Daily Cryptocurrency News – 22nd November 2018

Here are the most important headlines of 22nd November 2018:

Ethereum Bears Bring Good News For The Network

The Ethereum’s future transition from proof-of-work to proof-of-stake seems to gain a lot of attention in 2018.  On 31st October 2018 at the DevCon 4 – Serenity was announced. Before the announcement, Buterin declared:

[Serenity] is a realization of all of these different strands of research that we’ve been spending our time on for the past four years. This includes Casper—not just hybrid Casper, 100% organic, genuine, pure Casper.

Moreover, he addressed the main issues of the network – such as transactions sometimes taking hours to be confirmed. Also, the new chain will have a way smaller size – 1GB. If Serenity would work properly, the transaction could be confirmed into a matter of seconds. He explained further what Serenity is:

Serenity is a new blockchain in the sense of being a data structure, but has a link to the Proof-of-Work (PoW) chain. The Proof-of-Stake (PoS) chain would be aware of the block hashes of the PoW chain, you’d be able to move eth from the PoW chain to the PoS chain.

So it’s a new system, but it is a connected system and the long, long term goal is that once this new system is stable enough, then basically all of the applications on the existing blockchain can be sort of folded into a contract on one shard of the new system that would be an EVM interpreter written in eWASM.

Some people claimed that Proof-of-stake is a bad idea, claiming that it will make the Proof-of-work obsolete for Ethereum miners. But there aren’t only bad news in a bear market. It’s time to see the half-full part of the cup also. The Serenity protocol, which will replace the current one in 2019, will have a 32 ETH cost of staking node. If 10 months ago, that would have meant you’d need to invest between $30,000 and 37,000 to run a staking node – right now it cost under $5,000 to purchase the ETH needed to run a staking node. Vitalik claimed that the new protocol will be thousand of times more scalable than the current PoW concept.

This would mean that more investors could be a part of the Ethereum network and earn by running staking nodes – therefore, securing the network. Indeed, the price may drop even more – but the current one is a good one to prepare for the future Ethereum update. According to various sources, the staking reward will be 5% of the staked ETH yearly. Therefore, a node in the future Ethereum network could generate a 1.6 ETH passive per year. The amount is way higher than NEO offers. Given this, more investors would chose Ethereum to invest it due to the higher reward.

DASH Spark App Wins Start-up Challenge in Wyoming 

Even in the toughest times, great projects continue their developments – no matter how hard their hit. DASH’s point-of-sale application – Spark – continue to make progresses in both development and funding.  Kodaxx, a Spark Developer, revealed how the app won the WTBC Sheridan’s 2018 Start-up Challenge( Wyoming Technology Business Center). The contest had between 40 and 50 entrants from which 5 finalists were chosen.

From those 5, 3 of them were selected as winners. The prize was a $5,000 along with 10 hours of pro-bono legal counsel and 1 year of office space. Kodaxx said that the prize would help them pay for 20-30 hours of development work, new hardware prototypes and a marketing strategy. Kodaxx further declared:

“My presentation gave a run through of Spark with a few screenshots, a demo video using Square + Spark, and some talk about the cryptocurrency market. What I emphasized most in my presentation was fiat conversion through Uphold, InstantSend, ease of use, and the traction that Dash has in places like Venezuela and Colombia.

If I had to guess, they liked that I have a live working product. There were various stages of completion amongst the finalists, some only being at the conceptual stage. It probably also helped that I showed them some infographics charting the growth of the cryptocurrency industry.”

Spark is completely function right now, and available on different platforms such as Windows, Mac,Linux and Android. The biggest challenge accord to Kodaxx is the availability of time. More details about Spark can be found on their website.

Bitcoinc ‘Bubbles’ Comparison  & Lighting Network Capacity Up 300%

A reddit users called nowTHATScomedy created a comparison with the Bitcoin ‘bubbles’. More exactly, he created the charts with the biggest uptrends and downtrends in the Bitcoin history.

  • Firstly, there was the 2011 ‘bubble’ where Bitcoin grew from $0.x to $34 – Followed by a decrease to $6.
  • The second one was the 2013 one – Bitcoin surged to almost $200 and declined to under $100 in the same year.
  • The third one was the 2013/2014 one –  the price sky-rocketed to $1,000 and then Mt.Gox was hacked and Bitcoin finished the year only a bit above $300.
  • And now, the 2017/2018 one – Bitcoin passed $19,000 and is now trading at a currently $4.497.16 rate.

 

Moral of the post: the history repeats itself. Not in the same way, but it usually does. It might take one year or more – but we’ll probably see a new Bitcoin bull run. And it will probably be bigger than the past one, as right now more people know about Bitcoin than anytime. Of course, there are a lot of things that Bitcoin and the crypto market itself needs to solve until then, but patience is usually rewarded – as you can see in the previous graph.

The lighting Network is also gaining massive attention. The number of nodes increased by 8.30% while the network capacity increased by 295%. Right now, 441.64 BTC can be send and received via the network. The capacity is a bit under $2 million – but that’s mostly because of the harsh time Bitcoin had lately. Another awesome thing about the Bitcoin Lighting Network – some people get really inventive while setting up a node name:

Other Important News

If you’ve missed yesterday’s news, you can check them here: Daily Cryptocurrency News – 21st November 2018

Image Source: 500px

 

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