In a recent interview, Joseph Lubin, the Co-Founder of Ethereum [ETH], spoke about the comparison between the internet surge of the 90s and the blockchain revolution that is going on right now. He also touched upon how Ethereum is planning to solve scalability issues and briefed users about the technologies used in the Ethereum network, mainly Casper and Sharding.
In a question about the proportion of similarities in the internet revolution vs blockchain revolution, Lubin stated that the growth of the blockchain revolution can be compared to a ‘Netflix moment’. He said that the internet was built on zero foundation while the blockchain and cryptocurrency industry had a strong foothold to grow on, crediting the World Wide Web in the process.
Lubin went ahead to say that the sheer pace at which the industry is growing is overwhelming and that the magnitude will only increase. The Co-Founder said that the main focus of the pioneers on the industry is to focus on building a trustworthy infrastructure and internet protocols that will introduce new paradigms into the system. He even added that blockchain technology might lead to the development of a world computer, where systems will interact with one another seamlessly.
Joseph further added that during the internet boom the user experience was more centralized, taking the example of AOL and its servers which were controlled by a single entity. He said that the future will see a massive paradigm shift that will make decentralization the norm.
When asked to describe Ethereum’s basic idea and Vitalik Buterin’s vision in a capsule form, Lubin stated:
“Most people tried to take up scalability and networking on the blockchain as adding a separate button on a calculator and letting users figure out how to use it. Vitalik’s idea was to add a computer to every single button on the calculator and open a vista of options.”
Furthermore, he stated that there were a lot of things in the Ethereum pipeline, with over 40 protocol engineers working on different aspects of the Foundation. This, according to him, ranges from working on a new base layer, a new Ethereum client, solving the scalability issue and creating the growth trajectory for Casper and Sharding. Casper was recommended by Buterin to set a hard cap on the coin at 120,204,432 which is exactly twice the amount sold in the original sale in 2014.
Sharding refers to the splitting of the entire state of the network into many partitions called ‘shards’. Each shard contains its own independent piece of state and transaction history. Since this system allows nodes to process transactions only for particular shards, the result is a higher amount of transactions being processed in the same amount of time.
Joseph Lubin also talked about the different layers of the network that are being worked on simultaneously. He said that the first layer of the network is the radically decentralized trust layer which will enable developers to build several protocols on it. This, he said, will be the first step on solving the rampant scalability issue prevalent in blockchain networks.
Ethereum [ETH/USD] Technical Analysis: Bull’s presence dims the market
After a mass massacre, the bear seems to have slowed down its rampage in the market as the cryptocurrencies have not witnessed a massive price movement. The most-affected coins in the market include Bitcoin [BTC], Litecoin [LTC], Monero [XMR], Cardano [ADA], and Ethereum [ETH].
According to CoinMarketCap, at press time, Ethereum is trading at $89.70 with a market cap of $9.3 billion. The cryptocurrency shows a trading volume of $1.53 billion and has plunged by more than 11% in the past seven days.
In the one-hour chart, the coin demonstrates a downtrend from $102.14 to $96.89. It also shows another fall from $89.99 to $88.45. The coin has an uptrend from $82.85 to $85.90, and a second one from $86.58 to $87.76. The immediate resistance is at $90.40 and the strong resistance at $97.38. The coin has set its immediate support ground at $85.88 and a strong support ground at $82.82.
Parabolic Sar is showing a bearish trend as the dots have aligned on top of the candlesticks
Chaikin Money Flow is demonstrating a bullish trend as the line is above the zero mark.
Bollinger Bands are forecasting a less volatile market for the coins as the bands have started to converge.
The one-day chart demonstrates that the coin has a downtrend from $466.01 to $208.77. It records another steep downwards trend from $208.77 to $89.09. The immediate resistance for the coin is at $122.28 and the strong resistance is set at $317.84. The support level is set at $86.87.
RSI is predicting a bearish move as the coin is currently oversold in the market.
MACD indicator has pictured the moving average line make a bullish crossover.
The same seems to the case with Klinger Oscillator as well, as the reading line has made a crossover only to take the upwards direction.
The bearish trend is predicted by the Parabolic SAR from the one-hour chart and the RSI from the one-day chart and the bullish trend is predicted by MACD and Klinger Oscillator from the one-day chart and the CMF from the one-hour chart.
Fidelity, Akuna Capital backed fundraising raises $4 million for crypto-to-USD lending startup BlockFi
Fidelity and Akuna Captial led fundraising raised a whopping $4 million for BlockFi, a startup, which is similar to the online lending industry in fiat, but for cryptocurrencies. The company plans to start debit and credit products for crypto-assets in the market.
BlockFi has been the talk of the week, as major Wall Street players like Fidelity, Akuna Capital, Mike Novogratz’s Galaxy digital, and even Anthony Pompliano’s Morgan Creek Digital are backing the startup.
The recent round of funding that raised $4 million was led by Akuna Capital, with participation from CMT Digital, Susquehanna Government Products, LLLP, Recruit Strategic Partners, Galaxy Digital Ventures, Morgan Creek Digital and Devonshire Investors, the private equity group affiliated with FMR LLC, the parent company of Fidelity Investments.
The latest round was preceded by two other rounds, the first being the ConsenSys Ventures, SoFi and Kenetic Capital round that raised $1.55 million, and the second round led by Galaxy Digital, which raised $52.5 million.
BlockFi is the only firm which offers individuals and companies, loans using cryptocurrencies as collateral. Currently, the company offers services in 42 US states and plans to extend its services worldwide.
Speaking to Anthony Pompliano, Zac Price, the CEO of BlockFi, explained why he decided to start a lending industry for cryptocurrencies:
“For all the same reasons why the online lending industry was successful, there are areas in the lending industry that the banks are not participating. I thought that the crypto-ecosystem was going to need debt and credit products, just like every other asset class, and banks were not going to do that.”
Toby Allen, the head of digital assets at Akuna Capital, added:
“The BlockFi team is providing a critical piece of financial services infrastructure in the crypto space. Companies like BlockFi are representative of the high-quality development that will facilitate continued consumer adoption.”
Zac Prince, CEO of BlockFi, said:
“We’re thrilled to have such a strategic group of investors supporting our efforts to bring low-cost credit to crypto market participants. Our pragmatic approach to fundraising and team building has enabled us to continue growing through negative market conditions.”
Anthony Pompliano, the founder and partner at Morgan Creek Digital, tweeted on December 12 and revealed that firm had also invested in BlockFi.
A Twitter user Gregg commented:
“I just want a cc that pays BTC as a reward”
Mark W. Yusko, a partner at Morgan Creek Digital, replied:
“Actually a Great Idea….”
Another Twitter user Cryptomanager replied:
“I second that! I have a massive points on Citi, I wish it can be converted to any cryptocurrency”
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