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Ethereum Istanbul — Faster, But Still Not the World Computer

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Ethereum Istanbul — Faster, But Still Not the World Computer

Vitalik Buterin has claimed that Ethereum will support 3,000 transactions per second after the upcoming Istanbul fork.

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Will this unleash a new wave of Ethereum creativity? Might we expect a surge in traffic on the Ethereum network? Could its increase influence the price of ETH?

Ethereum is slow

The conventional wisdom is that Ethereum is too slow. But for what purpose is it too slow? It seems to be sufficiently fast for financial services. But the mistake people are making in saying “Ethereum is slow” is misunderstanding what a great thing, counterintuitively, it is to be slow. ETH works because users want to pay (in the form of “gas”) to perform computations.

If Ethereum is congested, it means that there are more people who want to pay to have Ethereum computations than there are the capacity to allow it.

To put it in another way, let’s say that you own an Apple Store and there is an ever-growing line of customers waiting to buy the newest iPhone. The more customers you have, the more the profit. If you are having trouble accepting the amount of money people want to give you in order to use your service, you are doing well. You wouldn’t complain in that situation.

The “world computer” isn’t a thing

So, it turns out that achieving consensus over computation is very expensive — and therefore, as slow as molasses. Istanbul will make Ethereum’s consensus a bit faster, but the term “world computer” seems hyperbolic, as it suggests there could be a singular device that handles the world’s computational needs. It doesn’t even get close at 3,000 transactions per second. Ethereum’s current state is more akin to a “Trust Machine” — to borrow the name of Alex Winter’s blockchain documentary — than a “world computer.”

DApps are also not a thing

What is a “decentralized application”? It’s a mixed metaphor that is prone to confusion. The word “app” is inseparable from the rise of smartphones and naturally the rise of the “App Store.” So, as soon as you say “DApp,” you are depicting a similar world of endless possibility and creativity. This flawed reasoning is compounded by talk in the original Ethereum white paper about the creation of a Turing complete “World Computer.” This suggests that there are an infinite number of applications that are able to run on Ethereum. But since running computations under consensus comes with a cost, it will always be greater than the cost of running computations without consensus — even if the cost of consensus is greatly reduced.

Vending machines are a thing

The cost of consensus is why it makes more sense to talk about what Nick Szabo calls “Vending Machines.” If a line of code is not handling value, then why not execute it in a faster, cheaper, more centralized environment? This reduces the practical applications of storing, transmitting, buying, selling, splitting, sharing or otherwise manipulating value. This means practical applications would naturally be pragmatic value-in, value-out smart contracts like decentralized exchanges, token swaps, nonfungible token vending, token-issuance (ICO or STO) contracts, and lending and arbitrary financial products (DeFi). If we had a “World Computer” (we don’t), it might make sense to talk about DApps, but until then, what we have are vending machines.

Lending machines are also a thing

Smart contracts relating to collateralizing and lending digital assets are getting a lot of attention these days. Concerning this, ETH in particular is well positioned, as it has a relatively large liquidity pool and a very high degree of programmability. DeFi means that there are vastly diverse sets of programmable digital financial products, but at the moment, the idea of a “Lending Machine” is one that is getting the most attention. In particular, lending seems attractive because current DeFi protocols are producing up to 10% interest rates. This could be seen as a “killer app” for crypto because traditional banks have been so close to 0% interest for so long — and it’s a compelling reason for new users to come to crypto. Currently, almost $700 million in value is locked in DeFi contracts. It remains to be seen whether such high rates will hold up as more and more money floods into the market seeking high returns.

Slot machines

Another obvious application is gambling apps. This is a variation on the “decentralized exchange,” but instead of exchanging a predictable amount of one token for another, users essentially exchange tokens for unpredictable returns. One of the advantages of smart contract-based gambling over other forms of online gambling is that scrutinizing the smart contracts can enable players to determine if the gambling machine is “provably fair,” unlike the centralized exchanges that are only demonstrably unfair.

