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‘Wow’: Ethereum Fees Higher Than Bitcoin’s For First Time Ever

‘wow’: ethereum fees higher than bitcoin’s for first time ever

‘Wow’: Ethereum Fees Higher Than Bitcoin’s For First Time Ever

‘wow’: ethereum fees higher than bitcoin’s for first time ever

Ethereum traders were feeling the pressure July 18 after average transaction fees on its network surpassed bitcoin’s for the first time in history.

Ethereum ‘Benefited From Irrational Exuberance’

Data from monitoring resource Coin Metrics uploaded to Twitter Monday confirmed the unexpected reversal of fees, which compound an apparent lack of confidence in Ethereum’s outlook this week.

A day after the fees episode, hedge fund Tetras Capital issued an outright “Bearish Thesis” on Ethereum, warning traders it would “suffer further” after posting bigger gains than bitcoin last year.

ETH/USD was trading just under $500 at press time Wednesday, posting roughly 5 percent daily gains compared with bitcoin’s 10 percent.

“The recent decline in ETH’s price suggests that the speculation that drove it to new heights over the past year is exhausting. Just as ETH benefited from irrational exuberance, it will inevitably suffer further as the market sobers up,” Tetras opined.

We believe that ETH’s current price is still significantly overvalued; still significantly decoupled from the Ethereum network’s current and near-term technological state. Our research has led us to believe that the market and technology is still far too immature to justify current valuations.

Buterin Estimates $15M Spam Costs

bitcoin has become considerably more attractive for use as a ‘currency’ in Q2 this year. Uptake of SegWit technology has markedly increased, allowing for fee rates to reduce significantly, often posting averages of just 1 satoshi per byte.

Ethereum meanwhile has seen a recent spate of spam transactions clog up its network – a phenomenon from which bitcoin previously suffered – pushing up miner fees significantly.

On Monday, co-founder Vitalik Buterin estimated the additional cost to the network from those transactions at around $15 million.

“Free market principles prevent me from being too upset at someone using the ETH blockchain as they wish, but wow,” he commented on Twitter after calculating the figures.

What do you think about Ethereum’s transaction fees surpassing bitcoin’s? Let us know in the comments below!

Images courtesy of Shutterstock, Twitter

Published at Wed, 18 Jul 2018 18:00:35 +0000

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Startup of Dubai launches ICO to develop applications based on blockchain technology

The Royal Kingdom Enterprise presents projects founded on Crypto’s billionaire market economy by providing participation in the results.

Since Blockchain technology has become the holy grail of the technology sector and its implementation possibilities have influenced the development of solutions in diverse industries, the company has initiated the process of creating projects to accompany this trend.

Aligned with the view of the Dubai Government of having its services and documents registered in blockchain up to 2020, the Royal Kingdom Enterprise invites to the opportunity to bridge the potential of the technology blockchain the needs of people and public or private enterprises.

“Today, July 10, 2017, the Royal Kingdom Enterprise presents the opportunity to participate in this development through its ICO.”

To develop products and services that aggregate value to society in a sustainable way, the Royal Kingdom Enterprise decided to seek funding through crowdfunding, developing its own token (Royal Kingdom coin-RKC), a ERC20 at the top of the blockchain of the Ethereum platform. The issuance of the RKC token aims at the voluntary participation of network users to promote projects proposed by the company.

In this way we invite everyone to know our projects and align themselves with the same goal through the involvement of the ICO of the Royal Kingdom coin. The total quantity of RKC will be in the limited number of 15 million (15 million) in total (including those available for sale during ICO 2,700,000). Your issuance will be unique and it will not be possible to generate new RKC tokens, because they will be configured on the smart contract.

In the medium and long term, the Royal Kingdom coin will show itself as a reflection of the organization’s positive performance, obtaining its own market value, being regarded as a consumable virtual product. The initial value of each token will be $0.10, and this price will increase proportionately according to the volume of its acquisition by the market.

The RKC token can be acquired from the Venture Kingdom platform, you must register and enter balance in bitcoin or ether to be prepared for the opening of the ICO. Contributing to the ICO of Royal Kingdom coin, through the acquisition of RKC, grants benefits to the coin carriers. Among them we would like to highlight that the Royal Kingdom Enterprise from February 2018 will share with the participants the monthly earnings acquired.

Monthly will be allocated 50% of the company’s profits to purchase the RKC token on the market, and these will be distributed proportionately to the carriers of the RKC according to the amount of coins they possess in their wallets RKC.

ICO participants invest in the success of the Royal Kingdom enterprise projects and can help to disclose the sale of RKC tokens to increase awareness in the general community, enabling the anticipated liquidity of RKC tokens through our reward campaign.

The ICO is a transformative step for the development of the projects of the Royal Kingdom Enterprise, as it makes it possible through the community’s participation to construct ideas and share the results.

To understand the project in full we offer the whitepaper, on the official page of the ICO of the Royal Kingdom coin.

Be part of this construction and come with us!

Images courtesy of Royal Kingdom Enterprise

The post Startup of Dubai launches ICO to develop applications based on blockchain technology appeared first on Bitcoinist.com.

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