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    Tuesday, June 18, 2019

    Ethereum Facebook's Libra Will Do For Blockchain What America Online Did for the Internet

    Ethereum Facebook's Libra Will Do For Blockchain What America Online Did for the Internet


    Facebook's Libra Will Do For Blockchain What America Online Did for the Internet

    Posted: 18 Jun 2019 09:00 AM PDT

    Blockchain has been compared to the internet in 1995 for as long as I care to remember. Well, Facebook's Libra coin represents a move toward the late 90's. The internet in 1995 was immature, the web/html was just beginning to spread, adding attractive graphics and GUI UX's to what had previous been a cluster of disjointed, mainly text based interfaces. It was still the realm of nerds and early adopter's, Mom and Dad and Grandma and Grandpa didn't care about it much even if they had heard of it. Then, something happened, AOL began putting disks in every American's mailbox. The way they were used to interacting with the rest of the world. It was easy to use and a familiar experience for anyone who could already use a Window's PC as their super fancy typewriter. People began using email, and consuming the gobs of information newly available to them. Slowly they began to discover that there was even more out there beyond the walled garden AOL presented to them, there was the internet! It was wide open, no barriers, no artificial limits, it was amazing! That is what Facebook's Libra will be for crytpo currencies, a catalyst to adoption that will introduce Facebook users in a very gentle way to crypto currencies and their potential. Then users will discover they don't need Facebook's leashes, they can operate freely without the glare of big brother's omni-present eye and eventually Facebook's network will fall into disuse the way AOL has while truly open blockchains flourish.

    submitted by /u/PatrickOBTC
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    Facebook's libra will have smart contracts... What does this mean for ethereum?

    Posted: 18 Jun 2019 02:59 AM PDT

    Facebook libra will have smart contracts...what does this mean for ethereum? Obviously it's competition, but how serious of a competitor or what draw could it have away from using ethereum for dapps?

    Serious question, would love to hear some answers from people within the ethereum community.

    What do you think the impact of libra will be for ethereum? How much of a risk is Facebook blockchain to ethereum as the number one blockchain for smart contracts?

    Note: I'm a solidity/smart contract dev myself, and genuinely curious about other's thoughts and opinions. I'm, myself, am kind of worried. But the news just came out. I wonder what will happen in a years time....

    Thoughts? Would love /u/vbuterin opinion on this and his knowledge on the code/blockchain.

    Edit: one key takeaway is that Libra is permissioned and NOT censorship resistant. Meaning defi dapps and other dapps that require censorship resistance cannot/would not, use libra.

    As well as not having user made smart contracts in the first launch, meaning it won't be until late 2020 or further, for them to allow user madesmart contracts. Giving us almost 2 years of growth and dominance.

    Finally, libra won't massively change in value and therefore we will always remain a speculative asset, something investors are always interested in.

    submitted by /u/MintableOfficial
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    Halt Libra? US Lawmakers Call for Hearings on Facebook's Crypto - CoinDesk

    Posted: 18 Jun 2019 03:06 PM PDT

    Ethereum Foundation joins Hyperledger and Enterprise Ethereum Alliance

    Posted: 18 Jun 2019 05:06 AM PDT

    Beyond Blockchain Hackathon - 500 coders, $15K in prizes. June 24th - July 10th

    Posted: 18 Jun 2019 12:15 PM PDT

    Introducing Hopper: Mobile & web-friendly privacy for Ethereum by Argent

    Posted: 18 Jun 2019 06:49 AM PDT

    Facebooks Libra vs Ethereum? No it looks like they used a lot of Ethereums concept and technology! Check their developer PDF.