The need for speed

If all we are building are vending machines, lending machines and slot machines, do we really need performance? Purveyors of “decentralized exchanges” insist that once they are fast enough, they will achieve the liquidity of “centralized exchanges.” But historically, liquidity has always moved toward high frequency trading venues — and trusted computing will always confer a performance edge versus trustless.

One of the great things about the increase in performance is simply to increase the capacity of existing apps, and to enable more similar apps to run on Ethereum. But the performance increase from Ethereum Istanbul seems unlikely to produce as-yet-unseen types of applications.

Miko Matsumura is a general partner with venture capital fund gumi Cryptos Capital. He is also a co-founder of Evercoin, a wallet and exchange. He has been working in Silicon Valley for 25 years on open-source software projects, starting with the introduction of the Java programming language, for which he was the chief evangelist.

Published at Sat, 07 Dec 2019 22:49:00 +0000

Blockchain

Ethereum Classic Price Analysis: 6 May

Ethereum Classic is currently undergoing its largest bullish rally in 2021. Since the start of May, the asset has been up by 190% in the charts, registering a new all-time high at $118. The surge has

The post Ethereum Classic Price Analysis: 6 May appeared first on AMBCrypto.

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Ethereum Classic is currently undergoing its largest bullish rally in 2021. Since the start of May, the asset has been up by 190% in the charts, registering a new all-time high at $118. The surge has been incredible and true to its altcoin nature, extremely volatile. However, there are signs that the price is going to exhibit a strong correction over the next few days, with its momentum slowly dying out.

Ethereum Classic 6-hour chart

ETC/USDT on Trading View

The present analysis does not exhibit any proper patterns so the guidelines for a short-position are based on the Fibonacci lines calculated based on its previous top at $49.8. While ETC’s price should not have surged beyond $88 in the current rally, this particular range can now be considered an appropriate range for correction.

Breaching past its -1.272 Fib line, the rally is starting to slow down. Decreasing trading volume is a decisive sign at press time, as buying pressure is seemingly reducing in the 12-hour time frame.

Market Rationals

ETC/USDT on Trading View

Relative Strength Index is also tapering at a previous high range, which may indicate an eventual dump of buying pressure. Stochastic RSI is more uncertain but the selling pressure should be kicking in anytime in the chart.

On-balance Volume is currently higher than the end of April, and the chances of buyers selling for profit at this range are more likely than a week before.

Keeping the above narratives and range in mind, a short position can be entered at $115. An appropriate stop can be placed at $128, and distinguished by the Fib-line. Profits can be taken at any range between $88 and $74, but a correction to $74 should unfold over the next few days. While the Risk/Reward ratio is 3.08x, it is important to note that it is incredibly risky to short ETC at the moment, since buying pressure may invariably return if market sentiment triggers another rally.


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Source: https://ambcrypto.com/ethereum-classic-price-analysis-6-may

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Polkally – the low-cost and safe NFT marketplace

By the end of summer this year, the first protocol version of Polkally, a decentralized auction platform enabling creation and selling of non-fungible tokens (NFTs), will launch on the Polkadot Network and will be open for all, not just for art professionals.  It will bring with it a dedicated team of external experts that will […]

The post Polkally – the low-cost and safe NFT marketplace appeared first on BitcoinerX.

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By the end of summer this year, the first protocol version of Polkally, a decentralized auction platform enabling creation and selling of non-fungible tokens (NFTs), will launch on the Polkadot Network and will be open for all, not just for art professionals. 

It will bring with it a dedicated team of external experts that will carefully analyze smart contracts to ensure accuracy, if not perfection.

As for sales within its platform, only a minimal fee of 5% will be charged by Polkally. It will also have KALLY, its native token that can now only be bought through Uniswap, after its Initial Desk Offering (IDO) on ZeeDO and Poolz by mid-May.

More on Polkally

Polkally had a private sale of $700K worth of KALLY tokens. After that, these “digital assets” will only be available again on May 19 in a dual IDO. 

