Category: Ethereum

Analyst Predicts Imminent Record High for Ethereum, Says One Red-Hot Altcoin Looks ‘Absolutely Insane’

Analyst Predicts Imminent Record High for Ethereum, Says One Red-Hot Altcoin Looks ‘Absolutely Insane’

A popular crypto strategist and trader predicts Ethereum will print a new all-time high in the short term and that one explosive altcoin will likely continue its bullish trend.
The pseudonymous crypto analyst Kaleo tells his 411,000 Twitter followers that leading smart contract platform Ethereum (ETH) is gearing up to take out its last line of resistance in an effort to record a fresh all-time high.
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TA: Ethereum Gearing For Another Lift-Off If It Clears This Level

TA: Ethereum Gearing For Another Lift-Off If It Clears This Level

Ethereum extended its decline below $4,100 and spiked below $4,000 against the US Dollar. ETH is recovering, but it must break $4,175 before there was a fresh increase.

Ethereum corrected lower below the $4,200 and $4,175 support levels.
The price is now trading above $4,050 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $4,000 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it clears the $4,200 and $4,175 support levels.

Ethereum Price Could Rally
Ethereum started a downside correction from the $4,000 resistance zone. ETH traded below the $4,200 support zone and the 100 hourly simple moving average.
Ether price even traded below the $4,000 support zone. A low was formed near $3,964 before there was a recovery wave. There was a break above the $4,050 level and the 100 hourly simple moving average.
The price climbed above $4,100, but it is facing resistance near the $4,175 and $4,200 levels. A high is formed near $4,155 and the price is now consolidating. An immediate support is near the $4,100 level. The stated level is near the 23.6% Fib retracement level of the upward move from the $3,964 swing low to $4,155 high.

Source: ETHUSD on TradingView.com
There is also a key bullish trend line forming with support near $4,000 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,175 level. The next major resistance is near the $4,200 level, above which the price might start a fresh rally. In the stated case, the price might rise towards the $4,250 level. Any more gains could lead the price towards the $4,320 level.
Dips Supported in ETH?
If ethereum fails to continue higher above the $4,175 and $4,200 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,080 level.
The first key support is now forming near the $4,050 level. It is close to the 50% Fib retracement level of the upward move from the $3,964 swing low to $4,155 high. The main support is near the $4,000 level. Any more downsides could lead the price towards the $3,920 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $4,000
Major Resistance Level – $4,200

Reddit Seeks Senior Engineer for Platform That Features ‘NFT-Backed Digital Goods’

Reddit Seeks Senior Engineer for Platform That Features ‘NFT-Backed Digital Goods’

On Friday, American social news aggregation and discussion website, Reddit published a job listing seeking a senior backend engineer for a non-fungible token (NFT) platform. As part of Reddit’s development team, the new hire would help “design, build and ship backend services for millions of users to create, buy, sell and use NFT-backed digital goods.”
Reddit’s Job Application Is Looking for a Senior Engineer for a Possible NFT Platform
Reddit seems to be in the midst of creating a non-fungible token (NFT) feature on its platform and from a recent job description it seems to be a marketplace. Reddit is seeking a “senior backend engineer” for its “NFT platform,” the recently added job listing explains.
Reddit has already dipped its feet into cryptocurrency solutions and blockchain technology by leveraging Ethereum and Arbitrum. The job listing for a new engineer dedicated to NFT technology has a different focus than the firm’s community points system.
“If there is one thing we’ve noticed with NFTs, they too have an incredible power to create a sense of participation and belonging,” Reddit’s job post details. “With every new NFT project, a vibrant community of owners pops up with it. Fans of today’s biggest creators and brands are now flocking to buy digital goods directly from them — to support them, to gain exclusive access, and to feel a greater sense of connection with them.”
The company’s job listing adds:
Over time, we believe this will only grow, and NFTs will play a central role in how fans support their favorite creators and communities.

Reddit: ‘Experience With Crypto / NFTs / Go Not Required’
While the job description has multiple requirements like over five years of backend development experience, experience with cryptocurrencies, NFTs and the programming language Go is “not required.”
The backend, however, definitely will be dedicated to non-fungible token (NFT) services. The new senior backend engineer for the NFT platform will “design, build and ship backend services for millions of users to create, buy, sell and use NFT-backed digital goods,” Reddit’s listing notes.
Furthermore, the Reddit job listing explains that the company is accommodating in regards to the pandemic and the job can be done from a remote location.
What do you think about Reddit seeking an engineer dedicated to its NFT platform? Let us know what you think about this subject in the comments section below.

