Autor Cointelegraph By Tom Mitchelhill

Ethereum devs tip The Merge will occur in August ‘if everything goes to plan’

Ethereum devs tip The Merge will occur in August ‘if everything goes to plan’

Uverejnil používateľ | máj 20, 2022 |

Ethereum’s long-awaited migration to a proof-of-stake (PoS) consensus mechanism, which has been pushed back time and time again, looks set to occur sometime in August. Hopefully. Preston Van Loon, a core developer of the Ethereum (ETH) network, told attendees at the Permissionless conference that the transition, known as the Merge, would occur sometime in August if everything plays out according to plan.Ethereum core Dev @preston_vanloon just said the eth merge is ready,they are now only testing, and expects the merge to happen in August. Packed room @Permissionless are excited about it. Great question @TrustlessState. Also on panel @drakefjustin pic.twitter.com/vX4beNatJ5— Benjamin Cohen (benjicohen.eth) (@benjicohen421) May 19, 2022Van Loon told the 5000 attendees that the team was looking to make the transition before the so-called “difficulty bomb” would degrade the network as scheduled.“As far as we know, if everything goes to plan, August—it just makes sense. If we don’t have to move [the difficulty bomb], let’s do it as soon as we can.”Echoing this sentiment was fellow Ethereum researcher Justin Drake stated that ensuring the Merge went ahead quickly was a top priority, sharing his “strong desire to make this happen before difficulty bomb in August.”The “difficulty bomb” refers to the program coded into the Ethereum blockchain that intentionally slows down the network. It was designed to encourage the transition to PoS by making it more difficult for miners to stay behind on the proof-of-work (PoW) chain after the Merge. On April 11, Ethereum developer Tim Beiko announced that The Merge had once again been delayed. Despite a successful “shadow fork test”, Beiko said that The Merge would not be implemented in June as expected. According to Beiko, developers need to act quickly to avoid the difficulty bomb, otherwise, they will need to introduce yet another update to delay the bomb.“If client developers do not think they can deploy The Merge to mainnet before block times are slowed too much, it will need to be delayed again.”The recommitment to the timeline comes in the wake of this week’s news the Ethereum network will see a “huge testing milestone,” with the Ropsten testnet Merge set to be conducted on June 8. The Ropsten testnet Merge will see the PoW test network combined with a new PoS consensus layer testnet. It will simulate what will happen once the actual Merge between Ethereum and the Beacon Chain finally takes place and it becomes a PoS network.If The Merge is successfully implemented in August, the final landmark on the roadmap for Ethereum, formerly known as Eth2, is the sharded chains upgrade slated to go live in early 2023. Until then, however, the network will continue to utilize layer-2 networks like Polygon and Optimism to handle scalability and high transaction volumes.

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People want to be paid crypto to exercise in the Metaverse: Survey

People want to be paid crypto to exercise in the Metaverse: Survey

Uverejnil používateľ | máj 20, 2022 |

A new survey has found that over 80% of people would be motivated to take up more physical exercise if they were paid in cryptocurrency for their efforts. The survey, which was conducted by fitness website FitRated, asked 1,001 Americans for their thoughts on blockchain-related fitness technology. The survey found that a staggering 40% of people would be willing to cancel their current physical gym membership for one in the Metaverse and that 81% of respondents would be more motivated to stay fit if they were incentivized by cryptocurrency payments.Previously, a study conducted by the ​​National Bureau of Economic Research concluded that money alone would not be enough to motivate people to go to the gym. However, according to FitRated’s research, blockchain-based financial incentives might just do the trick, with 63% of people agreeing that fitness motivation was a “primary benefit” of blockchain technology. Several move-to-earn projects are trying to capitalize on this.The concept of “gamification” was found to be the primary reason behind why people may prefer blockchain-based financial incentives to standard monetary ones, with 83% of respondents saying that they liked the fact that blockchain-based fitness applications gamified physical activity.When asked what types of fitness they would undertake to earn crypto, 49.1% of respondents said that walking would be the activity of choice. This was closely followed by cycling at 47.2% and swimming came in third at 41.4%. When it came to looking at what cryptocurrency people wanted to be paid in, Bitcoin (BTC) was overwhelmingly the preferred choice, with 72% of respondents opting for BTC. Ethereum (ETH) was a distant second at 35.5%, followed closely by Dogecoin (DOGE) at 34.6%.Blockchain-based fitness apps are currently on the rise. A Web3 move-to-earn application called STEPN — which gamifies the experience of running by providing users the ability to mint unique NFT shoes — has been a pioneer in the blockchain fitness space.While STEPN may be one of the more well-established Web3 applications in the fitness world, it certainly isn’t alone. Another move-to-earn app called Step App, which runs on the Avalanche blockchain, emerged as a competitor, signaling the push of Web3 companies looking to tap into the $100 billion fitness industry.

