Healthcare industry is one of the most vital sectors of all. This is because, it fights for the survival of human race and eliminate any threats or vulnerable disease that may affect humans. But, what about the threats caused by humans to the industry? There are various malpractices that happen in this industry like money…
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Uniswap Activity Sends Ethereum Gas Fees Sky High
The issue of high Ethereum gas prices isn’t going away anytime soon. Just last month, total daily fees on the Ethereum network managed to reach an all-time high of $8.6 million.
Following a brief respite from high charges, the latest data from coinmetrics.io, for August 31, 2020, shows an alarming trend back towards that all-time high. Total daily fees for the end of last month reached $8.2 million.
Considering the activity that has taken place since then, it would be no surprise if the all-time high gets topped in the near future.
Ethereum daily gas fees. (Source: coinmetrics.io)
In line with expectations, this is a pattern repeated for average transaction fees. This time, the latest data shows average transaction fees hit $11.61 yesterday. While some way away from the all-time high of $14.58, set on September 2, 2020, it’s still an unacceptable part of the ERC-20 ecosystem.
More pressing than that, the situation poses serious questions about the sustainability of the Ethereum network.
Uniswap Airdrop Seen as a Kind Act of Generosity
Many blamed the mania surrounding DeFi for the high charges. In particular, the network activity that arose from the glut of newly launched tokens during that period.
With that in mind, things took a turn for the worse on Wednesday when decentralized exchange Uniswap surprised the community with the launch of their new $UNI governance token.
The firm has allocated 150 million tokens for distribution by airdrop. Each address that interacted with the Uniswap V1 & V2 protocol, before September 1, is eligible to claim 400 $UNI.
“Uniswap owes its success to the thousands of community members that have joined its journey over the past two years. These early community members will naturally serve as responsible stewards of Uniswap.”
The move was widely seen as a generous act on the part of Uniswap. Many praised the team for sharing their financial success with early adopters.
Amazon never gave you AMZN for buying books
Google never gave you GOOG for doing searches
Facebook never gave you FB for setting up a profile
Uniswap is giving you UNI for contributing liquidity
That’s the difference
— Ryan Sean Adams – rsa.eth 🏴 (@RyanSAdams) September 17, 2020
What’s more, it had the effect of stealing thunder from rival DEX Sushiswap, who was, up until that point, back on the ascendency following a change in management.
Following a deep selloff on the launch, the price of $UNI recovered. At the present time, one $UNI is priced at $5.16.
Uniswap 30 minute chart with volume. (Source: UNIUSDT on tradingview.com)
Uniswap Contracts Dominant Ethereum Network Activity
Despite Uniswap’s act of generosity, the effect on gas fees has been catastrophic.
Uniswap contracts account for four of the top 10 gas guzzlers on the Ethereum network. This includes the top spot, where the Uniswap V2 contract accounted for almost a quarter of the total gas used in the last 24-hours.
Top 10 gas guzzling contracts on the Ethereum network. (Source: etherscan.io)
The upshot of this situation is a terrible and costly experience for Ethereum users. Aside from high charges, many have vented their frustrations over stuck transactions, even having paid for the fast option.
This Uniswap thing has taught me…
Ethereum is awful to use for day to day transactions. I still have transactions ‘queued’ even though I have paid for ‘fast’ gas lol
I’m not meant for this DeFi craze. Just give me SIMPLE!
— They Call Me Jongo “I ♥️ CTP & HIVE 🐝” (@Jon_G_Olson) September 17, 2020
Solutions such as using layer 2 protocols, or waiting for ETH 2.0, doesn’t fit with the way the majority of people use the Ethereum network now. With that in mind, how long can Ethereum carry on like this?
New hardware wallet feature that prevents Bitcoin dusting attacks
Nano S and Nano X maker Ledger recently announced an upgrade to its software suite that will offer better privacy and control over virtual currency transactions
The new feature, Coin Control, is designed to help prevent dusting attacks. Dusting attack refers to the illegal activity where an individual sends small amounts of Bitcoin to a wallet to break the user’s privacy for advanced attacks.
According to the announcement, the feature will give users the option to change transaction settings for more privacy or optimal fee usage. The wallet maker explained that Coin Control makes use of the ability to manage hierarchical deterministic wallets or multiple different Bitcoin addresses.
Users will have the option to choose the addresses they want to use for transfers. Previously the default First-in, First-out approach of automatically using the oldest address was used.
This new method is crucial as it’ll prevent any external parties tracking the transactions through dust- tiny amounts of BTC that are typically worth less than the transaction fees. The dust can be used to track a bitcoin holder since these tiny unspent transaction outputs (UTXOs) can build up. The most recent significant dusting attack happened to Litecoin users in August last year.
Ledger now gives users the option not to use this tiny UTXOs through the Coin Control feature. The company added, “As such, they cannot track any movements. In short: it can be a game-changer when it comes to your privacy.”
The new version 2.11.1 of Ledger Live, launched on September 15, comes with the Coin Control feature and a few other upgrades.
Some of the other features that will be present on the software upgrade include an optimization of the network fee structure to save money. This will be achieved by allowing users to select UTXOs that have a higher value, consequently reducing the transaction’s byte size.
Users that prefer to keep payments separated will also love the upgrade as it features the ability to designate specific addresses for certain transfers.
Ethereum Miner Revenues Hit 5-Year High Over 2,275 ETH
Ethereum miners have been seeing their revenues surge so far this month, with the one-day moving average hitting 2,275 ETH thanks to the recent airdrop of Uniswap’s UNI tokens to users who interacted with the protocol. As CryptoGlobe reported, pending transactions on the Ethereum network surged after Uniswap launched its UNI governance token, and airdropped […]
Ethereum miners have been seeing their revenues surge so far this month, with the one-day moving average hitting 2,275 ETH thanks to the recent airdrop of Uniswap’s UNI tokens to users who interacted with the protocol.
As CryptoGlobe reported, pending transactions on the Ethereum network surged after Uniswap launched its UNI governance token, and airdropped 400 UNI tokens to every user who interacted with the protocol up until August 31.
Uniswap is a leading decentralized exchange that instead of using an order book uses a model called an Automated Market Maker (AMM). A total of one billion UNI tokens are set to be distributed over the next four years, but users who interact with the protocol were airdropped hundreds of tokens.
This has seen them either quickly move the funds to exchanges to sell their airdropped tokens – as the 400 UNI tokens each user received are worth over $1,000 – and move funds to Uniswap pools that let them add liquidity using UNI, to earn more governance tokens.
The result was a spike in network activity. Etherscan data shows the Ethereum network utilization is near capacity at 97% and, as such, the increase in transactions saw fees go up higher. Data from the same source shows the average transaction fee hit $5.56 as users were moving their funds.
On-chain analytics provider Glassnode reveals that these fees contributed to a rise in ETH miner revenue, helping it hit a 5-year high.
BitInfoCharts data shows that growing miner revenues seemingly attracted more miners onto the Ethereum network, as the cryptocurrency’s hashrate hit its highest level since October 2018, of 254 TH/s.
The price of ETH itself has also been going up, presumably as demand for the cryptocurrency keeps growing. CryptoCompare data shows the cryptocurrency is now testing the $400 mark, and is up over 82% in the last 12 months. Bitcoin, in comparison, went up 6.26% in the same period.
Featured image via Pixabay.
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