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The co-founder of Ethereum, Vitalik Buterin said that the crypto community had reservations about Sam Bankman-Fried and his cryptocurrency exchange, FTX. But the mainstream media paid attention to him as an industry leader due to his high-profile image.

Recently, Buterin had a podcast interview with Sriram Krishnan and Aarthi Ramamurthy. In an interview, he said, I think a lot of people have this misconception that everybody deeply respected Sam and that he caught the entire ecosystem by surprise,

I think it is true that nobody expected a literal $8 billion blow up, but if youre looking at Ethereum influencers like Anthony Sassano, a lot of them disrespected him and FTX from the beginning, he added.

Buterin continued by saying that many people in the cryptocurrency community had doubts about Bankman-Fried since he seemed to have a clear vision of why cryptocurrency technology was valuable.

He was just not able to articulate a vision of why crypto was goodhe just clearly saw it as purely a business opportunity, Buterin recalled. Its like, Oh, hey, crypto is this thing where you can make money.'

Buterin differed Bankman-Frieds outlook with the foundational principle of cypherpunk ideology and decentralization goals which support projects like Bitcoin and Ethereum, Buterin underscores a misalignment in values.

He just, I think, never really struck the community as a person who deeply believed it, he said. That more than anything else might really be the cause of the mistrust that existed already.

The interview clarifies the complexity of the cryptocurrency industry, where well-known people and initiatives can generate conflicting responses from the community. Buterin also gives a deeper understanding of the ethos and values of the crypto space which is essential for building trust.

Also Read: Unseen Portrait of Vitalik Buterin Auction as NFT

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Vitalik Buterin reveals Crypto Community Never respected SBF - Crypto Times

What is The Surge (Ethereum)?

The Surge is the second phase of Ethereums developmental roadmap, where the blockchain is poised to scale using rollups. This phase follows the Merge, which marked Ethereums transition from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).

Within The Surge, various network upgrades are planned, with Proto-Danksharding being a standout feature. Its anticipated that this development phase will significantly enhance network throughput and curtail Ethereums gas fees.

According to Ethereums co-founder, Vitalik Buterin, the main goal is to achieve a network throughput of 100,000 transactions per second and beyond on rollups.

Blockchain technology, still in its nascent stages, is constantly evolving. The thought leaders of the industry are always seeking superior methods to scale public blockchain networks without compromising security and decentralization.

This context leads us to the trajectory of Ethereums development. Originally, the blueprint envisaged the blockchains scaling through sharding. The strategy aimed to bolster Ethereums capacity by segmenting the mainnet into 64 distinct shard chains.

Each shard was designed with a specific use case in mind and would have its own unique set of miner/validators. These multiple chains were projected to distribute the network load, leading to quicker transactions and reduced fees. But as rollup technology advanced, it captured the attention of the Ethereum community, emerging as a potentially more efficient method for scaling the blockchain.

Rollups help layer one (L1) blockchains, such as Ethereum, scale by processing transactions off-chain, thereby reducing the computational load on the L1.

Developers can build applications on top of rollup chains without adding undue strain to the Ethereum mainnet. In such as setup, Ethereum only serves as the settlement layer. Rollups submit their transactions to the Ethereum L1, which can be used to verify transactions, resolve disputes, and create Merkle proofs essential for affirming ownership of assets and facilitating cryptocurrency withdrawals from the rollup

While the initial roadmap emphasized execution sharding, the current strategy pivots to data sharding. Now, The Surge is heralded as the next stage to help Ethereum achieve large-scale expansion through rollups.

According to Buterins infographics, EIP-4844 or Proto-Danksharding is the first component of The Surge. Here is all you need to know about EIP-4844:

Here is the thesis behind why it is OK to delete the data in the blobs.

According to Ethereum developers, a rollup is composed of two parts: data and execution check.

The advocates of EIP-4844 argue that theres no necessity for transaction data to be perpetually accessible. Instead, it should only remain available for a sufficient duration, enabling anyone to check and validate the transactions recorded on Ethereum.

EIP-4844 suggests purging transaction data after a fixed period ranging between one and three months, thereby alleviating the need for Ethereum nodes to retain extensive data. Leading Ethereum developers believe this approach will shift the onus of comprehensive data storage off-chain to third parties.

By utilizing temporary data blobs, Ethereum aims to facilitate a greater throughput of transactions. Additionally, this approach is expected to notably reduce gas fees for end users

Proto-Danksharding serves as the initial phase in Ethereums rollup scaling strategy, paving the way for the complete rollup scaling solution called Danksharding.

To put it simply, Danksharding can be thought of as Proto-Danksharding on steroids. The ongoing strategy aims to increase the number of temporary data blobs from a single one in Proto-Danksharding to 64 in Danksharding.

According to Ethereum.org,

Danksharding will bring massive amounts of space on Ethereum for rollups to dump their compressed transaction data. This means Ethereum will be able to support hundreds of individual rollups with ease and make millions of transactions per second a reality.

Yet, according to the company, Danksharding is still several years away from realization. For the Ethereum network to accommodate Danksharding, it must undergo multiple upgrades, including the introduction of proposer-builder separation and data availability sampling.

