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    Home Unlabelled Ethereum Ethereum Overtakes Mastercard and Walmart to Become 24th Largest Asset Globally

    Ethereum Ethereum Overtakes Mastercard and Walmart to Become 24th Largest Asset Globally

    February 10, 2022

    Ethereum Ethereum Overtakes Mastercard and Walmart to Become 24th Largest Asset Globally

    Ethereum Overtakes Mastercard and Walmart to Become 24th Largest Asset Globally

    Posted: 09 Feb 2022 01:13 PM PST

    Video game companies need to PROPERLY incorporate NFTs

    Posted: 09 Feb 2022 04:49 PM PST

    Video game companies need to PROPERLY incorporate NFTs

    The video game industly has been plagued with mind tricks and micro transactions to get you to spend money in game and people are tired of it, now, you have big names in the industry saying theyre adding NFTs into the mix? No one is going to look at that and say its positive for the industly.

    Ubisoft, for example, was too vague on their announcement and resulted in heavy backlash with little to no support of their decision.

    https://preview.redd.it/yke2c0htkwg81.jpg?width=1280&format=pjpg&auto=webp&s=64f8949017a2dff9f9b5b09d3c2747e21558ca9a

    However,

    if instead of directly selling the NFTs through a marketplace for use in game, you find them in game to exchange wherever youd like. No one wants to give more money to greedy companies but I personally would be okay giving money to someone who grinded for days to get a weapon with favorable stats and is now selling it on an ingame or off game marketplace. Asking a company to exchange value without it being given to them is a stretch I know but if one company does it well, people wil start to realise theyre just throwing money and time at a company that gives you nothing in return.

    If you allow for an open and free marketplace of in game items, it would naturally build trust in the company as well as keeping the value within the people that actually play the games. Plus, NFTs gives you true ownership over your assets. Yes, I know its a centralized game, but, the assets belong to you. If your account gets banned because you decided to use one too many offensive words, your items would still be in your possession despite not having an account. You retain value of your in game progress even if they decide you dont deserve to play their game.

    the technology obviously isnt developed far enough for anyone to incorporate that into their game just yet, but I dont get the people who say blockchain gaming will never take over the industry. I personally would rather play a game where I own the items than a game where i can pay for them to allow me to use their items.

    Thoughts on this topic?

    submitted by /u/PowerfulSponge
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    Gucci Buys Land in Ethereum Game The Sandbox to Create Metaverse Experiences

    Posted: 09 Feb 2022 03:15 PM PST

    Number of Addresses Holding At Least One Ethereum Reaches New High, ETH 2.0 Deposit Hits $30 Billion

    Posted: 10 Feb 2022 01:03 AM PST

    Unpopular opinion: The rushed Merge will be a fatal mistake for Ethereum

    Posted: 10 Feb 2022 12:26 AM PST

    Unpopular opinion: The rushed Merge will be a fatal mistake for Ethereum

    Preamble

    Some Core Developers started to think they are "overpaying" for security, and that there is a need to replace Proof of Work with a cheaper alternative. The truth is that they don't pay for anything. The rewards miners get the newly generated coins created by the chain, resulting in slight inflation on Ethereum. Inflation means that all Ethereum holders pay for security, not Ethereum Foundation or anyone else. It's also worth noting that EIP-1559 has made the inflation near-zero by introducing the fee burn that yet, has given almost no price increase at all. That makes the security PoW provides effectively free under current network conditions.

    Nonetheless, Ethereum's executives ignored all the above and proposed "The Merge"—a plan to switch Ethereum to Proof of Stake before Ethereum 2.0, citing the "expensiveness" of Proof of Work. But they were silent about what security changes will take place if the Merge goes through.

    Reminder for newbies: The merge will not make Ethereum more scalable.

    Understanding the Blockchain Trilemma

    There is a law in the world of Blockchain, a trilemma that says that you can cover fully only two from Decentralization, Security, and Scalability. Taking an equal amount from each corner is impossible too, as getting close to taking the same amount from each corner is exponentially harder.

    In this article I will use the Fractional variant of the Blockchain Trilemma. Fractional means that it allows partial selection of three corners, thus reflecting real-world blockchains, as most of them cover the sides of the triangle partially.

    Bitcoin, the first cryptocurrency, was not designed to scale. Scalability was not important at early times, as there weren't as many users as we have in modern days. Bitcoin is secure and decentralized. Satoshi has incorporated all security features a public ledger may have. Ethereum followed the same path. The creators of Ethereum focused on creating a secure and reliable blockchain, but it didn't scale.

    Later on, cryptocurrency adoption has only grown. Fees became higher and higher, along with the need for increased TPS capacity. It was 2017 when fees momentarily exceeded $10 per transaction. The need for scalability was as high as never was before.