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Arbitrum, Blockchain, community points, Cryptocurrencies, Ethereum, job listing, nft, nft platform, NFT-backed digital goods, NFTs, Non-fungible Token, Non-fungible tokens, Reddit, Reddit job listing, senior backend engineer

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Paris Hilton to Perform on the Metaverse

Paris Hilton to Perform on the Metaverse

The Decentraland Metaverse Festival has entered its final day with a performance by Paris Hilton and a secret guest to close it off at 12AM UTC, about midnight in London and 8PM in New York.

The three days of the festival so far have been eventful as the millennial generation and zoomers contemplate the relationship between digital and real life.

Often the metaverse appears to be somewhere in between, with the live performances in a lit concert environment giving that feeling of exclusivity and of being there more than a 2d display.

The presence of others also gives you more to do, including finding someone to dance with, or to see what someone is wearing, or indeed what they are doing.

You can also feel the intensity, when a song heats up, as the avatars – the individuals behind the phones or computers that make them move – go in a frenzy of sorts.

In your early 20s, however, you’d much rather go to an actual concert, but in your 30s, it might be a ‘quieter’ replacement than the smashed out of your head teen days.

Yet they have their place, but what might be interesting is that this too might have its place, that this new medium is different and as with all things, has its pluses and its minuses and more importantly, has irreplaceable qualities that make it different and give it those pluses and minuses.

One big plus is that there is pretty much no cost, except for skill and effort, for an indie band to put up a performance. Another one mentioned is that it is the closest experience to being there out of any medium, including TV. A third one is its digitally native nature, giving it coding capabilities which have just began being explored.

It’s early days so one minus is technical hiccups, like the voice might cut off especially if there are many people attending, something that will gradually be addressed.

Otherwise, it’s a new and different experience with it clearly having much potential as a new experiment seemingly begins at this dawn of digitally native art.

An experiment that continues with Paris Hilton’s performance later today, who apparently is to appear in an avatar. We have to wait and see whether the performance is in the video or in the metaverse itself. The latter would be a first so far.

Crypto Analyst Predicts Timeline for Huge Ethereum Rally, Plots Targets for Polkadot and FTT

Crypto Analyst Predicts Timeline for Huge Ethereum Rally, Plots Targets for Polkadot and FTT

A widely followed crypto strategist and trader is predicting the time horizon for a huge Ethereum rally as he maps out the price targets for Polkadot (DOT) and FTX Token (FTT).
The trader, known in the industry as Altcoin Sherpa, tells his 136,600 followers that he’s keeping a close eye on Ethereum against Bitcoin (ETH/BTC) as he expects the pair to rally in the coming months.
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Macro Guru Raoul Pal Says There’s a 70% Chance Bitcoin and Ethereum Hit This ‘Shoo-In’ Price

Macro Guru Raoul Pal Says There’s a 70% Chance Bitcoin and Ethereum Hit This ‘Shoo-In’ Price

Real Vision CEO and macro investor Raoul Pal is predicting that Bitcoin could more than triple in value from the current price, while Ethereum could nearly quadruple.
Pal tells his 695,100 Twitters followers that there’s more than a 70% probability of Bitcoin hitting $200,000 and Ethereum reaching $20,000.
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Which blockchain is the most decentralized? Experts answer