Just like the Merge, The Surge is anticipated to span over multiple years. Although the Merge neither diminished Ethereums gas fees nor enhanced its network throughput, The Surge promises tangible benefits for end users.

As of now, the timeline for EIP-4844 remains uncertain. Some media outlets speculate its implementation could materialize by the close of 2023.

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What is the Surge (Ethereum)? Definition, Feratures, and Timeline - Techopedia

Digital Art XRP Logo Symbol. Ripple Cryptocurrency Futuristic 3D Illustration.

In the latest controversial revelation, oversight watchdog group Empower Oversight released a new batch of documents for a Freedom of Information Act (FOIA) request. The documents highlight the deeper involvement of Ethereum co-founder Joseph Lubin and his blockchain firm ConsenSys in the crypto speech by former SEC Director of Corporation Finance, William Hinman, on June 14, 2018.

This speech has been a source of disagreement in the Ripple case, particularly because the SEC has stated that other cryptocurrencies, like XRP, were also considered unregistered securities. Ripple attorneys stressed much on the Hinman speech of 2018 during its fight with the SEC, as it noted that assets like Ethereum arent securities. However, the latest details of Lubins involvement have sparked major outrage in the XRP community.

The documents released by the watchdog group reveal that Lubin also appears to have been responsible for bringing Hinman and Ethereum creator Vitalik Buterin together as the speech drafting advanced. Moreover, investors and lawyers closely linked to Ethereum were notably present at a meeting on March 28, 2018, regarding a proposal for a crypto safe harbor.

The documents also show that Hinman had a meeting with Chris Lin, a partner at Simpson Thacher, which goes against advice on conflicts of interest rules. The SEC Ethics Office had warned Hinman multiple times because he was receiving millions of dollars from Simpson Thacher while working at the SEC.

Empower Oversight has been leading the fight for more transparency at the SEC. They have filed many requests and lawsuits under the Freedom of Information Act (FOIA) to make the SEC release documents related to their decisions about cryptocurrency matters.

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The news has sparked reactions among XRP supporters. In a tweet yesterday, Crypto-Law.US pointed out that the newly disclosed emails show how Lubin influenced Hinmans decision to title his speech The Ether Speech.

As a response, Attorney John Deaton, the founder of Crypto-Law.US, shared how Hinman lied during his deposition in the Ripple lawsuit. Hinman had claimed that he never discussed the content of his speech with anyone outside the SEC before June 14. However, the Hinman documents revealed that he had a meeting with Buterin a week before his speech on cryptocurrencies.

Fred Rispoli, a lawyer at HODLaw, praised the efforts of Empower Oversight, tweeting, Great job Empower Oversight. SEC never expected these documents to be made public

Similarly, Digital Asset Investor.XRP also questioned the double standards noting: Why was Bill Hinman doing backflips to accommodate Joseph Lubin and Vitalik Buterin while at the same time giving Brad Garlinghouse the run-around with the help of Jay Clayton and even coming back to the SEC after he left to make sure the Ripple lawsuit went through?

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not 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.

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XRP Army Outrages Over Joseph Lubin's Involvement in Hinman ... - Crypto News Flash

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The government of Argentina has informed Worldcoin that it has launched an investigation into its data collection activities in the country. The Public Information Access Agency (AAIP), the countrys data regulator, sent a letter to the Worldcoin Foundation requesting information on how the organization handles the personal information of Wordcoin users. Argentina has had it Read more

The government of Argentina has informed Worldcoin that it has launched an investigation into its data collection activities in the country. The Public Information Access Agency (AAIP), the countrys data regulator, sent a letter to the Worldcoin Foundation requesting information on how the organization handles the personal information of Wordcoin users.

Recently, the government of Argentina announced that it is investigating how Worldcoin [WLD], the blockchain project founded by OpenAIs Sam Altman, handles personal data.

Last week, Daniel Monastersky, a partner at Data Governance Latam and the Director of the Centre for Studies in Cybersecurity and Data Protection at the CEMA University in Buenos Aires, submitted a complaint to the Agency for Access to Public Information of Argentina (AAIP). AAIP is an Argentine data auditor organization.

The AAIP stated its intention to investigate the security protocols in place to protect the privacy of Argentine Worldcoin users.

According to the agency, the case has gained notoriety in recent weeks due to the practice of scanning the faces and irises of numerous individuals in exchange for monetary compensation at various locations in Buenos Aires City and the provinces of Buenos Aires, Crdoba, Mendoza, and Rio Negro.

According to the AAIP, a company like Worldcoin is required to register with the AAIP, provide information about its data processing policy, and specify the reason for collecting sensitive data and the length of time it will be stored.

In addition, the agency requires information regarding the security and confidentiality measures implemented to protect sensitive data. The AAIP has not confirmed whether or not Worldcoin conforms to the standards.

Worldcoin has recently been scrutinized by various administrations. Kenyas Ministry of the Interior suspended Worldcoins operations last week, and on Saturday, Kenyan police raided Worldcoins Nairobi warehouse, seizing documents and machinery. Worldcoins verification operations in Kenya have been suspended since August 2.

