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Ethereum 2.0 Testnet Now Good To Go

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The ethereum 2.0 testnet has pretty much reached its goal of around 524,000 eth deposited to the smart contract.

It is now good to go on August the 4th 2020 at around 1 to 2 PM London time when the genesis block of the ethereum 2.0 testnet goes live this Tuesday.

So marking a key milestone after two years of much hard work by around 100 ethereum developers that will now showcase with circa 4 or 5 clients just what they have built.

The ethereum 2.0 testnet pretty much meets the minimum deposits requirement, July 2020
The ethereum 2.0 testnet meets the minimum deposits requirement, July 2020

It took about a week to reach the minimum requirement of about 524,000 testnet eth, with this having main-net configuration.

Meaning before the ethereum 2.0 genesis block launches this November, ‘ready or not’ according to Vitalik Buterin, some half a million eth will need to be sent to the deposit contract once it launches on the current ethereum Proof of Work (PoW) network.

If it is just the minimum that is sent, then stakers get huge rewards of about 21% a year.

People can still deposit however but all deposited eth will be stuck there on the Proof of Stake (PoS) blockchain with the launchpad explaining you can’t transfer your eth until at least phase one and won’t be able to withdraw until phase two, that estimated to launch in 2022.

So stakers need some medium term commitment with their eth properly locked by code and thus that eth won’t be able to respond to market actions.

Meaning in the short term, ethereum’s supply will practically reduce depending on whether these were cold wallet eth anyway, but still this eth won’t be able to participate in the market regardless of what the market does for probably a minimum of at least two years.

So initially there might not be much deposited for staking, but even at 2.5 million eth, there’s still a yearly APR of 10%.

Just how transfers and everything else will actually work in practice will be shown now once the testnet launches next week with all able to see the whole process for the first time.

It’s an open network of course, so anyone can download their client of choice, go through the launchpad tutorial, then see for the next few weeks and for up to three months just what happpens.

The clients are real, everything is real, except the eth is fake. You’d be talking to other clients as well and you’d be running the network basically, but you’ll have the luxury of not caring if anything goes wrong as the whole point of this testnet is to see if something does go wrong.

The big boys probably will be playing too. Coinbase, maybe Binance, maybe defi guys, and they’ll be on equal terms in as far as your node is just as good as theirs, but hopefully they’ll be trying to break things because we need this very ironed out for November.

There’s an attack net where people get money to break it, but if you plan to stake, you might try and ‘break’ your own setup as well to see what slashes you might get and what might affect it.

This all can run on Raspberry Pis. There’s a cold wallet address option as well for withdrawals, but initially there’s no withdrawals anyway.

You can test everything though and if you find any bugs let the boys know because even if you’re black hat, there’s pretty much nothing initially on the Proof of Stake chain so coders can just Nakamoto upgrade 2009 style, or was it 2010. Meaning you might as well get the bounty.

For non coders or non 32 ethers, staking pools may well want to show off on testnet, so everybody can have a look when this goes out this Tuesday.

Source: https://www.trustnodes.com/2020/07/31/ethereum-2-0-testnet-now-good-to-go

Blockchain

How Does the Future Look for Cryptocurrencies in the Financial Market?

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The trading share of cryptocurrencies in the financial markets is getting bigger by the day, as professional and occasional investors redirect their funds from traditional assets to crypto coins. Billions of dollars, euros, pounds, and of other fiat currencies are used by traders, for the opening of new crypto trading positions, increasing crypto coin values, reputation, and market share. This is also one of the reasons, why new cryptocurrencies are regularly being launched. However, the supply of investment funds is not without limit, and on many occasions, it feels like a number of these new crypto coins are doomed for failure.

Today, cryptocurrency development stretches beyond its original creational limits, as even regulated institutions are investing in the creation of digital coins. These coins are generated to achieve collective wallet digitalization and consequently to gradually eliminate the need for cash. This, of course, is not something for which traders and investors care about, as their primary concern is how these assets will perform in the financial market. That being said, if a crypto asset is trusted and respected in the real world, then this will reflect on its performance in the world of finance. The problem is that for a cryptocurrency to earn the respect of the real economy, it will need to have enough time to mature.

 

Crypto Trading and Investment Challenges

Trading cryptocurrencies is not an easy task. There is a lot of research required, and there is a lot of work that needs to be done before opening a trading position. Experienced traders know that it is not something as fun and as easy as taking a spin on penny roulette, but those with less experience in crypto trading can end up facing heavy losses, just because they have not invested enough time to prepare for the worst-case scenario. Even though we have not seen any signs of a new cryptocurrency bubble burst for a long time, it does not mean that the threat is not there. This applies both to new cryptocurrencies as well as to those which the market categorizes as established.

Where Do We Go from There?

With a higher demand for digital monetary alternatives, it is only natural that countries, unions of nations, and Central Banks are looking towards finally regulating the crypto market. The regulation of such assets will set new standards for commerce and revolutionize the flow of money. It will, however, limit the profit potential of crypto coins, as it will no longer be possible for a cryptocurrency – whether it is new or old – to go from being worth peanuts to being worth as much as gold in a matter of hours.

👉Not being able to become rich overnight is bad news for those who dream of becoming wealthy through cryptocurrency trading, but it also comes with benefits. A regulated cryptocurrency market will discourage “dodgy trader” activity and reduce the risk of seeing toxicity forming in the crypto market. This will allow for the growth of crypto assets in a positively-charged environment, which will give them the time and stability they need to get to the same level of trust as that of traditional trading assets.

