Category Archives: Vitalik Buterin
What Is a Crypto Social Recovery Wallet, and How Does It Work? – MUO – MakeUseOf
Your crypto wallets are safeguarded with a seed phrase or public key that keeps unauthorized persons from accessing your funds. However, if you misplace your seed phrase, you automatically lose access to your crypto wallet and might never recover your crypto funds.
How do you solve the issue of losing access to your wallet if you can't find its public key? This is where the crypto social recovery wallet comes in.
Vitalik Buterin, the Ethereum blockchain's founder, first introduced the idea of social recovery wallets. He aimed to help crypto investors overcome the risk of potential loss and safeguard their investments from theft. Social account recovery is now made possible via an Ethereum standard called ERC-4337.
A crypto social recovery wallet is a wallet recovery process that eliminates the need for a seed phrase while guaranteeing the process is fully noncustodial. The wallet allows you to add trusted addresses to your cryptocurrency wallet. It could be wallet addresses belonging to family members or close friendspeople you can trust to retrieve your funds. If you lose your public key, the trusted addresses (guardians) will vote to change the public key or help you regain access to your wallet.
So, you give each guardian a part of your wallet private key, creating a shared secret. When needed, each guardian submits the portion of the public key you gave them until the key is complete, after which you can recover the wallet. You can also remove or add guardians using your public key if you suspect foul play.
Setting up a crypto social recovery wallet is easy, as two well-known wallet providers currently have integrated social recoveryLoopring wallet and Argent wallet.
The Loopring wallet is a smart contract wallet that leverages the power of zkRollup technology to enable fast, cheap, and scalable transactions on Ethereum. This wallet stands out from other options with its social recovery feature, which allows you to regain access to your funds even if you lose your phone or forget your recovery phrase.
Download: Loopring Wallet for iOS | Android (free)
So, here's how to set up and use the Loopring smart wallet:
Argent is a noncustodial wallet that uses smart contracts to enable features such as daily limits, allowed contacts, and social recovery. Like the Loopring wallet, it will enable you to restore access to your wallet if you lose your device or forget your password by using a trusted network of people.
Download: Argent Wallet for iOS | Android | Chrome | Mozilla Firefox (free)
Here's how to set up and use the Argent wallet:
In general, crypto social recovery wallets provide several benefits over regular wallets but also have downsides. So, here are some pros and cons.
With a crypto social recovery wallet, your wallet isn't protected by a single weak link.
Despite its many pros, some things might make you hesitate to get a crypto social recovery wallet.
With public keys being an essential and risky part of preserving investments, moving to a social recovery wallet offers better security.
Although social recovery wallets have shortcomings, with broader adoption in the crypto industry around the corner, the concept is expected to be further developed and improved.
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What Is a Crypto Social Recovery Wallet, and How Does It Work? - MUO - MakeUseOf
The Quantum Threat To Cryptocurrency: How QRL’s Quantum-Safe Blockchain Technology Could Be Poised To Revolutionize The Industry – Yahoo Finance
CHEYENNE, WY / ACCESSWIRE / May 19, 2023 / Cryptographic protocols that secure networks like Bitcoin and Ethereum are - for the time being - impervious to even the most advanced computers. However, imagine a near-future scenario where computers have advanced to such a level that current cryptographic standards become insufficient.
The Quantum Resistance Corporation, Friday, May 19, 2023, Press release picture
This potential danger arises from quantum computers, a cutting-edge technology that has the potential to compromise many of the encryption protocols used in cryptocurrencies today. Although quantum computers are in their infancy and not yet powerful enough to do so, experts predict that, if current trends continue, they could threaten blockchain networks by 2030.
Quantum Resistant Ledger (QRL) aims to address this doomsday threat as the world's first post-quantum store of value and decentralized communication network to proactively tackle the threat of advanced quantum computing. The following article will deep dive into the nature of the quantum threat, and explain how QRL could be positioned to transform the industry by providing a post-quantum solution.
Before delving into how QRL offers a solution to the quantum threat to cryptocurrency, it is important to understand how quantum computers work and the current risks associated with popular blockchains such as Ethereum and Bitcoin.
Quantum computers are a type of supercomputer with far superior processing power than classical computers. They are able to carry out many computations while simultaneously considering several different configurations - this makes them exponentially faster than traditional computers.
Over the past few years, quantum computing has shown significant progress in various fields, including AI, weather forecasting and medical research. However, in the wrong hands, quantum computing has the potential to pose a substantial risk to cybersecurity, and consequently, to cryptocurrencies as well.
For example, Google's 54-qubit Sycamore processor completed a computation in 200 seconds that would have taken the most powerful classical computer in the world 10,000 years. According to a report by IBM, in theory, cryptographic protocols can be solved within a few hours with quantum computers.
Broadly speaking, traditional cryptocurrencies face two primary types of threats, which are:
Storage Attacks: An attack that targets individual wallet addresses, trying to break their security and steal the cryptocurrency stored in them.
Transit Attacks: An attack that focuses on taking control of all transactions happening in real-time on the network.
Bitcoin and Ethereum, the world's two largest cryptocurrencies, account for almost 60% of the industry's total market capitalization. Bitcoin as an asset functions like digital gold, providing a decentralized, immutable and secure store of value. Conversely, Ethereum is like a publicly shared computer network that enables developers to create applications on decentralized servers.
When it comes to storage attacks, Ethereum is at a higher risk than Bitcoin. A recent Deloitte study revealed that about 65% of all Ether is vulnerable to quantum attacks, significantly more than the 25% of vulnerable Bitcoin.