Sam Altman, one of the co-founders of the Worldcoin project, has stated publicly that its goal is to register 2 billion people. However, the project has gained opposition in several countries due to its intrusive personal data requirements, such as scanning the irises of users to verify their identities.

Argentina is the most recent nation to investigate the operations of the Worldcoin Foundation. Additionally, French and Bavarian data regulators are on the cutting edge of data treatment procedures.

Critics contend that the companys disclaimer regarding biometric data raises concerns regarding the lack of control consumers have over the subsequent use of their data.

Argentina requests that the organization detail the security and confidentiality measures it employs to safeguard the personal information of Argentine citizens.

Vitalik Buterin, the co-founder of Ethereum [ETH], previously expressed his thoughts on the project. He stated that the privacy and moral concerns expressed about the project could be legitimate. However, he also emphasized the significance of the projects proof of personhood because it appeared to solve the spamming issue.

ZachXBT, a prominent on-chain investigator, accused Worldcoin of exploiting individuals from developing nations. ZachXBT stated that the projects verification procedure could result in the creation of black-market accounts.

The value of WLD jumped to $2.15 immediately following its release on July 24. However, since then, it has decreased by nearly 20%. At press time, WLD traded at $1.75 per share.

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Argentina opens investigation into Worldcoin amid the growing ... - Cryptopolitan

In the fast-paced world of blockchain technology, Ethereum has emerged as a groundbreaking platform that revolutionizes how we perceive decentralized applications (DApps).

At the core of this innovation lies the concept of smart contracts, enabling the trustless and automated execution of agreements. This article delves into the prowess of Ethereum, emphasizing its role in empowering DApps through smart contracts.

Ethereum, introduced by Vitalik Buterin in 2015, is a decentralized, open-source blockchain platform that enables developers to build and deploy DApps. Unlike Bitcoin, Ethereum was designed to be more versatile, allowing not only the exchange of a native cryptocurrency, Ether (ETH) but also the creation of smart contracts. This fundamental difference sets Ethereum apart and forms the foundation for its widespread adoption.

At the heart of Ethereums disruptive potential lies the concept of smart contracts. Smart contracts are self-executing agreements with predefined rules and conditions that automatically trigger actions upon fulfillment.

Utilizing blockchain technology makes these contracts immutable and transparent, eliminating the need for intermediaries. This feature has paved the way for various applications in finance, supply chain management, gaming, and more industries.

Decentralized applications (DApps) are digital applications that operate on a decentralized network, providing users with enhanced security, privacy, and control over their data. Ethereum has emerged as a leading platform for DApps due to its robustness, flexibility, and large developer community.

DApps built on Ethereum offer a wide array of advantages over traditional centralized applications, such as resistance to censorship, single points of failure, and increased transparency.

Ethereum provides numerous benefits for developers seeking to create innovative DApps. The blockchains security features and compatibility with various programming languages make it an attractive choice for developers worldwide. Ethereums active community fosters collaboration and knowledge-sharing, contributing to the growth of the entire ecosystem.

The advent of Ethereum has sparked a wave of transformative DApps in various sectors. One of the most notable applications is the rise of Decentralized Finance (DeFi) platforms. DeFi applications provide financial services like lending, borrowing, and yield farming, all governed by smart contracts, eliminating the need for traditional financial institutions. .

Non-Fungible Tokens (NFTs) have gained immense popularity, allowing artists and gamers to tokenize digital assets, revolutionizing art ownership and in-game item trading.

Despite its remarkable achievements, Ethereum faces several challenges. Scalability remains a pressing concern as the network struggles to handle many transactions, leading to high fees and slower processing times.

Moreover, the energy consumption required for Ethereums Proof of Work (PoW) consensus mechanism has raised environmental concerns, mirroring the debates that arose during the bitcoin buyer.

Ethereum has been undergoing a major upgrade to Ethereum 2.0 to address these issues. This transition introduces a Proof of Stake (PoS) consensus mechanism, significantly reducing energy consumption and improving scalability. Ethereum 2.0 aims to transform the blockchain into a faster, more secure, and more sustainable platform, enhancing the overall user experience.

As Ethereum continues to evolve, its impact on DApps and decentralized technologies will likely expand further. With ongoing developments and improvements, Ethereum is positioning itself as a formidable force driving innovation across various industries. Its versatility and adaptability will play a pivotal role in shaping the future of blockchain technology.

Ethereum has undeniably unlocked the potential of DApps through the ingenious concept of smart contracts. Its impact on the blockchain industry is akin to the rise of the Bitcoin Era. By providing developers with a robust and versatile platform,

Ethereum has ushered in a new era of decentralized applications, fostering a paradigm shift in how we interact with digital services. As we continue to explore the possibilities of blockchain technology, Ethereum stands tall as a trailblazer, empowering the world with the power of decentralization.

Featured image credit: Zoltan Tasi/Unsplash

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Ethereum And Smart Contracts: Unleashing The Power Of ... - Dataconomy