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Ethereum [ETH] Constantinople hard fork deferred; DoS attack vector blamed

Anvita M V

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Ethereum [ETH] Constantinople hard fork deferred; DoS attack vector blamed
Source: Unsplash

On October 5th, the core developer of Ethereum, Péter Szilágyi announced that the plan to launch the upcoming hard fork, Constantinople on the Ropsten Testnet has been delayed.

Péter Szilágyi explained that the decision comes collectively from the Ethereum community. The core developer stated that the main reason behind the delay was an encountered Ethereum Virtual machine [EVM] Denial of Service [DoS] attack vector. Szilágyi stated that the delay will allow clients to implement, test and release an update on the CREATE2 Ethereum Improvement Protocol [EIP], to counter the DoS attack vector.

Earlier, on 15th September, another member of the Ethereum community, Eric Conner announced that the Constantinople hard fork will hit the Ropsten Testnet on October 9th. Conner also stated that once the hard fork hits the Testnet, it will be implemented on the main chain soon after the Ethereum Devcon 4 event, held from 30th October to November 2nd.

According to Szilágyi’s recent tweet, the Testnet launch has been pushed by 1 epoch to block  #4230000, resulting in a delay of 5 days. The developers, however, have not commented on whether the delay in launching Constantinople on the Ropsten Testnet will push the dates for the main launch of the Ethereum hard fork.

The Constantinople hard fork was first announced in July this year, during a developer and stakeholder meeting that addressed the issues in the blockchain and cryptocurrency space with a focus on further upgrades.

The development team stated that the hard fork was being created to signal a new era of blockchain network usage. The community also claimed that Constantinople will see a cost-effective Mainnet and will be more efficient to use.

Cryptohulk, a Twitterati and cryptocurrency enthusiast said:

“Delay means problems $ETH

Responding to the Twitterati’s comment, the core developer Szilágyi assured that they were taking time because they did not want to “break the Testnet.”

Afri Schoedon, another Twitterati and blockchain minimalist commented:

“Perfect. 4230000 was my favourite block choice anyways.”

The Constantinople will be the second in the series of upgrades, the first being the Byzantine hard fork that took off in October last year. It went live at block #4,370000 and includes nine Ethereum Improvement Protocols.



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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

Analysis

Ethereum [ETH/USD] Technical Analysis: Trend reversal expected as bull attempts to overpower bear

Priyamvada Singh

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Ethereum [ETH/USD] Technical Analysis: Trend reversal expected as bull attempts to overpower bear
Source: Pixabay

As the bear rule moves ahead in its journey in the cryptocurrency market, Ethereum [ETH], like its fellow mates, also dipped in red. At press time, the token slumped by 3.25% wherein it was trading at $89 with a market cap of $9.24 billion. The 24-hour trading volume was calculated at $1.72 billion.

1-hour

ETH 1-hour candlesticks | Source: tradingview

ETH 1-hour candlesticks | Source: tradingview

In this scenario of Ether candlesticks, the downtrend is stretching from $96.8 to $87.3 whereas the support level is set at $82.8. As of now, a possibility of trend breakout in the price is not apparent due to the absence of price-concentration.

The Parabolic SAR is clearly bullish on the cryptocurrency. This is visible as the dots have assembled themselves below the candlesticks to depict support for the price trend from falling.

The Aroon indicator is neutral on the matter as the green trend is also crashing, following the downtrend. However, the uptrend is still relatively stronger than the downtrend on the graph.

The MACD has made a bullish crossover to side with the bull. To confirm the stance, the reading line is traveling above the signal and moving gradually upwards.

1-day

ETH 1-day candlesticks | Source: tradingview

ETH 1-day candlesticks | Source: tradingview

In the one-day chart. it can be observed that the token has been devalued multiple times since July. The first downtrend is extending from $466 to $210 whereas the second one is ranging from $209 all the way down to $93. Here, the long-term support is set at $183, after which, the coin breached multiple supports and continues to do so.

The Bollinger Bands have contracted from its previous stance of high volatility. The bands are following a tunnel-pattern, still giving a fair amount of space for the market to fluctuate.

The RSI has been running in the oversold zone for almost a month now. A trend reversal is expected anytime. However, the indicator is bearish on Ether at present.

The Klinger Oscillator is bullish on the cryptocurrency as the reading line made a positive crossover by the signal. It is headed upwards in favor of the bull rule.

Conclusion

In the technical analysis, the majority of indicators are bullish on Ethereum and indicative of a trend reversal as ETH continues to swim in red. A certain degree of volatility is expected in the market as suggested by the Bollinger Bands.

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Bitcoin

Winklevoss Twins launch new app; say they are “at home” with the crypto-winter

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Winklevoss Twins launch new app; say they are "at home" with the crypto-winter
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Even though the cryptocurrency market has been brutal and tough, the well-known Winklevoss twins think otherwise with their new application which allows users to buy Bitcoin [BTC] and other virtual currencies.

Earlier today, Cameron Winklevoss published a blog in which he talks about the new app which is up and running on Google Play and App Store. The app allows purchase of Gemini’s five cryptocurrencies. The app also includes Know-Your-Customer [KYC] with facial scanning and other biometric proofs in order to comply with the AML laws and avoid money laundering.

Tyler and Cameron Winklevoss are very bullish on the future of Bitcoin and instead of HODLing and waiting for a bull run, they said that they were working on making the ecosystem better. They also added that they had recently employed new Park Avenue offices.

The mobile comes as a new way to face the crypto-verse after getting their ETFs rejected by the U.S. Securities and Exchange Commission [SEC] multiple times.

The twins said that they were right at home with the crypto-winter and Cameron added that “We can weather this downturn”.

Apart from the mobile app, the twins have also launched an investment fund in the mobile app that consists of multiple cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Zcash [ZEC], and Bitcoin Cash [BCH].

All of the above-mentioned cryptocurrencies are added to their listings only after a thorough approval from the New York Department of Financial Services [NYDFS].

Cameron said:

“For many years when we were building Gemini, price wasn’t a thing. Bitcoin was a $200 coin. Then, last year is actually an anomaly, and almost, you could argue, a distraction.”

Unlike Coinbase’s or Kraken’s mobile apps, Gemini has been targeting institutional investors by building financial infrastructures.

The decision by the twins comes in the bear market that has sliced off a large chunk of the market cap from most of the cryptocurrencies.

Bitcoin, the largest cryptocurrencies has witnessed a collapse of 82% since its all-time high and the market cap of all the cryptocurrencies which was $200 billion short of reaching $1 trillion dollar mark. However, the brutal bear market of 2018 has caused the overall market cap to slide down to a mere $107.84 billion.

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