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History of Ethereum

Vitalik Buterin co-created Ethereum to address Bitcoins deficiencies. Buterin published the Ethereum white paper in 2013, describing smart contracts automated, immutable if-then statements that facilitate the creation of decentralized applications. Despite the existence of DApp development in the blockchain space, platforms were not interoperable. Buterin envisioned Ethereum uniting them. According to him, standardizing how DApps operate and interact was the only way to sustain adoption. So, Ethereum 1.0 was created.

Vitalik Buterin co-created Ethereum to address Bitcoins deficiencies. Buterin published the Ethereum white paper in 2013, describing smart contracts automated, immutable if-then statements that facilitate the creation of decentralized applications. Despite the existence of DApp development in the blockchain space, platforms were not interoperable. Buterin envisioned Ethereum uniting them. According to him, standardizing how DApps operate and interact was the only way to sustain adoption. So Ethereum 1.0 was created.

Over time, developers brought their own decentralized concepts to Ethereum. These users established the DAO in 2016, a democratic organization that voted on network adjustments and proposals. The organization was supported by a smart contract and did not require a CEO to wield authority over Ethereum. Instead, a majority vote was required for modifications to be implemented. DAO voted to hard fork Ethereum to tackle security vulnerabilities by effectively undergoing a significant software update. This new variant kept the name Ethereum, whereas the original network is known as Ethereum Classic.

Since its launch in July 2015, the Ethereum blockchain network has endured a number of upgrades and modifications. Among the most important:

Frontier (2015): This was the first release of the Ethereum network, which permitted users to construct and deploy their own smart contracts and decentralized applications.

Homestead (2016): This introduced a number of enhancements, including security enhancements, gas optimizations, and network stability enhancements.

Metropolis (2017-2019): This was a two-part upgrade comprised of Byzantium and Constantinople for Metropolis (2017-2019). Byzantium implemented significant enhancements, including a new mining algorithm, enhanced privacy features, and a decrease in block rewards. Constantinople included upgrades to decrease transaction fees, improve efficiency, and introduce new features such as off-chain transactions.

Istanbul (2019): This included the integration of zk-SNARKs (a type of zero-knowledge cryptography), a new mining algorithm, and numerous protocol upgrades to improve network efficiency and security.

Beacon Chain (2020): In November 2020, the required 16,384 deposits of 32 staked ETH were successfully made to assure Beacon Chains secure operation. As a consequence, the Beacon Chain began producing blocks on December 1, 2020, marking a significant step towards the realization of the Ethereum vision.

Berlin (2021): This protocol upgrade in Berlin, 2021, introduced several new features, including gas charge optimizations, enhanced security measures, and a reduction in transaction fees for certain types of transactions.

London (2021): This introduced EIP-1559, which altered the method by which Ethereum network transaction fees are calculated. This upgrade introduced a fee burn mechanism, which helps reduce the total supply of ETH and introduces a more predictable fee structure for consumers.

Paris (The Merge 2022): The Paris upgrade was activated when the proof-of-work blockchain reached a terminal total difficulty of 58750000000000000000000 on September 15, 2022, at block 15,537393. The transition from proof-of-work to proof-of-stake was a significant milestone for Ethereum, which was triggered on the following block. Along with this change, the upgrade included enhancements to the execution clients, similar to Bellatrix on the consensus layer, allowing the execution clients to receive instructions from their connected consensus clients by activating a new set of internal API methods known as the Engine API.

These upgrades have introduced numerous enhancements to the Ethereum network in terms of security, efficiency, and scalability, and have increased the networks functionality.

Shapella or Shanghai (2023): Since switching to a proof-of-stake system, Ethereum has just undergone its first significant upgrade, or hard fork. The Shanghai upgrade permits validators to extricate staked ether (ETH) from the network. While the primary objective of the upgrade is to implement Ethereum Improvement Proposal-4895, which enables validator withdrawals, other significant upgrades will impact Ethereum app developers and a significant portion of the chains users.