 

Source: Plato

 

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Blockchain

How Blockchain Can Help Your Business Grow

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Ever since the introduction of Bitcoin in 2009, the world has changed the way it views fiat currencies and digital security. People were excited that they could finally transfer digital currency anywhere in the world without exaggerated banking fees or long hours.

The technology, however, proved so versatile that it has found its way into other uses as well. In 2020, there are so many businesses that use blockchain that we simply don’t have the time to enumerate them all in a single short article. But we will do our best to give you examples of ways the blockchain could potentially help you.

 

More Security

Hackers rarely sleep. That’s one statement that Sony forgot back in 2011. While it is unclear whether they now use the blockchain or not, many other companies have started implementing it with great results.

The encryption technology that the blockchain employs requires transactions and other processes to go through multiple nodes connected to the blockchain to get approval. This way, if a hacker attempts to do something malicious, the multiple nodes will eventually realize that fraud’s at stake and stop the transaction in its tracks.

More Payment Methods

People often think that the blockchain is meant solely for cryptocurrencies. That’s not true, at least not anymore. Banks all over the world have started implementing this tech to ease transaction times and lower processing fees.

Moreover, businesses that implement blockchain can use this technology to offer their customers multiple payment methods with seemingly endless currency options. One non-banking company that has proved the efficiency of this method is BetConstruct, offering more than 400 payment methods.

 

 

AI Integration

Through the blockchain, you can set up a reliable network of chatbots that can help out your customers.

With the help of the blockchain, these AI bots can easily communicate with one another and learn from each other based on what users respond, how they rate their satisfaction with the chat, and how customer support agents respond to users once the chatbot sends them their way.

 

Hire Better Employees

Small companies often don’t have the time or necessary resources to double-check the information in a CV. But with the help of the blockchain, you won’t need any of that.

Even today, there are still a lot of people seeking a job who ungracefully lie in their resumes. The blockchain can process all the data in a resume and send you the verified information to see if it’s legitimate.

Not only does this save you time, but it also means you’ll have hired the right person for your future projects. And we all know what having the right person can mean if you want your company to be successful.

 

Improve Your Marketing Campaigns

You’re probably aware of the usual marketing techniques like social media, video ads, billboards, SEO, SEM, and more. Look, you won’t need the blockchain to implement those tactics.

However, Blockchain can be used by marketers to keep track of client information and consumer behavior. With this data, skilled marketers can craft clever campaigns that bring greater ROI. You can also use the blockchain to track any changes made to your campaigns. If only David Ogilvy has had this tech at his disposal, who knows what he would’ve been able to craft.

 

👉🔥The Bottom Line

The blockchain has revolutionized businesses all around the globe the same way it has revolutionized the way people view money.

Implementing this technology for your business will net you tons of long-term benefits for an otherwise small investment considering all the things you’ll be getting.

Source: Plato

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Blockchain

Charted: Ripple (XRP) Technicals Suggest a Crucial Breakdown Below $0.24

Ripple started a steady decline and traded below the $0.2500 support against the US Dollar. XRP price is showing bearish signs and it might slide further below $0.2375. Ripple failed to stay above the $0.2500 support and extended its decline against the US dollar. The price is now trading below the $0.2450 support and the […]

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Ripple started a steady decline and traded below the $0.2500 support against the US Dollar. XRP price is showing bearish signs and it might slide further below $0.2375.

  • Ripple failed to stay above the $0.2500 support and extended its decline against the US dollar.
  • The price is now trading below the $0.2450 support and the 100 hourly simple moving average.
  • There was a break below a key contracting triangle with support at $0.2415 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue lower towards the $0.2350 support or even $0.2320.

Ripple Price Turns Red

This past week, we saw a sharp rejection in ripple near the $0.2600 area. XRP price topped near the $0.2595-$0.2600 resistance zone and started a fresh decline. It broke many important supports near $0.2500 to move into a bearish zone.

The decline was such that the price settled below the $0.2450 level and the 100 hourly simple moving average. It spiked below the $0.2400 support and traded as low as $0.2379. Recently, there was a short-term upside correction above the $0.2420 level.

Ripple recovered above the 23.6% Fib retracement level of the main decline from the $0.2503 high to $0.2379 low. However, the bulls failed to clear the $0.2450 resistance and the 100 hourly simple moving average.

Ripple Price

Source: XRPUSD on TradingView.com

It was also rejected near the 50% Fib retracement level of the main decline from the $0.2503 high to $0.2379 low. As a result, there was a fresh decline below the $0.2420 level. There was also a break below a key contracting triangle with support at $0.2415 on the hourly chart of the XRP/USD pair.

The pair is now showing bearish signs and approaching the $0.2400 level. The next support is near the $0.2380 and $0.2375 levels. A clear break below the recent low could lead the price towards $0.2350 or even $0.2320 in the near term.

Chances of an Upside Break in XRP?

An initial resistance for ripple is near the $0.2420 level. The first key resistance is near the $0.2425 level and the 100 hourly simple moving average.

A successful break above the 100 hourly SMA and then a follow up move above the $0.2450 resistance might open the doors for a fresh increase in the near term. The next major resistance is near the $0.2500 level.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.

Major Support Levels – $0.2400, $0.2380 and $0.2350.

Major Resistance Levels – $0.2420, $0.2450 and $0.2500.

Source: https://www.newsbtc.com/analysis/xrp/ripple-xrp-crucial-breakdown-below-024/

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