Connect with us

Blockchain

Ethereum’s Vitalik Buterin Proposes Higher Staking Rewards For Upcoming PoS Implementation

Ethereum is set to implement its proof-of-stake (PoS) consensus algorithm and as part of the process, co-founder Vitalik Buterin has proposed that the community adopts higher staking rewards. Buterin made his proposal regarding the dapp and smart contract platform on GitHub on Friday, April 20. According to him, the blockchain should have 2,097,152 ether issued […]

Source link: Ethereum’s Vitalik Buterin Proposes Higher Staking Rewards For Upcoming PoS Implementation

Published

on

Ethereum is set to implement its proof-of-stake (PoS) consensus algorithm and as part of the process, co-founder Vitalik Buterin has proposed that the community adopts higher staking rewards.

Buterin made his proposal regarding the dapp and smart contract platform on GitHub on Friday, April 20.

According to him, the blockchain should have 2,097,152 ether issued on a yearly basis when staking accounts for 134,217,728 ETH. Used during transaction validation, the proposal would see network reward stakers at an annual return of 1.56 percent.

Ethereum, currently the second largest cryptocurrency by market cap, has a circulating supply of 105,764,762 ETH. It simply means that the suggested amount of ether for staking could be representative of some kind of hypothetical ceiling on the total supply.

There is more to the proposal though, with Buterin suggesting an estimate of the annual returns stakers would get when different quantities of ether are staked for transaction validation.

For example, if it happens that validators stake a total of 1 million ETH, the co-founder’s proposal would see these validators earn annual returns of about 18.1 percent.

Buterin’s proposal has been warmly received by the community, with a good number giving it a thumbs up on Reddit. To many who reacted positively to the proposal, the proposed rates are way better than those given in previous suggestions.

Per estimations given by Justin Drake, a researcher working on the Ethereum project, the implementation of PoS and sharding will see validators receive returns of around 3.2 percent when staking amounts reach 32 million ETH. The stake is equal to nearly 1 percent of Ethereum’s total supply.

Ethereum activated its Constantinople upgrade earlier this year, introducing a number of Ethereum Improvement Proposals (EIPs). Among them was the one on block rewards being reduced as the network moves towards PoS and sharding.

Now, another upgrade, EIP 1559, sets forth the prospect of burning a portion of the network’s transaction fees. The probability of this informed Drake’s recent estimation that if ETH expenditure per shard every year reaches 1,000 ETH, then network inflation would equal 0.5 percent.

In late 2018, Buterin wrote that blockchains that utilize proof-of-stake sharding could be a lot more efficient.

In March, the Ethereum co-founder noted that blockchain needed the crypto community to evolve and move with times to create systems that are both equitable and innovative.


Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

Source link: Ethereum’s Vitalik Buterin Proposes Higher Staking Rewards For Upcoming PoS Implementation

Source: https://xbt.net/blog/ethereums-vitalik-buterin-proposes-higher-staking-rewards-for-upcoming-pos-implementation/

Blockchain

Darknet Marketplaces Expanding Amid Growing Appetite for Illegal Goods

Despite tightening law enforcement actions, darknet marketplaces are multiplying as the appetite for illegal goods and services like drugs and firearms continues to grow. Several reports from investigations by government authorities show cryptocurrencies being a popular payment method on these illicit online marketplaces. According to crypto forensic firm CipherTrace, darknet marketplaces are on the rise. […]

The post Darknet Marketplaces Expanding Amid Growing Appetite for Illegal Goods appeared first on BeInCrypto.

Published

on

Despite tightening law enforcement actions, darknet marketplaces are multiplying as the appetite for illegal goods and services like drugs and firearms continues to grow.

Several reports from investigations by government authorities show cryptocurrencies being a popular payment method on these illicit online marketplaces.

According to crypto forensic firm CipherTrace, darknet marketplaces are on the rise. Research by CipherTrace shows 35 active platforms hosting numerous vendors servicing thousands of users.

Given the existence of dark market templates, new platforms are reportedly emerging at an accelerated rate. Intending darknet store operators now need only to purchase such a template that they customize to their taste before installing on secure servers.

Data from CipherTrace claims that it costs only $599 payable in Bitcoin (BTC) or Monero (XMR) to acquire these templates. Operators can also receive additional customer support for a fee of between $50 and $90.

Advertisement

Continue reading below

ransomransom

Based on the relatively small upfront cost and the potential for a huge upside, the darknet marketplace arena is also seeing frequent exit scams. Having built up a sizeable reputation with massive amounts held in escrow, these scammers often disable the withdrawal option while still accepting deposits.

In the end, users eventually catch on but not before the operators siphon more money from unsuspecting customers. According to Vice, the defunct Empire darknet market absconded with about $30 million back in August.

Apart from the allure of stealing user deposits, the increasing focus of law enforcement agencies on the illicit dark web trade is another likely reason for the many exit scams. As previously reported by BeInCrypto, a U.S. Department of Justice (DoJ)-led crack team announced the seizure of $1.6 million in crypto from darknet vendors back in September.