The enhancement will alter the functioning of the blockchain. A reduction in petrol fees for layer-2 solutions like Polygon is one of the most significant modifications. This update seeks to improve the blockchains overall functionality and reduce transaction fees. The ability for users to access and unstake their Ethereum tokens, which were previously sealed in a smart contract when they became validators on the proof-of-stake-based Ethereum blockchain known as Beacon Chain, is another significant change. This update gives users more options for administering their staked ETH tokens.

The Shanghai update introduces technical enhancements to the smart contract feature, which will help to position Ethereum as a significant player and reflect Ethereums ongoing efforts to improve its technology and increase user value.

In conclusion, the Ethereum network stands as a groundbreaking platform that has revolutionized the world of blockchain technology. With its smart contract functionality and decentralized nature, Ethereum has empowered developers and entrepreneurs to create innovative applications and ushered in a new era of decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized applications (DApps).

Moreover, Ethereums scalability solutions, such as Ethereum 2.0 with the introduction of the Beacon Chain and shard chains, are poised to address the networks scalability limitations, ensuring that it can handle a larger number of transactions while maintaining security and decentralization. Looking toward the future, the Ethereum network shows great promise and potential for further growth and development. Ethereum 2.0s full implementation is anticipated to bring significant improvements in terms of scalability, energy efficiency, and transaction throughput, which will open doors to even more widespread adoption.

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In this weeks newsletter, read about CBS Studios receiving approval for Star Trek NFT trademarks, check out how FC Barcelona acquired investment for its nonfungible token (NFT) initiative, and find out why NFT project y00ts is bridging to another network just months after its previous transfer. In other news, Canadian authorities are trying to create a repository for seized crypto and NFT assets, and dont forget this weeks Nifty News, featuring Coca-Cola releasing an NFT collection on Coinbase layer 2, Base.

The patent application filed by CBS Studios over the Star Trek names usage in crypto and NFTs has been approved by the United States Patent and Trademark Office. CBS applied for the patent back in April, which was finally approved on Aug. 8. The trademark included use for digital crypto collectibles and NFT-authenticated video clips.

With the new update, Star Trek Continuum will become a line of NFTs featuring various starships from the adventures held in the science fiction television series.

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Soccer team FC Barcelona has announced it has received a $132 million investment for its Web3 initiatives, including NFTs and the metaverse. According to the announcement, integrating digital content around Web3 and blockchain is part of the clubs Bara Vision initiative.

The soccer club obtained the capital by selling a 29.5% stake in Bridgeburg Invest, which is the holding company for Bara Vision. The investments came from Libero Football Finance and Nipa Capital.

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DeLabs, the company behind the NFT project y00ts, has recently announced that it will migrate to Ethereum just months after transferring most of its NFTs to Polygon from Solana.

According to the announcement, the team will unite its NFT projects, y00ts and DeGods, with the move. The company will also return the $3 million grant from Polygon Labs that it received back in January to support its migration to Polygon.

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An announcement made by the Royal Canadian Mounted Police (RCMP) highlighted that they are looking for a solution that will facilitate the storage of seized NFT and crypto assets. According to the RCMP, a centralized repository will help the authorities to seize these assets in a user-friendly manner. In addition, this will also provide security to prevent theft while they are in storage.

For NFT support, the Canadian police department requires a solution that supports the Ethereum, Solana and Polygon blockchains.

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Beverage brand Coca-Cola is diving into Web3 with the help of crypto exchange Coinbase. Through its layer-2 network Base, Coca-Cola is launching its first NFT collection consisting of works from various artists. Meanwhile, Reddit Collectible Avatars has hit the 20 million milestone and reached a cumulative sales volume exceeding $40 million.

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Thanks for reading this digest of the weeks most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

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Star Trek NFT trademarks approved, y00ts coming to Ethereum: Nifty ... - Cointelegraph

Will Cardano take Ethereum's lead one day using Hydra and bull investors?

Key Takeaways

If Elon Musk was right about one thing when it comes to Twitter it would be about its potential as a town square. No other social media platform allows everyday folk to interact with celebrities, CEOs, and multi-millionaires/billionaires the way Twitter does. For that reason, one may find several instances where influential figures on the platform voice their opinions in a candid non-corporate-like manner.

