Connect with us

Altcoins

Ethereum Classic [ETC] proposes to set the limits on DAG, averting mining difficulties

Joel Mathew

Published

on

Ethereum Classic [ETC] proposes to set the limits on DAG, averting mining difficulties
Source: Pixabay

Ethereum Classic claims that DAG has become a negative factor in the field of crypto-mining and on a long-term the security will be compromised. Ethereum Classic has put forth the issue on an open forum, ECIP: Ethereum Classic Improvement Proposal. The purpose for the ECIP was to set up restrictions on the size of the DAG and to inhibit its vast and rapid growth.

Directed Acyclic Graph – DAG’s working mechanism is different from blockchains. It does not require PoW- Proof of Work from miners on each and every transaction unlike other blockchains instead gets around this process of blocks. These DAG transactions are interwoven, making one transaction acting as a confirmation for the next and so on. It’s reported that DAG was originally purposed to provide resistance to ASIC from mining protocols and augment decentralization of mining distributors, generating an unbiased distribution of tokens.

ASIC – Application Specific Integrated Circuit is a computer specialized towards a specific use such as a circuit designed to execute digital voice recording or a high-efficiency Bitcoin mining, rather than proposed for public use. However, recently DAG has failed at its true functionality and now just inhibits wider investments in ASICs.

Dev commented:

“Cyclic DAG size oscillations, instead of constant bloat is interesting. I appreciate this. The only function and purpose of DAG was to make mining memory-hard and hamper ASIC development”

Cody Burns commented:

“It seems as if the DAG is more or less a secondary bomb. It was generated to make Asics’ mining difficult, but it wasn’t controlled. If it keeps growing at this rate it will make mining only available to those who can afford high dollar cards with high processors. Eventually will have the same effect as Asics, centralizing the mining power to a few.

Mikey B at the forum commented:

“My suggestion is to stop the DAG growth and keep a high number to prevent Asics but simultaneously low enough to keep everyone equal.  The main agenda should be on creating ‘DAG controlling committee’ or something that reviews the GPU market and makes recommendations every time a system upgraded.”

A Twitterati Victor Martine Replied to ETC:

“I think it’s a great idea, this will revenue many more people a good currency like ETC with their home hardware again, a true decentralized idea.”



Follow us on Telegram | Twitter | Facebook



Joel Mathew is a full-time creative content writer for AMB Crypto. He's an English honors graduate from Christ University. He's skilled in research analyses and produces valuable content in the field of blockchain and cryptocurrency.

Altcoins

Litecoin [LTC] Technical Analysis: Bearish market ensues as sideways movement persists

Namrata Shukla

Published

on

Litecoin [LTC] Technical Analysis: Bearish market ensues as sideways movement continues
Source: Pixabay

Litecoin [LTC], the ninth-largest coin on the CoinMarketCap list, has been under the attack of the bear for the past few weeks. With the market being constantly attacked by the bear, the coins don’t seem to have a safe haven.

According to CoinMarketCap, the coin was trading at $24.41 with a market cap $1.45 billion. The coin registered a 24-hour trade volume of $388 million, however, the coin plunged by 1.19% over the past seven days.

1-hour

Source: Trading view

Source: Trading view

According to the one-hour chart, the coin registered a downtrend from $31.68 to $23.69. The coin also noted a minimal uptrend from $23.30 to $25.14. There was an immediate resistance provided at $24.24 and a support at $22.77, which increased by $22.96.

Awesome Oscillator indicates a bullish market, but with a fading momentum.

MACD line is seen over the signal line, marking a bullish market.

Relative Strength Index indicates that the buying and selling pressure are evening each other out.

1-day

Source: Trading view

Source: Trading view

The one-day chart of the coin indicated a downtrend from $82.22 to $55.88 which further extends to $33.34. However, no significant uptrend was noticed. There was a strong resistance seen at $55.88 and a strong support was provided at $23.91.

Bollinger Bands appear to diverge, meaning the price volatility will increase. The moving average line appears to be above the candlesticks, indicating a bearish market.

Parabolic SAR too, marks a bearish market as the marker lines are above the candles.

Chaikin Money Flow is in line with other indicators in pointing towards a bearish trend.

Conclusion

According to indicators Bollinger bands and CMF, the bear has a firm hold on the market. However, with the constant rise and falls in the market, this could change anytime.

Continue Reading

Altcoins

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

Published

on

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
Source: Unsplash

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

Continue Reading

Trending