Transit attacks, though more severe, are also more challenging to execute. According to Mark Webber at the University of Sussex in the U.K., breaking this level of encryption would reportedly require a quantum computer with 1.9 billion qubits of power.
This number is staggering, especially when compared to IBM's most advanced quantum computer, which has only 127 qubits in comparison. Ethereum's creator, Vitalik Buterin, tweeted in 2019 that current speculations about quantum computing are as distant from real quantum computing as hydrogen bombs are from nuclear fusion. But rapid advancements in AI-assisted technology could be changing the outlook and accelerating the quantum timeline.
Traditional cryptographic methods such as RSA and elliptic curve cryptography (ECC) rely on computational complexity for security. However, this model is an ineffective long-term solution since quantum computers can solve these methods. QRL says it solves this vulnerability by creating cryptography based on problems that are believed to be resistant to quantum attacks, providing enhanced security in the quantum era.
One of the key components of QRL's cryptography is the eXtended Merkle Signature Scheme (XMSS). This is a unique mathematical function that is designed to allow for secure and efficient transaction authentication when taking into account the trends of quantum computers.
In addition to securing transactions, QRL leverages advanced techniques such as on-chain lattice key storage and layer-to-internode communication to secure communications on the blockchain.
Overall, although the advent of quantum technology raises concerns, the ongoing development of cryptographic encryption has the potential to surpass the progress of quantum computing.
As quantum computing remains in its nascent stages, investors and centralized organizations have the opportunity to transition to quantum-resistant cryptography. The situation is much different for decentralized blockchain technology, which post-quantum security analysts insist has a fatal and fundamentally unfixable flaw. QRL doesn't have this problem, they maintain. In any case, QRL seems to be at the vanguard of the post-quantum security frontier and well-positioned to offer a safe way for transactions and communications in a post-quantum world.
Featured Photo by Sunil Ray on Unsplash
SOURCE: The Quantum Resistance Corporation
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The Quantum Threat To Cryptocurrency: How QRL's Quantum-Safe Blockchain Technology Could Be Poised To Revolutionize The Industry - Yahoo Finance
5 Best Meme Coins to Buy That Could Be the Next PEPE – Benzinga
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Meme coins continue to be a force to be reckoned with in the dynamic world of cryptocurrency particularly in the wake of Pepe Coin's ($PEPE) extraordinary success.
The price of $PEPE exploded in mid-April but has since dropped significantly from its all-time high, thereby setting the stage for a new contender to emerge.
With that in mind, this article explores five potential successors to $PEPE, delving into their unique characteristics and growth potential for the coming weeks.
Kicking off our discussion of the meme coins that could take $PEPE's throne is Copium ($COPIUM).
Copium Club token, a brand-new project launched on Uniswap on Thursday, has already yielded returns of over 800% for early investors.
Moreover, DEXTools.io reports that over 2,100 people now own $COPIUM all in less than 24 hours.
The reason behind Copium's impressive launch is the considerable backing it received from various crypto influencers. Big hitters like FaZe Banks and DeeZe formed part of the project's presale phase, with a combined Twitter following of over three million people.
In addition, Copium Club has piqued the investment community's interest with its unprecedented NFT drop. This event rewarded the top 200 $COPIUM holders on Uniswap with a unique "Copium tank" NFT, all within the first two hours of the token's launch.
NFT holders now have two weeks to "fill" their Copium tank by purchasing additional $COPIUM tokens providing a clear source of token demand.
This innovative setup has put Copium on the map in the crypto world, with over 16,000 people following the project's official Twitter account.
Ultimately, Copium's remarkable entry into the meme coin arena hints that it could dethrone $PEPE meaning it's certainly one to watch in the coming weeks.
Visit Copium Website
Another project capturing the attention of meme coin lovers worldwide is AiDoge ($AI). AiDoge is an innovative AI-themed crypto project that looks to transform the meme-creation process.
Built on the Ethereum blockchain, AiDoge's meme generator allows users to create and share their own memes in seconds. The meme generator is user-friendly and offers a range of customization options, providing a clear route to "going viral" on social media platforms.
As more people use AiDoge's meme generator and share their creations on Twitter and Reddit, the platform's visibility and popularity will naturally increase - a setup that has got early investors pumped.
The heart of the AiDoge.com project is its native ERC-20 token, $AI. $AI has several essential use cases, such as being used to pay for meme-creation credits and voting on images uploaded to the "public wall."
Although AiDoge's team is still putting the final touches on the platform's development, early investors can buy $AI tokens through the presale which has now raised an astonishing $10 million in less than one month.
Given that AiDoge's Telegram community has grown to over 18,000 people in this timeframe, it's clear that the project has struck a chord with the crypto community demonstrating its potential for explosive growth once listed on exchanges.
Visit AiDoge Presale
As its name suggests, Sponge is a hilarious meme coin based on the much-loved SpongeBob SquarePants character.
Despite having no direct link to the character's creator, the $SPONGE token pays homage to SpongeBob by "allowing degens to absorb the damp."
Much like Pepe Coin, the $SPONGE token had an incredible start to life. Launched on Uniswap in early May, $SPONGE's price rocketed by 2,800%+ within the first three days of going live, hitting a high of $0.002394.
Although $SPONGE's price has dipped from this high, the token looks to be gearing up for another upwards leg, given that it's now listed on seven major exchanges including Gate.io and Bitget.
Moreover, CoinGecko reports that the community remains bullish, with 82% of users feeling good about $SPONGE at the time of writing.