On August 17th, Twitter became home to a daring statement by Charles Hoskinson, CEO of Cardano. Hoskinson quote-retweeted a user who outright mocked Cardano, Hydra, and Hoskinson. The CEO then responded by highlighting key advantages Cardano has over Ethereum, the blockchain the user seemingly preferred.

Hoskinsons response focused both on criticizing Ethereum, and on highlighting the capabilities of his technology.

Hydra is live on mainnet and evolving fast. Mithril is live as well and the first step towards a rich DA and light client strategy. We already designed a significantly better way of handling transactions via tiered pricing and Babel fees.

Theres been a roll-up strategy since Midnight was conceived 4 years ago. The protocols and primitives had to catch up and are getting there, tweeted Hoskinson.

Hydra refers to the layer-2 scaling solution that uses sidechains to offload transactions from the main chain. This allows Cardano to process more transactions per second at a lower cost.

Meanwhile Ethereum has a dumpster fire of a consensus layer, has a terrible programming model that they cant change, and are getting eaten alive by their own layer 2 ecosystem.

In a 2020 video, Hoskinson changed up the trend on his Youtube channel from updates about his personal life to a talk about his companys innovations.

Simulations have shown that each Hydra head can currently process about 1,000 transactions per second (TPS). With 1,000 stacking pools, each of which processes 1,000 TPS, Cardano could achieve a throughput of up to one million transactions per second, said Hoskinson in his video.

Hydra was first revealed during an AMA video on Hoskinsons Youtube channel in 2020. When asked about updates on the layer-2 solution his company has been working on, he had this to say:

We are going to keep adding resources to Hydra, and weve been trying to identify some teams so we can parallelize the workstream because its such a high commercial priority. And its going to be very important that well be able to offload a large number of the transaction traffic thats going to come from all of the apps that are coming.

Hoskinson did not immediately respond to a request for comment.

Cardanos native token ADA has been subject to several attacks due to its status in the eyes of the US Securities and Exchange Commission and its leader, Gary Gensler. Gensler sees any token besides Bitcoin, Bitcoin Cash, Ethereum, and Litecoin as a security. Accordingly, the SEC is willing to sue any exchange that trades in significant sums of these supposed unregistered securities.

As a result, many exchanges, such as Revolut, have been seen suspending trading of tokens such as ADA, SOL, and MATIC.

However, Cardano and Hoskinson look at the application of ADA and its corresponding blockchain as technologies beyond the simple potential of financial investment.

For example, in 2021, Hoskinson tweeted his celebration of Cardano technology being used in Ethiopian schools as a form of encrypted credentials for five million students.

On top of that, Cardanos ADA is doing relatively well. Reports show that ADA is on an upward price trajectory and that bulls might be holding ADA in anticipation of a price increase.

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Hoskinson vs. Vitalik: Cardano Founder Believes Ethereum Is an ... - CCN.com

The XRPL (XRP) network has become a beehive of activity in the recent past following the historical ruling that deemed the digital asset, not a security sold through crypto exchanges. According to the latest market aggregate data, XRPs daily transactions have outpaced the second-largest blockchain network, Ethereum, for the past three weeks.

Notably, XRP has averaged about 1.2 million daily transactions in the past three weeks whilst the Ethereum network, which is a DeFi powerhouse, has been averaging about 1 million daily transactions during the same period.

The notable spike in XRP daily transactions is a direct indication of heightened demand by both retail and institutional investors. Meanwhile, the high demand faces short-term upheavals amid reports of SEC appeal on the recent ruling. Essentially, the SEC wants XRP to be regulated under securities law despite the lack of proper directions from the US Congress.

XRP price has been trapped in a daily and weekly correction since last months breakout following the historical ruling on SEC vs Ripple lawsuit. Most crypto analysts expect the digital asset to find a strong support zone between 54 cents and 58 cents in the coming weeks before deciding on the next cause of action. According to a renowned digital assets analyst Crypto Tony, XRP price could oscillate around the 58 cents level before rebounding toward a new high for this year.