Despite the anonymity of the dark web, government agencies are arresting and prosecuting black-market bazaar operators on the dark web. In August, the DoJ charged two darknet opioid sellers with money laundering and wire fraud.

Source: https://beincrypto.com/darknet-marketplaces-expanding-amid-growing-appetite-for-illegal-goods/

Continue Reading

Blockchain

Bitcoin Unfazed by Monday’s Stock Market Sell-Off, Beats Gold As A Hedge

Published

on

advertisement


Bitcoin-Gold-Stock Markets have been on investors’ radar throughout 2020. Interestingly, after Monday’s major sell-off in the stock market, BTC continues to show its strength and is trading above $13,4000 levels at press time. On Monday, Dow Jones (INDEXDJX: .DJI) corrected 650 points or 2.29 with other indices following the cue.

Advertisement

1xbit

This has been the biggest sell-off in the U.S. stock markets after early September 2020. However, unlike the previous time, Bitcoin continues to be going strong and bold. In fact, BTC has remained stronger than its other hedge alternative and physical asset Gold.

This clearly goes to show that BTC has been on the way to decoupling itself from the stock market. Moreover, the recent decoupling of Bitcoin sets the tone for Bitcoin’s next journey ahead. At the current price levels, BTC has already attained a new high for 2020 making the road clear for $14,000 and above.

Big Player’s Entry Helps Bitcoin Sustain

Over the last week, the BTC price has surged nearly 13% with a number of big players making an entry in the crypto space. Some of the big players from the traditional finance and payments sector are getting closer to Bitcoin.

Many analysts see PayPal’s decision to offer Bitcoin trading services as a big push for the world’s largest cryptocurrency. If this wasn’t enough, the latest market news is that Singapore’s biggest commercial bank DBS is launching its crypto exchange.

Advertisement

Cryptocoincoach

DBS-Singapore-Bank

JP Morgan: Bitcoin $40,000 Is Coming

On the other hand, JP Morgan has completely flipped its position in favor of Bitcoin. From Bitcoin is a ‘fraud’ in 2017 to Bitcoin could “crowd out” Gold, the banking giant has come a long way. As reported by Fortune, JP Morgan analysts are saying that Bitcoin could triple from the current levels.

The $40,000 price prediction for BTC comes in a research note published by JP Morgan last Friday. JP Morgan highlights Bitcoin’s emergence as a Gold-alternative, especially among the millennials. “The older cohorts prefer gold, while the younger cohorts prefer Bitcoin as an ‘alternative’ currency,” mention the research note.

The bank analysts further add that if the trend continues, it can potentially challenge Gold in the long-term term. “Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the Bitcoin price from here,” noted the bank.

The recent commentary from the bank comes on the heels of PayPal’s entry to the crypto space. Here’s a look at how BTC has attracted big players over the last few months.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: Bhushan Akolkar




Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Source: https://coingape.com/bitcoin-unfazed-mondays-stock-market-sell-off-beats-gold-hedge/

Continue Reading

Blockchain

Eight more projects jump on board Open DeFi

Published

on

The global DeFi alliance launched a western arm as eight new top projects commit to the consortium

The alliance, backed by a Shanghai science and technology institution, welcomed new members in eight of the western world’s top DeFi projects. The Open DeFi Alliance will now have a reach that spans from East to West following the latest onboarding. The alliance has only been around for a short while having been established last month, but it seems to be on the right track.

The eight new members are Balancer, Aave, BlockScience, SuperRare, Ocean Ventures, DyDx, Quantstamp and Outlier Ventures. These latest additions mean that the alliance now has four members that are among 20 of the largest DeFi protocols in terms of locked cap.

The pre-existing members of the consortium are Antelope Holdings, Conflux Network, Blockpower Capital, MoonSwap, dForce, DeBank, Sequoia Capital and MCDEX.

The Open DeFi Alliance was founded to pull together trendsetters in the decentralized finance space. The alliance focuses on building a universal cooperative consortium targeting key areas like liquidity strategies, risk management and innovation.

Stani Kulechov, CEO at Aave, expressed his admiration for the alliance and lauded its efforts in promoting the borderless ethos of DeFi. Kulechov added that he was delighted to work alongside other members towards realizing the objectives of the alliance.

David Gogel from DyDx asserted that joining the alliance afforded the firm with a chance to join forces and work jointly with China.

“China plays an important role in the global DeFi ecosystem and remains a key market for our long-term success…China has a massive user base that will bring liquidity, volume, and more innovation to global markets for greater growth potential,” he explained.

A couple more alliances have been formed in the DeFi sector this year with the most notable ones being Chicago DeFi Alliance and Ren Alliance. The latter was founded jointly by Ren and Polychain Capital back in March. The Chicago DeFi alliance is a collective effort of Cumberland DRW and TD Ameritrade and was launched in April. Huobi exchange also announced a DeFi organization in August intending to unify the East and West.

Source: https://coinjournal.net/news/eight-more-projects-jump-on-board-open-defi/

Continue Reading

Trending