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What will be Ethereum 2.0? Changing the ETH mining algorithm from PoW to PoS

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Ethereum founder Vitalik Buterin tried to dispel community doubts about the long-term future platform, in particular shedding light on some details of the upcoming transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) and the final transition to Ethereum 2.0.

This question was one of the most widely discussed at the Devcon5 conference in Osaka, Japan these days, but there were no clear answers for a long time. Moreover, after Vitalik Buterin and Ethereum co-founder Joseph Lubin admitted that they knew about the problems with network scaling from the very beginning, they even began to receive accusations of intentionally selling a fraudulent scheme.

Among the questions that concern the community, we can single out the immediate timing of the transition to Ethereum 2.0, as well as what the current network will be in after that, and Buterin tried to answer them in his last post on ethresear.ch.

“Technically, the eth1 network will continue to exist, but it will not be of value. Over time, when the ice age of complexity sets in, it will die out, ” he wrote.

The transition to Ethereum 2.0, according to him, will take six hours, but the actual implementation may take up to two years. During this time, the Ethereum Fundation will work on the implementation of phase 0-2. It starts with the introduction of the PoS algorithm, the ETH1 network at the same time will work as before, but the withdrawal of funds at this stage will be impossible.

For most users, the process will be in the background, the difference will be that witness data will be added with each new transaction, which will allow them to be processed already on the ETH2 network.

“You will go to sleep, and when you wake up, the transition will be completed,” Buterin says.

In August, Ethereum developers approved the final details of the upcoming Istanbul hard fork . It is assumed that it will be activated in two stages. The first one will include six major upgrades and is expected to be activated in November.

The second phase should be implemented in the first quarter of 2020. It will include changes that still require refinement and testing, including the new ProgPoW mining algorithm.

At the same time, representatives of some projects fear that hard fork will lead to disruptions in the work of many decentralized applications (dApps).

In late September, Istanbul was activated in the Ropsten test network, however, it happened earlier than planned and led to the division of the network into two separate chains.

Publication date 10/12/2019
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Institutionals bet on bitcoin growth, positions on BTC futures doubled

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One of the indicators that signal a possible change in the price of bitcoin is the number of open futures positions on the Chicago SME exchange.

In October 2019, institutional investors doubled the cost of long positions in BTC futures contracts , the Cointelegraph reports.

Institutional Investors Interested in BTC

According to a study conducted by analysts on October 22, the estimated value of the long positions of institutional investors rose to a value above 1000 bitcoins, compared with data on October 1, when this value fell below 500 BTC.

Data on long-term futures on the CME exchange indicate a turning point in the downward interest of the institutional, outlined in September 2019. The sharp collapse coincided with the launch date of physically delivered bitcoin futures from the Bakkt platform , when interest fell from 1300 VTC to below 500 bitcoins.

Analysts at Skew Markets have additionally indicated that institutional investors include:

"… pension funds, insurance companies, mutual funds and investment portfolio managers."

Such analytical data may indicate the continuing desire of large investors to enter the cryptocurrency market.

Recall, the head of CFTC believes that next year, the market may begin to trade futures on Ethereum (ETH) . He also noted that in addition to Bitcoin and Ethereum, other cryptocurrencies can also be classified as goods.

Publication date 10/23/2019
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Tim Draper believes that Ripple coin is preparing for a sharp increase in

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The investor, Bitcoin bull Tim Draper, believes that the current situation in the Ripple market can be called the “calm before the storm” – in his opinion, in the near future, the XRP rate may suffer explosive growth.

During his communication with the participants of the crypto market at the Quora forum, Draper noted that, given the three-fold increase in the Bitcoin exchange rate over the past 5 months, it can be expected that the Ripple coin will also demonstrate similar behavior.

According to the investor, the price of XRP should have already increased to about $ 0.6 or $ 0.9, taking into account all the latest developments of the project and the conclusion of new partnerships. Draper drew attention to the fact that the project is constantly improving its technology for cross-border payments. Moreover, Ripple belongs to the largest SBI corporation, which includes such a serious company as R3. So, according to the investor, everything indicates that now there is only a “calm before the storm”, that is, a calm before the explosive increase in the value of the coin.

Meanwhile, Ripple is developing further. On the eve it became known about the intention of the project to expand its presence in Washington. Brad Garlinhouse, CEO of Ripple, noted that this step will allow the company to be closer to regulators, to train them on the principle of operation of blockchain technology and cryptocurrencies.

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Opera became the first browser in which the built-in bitcoin-wallet

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Opera web browser developers have added support for TRON bitcoin payments and cryptocurrencies to their application for Android devices, CoinDesk writes.

From now on, Opera users will be able to make payments in Bitcoin (BTC) directly from the digital wallet built into the application and interact with decentralized applications on the TRON network. According to the company, these features can help attract new holders to its cryptocurrencies from its database of 300 million users.

“Most people heard about Bitcoin, and we decided to add its support, as well as introduce a wider group of users to this function ,” said Charles Hamel, head of cryptocurrency business at Opera.

In July 2018, an Ethereum wallet was added to the Opera app for Android. The company explained this decision by its desire to contribute to the development of Web 3.0 and implement the vision of creating a decentralized Internet of the future on the blockchain. Later, the release of a cryptocurrency- oriented browser for iOS and a desktop version with support for a digital wallet took place.

Hamel claims that Opera applications are already optimized for working with Web 3.0, however, the integration of bitcoin required additional resources due to the differences of the first cryptocurrency.

“Bitcoin is a completely different phenomenon, which requires its own infrastructure and has a payment-oriented application scenario,” he added.

Publication date 10/23/2019
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Name Price24H (%)
Bitcoin (BTC)
$7,504.49
-8.50%
Ethereum (ETH)
$158.10
-8.53%
XRP (XRP)
$0.262301
-10.81%
Bitcoin Cash (BCH)
$205.50
-10.57%
EOS (EOS)
$2.65
-11.08%
Stellar (XLM)
$0.059537
-5.99%
Litecoin (LTC)
$48.60
-10.72%
Cardano (ADA)
$0.036277
-8.04%
Tether (USDT)
$1.01
0.82%
Monero (XMR)
$53.31
-7.60%
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