    Increased fees led to the creation of scalability coins—EOS, TRON, Dash, and others were all about increasing TPS a single blockchain can handle. During the development of most of those projects, there was an insane amount of hype from the community. An excellent example for this would be EOS — the "Ethereum Killer," as many termed it. There have been a lot of "Ethereum Killers," but as you see now, none of them have succeeded.

    Why you should care?

    Although "Ethereum killers" scaled a lot more, they have failed because they lacked either security or decentralization—the crucial aspects of any blockchain.

    Ethereum killers have suffered either Security or Decentralization to allow room for scalability, and without both of those, they have experienced an imminent failure.

    The Merge is going to make Ethereum witness the same story.

    What will early Merge do to Ethereum?

    NOTE*: By early merge, I mean the merge that developers plan to be deploy in 2022. Ideally, the Merge (aka the switch to Proof of Stake) should be deployed along with sharding. The early merge takes away the security benefits of PoW without adding the scalability benefits of PoS, effectivelly making Ethereum worse as it will neither scale nor be secure as with PoW.*

    Proof of Stake is much less secure than Proof of Work. This is a fact.

    There are some studies about the PoW vs. PoS security, but almost all of them, including Vitalik Buterin's paper, talked about the cost of attacks. At the end, they came up with conclusion that PoS will be more expensive to attack, which is completely not true.

    With the current network hashrate, to get 50% of Ethereum's network hashrate you will have to get 5 million RTX 3090 GPUs, the price of which ranges around $3000 per GPU. It will cost $15 Billion to acquire that amount of GPUs. But even if you had that much money to invest into the hardware, it would be impossible to buy them as there aren't that many GPUs available in the entire world. It would take decades, if not centuries, to produce them. Renting them would be also impossible, as no supply reaches at least a fraction of the requiremenets.

    Adding more to that, to acquire 50% of Ethereum PoS's voting power, you will need only $12 Billion. And I'm not even talking about that the mining hardware is illiquid, and that there won't be as much supply in the near future which the 51% attack requires. Even if you have finally ready to attack after decades of preparations, the network hashrate could be 100x of current values already.

    Ethereum researchers are not talking about the consequences of the attacks made. With PoW, the worst (and the only) attack the chain may experience is the chain reorganization attack (aka 51% attack). At most, it can revert a transaction that was made during the attack. In theory, attacks like this require around 51% of the network hashrate, but realistically, the attacker would need to get more than 60% to ensure that the attack will be successful.

    Unlike with PoW, with Ethereum 2.0's proof of stake, if 66% of validators "team-up" together, they will be able to legally, without violating chain rules kick out the remaining share of validators and take the full control of block production on Ethereum. The attacker will be able to to whatever they want with the network, this includes censoring transactions, freezing (taking down) the network, arbitrarily altering the transaction ordering, and more. This also means that the attacker could blacklist all new validator registrations (of course, if at first the chain was not taken down completely), essentially taking a full control of the chain permanently, with the only solution being implementing a hard fork similar to the DAO fork that will forcefully slash the exploited validators. 66% of network validators "teaming-up" is not impossible. There could be a financial incentive to do so (e.g. to kick out the remaining 33% of validators and thus increase the profitability by 33%), or the validator keys may be leaked. Exploiting validators with vulnerabilities that allow to gain access to the validator private key is a major threat, as the validator keys is the only reqiurement to take control of a certain validator.

    Decentralization becomes worse too. To stake on Ethereum, you will be required to have 32 ETH (close to $100,000 USD at the time of writing this article). This will mean that only rich people will be able to validate. With PoW, there are no requirements. If you have a gaming PC, you can start mining right away without any additional investments at all.

    As you see, some massive security holes will be introduced. That is acceptable when it is a tradeoff to allow scalability, yet the early Merge is not going to incorporate it.

    u/vbuterin You are welcome to join the discussion.

    So what's the point of Ethereum 2.0?

    Ethereum 2.0 is meant to achieve the middle point in the Blockchain Trilemma. It will be somewhat scalable, somewhat secure, and somewhat decentralized. With Proof of Stake and further Sharding, Ethereum will lose its superior security. People who want security will move their savings to secure Proof-of-Work blockchains like Bitcoin and the coin that will capture Ethereum's hashpower, and use L2s for micropayments if needed.

    So what the rushed merge without the sharding will do?

    The current position of Ethereum in the Blockchain Trilemma is Security and Decentralization. With the rushed Merge (aka Proof of Stake without Sharding), Ethereum will gain 2.0's middle ground security and decentralization without bringing scalability for which the Proof of Stake was invented (Casper PoS is a requirement for sharding).

