#ETH #Ethereum #ethereumshanghaiupgrade #eth2.0

Ethereum's total supply has decreased by 66,000 ETH in the first few months of 2023, according to recent reports. This trend suggests that the network and its cryptocurrency are now functioning under a deflationary model. IntoTheBlock, a market analysis platform, shared this information on Twitter, indicating that this decrease in supply corresponds with the burning of fees associated with each mined block on the network after the introduction of the EIP-1559.

The burning of assets has increased significantly since The Merge's arrival in September 2022, which exchanged Proof-of-Work mining for Proof-of-Stake, significantly reducing transaction costs and enabling new validators without the need for specialized hardware. The increase in burned assets is due to the high volume of transactions that the network can now process more easily. This dynamic balance is causing the network to destroy more ETH than it produces, giving the cryptocurrency deflationary properties that could limit the supply further while meeting growing demand and ensuring the price remains stable or even increases.

The upcoming Shanghai update, which will take place on April 12th, introduces a new property that will allow network validators to withdraw ETH as collateral to process blocks and access rewards. This incentive is an exciting development for individuals interested in joining the network as validators.

In summary, Ethereum's deflationary properties could have a significant impact on its price in the future. The decrease in supply, coupled with the increase in burning assets, is a clear indication that the network is moving towards a more efficient model. The upcoming Shanghai update will add to this efficiency, making the network more attractive to new validators and potentially fueling further growth in the network

The future of Ethereum looks promising, as it continues to be one of the leading blockchain platforms for decentralized applications (dApps) and smart contracts. Ethereum's ability to execute complex smart contracts and enable developers to create a wide range of decentralized applications has made it a popular choice for both developers and users.

In addition to these upgrades, Ethereum is also seeing increased adoption by institutions and corporations, which are exploring the use of Ethereum for various applications, including supply chain management, digital identity, and decentralized finance (DeFi).

The growth of DeFi on Ethereum has been particularly significant, with a range of decentralized exchanges, lending platforms, and other financial applications being built on the network. This has led to an increase in the use of Ethereum's native cryptocurrency, Ether (ETH), as well as the development of new tokens and protocols.

Overall, the future of Ethereum looks bright, as it continues to innovate and address the challenges of scalability, energy consumption, and interoperability with other blockchains. However, as with any emerging technology, there are also risks and uncertainties, and it is important for investors and users to carefully assess the potential benefits and risks before engaging with the platform.

#ETH #Ethereum #ethereumshanghaiupgrade #eth2.0

Ethereum has been one of the most popular and innovative blockchain networks since its inception in 2015. The Ethereum network has been known for its smart contract capabilities, allowing developers to build decentralized applications (dApps) and run them on the network. However, the current version of Ethereum (Ethereum 1.0) has some limitations that are hindering its growth and scalability. To address these issues, Ethereum is undergoing a major upgrade known as Ethereum 2.0. In this article, we will dive into what Ethereum 2.0 is and why it is important for the future of the Ethereum network.

What is Ethereum 2.0?

Ethereum 2.0 (also known as Eth2 or Serenity) is a major upgrade to the Ethereum network that will improve the network's scalability, security, and sustainability. The upgrade is being rolled out in multiple phases, with each phase introducing new features and improvements to the network. The main focus of Ethereum 2.0 is to replace the current proof-of-work (PoW) consensus mechanism with a proof-of-stake (PoS) mechanism, which is more energy-efficient and secure.

Why is Ethereum 2.0 important?

The current version of Ethereum (Ethereum 1.0) has some limitations that are hindering its growth and scalability. These limitations include slow transaction times, high fees, and limited scalability. As the popularity of the Ethereum network continues to grow, these limitations become more pronounced, making it difficult for developers to build and scale dApps on the network. Ethereum 2.0 addresses these issues by introducing several new features and improvements, including:

Proof-of-Stake (PoS) Consensus Mechanism

Ethereum 2.0 introduces a PoS consensus mechanism, which is more energy-efficient and secure than the current PoW mechanism. In a PoS system, validators (similar to miners in PoW) are selected to validate transactions based on the number of tokens they hold and lock up as a stake. This eliminates the need for energy-intensive mining and reduces the risk of centralization.

