In a recent interview on Crypto Trader, crypto-influencer, Ran Neu-Ner spoke to Moshe Hogeg the CEO of Sirin Labs, Daniel Peled the CEO of Orbs, Yoni Assia Founder and CEO of eToro, and Yaniv Feldman the CEO of One Alpha about the chances of Ethereum in the wake of an ICO bust.
Giving a brief overview of the situation of ICO fundings in the month of August, Ran Neu-Ner stated that the funding has gained an uptick after reaching over $500 million from the July low of $417 million.
Neu-Ner said that the funding has seen an overall rise. The figures in August reveal that $100 million was raised for the hash graph and a $54 million for the tZero raise.
The current markets have sent the Bitcoin dominance over 53% raising concerns about the long-term viability of the Ethereum network which is the primary platform for raising money for ICOs, he explained.
On being questioned if the utility token market was dead, Moshe Hogeg stated that the market is not dead. In his opinion, the ICOs raised a lot of money, but due to the need for these projects to pay salaries to their employees, they convert the Ethereum back into fiat currency. He further added:
“Actually supporting the industry, but fighting it at the same time, without understanding. But, this is what happens, the market started to go down a lot of people lost a lot of money.”
However, the CEO of Sirin Labs feels that it is the right time for investors to join the market because of the value the ICOs created in the last deal.
Ran stated that Sirin Labs has raised a lot of money mainly in Bitcoin [BTC] and Ethereum [ETH] but has got advertising costs and development costs in U.S Dollars. When asked if the Sirin Labs was releasing ETH into the market at a value of $250, Moshe nodded in agreement.
Hogeg confessed that they were in a way responsible for pushing the process down. He said:
“We need to pay salaries, we need to pay suppliers. But, this money doesn’t go out of the market It goes back into the market by creating value.”
Additionally, Moshe stated that after the launch of their farm in the next three months, all the converted fiat will come back into their token. Despite having only 20-30% of their money left after they joined the race, Moshe stated that they sold some of it during the year, also adding that those who did not, lost a lot of money.
According to Daniel Peled, there exists a negligible amount of utility tokens in the market, this year. He explains that the immature infrastructure layer is to be blamed for the same. He pointed out that the utility tokens had a lot of hype at the beginning of 2018. In 2019, the primary focus would be to build a third generation blockchain on top of Layer 1 and 2 to solve problems like scalability, governance, and privacy, he said.
Yaniv explained that the Ethereum blockchain has fundamental problems in the way it uses ETH as gas, but does not specifically signal the end of utilities.
The CEO of eToro revealed that he is bullish on Ethereum. According to him, it is the most used smart contract platform. Moshe and Daniel, both believe that in the next five years or so the Ethereum blockchain will have a lot of dApps built on them and it will have at least a minimum of 10,000 daily users on them and are even willing to take up a bet against Jimmy Song on the same, they stated.
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Ethereum 2.0 migration is similar to a hard fork says, Blockstream’s Samson Mow
Ethereum 2.0 project was designed to solve the scalability and consensus problems as Vitalik Buterin , the co-founder of Ethereum said. The much-anticipated rollout features revamp in terms of security, scalability, and decentralization which could not be introduced by means of a hard fork in the existing Ethereum network. According to Samson Mow, the Chief Strategy Officer of Blockstream, “migration of one chain to another, in the case of Ethereum 2.0, is similar to a hard fork”.
In the latest edition of Magical Crypto Friends, hosted by Whale Panda, a prominent figure in the crypto space, took a jibe at the network and stated that Ethereum is basically “dumping Ethereum 1 for Ethereum 2” which would require jumping from one chain to another and “starting from scratch”, and subsequently crop up issues of “potential bugs” on the network.
Responding to which, Mow said,
“You have to expect that everyone is going to give up their old Ethereum or you find a way to migrate it to the new chain. [..] you’re still expecting everyone’s going to migrate right if people don’t migrate then technically you would have the legacy chain alive “
Mow went on draw parallels to the upcoming Ethereum 2.0’s Beacon chain. According to the CSO of the Bitcoin startup firm, the Beacon chain, which is the central blockchain that is responsible for coordinating other Ethereum blockchains, is “similar to Bitcoin main chain”. He further compared the Ethereum’s “shards” to that of Bitcoin’s “side chains”. Following the comparison, Riccardo Spagni, aka Fluffy Pony ridiculed,
“so maybe the dream is to take existing stuff that someone invaded for Bitcoin, rename it, and then that’s how you make it real”
Mow, who is a Bitcoin bull, had earlier singled out Ethereum and said that the blockchain has “no future”.
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