Helping drive $SPONGE's next surge is the recently-announced token airdrop to reward the coin's supporters. To participate in this airdrop, community members must join the official Discord server, verify themselves, then complete some simple social media-related tasks.
These tasks correspond to points, which are tallied on Sponge's leaderboard. The more points a user earns, the more $SPONGE they'll receive from the airdrop.
Overall, Sponge's impressive start to life, recent CEX listings, and unique airdrop setup have caught the market's attention and set the stage for further growth.
Visit Sponge Website
Floki is a unique meme coin that draws inspiration from Elon Musk but with an intriguing twist. Rather than being directly based on Musk, Floki takes its inspiration from his beloved Shiba Inu dog, which shares the same name.
Although initially started as a joke, Floki has gradually evolved into a fully-fledged Web3 ecosystem. This ecosystem contains an NFT gaming metaverse titled "Valhalla," along with an array of DeFi products designed to offer a recurring income stream.
Another enticing aspect of the Floki project is its charitable foundations. The project's developers have pledged to build schools in underdeveloped nations, with Guatemala, Ghana, Laos, and Nigeria already benefiting from this initiative.
The combination of these features has led to massive demand for $FLOKI tokens, which are up over 300% since the start of 2023.
Per CoinMarketCap, $FLOKI is now in the top-five trending meme coins globally, with over $21.8 million worth of tokens traded in the past 24 hours alone solidifying its position as a rapidly-growing player in the meme coin niche.
Concluding our discussion of the meme coins that could be the next $PEPE is Dogelon Mars. Like Floki, Dogelon Mars is modeled after Elon Musk specifically, Musk's vision of taking humans to Mars with SpaceX.
Although the project was launched without real-world use cases, the developers made up for this by implementing successful guerrilla marketing tactics including sending 50% of the $ELON token supply to Ethereum founder Vitalik Buterin.
Buterin donated these tokens to charity, which helped Dogelon Mars gain huge traction in the market. Since launching in 2021, Dogelon Mars has grown exponentially and now has over 447,000 followers on Twitter.
Despite a recent drop in price, $ELON remains the seventh-largest meme coin globally, according to CoinMarketCap.
Given the huge attention paid to coins like $PEPE, Dogelon Mars is still considered a promising prospect in the meme coin space adding belief that $ELON can halt its price slide and begin rising once more.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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5 Best Meme Coins to Buy That Could Be the Next PEPE - Benzinga
Revolutionizing Ethereum and Polkadot: Efficient Verification of … – Crypto News Flash
Source: Wit Olszweski - Shutterstock
The Ethereum (ETH) core developers have undertaken a lot of research to ensure safe scalability through zero-knowledge protocols. Moreover, zero-knowledge proofs can be used to generate cryptographic proofs that some computation has been performed outside of a blockchain in accordance with predefined rules. Nevertheless, countless protocols have come up with different technicalities for solving the zero-knowledge scaling solution.
However, it is the Casper the Friendly Finality Gadget (Casper FFG) that was jointly published by Ethereum core developer Vitalik Buterin and Virgil Griffith in 2017 that developer Seun Lanlege alias Web3 Philosopher on Twitter (@seunlanlege) presented research for a scaling protocol.
In the research article, the Polkadot and Ethereum developer presented a SNARK-based approach for verifying Ethereums Casper FFG consensus proofs. Notably, the SNARK-based scaling solution is famous among many layer two protocols since it uses a non-interactive smaller proof than the data it represents.
Although the Casper FFG uses a rather simple consensus mechanism, its proof of security has been described as rather difficult than normal. Moreover, Casper FFG is a Practical Byzantine Fault Tolerance (PBFT) inspired and improved consensus protocol. The Ethereum core developers argue in this direction since PBFT is characterized by a two-round voting mechanism that is permissionless, leader-based, and security-oriented.
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According to Buterin, the key goal of Casper is to achieve economic finality.
Economic finality is accomplished in Casper by requiring validators to submit deposits to participate, and taking away their deposits if the protocol determines that they acted in some way that violates some set of rules (slashing conditions), Buterin noted in a Medium post.
Notably, the Ethereum beacon chain has significantly grown since the Merge event last year and currently has more than 18.3 million ether staked by more than 576k validators. With the SNARK-based scheme for verifying the Ethereums Casper FFG consensus proofs introduced by Seun Lanlege, both on and off-chain light clients can benefit from the crypto economic security provided by the ETH 17m ($34b) at stake.
This protocol offers full node-level security that is orders of magnitude more secure than the sync committee, and is fully Byzantine fault-tolerant, Lanlege noted.
Notably, Lanlege presented a detailed mathematical proof expression to show that the protocol is a more ambitious approach to directly verifying the Casper FFG consensus proofs.
The Ethereum network has one of the most comprehensive interdisciplinary professionals working together including economists, computer scientists, and philosophers among others. As a result, the Ethereum network has scaled to one of the leading smart contract ecosystems for building scalable, and secure decentralized applications.
According to the latest crypto prices, the Ethereum (ETH) network has a total market capitalization of approximately $217.45 billion with a 24-hour traded volume of about $6.042 billion. Trading around $1,808 on Friday, Ethereums price was up approximately 50 percent YTD despite a 13 percent drop in the past month.
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
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Breaking: Visa Deepens Crypto Payments Presence With Ethereum … – CoinGape
Payments giant Visa continues to explore digital asset payments and study innovative technologies to enable frictionless crypto onboarding and digital transaction experiences. After studying Account Abstraction to enable secure automatic recurring payments for self-custodial wallets, Visa explores how gas fees can be redesigned using Account Abstraction on Ethereum.