Sharding

Sharding is a technique that allows the network to split into smaller partitions (shards) that can process transactions in parallel. This increases the network's throughput and reduces congestion and fees. Ethereum 2.0 will introduce 64 shards, each capable of processing up to 500 transactions per second.

eWASM

Ethereum 2.0 will introduce a new virtual machine called the Ethereum WebAssembly (eWASM), which is faster and more efficient than the current Ethereum Virtual Machine (EVM). eWASM allows developers to write smart contracts in different programming languages, making it easier for developers to build dApps on the network.

Improved Security

Ethereum 2.0 will introduce several security improvements, including penalties for malicious behavior, slashing conditions, and better validator monitoring. These improvements will make the network more secure and resistant to attacks.

When will Ethereum 2.0 be fully rolled out?

Ethereum 2.0 is being rolled out in multiple phases, with each phase introducing new features and improvements to the network. The first phase of Ethereum 2.0 (also known as the Beacon Chain) was launched in December 2020, which introduced the PoS consensus mechanism. The next phase, known as the Merge, will integrate the current Ethereum 1.0 network with the new Ethereum 2.0 network, allowing users to transfer their assets from the current network to the new network. The final phase of Ethereum 2.0, known as the Shard Chains, will introduce sharding and eWASM.

It is important to note that the rollout of Ethereum 2.0

is a complex and gradual process that will take several years to complete. The development team behind Ethereum 2.0 is taking a cautious and deliberate approach to ensure that the network is stable and secure before each phase is rolled out. This means that users should not expect all the features and improvements of Ethereum 2.0 to be available immediately.

How will Ethereum 2.0 affect current Ethereum users?

For current Ethereum users, the transition to Ethereum 2.0 will be a gradual process. Users will be able to continue using the current Ethereum network (Ethereum 1.0) until the Merge phase is rolled out. At that point, users will be able to transfer their assets from the current network to the new network. It is important to note that this process may take some time and may involve some technical complexity.

One of the main benefits of Ethereum 2.0 for current Ethereum users is the improved scalability and lower fees. This will make it easier and more affordable for users to transact on the network and use dApps. However, it is important to note that some dApps may need to be updated to work on the new Ethereum 2.0 network.

Conclusion

Ethereum 2.0 is a major upgrade to the Ethereum network that will address some of the limitations of the current Ethereum 1.0 network. The upgrade introduces several new features and improvements, including a more energy-efficient and secure PoS consensus mechanism, sharding for increased scalability, and a new virtual machine for improved efficiency. The rollout of Ethereum 2.0 is a complex and gradual process that will take several years to complete, and current Ethereum users should expect a gradual transition to the new network. Overall, Ethereum 2.0 has the potential to significantly improve the scalability, security, and sustainability of the Ethereum network, making it a more robust and capable platform for building decentralized applications.

#eth2.0 #Ethereum #ETH #crypto2023 #dyor

#ETH #Ethereum #ethereumshanghaiupgrade #eth2.0

Ethereum 2.0 has been one of the most talked-about upgrades in the cryptocurrency space for some time now. And while it has been in development for a while, we are now closer than ever to the activation of one of its most important features: staking withdrawals.

According to recent reports, the activation of the Shanghai upgrade is set to take place on April 12, 2023. This is a crucial development for Ethereum staking, as it will enable validators to withdraw their deposits from the Beacon Chain.

The decision to activate the upgrade was made by the core developers of the Ethereum network during their recent All Core Developers Execution Layer call. The activation will take place in the epoch 6209536, as confirmed by Tim Beiko, the moderator of the meetings, and other developers like Marius van der Wijden.

Currently, over 550,000 validators are responsible for approving transactions and adding them to new blocks in the Ethereum chain. The ETH deposited in the smart contract exceeds 17.6 million, making it a significant sum of money for those who have invested in Ethereum staking.

However, there are still some questions that remain unanswered. One of the most significant concerns is whether the withdrawals will be full or partial. In the first case, validators will be able to withdraw ETH without limits, while in the second case, they may only be able to withdraw the excess amount over the 32 ETH required to become a validator. This means that they will be able to withdraw their earnings from the moment they made their deposit until the date of withdrawal.

It is important to note that the procedure and methodology for ETH withdrawals have not been announced yet. However, it is expected that this information will be made public soon, as the Ethereum community eagerly awaits the activation of the Shanghai upgrade.