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Nifty News: BAYC floor price drops 50%, Lonely Apes doesn’t attract women, and more

Nifty News: BAYC floor price drops 50%, Lonely Apes doesn’t attract women, and more

Uverejnil používateľ | máj 19, 2022 |

Prices throughout the nonfungible token (NFT) market have suffered amid the broader market downturn, with the floor price of the Bored Ape Yacht Club (BAYC) collection dropping more than 50% since the beginning of this month. BAYC’s floor price dipped to $198,000 on Wednesday, signaling a 52% drawdown in dollar-denominated valuation from May 1, where the cheapest available Bored Ape cost $420,000. The lackluster market conditions also took their toll on the total number of BAYC sales, with sale volume down 117% week-on-week.Ape #6775 was purchased for 225.0 ETH https://t.co/4AkVT71PrF— boredapebot (@boredapebot) May 18, 2022When looking at the BAYC floor price measured in Ether (ETH), the NFT collection has only fallen a touch over 30%, with the current floor price sitting at 97.39 ETH. The price of BAYC’s partnered cryptocurrency ApeCoin (APE) also suffered a significant drop in price, with the token down roughly 70% since the launch of Yuga Lab’s metaverse project: Otherside.Start Your EnginesAutograph, a Web3 company co-founded by Tom Brady, has partnered with IndyCar, Indianapolis Motor Speedway and Team Penske to launch an Indy 500-themed NFT collection. 2022 #Indy500 NFT collection announced, as @Autograph collaborates with @IndyCar, @IMS and @Team_Penske https://t.co/G2OnfvZ1er— Motorsport.com (@Motorsport) May 18, 2022

The NFT collection, which was announced today, was designed to honor the 106th Indianapolis 500 — one of the largest car races in the United States — and will take place on Sunday, May 29. The NFT collection comes in three main parts, offering users a redeemable Indianapolis 500 Race Day commemorative ticket, 33 more exclusive “mystery driver” cards, and a one-of-one commemorative re-creation of the winning car from the 1972 Indy 500 race. The race day ticket NFTs will be available for free to everyone who purchased a seat at the event, and will offer users access to exclusive content throughout the weekend of the race.‘V1’ CryptoPunks Given the Green LightA formerly discarded collection of CryptoPunks, known as the “V1” collection, has returned to OpenSea following the recent move by Yuga Labs to purchase the intellectual property of the CryptoPunks collection from Larva Labs. The first collection of CryptoPunks made by Larva Labs in 2017 was accidentally built on faulty code, so they were quickly discarded and replaced with the now-iconic “V2” versions. However, at the end of last year, the CryptoPunks community created a “wrapper” program that salvaged discarded V1 versions and turned them into new NFTs, generating some major pushback.The official CryptoPunk team was not pleased with the idea of the “wrapped” V1 collection, informing their 224,000 followers that “they are not official CryptoPunks.”PSA: “V1 Punks” are not official Cryptopunks. We don’t like them, and we’ve got 1,000 of them… so draw your own conclusions. Any proceeds will be used to purchase real Cryptopunks!— CryptoPunks (@cryptopunksnfts) January 25, 2022

Larva Labs then issued a DMCA takedown notice to OpenSea and had the NFTs removed. However, the purchase by Yuga Labs meant that Larva Labs could no longer maintain their dispute, which led to the claim expiring and the V1 Punks return to OpenSea.‘Vastly Uneven’ Ratio of Loney ApesThe Lonely Ape Yacht Club, an app designed to allow users to connect their crypto wallets and filter potential matches by the net worth of their NFTs, has failed to launch due to the vastly uneven ratio of men to women who signed up for our waitlist.Unfortunately due to a vastly uneven ratio of men to women who signed up for our waitlist, we have decided to put the BAYC dating app on hold indefinitely.Too many bros!We sincerely appreciate your interest and support.https://t.co/PozZOCph0y— y4k (@y4kxyz) May 12, 2022