According to a recently published article Rethinking Digital Transactions with Account Abstraction, Visa is studying Ethereum account abstraction and proposal ERC-4337 for digital payments.
Visa has deployed two sets of Paymaster contracts on the Ethereum Goerli testnet, showing how to redesign gas fees on the blockchain to improve user convenience. ERC-4337 makes it possible for an owner to directly own smart contract accounts. In fact, Account Abstraction and Ethereum Virtual Machine compatibility offer more advantages for end users.
Guy Sheffield, head of crypto at Visa, took to Twitter to share the deployment of the first paymaster smart contract on the Ethereum testnet.
Blockchain expert Cygaar noted that the Visa team created a paymaster contract that first gets the ETH exchange rate to the ERC20 token (L110) and then transfers that amount of ERC20 tokens to itself (L112). In the next experiment, a paymaster contract was set up to completely cover gas fees for user transactions.
Also Read: Do Kwon and Terraform Labs Withdraw Millions A Year After Terra-LUNA Crisis
Ethereum co-founder Vitalik Buterin claimed gas fees Account Abstraction is something weve always wanted and that it has for a long time been a dream of the Ethereum developer community.
Vitalik Buterin recommends crypto investors using social recovery wallets andmulti-signature wallets to achieve self-custody of crypto funds.
With theERC-4337account abstraction and upcoming smart contracts wallets likeSoul Wallet,wallet security will improve. Vitalik Buterin proposes to use social recovery forhot walletsthat store a small portion of a person or organizations funds, and multisigs forcold walletsthat store a person or organizations savings.
Also Read: Binance Brings Back Zero-Fee Trading For Bitcoin, SHIB, PEPE, Other Crypto
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Breaking: Visa Deepens Crypto Payments Presence With Ethereum ... - CoinGape
Ripple Price Prediction 2025-2030: XRPs future hinges on SEC case outcome – AMBCrypto News
Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCryptos own research on the subject.
XRP is a cryptocurrency that was designed to facilitate fast and cheap cross-border money transfers. It is the native token of the Ripple network, a decentralized payment protocol that is designed to connect banks, payment providers, and digital asset exchanges. Ripple aims to improve the speed and efficiency of cross-border payments by using XRP as a bridge currency.
One of the key advantages of XRP is its speed. Transactions on the Ripple network can settle in just a few seconds, compared to several minutes or even days for traditional wire transfers. This makes it an attractive option for businesses and individuals looking to send money across borders quickly and cheaply.
According to data from CoinMarketCap, XRP is currently trading at $0.464, up more than 1% over the past 24 hours. XRP has gained nearly 10% over the past week. The tokens market capitalization stands at $23 billion, making it the sixth largest crypto in the world. The daily trading volume came in at over $1.5 billion.
ReadPrice Prediction for Ripple (XRP)for 2023-24
One reason for XRPs relatively strong performance may be its strong adoption in the financial industry. Many banks and financial institutions have begun using XRP as a means of facilitating cross-border payments, which has helped increase demand for the cryptocurrency. Additionally, Ripple Labs has made significant efforts to promote the adoption of XRP, which has helped promote its credibility and appeal.
After the company was established, the XRPL architects gifted 80 billion XRP tokens to Ripple for the company to build on the network. The XRP Ledger uses a consensus system that involves several bank-owned servers to verify transactions. The validators verify that the proposed transactions are valid by comparing them to the most recent version of the XRP Ledger.
A transaction must be accepted by the majority of validators to be verified.
The XRP ledger uses distributed ledger technology, which is different from the more commonly used blockchain technology. This technology allows bank and non-bank actors to incorporate the Ripple protocol into their own systems, as the protocol is completely open and accessible to anyone without prior approval from Ripple Labs.
In 2017 and early 2018, XRP reached an all-time high of $3.40, marking a 51,709% increase from its original price at the beginning of that year. Although it has since declined, XRP remains a significant player in the cryptocurrency market and is consistently ranked among the top ten coins in terms of market capitalization. The team behind XRP and Ripple continue to work on the development of the XRP ledger and its potential use cases in the global financial system. Overall, XRP remains a significant and influential cryptocurrency in the world of finance and technology.
In 2020, the US Securities and Exchange Commission (SEC) sued Ripple, alleging that the company sold $1.3 billion in unregistered securities through its XRP cryptocurrency. Ripple denies the allegations, claiming that XRP is not a security and does not meet the criteria for the Howey Test.
A report byCoinSharesindicated that investors are confident of Ripples victory in the landmark case against the SEC. This is based on the fact that XRP investment products have seen consistent inflows for three consecutive weeks.
On the business front, Ripple revealed key developments pertaining to its European expansion. The companysharedits progress with Paris- based Lemonway and Xbaht in Sweden. Businesses in France and Sweden will now be able to leverage Ripples On-Demand Liquidity (ODL).
On 15 November, Rippleannounced that it partnered with MFS Africa, a leading FinTech firm with the largest mobile money footprint in the continent. This joint venture seeks to streamline mobile payments for users in 35 countries.
In other news, Ripple CTO David Schwartz took toTwitterto offer former employees of the troubled crypto exchange FTX, a place at Ripple. However, this offer only stands for employees who were not involved with compliance, finance, or business ethics.
Ripplestie-upwith Tokyo Mitsubishi Bank in 2017 was a major milestone. Following the same, it became the second-largest crypto by market capitalization for a brief period. A year later, Ripple was in the news again for itspartnershipwith international banking conglomerate Santander Group for an app focusing on cross-border transactions.
