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What is ERC-20 and What Does it Mean for Ethereum? | Amit Modi

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Ethereum the popular cryptocurrency and blockchain system, is based on the use of tokens which can be bought, sold, or traded. There are several different tokens which may be used in conjunction with Ethereum, and  these differ from ether, which is the currency native to the Ethereum blockchain. Tokens, in this case, represent digital assets that can have a variety of values attached. They can represent assets as diverse as vouchers, IOUs, or even objects in the real world. In this way, tokens are essentially smart contracts that make use of the Ethereum blockchain. One of the most significant token standards of all for Ethereum is called ERC-20, which was developed about a year and a half ago.

ERC-20 Empowers Developers

In short, the ERC-20 defines a common list of rules for all Ethereum tokens to follow, meaning that this particular token empowers developers of all types to accurately predict how new tokens will function within the larger Ethereum system. The impact that ERC-20 therefore has on developers is massive, as projects do not need to be redone each time a new token is released. Rather, they are designed to be compatible with new tokens, provided those tokens adhere to the rules.

ERC-20 Specifies Six Functions

ERC-20 defines six different functions for the benefit of other tokens within the Ethereum system. These are generally basic functionality issues, including how tokens are transferred and how users can access data about a token. ERC-20 also prescribes two different signals that each token takes on and which other tokens are attuned to.

Put together, this set of functions and signals ensures that Ethereum tokens of different types will typically work the same in any place within the Ethereum system. This means that almost all of the wallets which support the ether currency also support ERC-20 compliant tokens.

The post What is ERC-20 and What Does it Mean for Ethereum? | Amit Modi appeared first on Hash Code Programmers.

Source: http://hashcodeprogrammers.com/2017/08/ethereum/

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Bitcoin Difficulty Ribbon Could Indicate Imminent Price Increase

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One is called the difficulty ribbon, and it has just broken out of the green buy zone for the first time since March in terms of compression. The metric was reported by analytics provider Glassnode, which added that historically, these had been periods characterized by a positive momentum indicating significant price increases.

Historical Bitcoin Buy Signal

The Bitcoin difficulty ribbon was created by chartist Willy Woo. It consists of simple moving averages of network difficulty enabling the rate of change of difficulty to be easily seen. Periods of high ribbon compression, such as the current situation, have been historically good buying opportunities.

There have been several significant price increases over Bitcoin’s lifespan that followed this ribbon compression breaking out of the green zone. The most recent was around April 2019 when BTC prices surged from below $5k to top out over $13k just three months later.

It was also observed that there had been a massive divergence in difficulty ribbon compression and Bitcoin price over the past six years. However, the chart has used a logarithmic price chart, which may have caused that anomaly.

Bitcoin’s hash ribbon is a similar metric, and CryptoPotato reported that it was flashing buy signals back in July. In the five weeks that followed, BTC price surged 34% to make its 2020 high.

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BTC Price Action Update

Looking at the shorter term, Bitcoin’s price chart has just printed another ‘Bart Simpson’ pattern with a sharp 2.3% decline in just over an hour, wiping Monday’s gains.

Prices had recovered to $10,725 at the time of writing, and sentiment appears to be bullish for BTC, according to a recent poll by analyst and trader Josh Rager.

Bitcoin is currently trading right on the 50-day moving average, which is acting as resistance at the moment. The next step above this is a break above $11k, while on the low side, there is strong support at the $10k level. Analyst ‘CryptoHamster’ added:

“After the breakout the resistance line became support. Now it is getting tested. If it holds, it would be a very nice sign. But it has to hold, otherwise the whole growth is just a short squeeze.”

Short term charts suggest price could go either way, but longer-term on-chain analytics, such as the difficulty ribbon, are more bullish.

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Source: https://cryptopotato.com/bitcoin-difficulty-ribbon-could-indicate-imminent-price-increase/

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Bulgarian National Convicted For His Role in a Bitcoin-Related Crypto Exchage Scam

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The owner of a cryptocurrency exchange has been recently convicted in a transnational scheme of defrauding people through an online auction fraud. Court says the scam reached a multi-million dollar scale.

At Least 900 Americans Victimized

As per a recent report, people who suffered from the fraud were probably more than 900 American citizens. According to the official statement, 53-years-old Rossen Iossifov, formerly of Bulgaria and reported owner of a Bulgaria-based Bitcoin exchange R.G. Coins, was convicted of both conspiracy to commit racketeering and money laundering. After a two-week trial, the jury in Frankfort, Kentucky and U.S. District Judge Robert E. Wier scheduled the sentencing to Jan 12, 2021.