    Core developers will effectively make Ethereum suicide if early Merge without Sharding goes through.

    Below you can see Ethereum's position in the blockchain trilemma right now (with PoW), after rushed Merge, and after the full PoS merge with sharding.

    Ethereum with PoW (what we have right now):

    https://preview.redd.it/in1q5ggeuyg81.png?width=500&format=png&auto=webp&s=6ebfdaacd05d15d77298189ece3fb0e74d55d002

    If the rushed Merge without sharding will happen, this is how it will look like:

    https://preview.redd.it/jk41r29duyg81.png?width=500&format=png&auto=webp&s=a0bb25a4bc66cd2f88c6073f42adac9d21274982

    And the Merge with sharding will be:

    https://preview.redd.it/5uctiptbuyg81.png?width=500&format=png&auto=webp&s=a8e7afcb557ff4e6f6d29e25d6ba840783c3bfd1

    Ethereum with PoW covers most of security and decentralization, but it lacks scalability as Proof of Work doesn't scale. On the other hand, PoS allows scalability (via sharding), but it offers much worse security. PoS without sharding (2022 Early Merge plan) will have the worst coverage of the Blockchain Trilemma, as it will use less secure Proof of Stake that was made to allow scalability, but without incorporating it.

    Summary

    As we have learned above, the cryptocurrencies that have poor "coverage" of the Blockchain Trilemma fail inevitably. If Merge happens, Ethereum's coverage will be one of the worst ever, making it look the same as "Ethereum Killers," who experienced or are yet to experience failure.

    Thanks for the attention, and don't forget to share your thoughts in comments.

    Appendix

    Why are there almost no new projects coming with PoW?

    Proof of Work is secure when it is impossible to acquire 60% of the network hashrate. When a new cryptocurrency appears, the project will be insecure during the early days until the conditions mentioned above are met. And yet, it is almost impossible to meet them while being insecure.

    submitted by /u/gasistoohigh
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    Cryptocurrencies Will be Seen as a Currency and Taxed in Russia, Strict Regulation Expected

    Posted: 09 Feb 2022 10:00 PM PST

    Why the gap in price between stETH & ETH?

    Posted: 09 Feb 2022 07:08 PM PST

    Looking on Uniswap, stETH is trading at 2940 whilst ETH is at 3195 - that's quite a price difference.

    submitted by /u/yehoshzl
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    ETH 2.0 question

    Posted: 09 Feb 2022 11:57 PM PST

    Hi, I'm back with another potentially stupid question but here goes - when ETH 2.0 goes live does the current Ethereum I am holding just become ETH 2.0? Or is there some kind of conversation process?

    submitted by /u/R0Y-BATTY
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    Gartner study predicts that 25% of people will spend at least 1 hour a day in the metaverse by 2026

    Posted: 09 Feb 2022 03:14 PM PST

    18.5eth Bounty for Client Diversity Risk Assessment

    Posted: 09 Feb 2022 06:57 PM PST

    As someone who manages 3500 validators, I don't speak for every prysm user, but I have maintained that one the reasons we do not switch to a lesser used client is because we do not see the risk of us being slashed as large enough to be of concern. We understand that there are consequences from a consensus bug, but we do not see the risk of those consequences as being significant enough to switch. ie, there is a risk of me dying in a car accident tomorrow, but it's not great enough to listen to someone tell me not to drive my car tomorrow.

    Earlier today, a person was telling me there is a 30% chance of prysm having a consensus bug at the time of merge. I scrutinized that clam and eventually asked them to provide the assessment to superphiz to claim his bounty and for others to scrutinize, but he said the bounty wasn't worth his time.

    Therefore, we are offering a 18.5eth bounty to someone who can provide a risk probability assessment of prysm having a consensus bug at the time of the merge, causing all prysm validators to be slashed and exited.

    This bounty is put up in the best interest of my clients, to help convince them to switch away from prysm to avoid getting slashed and exited, but hopefully this effort will convince a portion of the other ~190,000 prysm validators to switch clients. Either that, or it will at least shut me up.

    I have not spoken with superphiz, but I am assuming his bounty will be paid out to you for this assessment on top of our own bounty.

    Conditions of the bounty is that it is due by March 9th, to be within the timeline superphiz stated was do or die for the client switch. The assessment must then go through three weeks of public scrutiny.

    submitted by /u/AltcoinXP
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    StarkNet: On to the Next Challenge

    Posted: 09 Feb 2022 12:04 PM PST

    Tap-to-Pay: New iPhone Feature to Help With Crypto Payments

    Posted: 09 Feb 2022 10:16 AM PST

    what should i do with my eth?