    Posted: 18 Jun 2019 07:54 AM PDT

    Connext has partnered with Provide Payments to bring enterprise-grade low cost state channel settlement to major firms. All built on Ethereum

    Posted: 18 Jun 2019 06:11 PM PDT

    POV Crypto Episode 58-The Frontier of Dai, With Mariano Conti

    Posted: 18 Jun 2019 12:18 PM PDT

    Why I am genuinely concerned about Libra

    Posted: 18 Jun 2019 10:59 AM PDT

    I think there is genuine reason to be concerned about Libra from an Ethereum perspective and I say this as an Ethereum fanatic who loves the idea of true decentralisation:

    1)

    DPoS is vastly more performant than PoS but this comes at a cost, you have to have trust in the block producers. Up until now only relatively obscure and potentially shady organisations have filled these roles for example in the cases of Ripple and EOS. However a Facebook led consortium are no longer obscure and in the eyes of many people aren't that shady

    If you think they are then maybe substitute for Google or a new Elon Musk led venture or the UN or whoever you personally hold in high esteem and perhaps you might entertain the thought that if the block producers of a particular consortium are well respected then DPoS could actually be ok.

    You essentially negate the one problem that DPoS has, or at least do so to an extent which may be acceptable to a rational person who feels that the benefits of using the solution may outweigh the small doubts that the consortium may be untrustworthy.

    2)

    Libra is looking to introduce smart contracts, in a limited manner initially but there is no reason why this could not be expanded. I see no reason why a DApp, let's take Augur as an example, could not ultimately run on Libra and provide nearly all of the expected benefits. In the case of Augur these benefits being the ability to create markets that don't exist elsewhere in order to say hedge risk, to gain information on the likelihood of events and to bet on events without incurring the spread taken by a traditional betting site.

    We start to see some of the great new usecases that Ethereum promised (reducing the need for rent seeking middlemen) even without the truly decentralized network beneath.

    3)

    A minority of people care about true decentralisation. I care. You probably care. But I'm not sure Ethereum will be anything other than a niche hobbyist type currency unless it can properly scale (aka Ethereum 2.0) prior to something like Libra moving into smart contracts and stealing its thunder.

    Interestingly if Ethereum 2.0 properly achieves scaling then it will be able to do everything that Libra does only better, as now the trust assumptions are removed.

    In fact I would argue that it would make sense for someone like Facebook to run Libra on the Ethereum chain as it would save them having to manage their own blockchain network infrastructure

    One thing I can happily say is that existing centralised/DPoS type chains are totally made redundant by something like Libra and money invested in those coins could find it's way back to coins which are truly differentiated through their decentralisation (Bitcoin and Ethereum).

    In summary, Ethereum needs to scale fast, otherwise I think we could lose a lot of users/app creators who think that a well respected consortium is trustworthy enough.

    submitted by /u/consideritwon
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    Ethereum staking questions

    Posted: 18 Jun 2019 10:58 AM PDT

    What do you think the interest rate will be? My guess would be between 2 and 6 percent

    How often will they be adding the ETH to your wallet. You stake for a year are they paying you day by day your interest or at the end of the year?

    And will each address only be Abel to stake 32 eth?

    submitted by /u/Pacopaco99
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    New in Truffle Teams: Contract Monitoring

    Posted: 18 Jun 2019 12:30 PM PDT

    Paid on Ethereum - Digix using Whisp to pay team members without an intermediary!

    Posted: 18 Jun 2019 08:42 AM PDT

    "Zero intrinsic value" is a key differentiator as opposed to Libra

    Posted: 18 Jun 2019 02:15 PM PDT

    In Libra whitepaper we can read this:

    • It is backed by a reserve of assets designed to give it intrinsic value;

    Sounds simple, but then you read this: https://ftalphaville.ft.com/2019/06/18/1560848464000/Alphaville-s-Libra-cheat-sheet/

    and realize that this system is very very messy... Ethereum 1.0/2.0 is "complex" but not messy. Mathematical currency backed by "nothing" is indeed a big simplifier.

    TL;DR: Libra is not cryptocurrency and also it does not use a blockchain data structure: also from the whitepaper:

    "Unlike previous blockchains, which view the blockchain as a collection of blocks of transactions, the Libra Blockchain is a single data structure that records the history of transactions and states over time."

    Looks like even at the very beginning things are muddled and proper care was taken not to appear so to the uninformed reader. A lot of care has also been put into clean website look... They say they are a cryptocurrency, blockchain etc. they are not... Their token is backed by real assets (actually "fiat" & similar, where "real" can be debatable) and thus this system won't be as resilient in the new world as they imagine... 2008 and 1930 can easily destroy such system while proper blockchains try to make this less likely because they operate from a completely different mindset.

