Ethereum [ETH]’s up and down movement on the cryptocurrency chart has caught the attention of a lot of users in the cryptosphere. The main point of focus has been Ethereum’s constant battle with XRP to claim the number two position on the cryptocurrency charts. One thing that has helped Ethereum in this quest is the recent price surge that has made it the biggest gainer among the top 10 cryptocurrency club.
At the time of writing, Ethereum was growing by 8.82% with a total market cap of $13.491 billion. Ethereum’s catchup game has been strong, with the market cap disparity between XRP at less than a billion dollars right now.
The cryptocurrency was trading for $129.25 with a 24-hour market volume of $2.712 billion. A majority of ETH’s trade volume was predominantly held by Bibox and LocalTrade. Bibox had control on $89.986 million worth of Ethereum trade while LocalTrade oversaw ETH trade worth $87.659 million.
Looking at the chart, Ethereum’s growth has been quite staggering, with the cryptocurrency shooting up vertically from the $118.54 mark. Post the jump, the coin has maintained a steady sideways movement to maintain its currently lifted support.
Some speculate that the price hike can be attributed to the much talked about Ethereum hard fork, Constantinople which is set to be launched in two days. The upgrade basically proposes the implementation of five Ethereum Improvement Protocols. The protocols are namely EIP 145, EIP 1014, EIP 1052, EIP 1283 and EIP 1234.
Ethereum was also in the news recently when it drew the ire of Google, the largest search engine on the planet, who banned all advertised connected to Ethereum. This event also forced a lot of people involved in the community to speak up, one of which was ThePlague who had said:
“Google has various political and economic agendas, and they are quite willing to use their various services to promote their preferences. AdSense and Youtube are notorious for this, but there have been some incidents regarding the play store as well. Despite their supposed corporate “do no evil” motto, they are more than willing to use their considerable power to choose winners and losers in social, political, and economic matters.”
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Ethereum [ETH]: ProgPow audit may not be completed before Istanbul
Programmatic Proof-of-Work [ProgPow] has undoubtedly been one of the most controversial upgrades of Ethereum. The algorithm that promises to ward off ASIC mining would probably not make it till after the Istanbul hardfork. A blog post titled ‘ProgPow Audit Delay Issue’ published by Hudson Jameson, a member of EF, stated that they encountered problems with ProgPow audit.
Hudson Jameson explained the situation,
“We had a hardware partner who specialized in ASICs who was going to work with Least Authority to perform the hardware parts of the audit. They are no longer participating in the audit so we are looking for other auditors for the hardware portion.”
Further, Jameson stated that there were “some good candidates” to fill in the position, however, it would “effectively delay” the start of the audit even further than what they had anticipated. This was the sole reason the team was uncertain whether the audit would be ready before the Istanbul hardfork.
Along with this, the member also spoke about the funding pertaining to ProgPow miner, where he remarked,
“On top of that I am not sure if anyone has sorted the funding situation in order to build an open source ProgPoW miner.”
Due to these problems, Hudson presented two options, first, delay “ProgPoW until the hardfork after Istanbul”, and second, let ProgPow have its own hardfork once the audit was completed. Hudson further stated that “this was not an ideal situation at all, but despite our best efforts, it is what we have before us”.
McDogger, a Redditor said,
“I personally would prefer a third option (stop with the audits, drop progpow and spend time/ money on Eth 1.x finality) but if I had to chose than it’s certainly option 1. Progpow […] doesn’t deserve it’s own – contentious, because it’s just one change and not many other improvements – hardfork.”
The initial announcement was made on Ethereum Cat Herders Update #9, where Pooja Ranjan, a EF member, stated that “logistical issues” were the reason for the delay of ProgPow audit, adding that the timeline for the start and end of the audit were not even decided yet.
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