are ongoing works to enhance the gas fee system of Ethereum to enhance the speed of transactions. This upgrade would increase Ethereum’s TPS by 1.5, which could be useful in helping the network to go up against faster blockchains like Solana.
As highlighted by Buterin, this change would not threaten the security of ETH hence making it a suitable platform for developers and users.
This emphasis on transaction speed is in line with ETH’s objective of reducing fees for users whilst preserving decentralisation and security. If those changes are to be adopted, it could help make ETH more approachable and efficient.
ETH Price Trend
The focus on scaling has contributed to varied sentiment in the Ethereum market. Analyst Mando CT recently described Ethereum as being in a “buy zone” from a long-term investment perspective, citing Ethereum’s historical influence on the wider cryptocurrency market.
Meanwhile, technical analyst Kyledoops observed a 96,000 ETH inflow into derivatives exchanges on October 24, a move that could trigger increased market activity. Such inflows are often seen as indicators of potential price volatility, though the current ETH price remains stable around $2,550.
Source: X
Additionally, Ethereum whales have continued to offload large quantities of ETH, with one early ICO participant recently transferring 3,000 ETH to Kraken. This trend, coupled with the exchange inflows, has led analysts to speculate on possible price corrections or significant shifts in the ETH market. Despite this, Buterin’s outlined steps to scale Ethereum could reassure investors about the network’s long-term growth potential.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogecoin Insider Says Holding Stablecoins Like USDT Is “Risky”
Published
6 hours agoon
October 25, 2024By
adminDogecoin insider Mishaboar has sent an open letter to the community with advise to shun stablecoins like USDT, USDC and even PYUSD. According to him, holding these assets are “inherently risky” and can harm holders.
Bitcoin, Litecoin and Dogecoin For Stablecoins
Per the post shared on X, Mishaboar noted that these stablecoins are risky for many reasons. First, he said there is always the possibility of their backing or reserve asset collapsing. This is arguably one of the most controversial subjects in the industry.
Besides the issue of collapsing reserve, the Dogecoin insider noted that these stablecoins are highly centralized. With specificity, he named USDT and USDC, the two biggest in the industry. With Paypal stablecoin PYUSD also gaining traction, he added this to the list. He claimed entities behind these assets including Tether, Circle and PayPal could freeze users’ assets if they are asked to.
Dear #Dogecoin, as I have repeated countless times:
holding “stable”coins like USDT or USDC or PYUSD is inherently risky. Not just in the (always possible) case of a catastrophic collapse of whatever castle of cards or institution is backing them.
They are risky assets…
— Mishaboar (@mishaboar) October 25, 2024
Despite the roles of stablecoins in the market, Mishaboar believes holding Bitcoin, Dogecoin, Litecoin and Monero is better. He claimed though provocative, Monero is much less risky overall. Against the core positions of most crypto proponents, Mishaboar also advocated holding fiat currencies with real value. Comparatively, he believes this are comparatively safer.
Will Stablecoin Regulation Help?
Some of the concerns voiced by the Dogecoin proponent are largely what regulations can fix. Notably, Tether CEO, Paolo Ardoino has called for stablecoin regulation in the United States as a trusted framework is still missing.
The centralization risks can also be addressed with the right rules. Thus far, regions the the European Union have introduced Markets In Crypto Assets (MiCA) to help guide stablecoin issuance.
The collapse of Terra-linked algorithmic stablecoin USTC underscores the fears from Mishaboar. With over $40 billion lost wiped out of the market, regulators around the world are now making moves to prevent recurrence. Earlier this year, US regulators unveiled a regulation to ban algorithmic stablecoin.
According to proponents, if the industry work together, some of these pain points may be properly addressed.
Read More: Breaking: US DOJ Launches Investigation Into Tether
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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US DOJ Reportedly Launches Investigation Into Tether
Published
10 hours agoon
October 25, 2024By
adminThe US Department of Justice (DOJ) has allegedly launched an investigation into the USDT stablecoin issuer for the potential anti-money laundering violations. This comes just days after the Tether CEO Paolo Ardoino called for stable crypto regulations in the country.