#ETH #Ethereum #ethereumshanghaiupgrade #eth2.0 #selfcustody

Cryptocurrencies are known for their self-custody feature, which puts the responsibility of managing funds solely on the users. While this provides users with complete control over their assets, it also means that any mistake can lead to the loss of funds. Unfortunately, this has happened on a large scale in the case of Ethereum (ETH).

According to a recent report, more than USD $1.1 billion worth of ETH has been lost forever due to human error. The report estimates that at least 636,000 ETH, which is about 0.5% of the current circulating supply, is now completely inaccessible. However, this figure is only an estimation of the losses caused by human error.

The majority of the funds were lost due to an error in the Parity crypto wallet, which affected about 178 addresses and resulted in the loss of about 514,000 ETH in 2017. In addition, over 12,619 ETH was lost due to typing errors made by users, affecting about 2,638 wallets that made mistaken transactions.

There are also funds housed in wallets that have become inaccessible and assets sent to burn addresses. About 85,476 ETH was lost in the former group, while the latter saw about 24,187 ETH lost.

It's important to note that the actual amount of ETH lost is likely much higher than the reported figures. Conor Grogan, the Director of Product Strategy and Commercial Operations at Coinbase, who shared the report, believes that the estimated losses are just a small portion of the actual losses incurred due to human error.

The report only covers instances where Ethereum is permanently blocked, meaning that the actual losses may be much higher. Additionally, the ETH documented in the report did not have the high dollar value it does now at the time of loss.

This loss of ETH is not an isolated incident. A previous report estimated that around 1.6 million bitcoins, worth around USD $44.8 billion today, have been lost forever. The lesson here is clear: users must be extra careful when handling their cryptocurrency funds, as any mistake can lead to significant losses.

In conclusion, the loss of over 636,000 ETH due to human error is a stark reminder of the responsibility that comes with managing cryptocurrency funds. As the popularity of cryptocurrencies continues to grow, it's essential to be vigilant and take necessary precautions to ensure that you do not fall victim to similar losses.

After 200 days of transitioning from a proof-of-work consensus mechanism that consumed more energy to a proof-of-stake mechanism, the Ethereum network has seen positive changes. The Merge upgrade, which occurred in September 2022, resulted in a decrease in rewards for network operators. Along with the introduction of a burning mechanism (burning a portion of fees through transactions), this process reduced the supply of ETH.

After The Merge, the total supply of Ethereum decreased by approximately 75,000 ETH (worth $134.5 million), corresponding to an annual decrease of 0.114%. If this event had not occurred, the supply of ETH would have increased by an additional 2.2 million coins (worth over $4 billion at current prices).

@azcoinnews

However, after The Merge, a large amount of ETH staked on the network still cannot be withdrawn to wallets. Therefore, investors can only withdraw their funds after the highly anticipated next Ethereum upgrade, Shanghai, is completed.

As reported by Interlock, Ethereum Foundation announced on March 28th that the Shapella upgrade will take place at epoch 194,048. An epoch on Ethereum consists of 32 blocks, and this epoch is expected to occur on April 13th at 5 am.

In addition, the Lido Finance protocol expects that withdrawals of staked ETH will not be enabled on the main network until mid-May. This is when all network verification and security checks are completed. The project also noted that the waiting time may be extended due to some on-chain technical limitations. Additionally, Lido revealed that it spent $1.2 million on seven audits for Lido V2. This operation aims to address any potential vulnerabilities that could impede the platform’s performance.

The transition to proof-of-stake mechanism has been a long-awaited and highly anticipated event for the Ethereum community. While the reduced supply of ETH may have affected some investors, the shift to a more energy-efficient and environmentally friendly consensus mechanism has been a positive development. With the upcoming Shapella upgrade and the potential for ETH withdrawals, the Ethereum network is poised for further growth and development in the future.

#Ethereum #ETH #crypto2023 #eth2.0 #azcoinnews

This article was republished from azcoinnews.com

On-chain analytics firm Santiment recently released data showing that Ethereum (ETH) investors have exhibited varying behaviors over the past year, depending on their holdings. The data indicates that addresses holding between 100,000 and 10,000 ETH, known as “sharks,” have continued to increase their holdings, while “whales” holding between 10,000 and 10 million ETH experienced significant drops in holdings following the FTX meltdown in 2022.