In terms of rivals, Ripple has close to none at the moment. They are the leading crypto firm catering to financial institutions around the world. As the number of partnerships grows, XRP will reap the benefits. After all, it is the medium of exchange for all cross-border transactions enabled by RippleNet.
Ripple has been capitalizing on the need for quick transactions and another untapped potential in emerging economies, given that nations in Latin America and Asia-Pacific regions are more likely to realize the value of blockchain and its tokens compared to their first-world counterparts. With the rise of central bank digital currencies (CBDC), it is likely that developing countries looking to explore this option will go for Ripple, since it already offers a well-established cross-border framework. Increased adoption of CBDCs will also lead to banking institutions considering integrating crypto into their services. This will work out very well for Ripple, since RippleNet is already associated with a number of banks.
Blockchain solutions being offered to Ripples Central Bank partners wanting to venture into CBDCs include the option to leverage the XRP ledger using a private sidechain.
Ripple is predicted to develop rapidly over the forecast period, as it can be used for a variety of functions like accounting, investment, smart contract implementation, and decentralized programming.
XRP has an edge over its rivals due to its low cost of entry. The fact that a few dollars will buy tens of XRP seems appealing to new investors, especially those who prefer little investment.
According to a Valuatesreport, the cryptocurrency markets size is expected to hit $4.94 billion by 2030, growing at a CAGR of 12.8%. A number of crypto-firms will benefit from this, Ripple among them.
The growth in the cryptocurrency market is spurred by an increase in the demand for operational efficiency and transparency in financial payment systems, as well as an increase in demand for remittances in developing nations.
The general idea is that RippleNets adoption by financial institutions will increase, leading to more recognition of the platform as well as its native token. This has also been factored in while calculating predictions for 2025 and beyond.
Data from CoinMarketCap revealed that XRP has lost more than 6% of its value over the past seven days. At the time of writing, the token was trading at $0.42, with a market capitalization of $21 billion. As the sixth largest crypto in the world, XRP saw a trading volume of more than $610 million over the last 24 hours. The total open interest on XRP perpetual contracts fell by 1.24% in 24 hours.
XRPs press time price was a far cry from its all-time high of $3.84 in January 2018. As a matter of fact, its price was closer to its launch price than its all-time high.
Although XRP gained somewhat over the last three months, its recent returns have made investors worried.
On 22 December 2020, the U.S Securities and Exchange Commission (SEC)fileda lawsuit against Ripple Labs. The lawsuit alleged that Ripple had raised $1.3 billion through the sale of unregistered securities (XRP). In addition to this, the SEC also brought charges against Ripples top executives, Christian Larsen (Co-founder) and Brad Garlinghouse (CEO), citing that they had made personal gains totaling $600 million in the process.
The SEC argued that XRP should be considered security rather than a cryptocurrency and as such, should be under their purview.
A verdict in favor of the SEC will set a rather unpleasant legal precedent for the broader crypto market. This is why this case is being closely observed by stakeholders in the industry.
It is evident that developments in the lawsuit have a direct impact on XRPs price. Following the news of the lawsuit in 2020, XRPtankedby almost 25%. In April 2021, the judge handed Ripple a small victory bygrantingthem access to SECs internal documents, which caused XRP to rise over the $1-mark A threshold that the crypto hadnt crossed in 3 years.
According to atweetby Defense Attorney James Filan on 15 August 2022, the U.S District Court for the Southern District of New York dealt yet another blow to the SEC when Judge Sarah Netburn granted Ripples motion to serve subpoenas to obtain a set of video recordings for the purpose of authentication, dismissing the regulators claim that Ripple was trying to reopen discovery. This was in response to Ripplesmotionfiled on 3 August 2022.
In theOpinion & Orderpublished earlier in July, Judge Sarah Netburn condemned the SEC for its hypocrisy and actions which suggested that the regulator was adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law.
The lawsuits verdict, whatever it is, will have a lasting impact on XRPs value. It is important to note that a verdict in favor of the SEC would make XRP security only in the U.S. because the regulator does not have jurisdiction across the countrys borders. This should offset some of the damage to Ripple, given that it has a substantial amount of business globally.
Carol Alexander, Professor of Finance at the University of Sussex,believesthat XRP is unlike any other crypto. She believes that if Ripple manages to beat the SEC lawsuit, it could start taking on the SWIFT banking system. SWIFT is a messaging network that financial institutions use to securely transmit information and instructions.
In an interview with CNBC, Ripple CEO Brad Garlinghousetalkedabout the possibility of an IPO after the case with the SEC is resolved. Ripple going public will have a significant impact on XRPs price action in the following years.
In aninterviewwith Axios at Collision 2022, Garlinghouse further stated that the current price of XRP has already factored in Ripple losing the case. If Ripple loses the case, does anything change? Its basically just status quo, he added.
As for his personal opinion on the verdict, Garlinghouse is betting that it will be in favor of Ripple. Im betting that because I think the facts are on our side. Im betting that because the law is on our side, he remarked.
Curiously, support for Ripple and XRP hasnt been universal really, with Ethereums Vitalik Buterin recentlycommenting,
XRP already lost their right to protection when they tried to throw us under the bus as China-controlled imo
Ripple and the SECs lawsuit is not just restricted to the courtroom. The matter is often covered by the media with both parties having been featured in multiple op-eds, often criticizing each other. Just this month, the market watchdog and the crypto firm were the subject of a heated exchange through pieces published by the Wall Street Journal.