US DOJ Launches Probe Into Tether
According to report by the Wall Street Journal, the US government is investigating Tether of possible violations of sanctions and anti-money laundering rules. Specifically, the crypto firm may face penalties for doing business with groups on the US sanctions list. The criminal investigation is also looking at whether the USDT has been used by third parties to fund illegal activities such as the drug trade, terrorism and hacking—or launder the proceeds generated by them.
Commenting on this development, Tether CEO Paolo Ardoino said that they are not aware of any investigation into the firm. However, if true, this news is one that could have a significant on the crypto market considering that USDT is the largest stablecoin by market cap.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin Maxi Michael Saylor Proposes “Next Trillion Dollars” Deal To Microsoft CEO
Published
14 hours agoon
October 25, 2024By
adminBitcoin Maxi Michael Saylor has called on Microsoft CEO Satya Nadella to consider adopting Bitcoin as one of the company’s investments. This push comes at the same time as a shareholder proposal has been submitted with the U.S. Securities and Exchange Commission (SEC) for Microsoft to consider Bitcoin as a treasury asset.
Saylor, an advocate for Bitcoin, stated that if Microsoft were to adopt Bitcoin, it could generate significant returns due to inflation that affects other assets.
Bitcoin Maxi Michael Saylor Points to MicroStrategy’s BTC Success
Michael Saylor, CEO of MicroStrategy, recently took to X (formerly Twitter) to propose a “next trillion-dollar” opportunity for Microsoft. He encouraged Microsoft CEO Satya Nadella to incorporate Bitcoin into the company’s balance sheet. MicroStrategy, unlike most major tech firms, holds a significant amount of Bitcoin. As of now, the company holds 252,220 BTC, currently valued at over $17 billion, with a total acquisition cost of around $9.9 billion.
This strategy has reaped benefits as MicroStrategy’s stock soared to $235.89, a 25-year high this week, and closed with more than 10% gains. MicroStrategy’s market capitalization, in addition, is currently $43.6 billion, which is rather high in comparison to the company’s net asset value of its BTC holdings.
This pattern is similar to Grayscale Bitcoin Trust before its conversion to the spot Bitcoin ETF recently. Bitcoin Maxi Saylor has suggested that due to Microsoft’s size and clout, integrating with Bitcoin could be very profitable for the company. In the last three years, the price of Bitcoin has rose by over 971% which is much better than corporate bond and short term treasury bills.
However, despite his calls for Microsoft to consider BTC, Saylor has faced some backlash for suggesting that big banks offering Bitcoin custody might be beneficial.
Potential of Bitcoin for Microsoft’s Treasury
A shareholder proposal, submitted by the National Center for Public Policy Research, calls on Microsoft’s board to assess Bitcoin as a potential asset for its treasury management. The proposal underscores that Microsoft’s existing investments, primarily in U.S. government securities and corporate bonds, may not be sufficient to protect against inflation.
It suggests that a small allocation to Bitcoin, even as low as 1% of Microsoft’s total assets, could act as a hedge against currency devaluation. Moreover, Microsoft’s second-largest shareholder, BlackRock, has been a significant player in Bitcoin’s institutional adoption. Its Bitcoin ETF, known as IBIT, has been driving substantial inflows in the U.S. Bitcoin ETF market.
This week, IBIT recorded another $300 million in inflows, bringing total inflows since inception to more than $23.5 billion. This shows growing demand among institutional investors for Bitcoin exposure, which could support Bitcoin Maxi Michael Saylor’s argument for Microsoft to explore similar opportunities.
The vote on this proposal is scheduled for December 10 at Microsoft’s annual shareholder meeting. However, Microsoft’s board has recommended a vote against it, citing Bitcoin’s high volatility as a key risk factor.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
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