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Ethereum [ETH]’s major factor is its application, says Pompliano

Priya

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Ethereum [ETH]'s major factor is its application, says Pompliano
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Anthony Pompliano, popularly known as Pomp, founder of Morgan Creek Digital, spoke about the what 2019 has in hold for Ethereum, during an interview with CNBC Crypto Trader. He also elucidated on how the blockchain would be opted by developers apart from Ethereum.

Anthony stated that the big factor around Ethereum, at present, is actual applications, adding that there were several projects built on top of it. He went on to that there were many ICOs that raised a lot of money claiming to build big things in 2017, stating that “two years later [current timeframe], we got to see some of these projects come to fruition”.

The founder further stated:



“What I’m really looking for is the adoption, right. Just releasing the product is step one, I think a lot of projects will actually get to that milestone but what I want to see is can we get you know a couple hundred thousand users on one of these or two of these applications and using this thing on a daily basis.”

Pomp added that this would be a “fantastic” milestone for Ethereum and would make a bold case for its potential in the future. This was followed with him speaking about whether 2019 is the year of next ‘Killer App’ on Ethereum. Here, Pomp stated that he does not “pretend” to know what the killer app is going to be, but does look at the applications users spend their time. He said:

“I think there’s a lot of developers that are building very interesting things but it’s just gonna come down to what does the data tell us is that killer app and I think it’s gonna be something that no one’s expecting. So I just don’t even try to try to guess.”

Pomp also elucidated on the chain developers would build on their dApps on, if the chain is not Ethereum. He stated that, in this scenario, it would be Bitcoin. He stated that a lot of application will move towards the most secure chain if there is “feature parity”. He said:

“So, if you can build smart contracts on Bitcoin just like you can on Ethereum, all that parity of features, functionality is really important. Now, that can happen through things like lightning through side chains you know liquid RSK I mean there’s all kinds of things that people are building […] I think Ethereum has got a place in the world in the future I think Bitcoin is going to be much much more important than people actually think today.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ethereum

Cryptopia hack: Stolen Ethereum, ERC20 tokens land up in ‘major cryptocurrency exchanges’

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Cryptopia hack: Stolen Ethereum and ERC20 makes a landing on cryptocurrency exchanges
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Exchange hacks have always been one of the major setbacks associated with the cryptocurrency space, with several renowned platforms falling victim to security breaches. Even Binance, one of the world’s largest cryptocurrency exchanges in terms of trade volume was no exception after the platform reported a loss of 7000 BTCs following a security breach. So far, one of the most controversial hacks of the year was the Cryptopia hack, a New Zealand-based exchange which lost almost all of its Ethereum holdings to hackers.

The platform, following a security breach in mid-January 2019, fell prey to another attack towards the end of the month. A report by blockchain analysis company, Elementus, revealed that the exchange lost around $16 million worth of ETH and ERC20 tokens to the first hack. Dentacoin, Oyster Pearl, DAPS, Lisk ML, Pillar, Mothership, Everus, Enjin Coin, Cappasity, LINA, and Bytom were among the coins stolen in huge amounts by the attacker.

Now, according to Coinfirm, most of the stolen coins were recorded to have landed in top exchanges. The tweet by AMLT Token and Network read,

“As the #CryptopiaHack story continues to unfold, almost all tokens landed on major exchanges while the #ETH still sits on a hackers address according to @Coinfirm_io coinfirm.com Below is @0xProject $ZRX @KyberNetwork $KNC @PowerLedger_io $powr going to exchanges”

The platform followed up this news with an update on the Ethereum coins stolen by the hacker. Coinfirm stated that 10 ETH out of the 30790 stolen coins were transferred to “major crypto exchanges”. However, the exchange did not provide any details of the exchanges these tokens were transferred to. The tweet read,

The cryptocurrency exchange had recently announced entering the liquidation phase because of the hack. The process, which would be taken care of by Grant Thornton, came across as a surprise to the platform’s customers as several were of the notion that everything was going well, despite the hack. This was mainly due to the exchange’s reassurance prior to re-opening its service to its customers. Additionally, the exchange never gave any heads-up before entering the liquidation process.



On the liquidation side, the exchange has made it clear that the investigation to check the amounts “owing and available to return to customers” would take months and that they would not be opening their platform for withdrawal services.

Seemee89, a Reddit user, commented,

“It’s easy to understand. Cryptopia can’t follow legal frameworks. Cryptopia pays hackers to hack exchange or they ‘hack’ themselves. Cryptopia closes the company and founders are swimming with dolphins on Fiji with Eth and Btc earned. So, this Eth is actually not hackers ownership but founder ownership, right?”





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