    Posted: 10 Feb 2022 01:39 AM PST

    Today I got ether worth of 1400 USD in contest as a giveaway but I don't know what should I do with that and also I don't know the basics of cryptocurrency. I don't even know how to withdraw or sell eth.

    - I Am under 18 .

    - I am From India

    submitted by /u/Fast_Cut_9366
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    ETH mining at Zergpool.com

    Posted: 10 Feb 2022 01:07 AM PST

    You can now mine Ethereum at autoexchange mining pool Zergpool.com /r/zergpool at 0.5% fee.
    Please use following configuration examples for different mining options

    Option 1 Auto coin switch mining by profitability within algorithm with autoexchange to specified coin wallet(BTC in example below)
    -o stratum+tcp://ethash.mine.zergpool.com:9999 -u <YOURBTCWALLET> -p c=BTC

    Option 2 Direct coin mining with payout to coin wallet
    -o stratum+tcp://ethash.mine.zergpool.com:9999 -u <YOURETHWALLET> -p c=ETH,mc=ETH

    Option 3 Direct coin mining with autoexchange to specified coin wallet(BTC in example below)
    -o stratum+tcp://ethash.mine.zergpool.com:9999 -u <YOURBTCWALLET> -p c=BTC,mc=ETH

    Please note mc stands for mining coin symbol, c stand for payout coin symbol
    SOLO and PARTY mining
    Set m=solo, or m=party.YourPartyPassword to your password field to use this feature. No extra fees.
    Autoexchange to BTC, LTC, DASH, DOGE, ETH, BCH, USDT or any other currency we mine

    Happy mining, cheers pinpin

    submitted by /u/pinpin_zergpool
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    What L222 Means For The Ethereum Ecosystem | ConsenSys

    Posted: 09 Feb 2022 10:44 AM PST

    Discussion about L2 solutions

    Posted: 09 Feb 2022 02:11 PM PST

    Hi all, I'm recent lurker and long time observer of the crypto environment and I would like you guys to give me your 2 cents on something that is bothering me 😬 If L2 Solutions become the standard practice and ethereum becomes the base layer or if u wish it becomes the foundation to support all the newer infrastructure, what will happen to ETH? My guess is that it will stil be used for transaction on the main net and for staking but it won't have much use case other than that..the price should follow this downward trend? One could argue that the success of L 2S automatically means success For ETH (and so increase in price), is this the case? Thank you for your time and eventual replies! Cheers!

    submitted by /u/Slodrute
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    Aspiring developer looking for some help

    Posted: 10 Feb 2022 12:36 AM PST

    ​

    hey, im a 17 year old aspiring developer,

    and was wondering -

    what is the best ways to improve in the development scene for NFTs

    and the best ways to get in contact with creators who want to build a project?

    thankyou so much for any help

    submitted by /u/HeyMateWhat
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    MATIC stuck in Metamask!

    Posted: 09 Feb 2022 08:28 PM PST

    So I bought MATIC on Coinbase and sent it to my Metamask only to realize it's an ERC20 token and not actually Polygon.

    So it's now stuck on the Etherium network and I have no ETH to pay for gas to sell/swap/move the MATIC.

    Do you guys know a way to get the MATIC swapped or out without paying half the cost in gas? I would really rather not buy any ETH to just dump more into this hole.

    I would appreciate any help, thank you

    submitted by /u/SpecificTrading
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    Does anyone know how to get in to ETH Denver? I’m waitlisted but 100% need to be there in person.

    Posted: 09 Feb 2022 06:09 PM PST

    Any insight would be appreciated!

    submitted by /u/theKtrain
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    Project Hamilton CBDC Findings Released by Fed (Central bank crypto coin)

    Posted: 09 Feb 2022 12:54 PM PST

    Mini Panther DAO. Get in quick. BIG!!

    Posted: 10 Feb 2022 01:19 AM PST

    Get in here quick people. Huge opportunity in this new DAO!!

    Still places on the WL!!

    Whitelist presale 2-12; Public presale 2-13; 250k hard cap.

    https://discord.gg/n7UUkbRH

    submitted by /u/Ram_1979
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    What's the best way to send from a CEX to a L2?

    Posted: 09 Feb 2022 09:30 AM PST

    I want to send some ETH from an exchange (coinbase or Kraken) to Arbitrum. Is there any way to avoid the huge fees of sending from CEX to a metamask wallet on L1, and then bridging?

    I can be patient - I've heard that Kraken will allow users to directly withdraw to Arbitrum "soon," does anybody know when?

    submitted by /u/Jeffy_Weffy
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    Gemcutter is a set of Hardhat tasks built to provide a simple way to develop and deploy EIP-2535 Diamonds.

    Posted: 09 Feb 2022 02:32 PM PST
    Read more
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