Is the $120 billion global skincare industry next in line to be transformed by the blockchain? Leading skincare specialist, Dr Anna Karp, is seeing this happen already in her work with Opu Labs – a blockchain startup dedicated to evolving the way skincare intelligence is shared. Blockchain and dermatology for better skincare Like so many…
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Ethereum’s Scalability Issues Will Not Be Fixed With ETH 2.0
Ethereum’s scalability issues will not be fixed with ETH 2.0 according to one analyst as we are reading more about it in the latest Ethereum news.
ETH 2.0 could not solve Ethereum’s scalability issues as unique addresses for Defi are growing and surpassed the 450,000 mark since the start of the year. Ethereum has to scale dramatically to on-board the existing crypto user base of 50 million in the DeFi platforms already. ETH 2.0 along with the layer 2 implementations could not be able to keep up with the growth of the network usage from Defi.
Assuming DeFi users have four addreses on average (could be more), there are now 114K users. Small number with massive room for growth. For comparison, Coinbase has 32M users.
But Ethereum can’t handle 114K users. Will Ethereum 2.0 be able to handle millions of users? How many? pic.twitter.com/ayVMLtjowT
— Alex Krüger (@krugermacro) September 18, 2020
The transaction fees on Ethereum cost $7.5 three times that of Bitcoin. Setting up a wallet on MakerDAO costs about $40, compared to Compound’s $10. The crazy fees are not sustainable of course. With the new yield farming incentives on Defi platforms are getting launched every other day, space expands despite alarming signals around the high fees and network congestions. Defi users are waiting for the launch of ETH 2.0 which promises to scale the blockchain but this could not be enough to support the existing number of crypto users.
The number of Defi addresses that are rising quickly with the addition of the $350,000 addresses since the start of the year will only increase as Uniswap already surpassed coinbase in terms of trading volume and the user base is tiny compared to one of Coinbase’s 32 million users. Assuming that the network gas fees increased, it is a good time to assess how much of a difference with the ETH 2.0 makes.
ETH 2.0 is set to start with 64 shards and each one will operate as a separate chain with the transaction history. This way, the network could increase the transaction capacity by 64 times. Kruger’s estimate is based on the idea that Defi users have four addresses each. After that logic, that equates to about 114,000 unique users. Following this logic, sharding on ETH 2.0 will not solve the congestion problems. Ethereum’s co-founder Vitalik Buterin endorsed the use of the 2-scaling solutions like OMG and ZK-sync for ordinary transactions and according to him, there’s potential to scale from 12-15 transactions per second.
The higher fees are starting to affect profits and as a result, the exchanges will increase the fees and users will look for other alternatives to move their crypto. Layer-2 solutions are proposed for simple transfers of ETH which the effect of the total gas fees will be minimal.
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Bitcoin Miner Claims Twitter Handed Banned Acct to Cameron Winklevoss
Bitcoin miner Cameron Asa claims that Twitter wrongfully terminated his possession of the @Cameron Twitter handle and handed it to Gemini co-founder Cameron Winklevoss. Asa claimed in a tweet that has since been deleted that he set up @Cameron “well over 10 years ago,” but Twitter inexplicably banned the account and rebuffed all attempts to […]
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Bitcoin miner Cameron Asa claims that Twitter wrongfully terminated his possession of the @Cameron Twitter handle and handed it to Gemini co-founder Cameron Winklevoss.
Asa claimed in a tweet that has since been deleted that he set up @Cameron “well over 10 years ago,” but Twitter inexplicably banned the account and rebuffed all attempts to engage for two years.
According to Asa, Twitter never actually gave a solid reason for banning his account. He insists that he did nothing wrong, but the platform deliberately ignored his attempts to appeal his ban until enough time had passed for the handle to legally be reassigned.
From Genesis to 2018 Ban
A Twitter OG (Original Gangster) account is a type of Twitter account which is especially desirable and in-demand because the handle is short and memorable. Examples of Twitter OG accounts are @David, @Jack, @0x and @Cameron.
Asa, who works full time as a bitcoin miner, says that he was never actually informed about what he actually did wrong to earn the ban. He claims that despite reaching out repeatedly during the period, he was simply ignored.