The goal is to raise at least $200K on each of the IDOs for a total of at least $400K. This should bring a total fundraising haul of $1.1 million, enough to make the project gain some visibility and significance. 

Polkally supports the creation of the most interoperable, user-friendly, and easy-to-use marketplace that values virtual artworks. 

As the project is still in the development phase, its current pool of networks is expected to grow with the addition of Tron, EOS, Binance Smart Chain, and many more. 

Polkally comes with key features like a dynamic auction system for selling artworks at reasonable prices, compatibility with EVM-compatible networks like Polkadot, and a decentralized “Know-Your-Customer” (KYC) based on IPFS.

Addressing common issues

The lack of interoperability, expensive fees, data vulnerability, and being too centralized are just some of the problems encountered today in existing NFT marketplaces.

Polkally addresses this issue with a minimal fee and no hidden charges while utilizing IPFS-based infrastructure to encrypt data for maximum protection.

 

Image courtesy of Polkally/YouTube

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Source: https://bitcoinerx.com/blockchain/polkally-the-low-cost-and-safe-nft-marketplace/

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Major Law Firm CMS Adds Stratis (STRAX) to its Legal Accelerator Program

Blockchain-based services company Stratis was selected to become the newest member of CMS’s legal accelerator program.

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The large law firm CMS selected the blockchain service company Stratis, for its equIP legal accelerator program. As a result, Stratis and CMS will offer support and guidance to startups requiring legal counsel.

CMS Adds Stratis to Accelerator Program

Founded in 1999, CMS is an integrated, multi-jurisdictional organization of law firms that offers full-service legal and tax advice. The firm has more than 70 offices in over 40 counties with nearly 5,000 lawyers.

In a press release shared with CryptoPotato, Stratis announced a partnership with CMS. The former is a blockchain-based project offering enhanced security, reliability, and performance through its DLT system.

This means that Stratis will join the law firm’s legal accelerator program called CMS equIP. The integration will enable the blockchain-based service company to “easily tap into CMS’s expert legal teams across the firm’s 70 offices worldwide.”

Stratis will also enjoy “steep” discounts and will be able to access the law firm’s network of investors, tech companies, and startups.


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The CMS equIP program will offer support to startups requiring legal counsel. However, they would need to pass “stringent” selection processes.

“We are please do welcome Stratis to the CMS equIP fold. It has and continues to set a remarkable track record in supporting new businesses and startups that are being built by some of the brightest minds in the country.

As we build a center of excellence for legal services specifically for blockchain companies, and in EmTech generally, Stratis will form an important part of this.” – commented Charles Kerrigan, CMS Partner.

Crucial Importance for Stratis

The statement outlined the “critical” benefits coming in Stratis’ way after receiving access to the “best legal advice in the world.” Furthermore, the partnership could also serve as a major first step towards bridging the gap between companies from within and outside of the cryptocurrency industry, especially in times when global regulations are looming.

Stratis Founder and CEO Chris Trew also highlighted the significance of this integration for this company:

“Being selected to become a member of CMS’s exclusive equIP program is a tremendous achievement for Stratis and a testament to the fantastic technology we have built and delivered. As the first blockchain-based project to be admitted to the program, I look forward to exploring opportunities and collaborating with other innovative equIP members.”

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Source: https://cryptopotato.com/major-law-firm-cms-adds-stratis-strax-to-its-legal-accelerator-program/

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Moma Protocol Completes $2.25M Round to Create Infinite Liquidity for DeFi Lending Markets

[Press Release – Singapore, Singapore, 6th May, 2021] Moma Protocol, an innovative solution to solve scalability, liquidity and speculation needs in the current DeFi lending market, has completed a $2.25 million dollar round of funding led by Fundamental Labs and SevenX Ventures. Moma Protocol creates, manages, accelerates, and aggregates lending markets through a proprietary smart […]

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[Press Release – Singapore, Singapore, 6th May, 2021]

Moma Protocol, an innovative solution to solve scalability, liquidity and speculation needs in the current DeFi lending market, has completed a $2.25 million dollar round of funding led by Fundamental Labs and SevenX Ventures.