On August 10, SEC Chairman Gary Gensler reiterated his stance on the definition of crypto assets and their oversight in hisop-edpiece featured in The Wall Street Journal. Make no mistake: If a lending platform is offering securities, it . . . falls into SEC jurisdiction.
Chairman Gensler went on to cite the $100 millionsettlementthat the regulator had reached with BlockFi, stating that the crypto markets must comply with time-tested securities laws. As per the terms of the settlement, BlockFi has to rearrange its business to comply with the U.S Investment Company Act of 1940 in addition to registering under the Securities Act of 1933 to sell its products.
In response to Chairman Genslers op-ed, Stu Alderotypublishedhis own piece in The Wall Street Journal and did not mince his words while taking a shot at the regulator. Alderoty accused Gensler of side-lining fellow regulators (CFTC, FDIC etc.) and overreaching its jurisdiction, as opposed to the executive order by U.S President Joe Biden, which directed agencies to coordinate on regulations for crypto.
What we need is regulatory clarity for crypto, not the SEC swinging its billy club to protect its turf at the expense of the more than 40 million Americans in the crypto economy, Alderoty added.
A controversial article authored by Roslyn Layton in Forbes on 28 August pointed out that since 2017, the SECs Crypto Assets Unit has been involved in 200-odd lawsuits. According to Layton, this figure suggests that instead of coming up with clear regulations to ensure compliance, the regulator would rather engage crypto firms with lawsuits in an attempt to regulate by enforcement.
Ripple CTO David Schwartz found himself in a stand-off with Ethereum Co-Founder Vitalik Buterin earlier this month, after Buterin took a dig at XRP ontwitter. Schwartz hit back andrespondedto Buterins tweet, comparing miners in the PoW ecosystems like Ethereum to stockholders of companies like eBay.
I do think its perfectly fair to analogise miners in PoW systems to stockholders in companies. Just as eBays stockholders earn from the residual friction between buyers and sellers that eBay does not remove, so do miners in ETH and BTC, Schwartz added.
Now, putting an accurate figure on the future price of XRP is not an easy job. However, as long as there are cryptocurrencies, there will be crypto pundits offering their two cents on market movements.
Changelly has gathered an average prediction of $0.47 for XRP by the end of 2022. As for 2025, Changelly has provided a range between $1.47 to $1.76 at max for XRP.
Finders conclusion from a panel of thirty-six industry experts, is that XRP should be at $3.61 by 2025. It should be noted that not all of those experts agree on that forecast. Some of them believe that the crypto wont even cross the $1 threshold by 2025. Keegan Francis, the global cryptocurrency editor for Finder, does not agree with the panel of experts. He predicts that XRP will be worth $0.50 by the end of 2025 and, surprisingly, a mere $0.10 in 2030.
According to data published onNasdaq, the average projection for 2025 is around $3.66.
Are your XRP holdings flashing green? Check theprofit calculator
Finders experts had a rather conservative figure for XRP in 2030. They believe that the crypto could hit $4.98 by 2030. In a statement to Finder, Matthew Harry, the Head of Funds at DigitalX Asset Management, revealed that he doesnt see any utility in XRP other than the speculation element.
According to data published on Nasdaqswebsite, the average projection for 2030 is around $18.39.
Year-to-date (YTD) figures from Ripples Quarter 2 earningsreporthave made it clear that despite the drop in XRPs price, demand for their On-Demand Liquidity service not only remained undeterred but actually grew by nine times year-over-year (YoY) with ODL sales totalling $2.1 billion in Q2. The report further stated that Ripple has pledged $100 million for carbon removal activities, in line with their carbon neutral objective and sustainability goals.
Ripples Crypto Trendsreport claims that NFTs and CBDCs are still in their nascent stages and, as their potential is gradually realized, its impact on Ripples network and on the broader blockchain space will be visible.
It should be noted that while various experts have predicted XRPs price to increase in the following years, there are some who believe that XRP will lose all value by the end of the decade.
The major factors that will influence XRPs price in the coming years are:
Predictions are not immune to changing circumstances, and they will always be updated on new developments.
With the Fear and Greed index leaning towards neutral at press time, it implies that investors were confident in their expectations about XRP.
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Ripple Price Prediction 2025-2030: XRPs future hinges on SEC case outcome - AMBCrypto News
Explained: Why Bitcoin users don’t send transactions directly to miners – Protos
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Many people believe that Bitcoin users typically send their transactions directly to miners or mining pool operators. However, this is actually very uncommon.
Instead, users generally broadcast transactions essentially at random in other words, to whichever nodes happen to be connected to them and online at the time.
Usually, a Bitcoin user has no guarantee that a miner will ever see their transaction. They simply hope that random rebroadcasts among volunteer nodes will ping-pong their transaction across the network and eventually, somehow into a miners node.
This might seem odd and counterintuitive. Why not simply broadcast a transaction directly to a miner as a regular matter of course? Well, the explanation for this curious custom showcases the unique decentralization of the Bitcoin network.
Miners (or mining pool operators, specifically) select and order transactions within a block. Obviously, these mining operators must receive a transaction in the first place in order to include it within a block. Incentivized to include as much transaction data as will fit within a (max 4MB) block, miners store a queue of eligible transactions in their computers memory pool or mempool.
With Bitcoin, such computer nodes temporarily hold pending transactions. Nodes hold these transactions in their mempool until each transaction is mined in a block.
Note that there is no singular mempool of the Bitcoin network. Instead, each node maintains its own mempool of pending, valid, unmined transactions. There are many mempools.