In February 2018, Twitter announced a revision to its policy on automation and use of multiple accounts with a March 28 compliance deadline. The policy aimed to tackle the proliferation of sock puppet accounts and fake engagement on the platform. It resulted in a purge of up to 70 million accounts deemed suspicious or inauthentic.
Asa claims that while other people with both personal and parody accounts lost their parody accounts, he lost his personal account. In so doing, he says, he was locked out of his account and unable to tweet until enough time had elapsed for the handle to legally be changed and reassigned.
Twitter Seemingly Reassigns Account to Cameron Winklevoss
Asa says that he believes his attempts to prove his innocence were intentionally ignored so that Twitter could give his account to Winklevoss.
Twitter’s rules on the subject of account reassignment due to inactivity read as follows:
“We encourage people to actively log in and use Twitter when they register an account. To keep your account active, be sure to log in and Tweet at least every 6 months. Accounts may be permanently removed due to prolonged inactivity.”
BeinCrypto reached out to Winklevoss for comment, but we were unable to establish contact with him as of press time. In the meantime, a glance at Winklevoss’ Twitter page confirms that he is indeed the current owner of the @Cameron handle.
BeinCrypto will bring more updates as the story develops.
DeFi’s ‘God Mode’: What to do when it switches modes?
The Total Value Locked figures for DeFi have reached $9.76B. In fact, over the past 90 days, the space has unlocked 477.5% in growth, with the same showing no signs of stopping. While the SushiSwap incident did contribute to a dip in DeFi’s TVL, there was near-instant recovery, with the figures surging back to its pre-drop levels, a drop that saw TVL fall by 40% in 10 days. Thus the question arises – Is DeFi in God Mode?
Now, God Mode is traditionally a gaming metaphor, one referring to a cheat code that makes the player character somewhat invincible. DeFi, with its incredible surge, sudden drop, and an even incredible resurgence, seems to be assuming the characteristics of such invincibility, ergo, God Mode.
However, it can also be argued that in the context of Bitcoin, DeFi may be playing the role that ICOs played way back in 2017. In fact, some have also drawn parallels between investments in the top 3 ICOs of 2017 – Filecoin, Sirin Labs, and Tezos, and top 3 DeFi Projects – Uniswap, Aave, and Curve Finance.
TVL in these top 3 DeFi projects had climbed to $4.5B, at press time. On the contrary, the total investment raised by the top 3 ICO projects was just $646M. On the face of it, when juxtaposed against each other, it would seem that DeFi has already outperformed the ICOs of 2017.
If Bitcoin’s present market cycle is considered, one can see that institutional investors like MicroStrategy and Grayscale are very bullish on BTC. And perhaps, because it is, DeFi is deriving value from such growing interest and investment and is adding to its already healthy market capitalization.
Speculation and interest in Bitcoin were fundamental to the ICO craze back in 2017-18 and something similar is playing out for DeFi right now. In fact, one might argue that the latter is climbing at a greater pace since the TVL for the top 3 DeFi Projects is growing by 20-25% every day. yEarn Finance’s YFI token, for instance, grew by 14900% in value, in just one week.
This rapid injection of capital into crypto-projects resonates with the ICO bubble. However, what also resonates are unfortunate flashbacks of investors pouring money into projects that never moved beyond whitepapers. There is, therefore, a good reason to fear a repeat of what happened back then.
Here, it is also important to note what transpired all those years ago when the ICO empire finally crumbled. When the ICO bubble finally popped in 2018, the overall crypto-market capitalization dropped by $700B, an 85% drop from its peak in January 2018. Many of the top ICOs, many of which received lots of money in investor funds, lost out too.
Something similar can happen if and when DeFi’s bubble pops. DeFi’s TVL of $9.76B is too significant to not have an impact on Ethereum’s price and the larger crypto-market. For example, many believe that Ethereum’s recent rally was fueled by DeFi. After all, Ethereum is the network powering the space. So, one can imagine how a drop in TVL might impact ETH’s price, market cap, trading sentiment, and the overall market capitalization.
This is the reason why when the SushiSwap incident transpired and millions were wiped off DeFi’s market cap, Ethereum’s price dropped by 20% on the charts.
What can a trader do then? Well, caution is key, caution and the understanding that trading in DeFi currently is driven more by hype and irrational sentiment, than anything else. That should do for now for when DeFi is still in God Mode. The question thus emerges – What to do when it switches modes?
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