Moma Protocol creates, manages, accelerates, and aggregates lending markets through a proprietary smart contract factory, creating an ecosystem that allows for the infinite expansion of lending liquidity and market diversity. Moma Protocol was incubated and supported by Lichang, a community App with over a million registered users. Since the protocol’s concept inception, the concept of “improving the scalability of the DeFi lending market” has been favored by the crypto market and recognized by the community.

The investors in this round include Fundamental Labs, a highly reputable blockchain fund that has invested in Coinbase, and also SevenX Ventures, which has over 100 successful investments in it’s portfolio, as well as other investors including AU21 Capital, Blocksync Ventures, BuildingBlocks, Coins Group, Consensus Investment, DFG Capital, FBG Capital, Finlink Capital, Lotus Capital, Magnus Capital, Moonrock Capital, Moonwhale Ventures, Oasis Capital, Spark Digital Capital, Waterdrip Capital, X21 Digital and Zee Prime Capital.  (Participating institutions in alphabetical order).

As an ecosystem with unlimited expansion of lending liquidity and market diversity, Moma Protocol can enrich the DeFi lending market by opening up new lending markets for long-tail digital assets.

SevenX’s spokesperson points out the reason for his bullish view on the Moma Protocol: “As the most important foundation pillar of DeFi architecture — the lending agreement, Moma has made a unique and permissionless innovation here, which greatly enriches the diversity of the market. It has huge potentials to become a scalable platform covering both the mainstream and long tail digital assets.”

Commenting on the investment in Moma Protocol, FBG’s founder Shuji Zhou said, “The DeFi market has seen explosive growth over the past year, with more and more assets being swept up in the DeFi wave. Moma Protocol meets the lending needs of long-tail assets by providing a proprietary smart contract factory that combines the strengths of Uniswap and Compound, to produce an unlimited number of customizable lending pools, thereby bringing more assets into the current lending market to increase the liquidity, diversity and scalability of the DeFi ecosystem, which is something to look forward to. ”

Moma Protocol’s Founder and CEO, Ocean Liao: “I believe that the goal that Moma Protocol wants to achieve is to create an expandable, scalable and flexible infrastructure for the DeFi world in 5-10 years, in a way that everyone can freely participate. I am optimistic about the DeFi ecology and the lending scenario, and I am happy to be able to drive Moma Protocol to explore the future with the infinite liquidity-generating factory model that fascinates me the most. We are ready to set sail!”

About Moma Protocol

As a solution to meet users’ demand for liquidity, scalability, and speculation needs in the DeFi lending markets, Moma Protocol produces, manages, accelerates and aggregates the lending market through a proprietary smart contract factory, creating an ecosystem that can expand infinitely in lending liquidity and market diversity. The beta version of the product has currently been online and the official version of the product will be live in Q2 2021.

Team

CEO Ocean

Master Degree at Fudan University, senior programmer, serial entrepreneur in the blockchain industry with solid experience in initiating projects such as Gravity (300,000 users), Lichang (1 million users), TokenUp wallet (100,000 users); respected veteran in the Chinese community.

CTO V.C

Master Degree at Fudan University, senior blockchain developer, independently led the development, testing, and deployment of two Ethereum-based DeFi projects, and was involved in the launch of the mainnet and application development of blockchain projects such as EOS, Platon and Worbli.

CMO Virginia

Co-founder of Coins Group, a crypto fund based in Hong Kong, 12 years of experience in digital marketing and internet start-up building; 4 years of experience in blockchain investment and project incubation, invested in over 30 blockchain projects

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Source: https://cryptopotato.com/moma-protocol-completes-2-25m-round-to-create-infinite-liquidity-for-defi-lending-markets/

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