Nodes that do not store the mempool typically experience a bandwidth spike when a block is found and transmitted across Bitcoins network of nodes (bandwidth is the amount of usage or data transmission over an internet connection at any given time).
Well-connected nodes with a large mempool already know those transactions, reducing their bandwidth load.
Nodes with a mempool may also use compact node relay to download block header and shortIDs in order to infer transactions. They can process signatures and scripts as users add them to the mempool, which further helps to verify transactions. They help speed up the propagation of blocks throughout the network by forwarding blocks to their peers more quickly than nodes without mempools in active storage.
Some nodes with a mempool may receive transactions before other similar nodes because Bitcoin clients can automatically choose which nodes to connect to and switch to another node if any particular one malfunctions. Nodes might not automatically forward transactions they receive to miners.
The Bitcoin network has always resisted switching to a system in which transactions are sent directly to miners. This is in direct contrast to Ethereum, which has a strict, step-by-step system for routing each transaction to miners (called validators) in an orderly fashion.
Ethereum users broadcast transactions to mempool operators who allow searchers to assemble transaction bundles for builders. They assemble a block for proposers to finalize for relayers who transmit it to validators (the proof-of-stake equivalent to miners) whose activities are surveilled by attestors.
The above system is acceptable for Ethereum which is less decentralized, uses a small handful of data centers, block explorers, and API endpoints, and invariably follows the formal directives of Vitalik Buterin. In contrast, Bitcoin aims to maximize its decentralization and censorship resistance.
Unlike Ethereum, if Bitcoin miners were to receive transactions through such an orderly conveyor belt, they could log the IP address of transaction originators and prohibit transactions from specified IP addresses or ranges.
Read more: Ethereum beacon chain experiences inactivity leak
Again, broadcasting a Bitcoin transaction directly to a miner reduces censorship resistance. Miners could log and block transactions from an entire region or just from a disagreeable person. This level of censorship would defeat the point of Bitcoin as a censorship-resistant financial system.
Instead of an orderly conveyor belt, the Bitcoin network allows anyone to ping-pong transactions across random peers, cloaking their identity and increasing the networks censorship resistance.
Moreover, nodes can strip transactions of most identifying data, such as IP addresses, while adding transaction data to their mempools. There are over 16,000 fully archival and validating Bitcoin nodes reachable at any moment.
As an added bonus, a distributed network of mempools makes it easy for ordinary users to accurately estimate the fees they should pay to have their transactions mined in a reasonable amount of time.
The mempool occasionally becomes backlogged with a large number of pending transactions, driving up transaction fees for fast inclusion in a block. Real-time mempool estimates allow users to either pay up for speed, or opt to wait if theyre not doing anything particularly time-sensitive.
For years, Bitcoin has supported the unique approach of sending unconfirmed transactions to random nodes and their mempools instead of transmitting transaction data directly to miners. This approach reduces bandwidth loads on nodes, reduces censorship risks, and makes estimating transaction fees easier for everyday users.
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Explained: Why Bitcoin users don't send transactions directly to miners - Protos
Shiba Inu: How Much To Be a SHIB Millionaire If Price Hits $0.01 – Watcher Guru
In the meme coin sector, becoming a millionaire seems like a matter of luck and timing. However, how could that change with one of the fastest-growing meme coins on the market? Specifically, regarding Shiba Inu, how much would you have to invest to be a SHIB millionaire if the price reached the $0.01 mark?
The $0.01 dream has been a consistent one for the SHIB Army. Moreover, the efforts to achieve that long-held dream have continually come to fruition. Yet, considering the asset currently sits at a price point of $0.0000087, the difference in cost is astonishing. But just how much would it be?
1/ Ever wondered how much money you would need to invest in meme coins to become a millionaire?
Our recent study shows that an investor would have needed an average of $66,298.25 to become a meme coin millionaire.
Read the full study: https://t.co/XPGIpukeT8 pic.twitter.com/vAMk10onMg
The meme coin market has been an ever-growing one in the digital asset industry. As newcomers like Pepe Coin (PEPE) continue to arrive, mainstays like Dogecoin (DOGE) and Shiba Inu (SHIB) continue to lead the pack. All while the hope for continued price growth persists.
How much would you have to invest to be a Shiba Inu (SHIB) millionaire at a $0.01 price? This is an interesting calculation considering the growth rate that Shiba Inu has already displayed. According to CoinGecko, SHIB has the highest return rate of any coin that has been launched.
Specifically, the report notes that a $12 investment in 2021 yielded a $1 million return in just 15 months. As many have been vocal about regretting missing out on that run, perhaps assessing an entry point could help put it into perspective.
Currently, at the previously stated price of $0.0000087, you would only need to invest $878 to become a millionaire when SHIB reaches a price of $0.01, which is the eventual goal. Specifically, your $878 investment would yield you 100 million tokens. Consequently, if you held those until the $0.01 pie, you would make a $1 million return.
Alternatively, the question is whether or not the asset could actually achieve the $0.01 price. Considering its current price, the asset would need to grow 1,133x to reach the price. While that does seem improbable, it is important to maintain perspective. Specifically, SHIB had previously jumped 84,242 times to reach its all-time high in 2021.
That was the result of a massive 410 trillion toke burn from Vitalik Buterin. Subsequently, a similar token burn would be required for a similar surge in the asset price. Although that is unknowable currently, the burning of SHIB has been a focus of the community. Moreover, it should only be accelerated by the eventual arrival of the Shibarium mainnet and the SHIB metaverse projects.