Reportedly, some of the Romania-based members of the group posted a false advertisement to promote an online auction and sales websites, among which Craigslist and eBay. The ad promised its victims high-cost goods (typically vehicles) that did not exist.

As per the release, members of the scam would use stolen identities to promote and convince their victims to send money for the advertised items via “persuasive narratives”. For example, some of the ads had impersonated a military member in need of selling the advertised item before deployment.

The scammers also provided invoices with trademarks of reputable companies to their victims, making the transactions seem legit. The legal document also reveals that members of the conspiracy set up call centers, offering customer support. This way they would provide advice to client questions and “alleviate concerns over the advertisements”.

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Converting The Stolen Funds Into Crypto Assets

According to the official statement, once Iosiffov received the victims’ funds, he and his fellows would convert them into crypto assets and transfer them to off-shore money launderers.

As per the court documents, “since at least September 2015 to December 2018, the Bulgarian exchanged crypto assets into local fiat currency on behalf of his Romania-based partners in the scam, knowing that Bitcoin presented the proceeds of illegal activity.”

According to the court statement, in just two and a half years, Iossifov exchanged more than $4.9 million worth of Bitcoin for only four of the members of the criminal team.

A total of seventeen defendants have been convicted in the case. Three others are fugitives. Police departments in the U.S. and Romania have led the procedures on the case.

It’s worth noting that the US DOJ is becoming increasingly active in pursuing crypto-related fraud. As CryptoPotato reported earlier, it went after 280 cryptocurrency accounts related to hackers from North Korea.

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Source: https://cryptopotato.com/bulgarian-national-convicted-for-his-role-in-a-bitcoin-related-crypto-exchage-scam/

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Aave Governance is Now on Mainnet: Incoming 100:1 Token Split For LEND?

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The Aave Money Market DeFi protocol is now about to be more decentralized than ever. In an announcement published on its official blog on 25th September 2020, the team reported on the successful launch of the Aave Governance on the mainnet.

This means that users of the protocol will now be able to vote on critical decisions for the project’s future. As Aave explains, the governance implementation was active in the Kovan and Ropsten testnets, giving users the ability to experiment with how to participate in the voting process for various improvement proposals, known as AIP.

Bye LEND Welcome AAVE tokens: Aave’s First Proposal

Unlike testnet implementations, the effects of launching governance on the mainnet are now more formal and reflect the commitment of the development team to empowering the community. The first AIP for which users will be able to vote involves a token migration and the total supply reconversion.

Should the first AIP be approved, the LEND tokens will become AAVE tokens, and the total supply will drop by 100:1. While this may give the impression of less liquidity, the reality is that the value or market cap should, in theory, remain the same as the AAVE holdings in the owners’ wallets would also decrease proportionally.

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“The major benefits of the migration is that we activate the Safety Module, meaning that AAVE token holders can stake their AAVE and earn,” told us Aave CEO, Stani Kulechov.

These modules are created to secure the protocol and would be used to recapitalize the platform in case of a deficit.

Will exchanges support the Lend – Aave migration? According to Kulechov, “Major exchanges will support after the migration is complete; however, they will separately announce on the support.”

More Incentives for the Community

The Aave team also plans to put under consideration the possibility of including part of the fees within these Safety Modules. In this way, it is guaranteed that the security of the protocol increases with its usability.

stani
Kulechov, Aave CEO. Source: Twitter

“The SM will act as a recapitalization mechanism, so in the case of a shortfall event, your stake may be slashed up to 30% to cover the deficit. The idea behind “safety mining” is to reward community members who stake their AAVE to promote the safety of the protocol.

In addition to the Safety Incentives, users would have the opportunity to earn Ecosystem Incentives (EI) for supplying and borrowing assets from within the platform. They hope that the community will also be able to decide how to distribute specific incentives in the near future.

Aave is one of the longest-running DeFi protocols in the ecosystem. It allows users to lend and borrow certain assets, putting others as collateral. However, interests are automatically determined by supply and demand according to parameters coded within the protocol.

Besides, Aave became famous for allowing flash loans. This mode allows a person to take an unsecured loan on the condition that it is repaid before the next block is mined.

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Source: https://cryptopotato.com/aave-governance-is-now-on-mainnet-incoming-1001-token-split-for-lend/

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