According to the data, sharks added 3.61 million ETH worth approximately $6.3 billion over the past year. On the other hand, whales sold 9.43 million ETH worth $16.4 billion over the same period. This indicates a clear divergence in investment strategies between large and smaller investors in the Ethereum market.

Interestingly, the report notes that since last week, while the price of Ethereum has risen, the whales’ holdings have been decreasing even more rapidly as they actively take profits. This trend suggests that larger investors are trying to capitalize on the recent surge in Ethereum’s price by selling their holdings.

Santiment, the on-chain analytics firm responsible for providing the data for this report, suggests that this change in the distribution of holdings has led to an overall shift in the supply distribution in the Ethereum market. Specifically, it is noted that sharks have been buying Ethereum from whales, resulting in a change in the overall supply distribution.

Despite this change, the report notes that whales still hold more than 51% of the total Ethereum supply, while sharks hold less than 29%. This indicates that while there has been a shift in investment strategies among Ethereum investors, larger investors still hold a significant portion of the market share.

Overall, this report sheds light on the changing dynamics of the Ethereum market and how investors with different holdings have responded to market conditions over the past year. As Ethereum continues to rise in popularity and value, it will be interesting to see how these trends evolve and whether larger investors continue to dominate the market or whether smaller investors are able to gain a larger foothold.

#eth #Ethereum #eth2.0 #ethereumshanghaiupgrade #azcoinnews

This article was republished from azcoinnews.com

🚨Attention Bitcoin users!🚨

Bitcoin is currently facing a serious threat from BRC-20 "junk" coins. This is causing record high fees and thousands of unconfirmed transactions.

Unlike Ethereum's ERC-20, BRC-20 does not use smart contracts and only operates with wallets that support the Bitcoin blockchain.

Be aware of this issue and take the necessary precautions when making transactions. Stay safe and stay informed!

Follow us for more Quality content.

Thank you.

#Binance #crypto2023 #BTC #eth2.0 #bitcoin

#KMD /USDT coin update:

KMD

According to the daily candle, the coin is currently following a regression trend and may experience a dip in value. However, if the candle closes above the trend at $0.3296, there is potential for an upward trend. Keep a close eye on the candle and make informed investment decisions.

#eth2.0 #hongkongweb3festival2023 #fantasticdeals #cpi

Short term #Bitcoin  price action seems grim, but behind the scenes, the Weekly RSI has broken out of a 6-year downtrend and is now attempting to make support Bitcoin is now at decision point Continue 2019 parabolic price action, or take the healthier, steady 2015 approach?

follow us for more Quality content.

#eth2.0 #BTC #Altcoin #shapella #cpi

The Texas House of Representatives has voted to pass a new bill that would require crypto exchange platforms operating in the state to prove they have reserves to back up their assets.

According to a new press release by The Chamber of Digital Commerce, a blockchain advocacy group, the Texas House of Representatives passed HB1666 on April 20th with the aim of rebuilding trust in the industry.

The bill, which was first filed by State Representative Giovanni Capriglione, applies to crypto exchanges that serve more than 500 customers in the state or one that has at least $10 million worth of customer funds.

The bill mandates that crypto exchange platforms “shall maintain reserves in an amount sufficient to fulfill all obligations to digital asset customers.”

It also instructs firms to formulate a plan that would task crypto exchanges to provide a quarterly accounting of any liabilities owed to customers as well as the assets they have in reserve. Furthermore, an auditor must be able to access and view the same information provided to customers at any time.

The legislation’s text also says that crypto asset service providers may not commingle their own funds with customer funds, use customer funds to secure a transaction other than transactions for customers contributing to the funds, or hold customers’ funds in a way where users would be unable to fully withdraw them or invest their funds in non-approved ways.

As stated by Perianne Boring, the CEO of The Chamber of Digital Commerce, in the press release,

“This legislation represents an essential step towards ensuring the stability and security of the digital asset market, and it is very promising to see this bill move forward…

The proof-of-reserves requirement in this bill is exactly what should be required by custodians to demonstrate that they hold sufficient assets to cover all customer deposits.”

The bill passed with 148 yea votes, zero nays, and one abstained vote, according to Legiscan. However, the bill would still need to pass the state’s Senate before it can be signed into law.

#Binance #crypto2023 #mining #BTC #eth2.0