Which blockchain is the most decentralized? Experts answer

Mance is the co-founder and CEO of Hedera Hashgraph, a next-generation distributed ledger technology that claims to possess higher speeds and security guarantees than existing blockchain solutions. “When we talk about decentralization, I think it’s very important to be specific about what we mean. When talking about layer-one protocols, precisely what is being measured when we talk about decentralization? Two separate categories of decentralization are important: 1) governance and 2) transaction ordering. First, governance: How many different entities (people or organizations) are involved in making decisions on the product roadmap, pricing of services, payments of rewards and other governance-related decisions? Are these entities all known by name, or can they be anonymous? If they can be anonymous, then there is no way to truly determine how decentralized the governance is because the same anonymous actor may pretend to be multiple different entities. Is there an opportunity for consolidation of voting rights? For example, if voting rights are associated with a governance token, then a single actor can increase their influence by buying or earning additional tokens, which leads to the consolidation of rights and increased centralization. The Hedera Governing Council model is exceptional among public ledgers. It consists of up to 39 term-limited organizations, chosen to represent a broad range of industries, with member headquarters around the globe, running nodes on six different continents. The council members are all publicly disclosed, minutes of the council meetings are published (and hashed on Hedera using the Hedera Consensus Service (HCS)), and each member has a single vote to ensure fairness, stability and truly decentralized decision-making. Even the LLC member agreement that companies must sign to join the council is public and hashed on HCS. This model lies in stark contrast to protocols that are governed by a small group of core developers or a single foundation. Next, decentralization of transaction ordering: What is the minimum number of entities required to dictate the order of transactions in the network? For example, with Bitcoin, just a handful of mining organizations (often five or fewer) control more than 50% of the hashing power of the network, which is enough to dictate the ordering of transactions. (As of this writing, just three mining pools control 47% of Bitcoin’s hashing power, and just two mining pools control almost 48% of Ethereum’s hashing power). Also, if a network allows anonymous node operators, then it is impossible to know to what degree any given entity controls the hashing power of the network. Phase 1 of the Hedera network requires more than two-thirds of its council members to agree on the ordering of transactions, and each council member currently has equal weight in their vote. Because every council member is publicly known by name, we can say for certain that transaction ordering is decentralized. This is already more decentralized than Bitcoin and Ethereum. Phase 2 will add publicly identifiable community nodes, and only after there is a very high degree of certainty that consolidation of stake is unlikely will anonymous nodes be added to the network. The Hedera network, both in its governance model and in the technical ordering of transactions, was designed from the ground up to embody the ideals of sustainable decentralization.”

Sharp Bitcoin Pullback Not Over, Predicts Crypto Analyst Michaël van de Poppe – Here’s How Low BTC May Go

Sharp Bitcoin Pullback Not Over, Predicts Crypto Analyst Michaël van de Poppe – Here’s How Low BTC May Go

Closely followed crypto analyst and trader Michaël van de Poppe is saying that the current Bitcoin correction is likely not yet over.
In a new strategy session, Van de Poppe tells his 136,000 YouTube subscribers that BTC could drop further before the leading crypto asset can show signs of recovery.
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Binance Smart Chain Devs Propose Ethereum-Like Gas Fee Burning Mechanism

Binance Smart Chain Devs Propose Ethereum-Like Gas Fee Burning Mechanism

Developers of the Binance Smart Chain, the Binance-backed decentralized blockchain platform, have proposed applying a mechanism to burn BNB tokens based on the utilization of the network. According to the proposal, this would benefit both validators and holders due to the increase in value that the token would experience thanks to token burns. The proposal, called Binance Evolution Protocol 95 (or BEP-95), bears a striking resemblance to EIP-1559, an already implemented Ethereum proposal that also burns fees.
Binance Smart Chain Could Burn Gas Fees
Binance Smart Chain, the decentralized blockchain backed by Binance, could be implementing a gas-burning mechanism in the near future. Developers of the chain unveiled a proposal that points in that direction. The proposal, called BEP-95, would burn some of the fees that users spend to make transactions or to interact with smart contracts on the network.
Normally these fees would go to validators as rewards for securing the network. But with BEP-95, 10% of these funds would be burned depending on network activity. This percentage is subject to change, and members can change this number via community vote. According to the proposal, the goal of this new implementation would be to “speed up the BNB burning process and improve its intrinsic value by burning a portion of gas fees.”

Chasing Sustainability
Binance Smart Chain developers could be betting on this change to make BNB more sustainable. Currently, Binance conducts BNB burns that are announced on a regular basis. But the exchange only agreed to burn 100 million BNB tokens. After this number is reached, no more burns will be conducted by the exchange.
By changing the economic policy of the network, developers aim to ensure that the currency remains competitive, decreasing the amount of BNB in the market and making it more scarce. This move seems to be mimicking the proposal that Ethereum approved earlier this year, called EIP-1559, that also implemented burning a part of the fees that would normally go to miners. This new economic proposal seems to have contributed to the price growth that Ethereum has experienced since its approval.
BNB and Ethereum don’t have a max supply, so there is a common interest in keeping the issuance and supply in check to maintain price stability. The proposal is still in its initial stages, and could change before being implemented on the BSC blockchain.
What do you think about Binance Smart Chain devs proposing to burn BNB coming from gas fees? Tell us in the comments section below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Five Altcoins Set To Surge As Crypto Markets Heat Up, According to Popular Crypto Trader

Five Altcoins Set To Surge As Crypto Markets Heat Up, According to Popular Crypto Trader

A widely followed crypto analyst is bullish on five altcoins following Bitcoin’s (BTC) big push to fresh all-time highs.
The pseudonymous trader known as Credible Crypto tells his 251,200 Twitter followers that whales appear to be accumulating Convex Finance, whose CVX token powers the Curve Finance decentralized exchange (DEX).
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