    So even if it's clear that this is a very messy system, it will appear very very simple to the end user... they will get a fake feeling for "p2p transactions" and what happens next is to be seen. In any case Libra is probably a good experiment. Might be even good for the world long-term.

    Just a quick random post, take it with a grain of salt, I don't actually know anything about these things. Good night :)

    submitted by /u/davidhq
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    Gnosis Safe users can now pay gas fees in 6 different ERC20s

    Posted: 18 Jun 2019 02:19 AM PDT

    On Ethereum, transactions require a network fee ("gas") that users pay in ETH. Ever wish you could pay these fees in ERC-20 tokens you hold? Now you can, using the Gnosis Safe wallet.

    The Gnosis Safe team wanted users to have a bit more flexibility, so we've written our contracts so that users can pay for gas in OWL, DAI, MKR, KNC, GEN, and WETH. You can now use any of these tokens to create a new Safe or fund transactions on both iOS and Android!

    Download your Gnosis Safe here 👉 https://safe.gnosis.io/

    submitted by /u/GnosisPM
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    Dexwallet x bZx: A Mobile Experience For Fulcrum

    Posted: 18 Jun 2019 07:55 AM PDT

    MLB Champions Erc721 Crypto Collectible Is Featured in HackCrypto YouTube Series

    Posted: 18 Jun 2019 02:45 PM PDT

    FOAM: Map of World on Blockchain, How it works?

    Posted: 18 Jun 2019 10:54 AM PDT

    I have an Ethereum address and private key. I have some erc tokens and some ether on it. How can I transfer the ERC tokens to my MEW account wallet? Thanks for any help!

    Posted: 18 Jun 2019 02:27 PM PDT

    The Block's Frank Chaparro talks Libra on Yahoo! Finance - The Block

    Posted: 18 Jun 2019 02:24 PM PDT

    Joe Lubin and Michael Novogratz share their thoughts on Libra

    Posted: 18 Jun 2019 07:02 AM PDT

    Satoshi_one Are The First-Ever Shoes Certified On The Ethereum Blockchain And Are On Sale Now

    Posted: 18 Jun 2019 01:34 PM PDT

    Can you suggest a tutorial for a web dev looking to get started working with ETH?

    Posted: 18 Jun 2019 05:02 PM PDT

    I'd like a tutorial for getting a node running and accepting ETH on a webpage then updating the page once ETH was received, anything out there like this?

    submitted by /u/Get_a_new_computer
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    Feedback Requested: Open Finance Margin Trading Protocol w/ a unique design!

    Posted: 18 Jun 2019 04:52 PM PDT

    Hey guys,

    I'm building a decentralized margin trading platform and am looking for some feedback.

    The working name for the project is Leverest and it is a trustless margin trading platform. Leverest provides non-custodial leverage by matching borrowers and lenders with different risk profiles. What makes Leverest different than other derivatives platforms like dydx or nuo is that all trading is denominated in ETH (lower gas costs and interest rates).

    • Traders take a leveraged long position by borrowing ETH. They pay interest based on the price of ETH in USD when the contract opens. If ETH rises, traders get a multiple on the returns.
    • Lenders have a different experience on Leverest than other platforms. Lenders offer ETH for leverage but earn interest based on the price of ETH and network utilization. If 50% of the ETH offered in Leverest is borrowed, lenders are 50% exposed to ETH price fluctuations. The other 50% acts as a stable coin.

    Why should I lend?

    Through Leverest, lenders hedge against a fall in ETH prices by earning interest in USD terms on part of your position. You trade part of the upside of ETH gains for interest and downside protection.

    Why should I trade on Leverest?

    For traders, Leverest allows you to open a line of credit to trade more ETH than you have. Traders can get up to 4x leverage with ETH.

    Click here for more details on the platform: https://docs.google.com/document/d/1VUNYMIebZ7YHEq2ZE__twSktgSp7lBPto82gSWFq0Lw/edit?usp=sharing

    Would you be interested in being a lender or borrower? What are your experiences using other open finance applications?

    Also, feel free to checkout our subreddit /r/leverest - we're in the initial stages. Come join in on the discussions!

    submitted by /u/BitcoinExplore
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