Although there is no certainty in investment, there is also no data that states it could be impossible. Moreover, SHIB has proven to consistently deny the impossible. Only time will ultimately tell where the meme coin story goes.
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Shiba Inu: How Much To Be a SHIB Millionaire If Price Hits $0.01 - Watcher Guru
$7M Raised for AI-Powered Web3 Developer Platform by Airstack – The Coin Republic
Airstack, an emerging blockchain development firm, raised $7 Million to develop an AI-backed Web3 developers platform. An early-stage blockchain investment company, Superscrypt, led the funding round. The first half of the pre-seed funding round closed in Q3 2022, with Polygon as a significant contributor.
The other participants in the second half of the funding round were NGC Ventures, Hashed Emergent, UOB Venture, WWVentures, Signum Capital, Perridon Ventures, Kyber Ventures, etc.
Starting in April 2022, Airstack is relatively new in the industry. Still, over 200 developers adopted the platform. They recently took part in ETHTokyo held in April 2023, the Tokyo arm of ETHGlobal. In this place, developers and hackers compete to win prizes, usually through digital assets on Ethereum.
Airstack is used to access data on DeFi and other dAPPs; developers can access and use on-chain and cross-chain data across multiple blockchain networks. Also, it provides the facility of data APIs, which can then be integrated either on-chain or off-chain.
Most importantly, the data requests do not have to be in complex programming syntax; they can be made using the simple English language. The Artificial Intelligence (AI) engines then process the incoming query to generate the required response.
The AI program becomes the interface that processes and combines the pieces of information from cross-application data and cross-chain. The application can access data across all major and minor Web3 platforms and dApps. The initial list includes ENS Domains, Lens Protocol, Farcaster, and almost every project working on Ethereum and Polygon blockchain.
Airstack CEO Jason Goldberg says the company wishes to build a platform to address significant pressure points for dApp developers and engineers creating Web3 tools and accessing cross-chain data. The company conducted extensive research involving multiple programmers, engineers, and developers to identify problems.
Multiple organizations and individuals have already used the platform for various projects raging across domains like marketing engines, DeFi portfolio optimizers, Customer Relationship Management (CRM) tools, advertising platforms, and other applications to produce decentralized messaging apps.
For instance, an individual could enter a query on a platform to find ENS and a portfolio of DOGE holders and their Farcaster social information. The AI engine would generate a programming interface API that the developers can combine into their program without additional software.
Airstack has kept the service free as they wish to reach thousands of developers. This exercise would help them identify the best use cases and help them find subsets of their platform. The financial model, pricing, and subscription model will be decided later.
The company also announced the release of an updated version of its social app Jam, built on Farcaster, a social protocol on Ethereum. Both android and iOS platforms support the application and allow community buildings in the Web3 ecosystem. Jam is used by Ethereum founder Vitalik Buterin, co-founder of Farcaster and ex-Coinbase Director Varun Srinivasan, and Jesse Pollak, Coinbase Protocol Lead.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Originally posted here:
$7M Raised for AI-Powered Web3 Developer Platform by Airstack - The Coin Republic
Ethereum’s Vitalik Buterin May Get His Way on Ether Supply Cap … – Blockworks
Ethereum has no formal cap on the supply of ether, but it looks to be getting an informal one thanks to the burn.
The total ether supply is now projected to have peaked in March at 120.5 million ETH, and has declined by about 100,000 ETH since then, according to data from Ultrasound Money.
Some observers note the historical irony of that 120 million number; Ethereum co-founder Vitalik Buterin proposed it as a hard cap back in April 2018. To be fair, it was the first day of April, and Buterin confessed the following day that his suggestion was an April Fools prank of sorts though he did intend to encourage a very real debate on the subject.
Still joke or not Buterins suggestion was generally dismissed on the merits, as unhelpful and unworkable.
At the time, the circulating supply of ether due to its genesis allocations and subsequent proof-of-work issuance stood at about 98.5 million. It would be 32 more months before long-term holders could start locking 32 ETH in the Beacon Chains validator deposit contract, and longer still before the London hard fork introduced the concept of burning a portion of Ethereum transaction fees with EIP-1559.
A year later, the Merge further bent the curve of ether supply towards deflation, as it instantly reduced the rate of issuance the supply previously required, under proof-of-work, for the network to operate.
The purpose of EIP-1559 was not to reduce transaction fees, but for them to become more predictable and thereby make the fee estimation problem the problem of choosing the optimal gas price for a transaction as straightforward as possible, according to the December 2020 research paper by Tim Roughgarden detailing the concept.
For many ether holders, the more long-term ramification, however, may be the de facto supply cap, which was considered a side benefit at the time of its introduction.
Buried on page 52 of the 58-page paper, Roughgarden wrote, because burned fees are effectively a lump sum refund to ETH holders, the value of ETH would be tied directly to the intensity of network usage.
Three and a half years later, the price is about half what it was when the networks London hard fork took effect near the height of the previous bull market euphoria. But ethers supply has been undergoing deflation for 5 months straight, fueled by all kinds of network usage, from rollups to meme tokens.
On top of that, the amount of ether staked has been trending steadily higher, reaching an all-time high Thursday, with upwards of 566,000 validators.
Around 3,100 metric tons of gold will be mined in 2023, resulting in between 2-3% supply inflation.
Bitcoins inflation rate stands at 1.74%. Ethers supply, meanwhile, has fallen 1.07% since the burn began.
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Ethereum's Vitalik Buterin May Get His Way on Ether Supply Cap ... - Blockworks