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Ethereum [ETH] takes another step towards Serenity with new Testnet update

Ethereum [eth] takes another step towards serenity with new testnet update

Ethereum [ETH] takes another step towards Serenity with new Testnet update

On March 29, 2019, Raul Jordan, an Ethereum 2.0 co-lead at Prysmatic Labs, announced that Ethereum 2.0 Phase 0 Testnet would be released soon. The announcement, made through a blog post titled ‘Ethereum 2.o Serenity Testnet update – Closer than Ever,’ represents the second stage of Prysmatic Labs’ roadmap, the Sapphire, the developer said.

The blog post read,

“Our plan is to release a public, single-client testnet for Phase 0 of the Ethereum 2.0 roadmap. We are currently targeting the v0.4 release of the official specification […]”

It further stated the main agenda of this testnet was to ensure that there was a network that was resilient to forks and validator inactivity, while also enabling new validators who want to participate in the PoS consensus to join the network, in accordance to its rules.

Phase 0 Testnet also instructs Ethereum coin holders on how to stake and deposit their coins to become validators of Ethereum 2.0. Additionally, the team will deploy “Validator Deposit Contract” on Goerli Testnet, the new Testnet of Ethereum, for the same.

The blog further stated,

“Users can deposit 3.2 Goerli testnet ETH into this contract with their Ethereum 2.0 private key credentials, run a Prysm node, and then be queued into becoming an active, proof-of-stake validator in the network. Deposits are one-way, that is, the test ETH cannot be sent back to the Ethereum 1.0 Goerli testnet chain.”

The blog post also stated that each validator would be rewarded or penalized based on their behavior on the network, adding that the protocol “favors liveness”. This entails that the “chain can continue” even if a large portion of validators is offline. However, this would lead to the funds of these offline validators being penalized, thereby resulting in capital loss.

Purpose of the testnet | source: prysmatic labs

Purpose of the Testnet | Source: Prysmatic Labs

Raul Jordan added,

“Our testnet will be a gradually evolving project that we hope the community uses as an opportunity to test how Ethereum 2.0’s beacon chain fares in practice out in the wild. We will include a monitoring portal for our cloud cluster anyone can see to inspect the health of the network […]”

The post Ethereum [ETH] takes another step towards Serenity with new Testnet update appeared first on AMBCrypto.

Published at Sun, 31 Mar 2019 22:40:39 +0000

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Is Ripple Price Being Fueled by Confused Investors?

Riding the wave of recent positive news for Ripple, the XRP token is roaring with a 200% price surge over the weekend as the cryptocurrency market is reaching higher highs. But is Ripple for real or is it being fueled by confusion among new investors? 

Is Ripple For Real?

Jokes were abound this weekend as the cryptocurrency industry embraced April Fool’s Day in usual fashion. Meanwhile, Ripple experienced a serious surge with its market cap soaring from $360,000 USD to over $2.3 billion.

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The price of Ripple XRP token experienced a whopping seven-fold increase in the past few days, and easily outperformed recent stalwarts such as Dash, Monero and the SegWit hopeful Litecoin in the past week. Even bitcoin, which managed to break the $1,100 barrier on news of becoming a legal form of payment in Japan, could not match yesterday’s 200% rise. 

The rise comes amid news of Bank of Tokyo-Mitsubishi UFJ recently joining Ripple’s Interbank Group for Global Payments Based on Distributed Financial Technology.

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“We are pleased to join Ripple’s Global Payments Steering Group,” said Hirofumi Aihara, General Manager, MUFG Digital Innovation Division. “…Collaborating with other members of GPSG, MUFG will contribute to the creation of standards for Ripple’s network.”

Ripple is positioning itself as a cheaper payment network, particularly for large banks and enterprises, with a much higher throughput compared to bitcoin. CEO Brad Garlinghouse explained that Ripple could rival traditional systems such as Visa with nearly 70K transactions in just 3.7 seconds and at a lower cost than bitcoin.

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However, the token might be setting up for a reality check as some believe the price surge has been fueled by a “misunderstanding.” Critics on Bitcointalk.org reacted to the meteoric rise, pointing out that Ripple, the company, is not the same as the XRP token and its Ripple Consensus ledger.

According to Ripple, its Global Payments Steering Group (GSPG) is where “leading banks are working with Ripple to reduce the time and cost of settlement, while also enabling new types of high-volume, low-value global transactions.”

By coming together to form the GSPG, these banks are laying the foundation for a new payments network, underpinned by Ripple’s solutions and supported by rules and governance for global settlement.

In other words, new demand for the XRP token could merely be speculative at this point as banks would be able to bypass transactions on the Ripple Consensus Ledger with their own Ripple-inspired platforms.

The commentator also noted:

Check the volumes, [Poloniex] currently stands for $150M+ volume, RCL only 20. What now is happening is a pump, driven by people misunderstanding the news.

The Rise and Rise of Cryptocurrencies

Overall, April is getting off to a hot start for cryptocurrencies as the total market capitalization is now a record $27 billion. It has been on an uptrend, particularly accelerating as of late following the rejection of the COIN bitcoin ETF in mid-March.

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Though Bitcoin price has remained relatively stable oscillating between $900 and $1,200 amid scaling uncertainty, its overall dominance of the market has seen a huge drop from 84% to 68%.

Nevertheless, while the rejection of the first ever ETF might be seen as a setback for bitcoin to some, the media attention received in the run-up to the decision appears to have attracted new investors to the crypto space as a whole.

What is the real cause for Ripple’s price rise? Is bitcoin waning dominance a temporary phenomenon? Let us know in the comments below!

Images courtesy of coinmarketcap.com, Shutterstock, twitter, MUFG 

The post Is Ripple Price Being Fueled by Confused Investors? appeared first on Bitcoinist.com.

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