On the macro outlook, XRP price has been trading inside a symmetrical triangle since it hit its ATH around $3.4 back in January 2018. Having not revisited its prior ATH during the 2021 crypto bull market due to the effects of the SEC vs Ripple case, experts say XRP price could easily rally beyond $5 during the next major rally.

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The XRP price is undeniably well bolstered by the high-profile partnerships that Ripple has nicked in the past few years and also the strategic acquisitions. Although Ripple has changed its way of reporting the XRP market outlook after the SEC used the quarterly reports against the firm in court, the blockchain payment giant had previously noted that XRPs On-Demand Liquidity (ODL) is used in over 40 global payouts.

Some of the notable payouts include emerging markets like Africa where more than 38 million people are believed to be using digital assets frequently.

Meanwhile, the XRP market is well bolstered by a growing developer community on the XRPL seeking to build scalable and carbon footprint-free DeFi platforms. Moreover, Ripple seeks to be carbon emissions-free by 2028 through a $100 million investment in the industry. As a result, XRP and XRPL are heavily adopted by institutional investors and governments seeking to build scalable and secure stablecoins and CBDCs respectively.

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Ripple (XRP) Surpasses Ethereum and Bitcoin in Daily Transactions ... - Crypto News Flash

A new Bitcoin fork is causing ripples, and discussions have ignited the crypto space about its potential to fit in the shoes of the established giant, Ethereum. As both platforms offer unique features and opportunities within the blockchain circles, their technologies might reshape the landscape of decentralized applications, smart contracts, and the broader blockchain ecosystem.

Ethereum mining involves the validation of transactions and their addition to the blockchain through computational processes. Ethereum mining entails several steps, beginning with opening a wallet for safe storage and maintenance of tokens. Next, acquire GPU or ASIC mining hardware and install mining software, configuring it to connect to the Ethereum network. Joining a mining pool can be beneficial as you can co-share resources with other miners and enhance the likelihood of earning rewards. With all mining resources in place, initiate the mining software and start validating transactions. However, Ethereums consensus mechanism has transitioned to proof-of-stake, resulting in the discontinuation of mining. Ethereum is now secured by validators who stake by depositing ETH.

Since December 2022, the ETH price has been following a rising support line, confirmed at around $1,650. As the ETH price nears this rising support line again, questions arise on what happens next. ETH price prediction expects an increase toward the $2,000 resistance level or a drop to the $1,650 support. Considering the proximity of the resistance to the long-term level of $1,950, a clear and definitive close above this point will be necessary.

Bitcoin Spark is a notable addition to the Bitcoin alternatives and introduces a robust blockchain technology known as Proof-Of-Process (PoP). PoP This technology sets it apart from Bitcoin (BTC), though it shares some tokenomics like the 21M capped and deflationary supply. BTCS, through PoP, offers solutions to some of the challenges plaguing BTC. Whereas BTC lacks smart contracts, suffers high transaction costs, and its mining dominance by a few individuals, BTCS strives to address these issues through improved transaction processing and scalability.

BTCS introduces an innovative revenue generation model through a Bitcoin Spark application that enables users to access processing power for tasks requiring significant computational resources. This process includes mining and reward distribution. BTCS enhances block size for increased transaction capacity per block. Moreover, the network plans on having more nodes, achieving higher decentralization levels with lower costs.

A remarkable aspect of BTCS is its all-inclusive approach lowering the entry for mining, and allowing anyone to participate. BTCS platform proposes the integration of a smart contract layer, which enables the building of diverse applications using different programming languages.

The BTCS ICO is surging in phase two at 1.75, offering a 15% bonus and a projected potential gain of 675%. Picture an investment in Bitcoin under the same terms a decade ago when the price was $1 and consider this ICO as a second chance.

BTCS prioritizes compliance, transparency, and infrastructure security. It has obtained KYC certification from Cognitos KYC for identity verification and smart contracts audit from ContractWolf.

As Ethereum leads in decentralized apps and smart contracts, Bitcoin Spark, with advanced features, potentially challenges the status quo, becoming an Ethereum killer.

Website: https://bitcoinspark.org/

Buy BTCS: https://network.bitcoinspark.org/register

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