According to the Lonely Ape Yacht Club website, the app was designed to be the first NFT focused dating app, kicking things off with BAYC NFTs. The website added that the app would allow Lonely Ape members to “get the attention of potential matches by sending them tips in crypto,” as well as showing off metrics like “how long you have diamond handed your NFTs, personal net worth and the value of their overall NFT portfolio”.The app was also set to include a feature called “Coin Digger”, which would allow non-BAYC owners to: “connect with higher net worth individuals for mutual benefit.”Related: Exploiting sports fans through NFTs won’t lead to a WOther Nifty News:Social media giant Facebook’s parent company, Meta, is rumored to be planning the launch of a payments platform that will offer support for cryptocurrency, hinting at a continued push into the world of blockchain technology. 44 central bankers from developing nations around the world are attending a 3-day conference in El Salvador this week to discuss a diverse range of financial matters including Bitcoin (BTC).

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Novogratz says LUNA tattoo is a constant reminder investing 'requires humility'

Novogratz says LUNA tattoo is a constant reminder investing 'requires humility'

Uverejnil používateľ | máj 19, 2022 |

Mike Novogratz, the billionaire founder of crypto asset management firm Galaxy Digital, has told his followers that his LUNA-inspired tattoo will serve as a reminder to remain humble in the world of venture capital investing. Following the fallout of the recent LUNA / UST meltdown, Novogratz penned an open letter on Wednesday, telling his followers that: ​​“My tattoo will be a constant reminder that venture investing requires humility.”It was on Jan. 5 tha Novogratz first showed off his wolf-themed tattoo to his 461,000 Twitter followers in an enthusiastic demonstration of his support for the now-collapsed Terra ecosystem. pic.twitter.com/GBZ6qq4kdr— Mike Novogratz (@novogratz) January 5, 2022Terra’s UST stablecoin, which relied on an algorithm to maintain a peg to the U.S. dollar, collapsed last week, sending the price of its sister-token LUNA from $60 per token to $0 in less than 72 hours. The collapse wiped approximately $40 billion dollars from the cryptocurrency ecosystem. “The collapse dented confidence in crypto and DeFi,” said Novogratz in the letter, “whenever money is lost in such an abrupt fashion, people want answers.”He said that despite last week’s “heart-wrenching” market pandemonium, the crypto industry looks stronger than ever and wouldn’t be going away any time soon. “This does not mean the crypto market will bottom and head straight back up. It will take restructuring, a redemption cycle, consolidation and renewed confidence in crypto.”He explained that Galaxy Digital invested in LUNA in Q4 2020 using balance sheet capital, and clarified that the firm’s treasury never used UST.“Our team’s initial thesis for investing in LUNA was centered around the expansion of blockchain-native payments systems.”According to an update from Galaxy Digital released on May 13, the firm expects to post a $300 million loss in net comprehensive income as of May 11, bringing the partners’ capital to $2.2 billion — a 12% decline from March 31. Pantera Capital, one of the original investors in Terraform Labs, revealed today that it had cashed out roughly 80% of its LUNA investment well before the TerraUSD collapse. According to Pantera partner Paul Veradittakit, the firm managed to turn $1.7 million into approximately $170 million.We managed that position down over time as it became increasingly profitable/large, in order to maintain a diversified portfolio. We initially invested in LUNA because of the progress we saw in developer adoption, the payments usage, and the broader ecosystem being built on Terra— Joey Krug (@joeykrug) May 18, 2022

It’s not just Novogratz getting inked — crypto-themed tattoos have grown substantially in popularity with crypto tattoo-related Google searches surging by 222% in 2021. According to data from Crypto Head, more than 900 people worldwide have inked themselves with the Bitcoin (BTC) “B” while Dogecoin (DOGE) and Ethereum (ETH) tattoos are on the rise.

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Robinhood shares spike 30% after Sam Bankman-Fried buys $650M stake

Robinhood shares spike 30% after Sam Bankman-Fried buys $650M stake

Uverejnil používateľ | máj 13, 2022 |

Sam Bankman-Fried, the billionaire founder and CEO of cryptocurrency exchange FTX has acquired a substantial 7.6% stake in the popular online brokerage, Robinhood. The news was well received by the market, with Robinhood’s (HOOD) stock price initially soaring over 30% in after hours trading. At the time of writing the price has settled to a 24% overall gain.According to a securities filing made with the Securities and Exchange Commission on Thursday, Bankman-Fried purchased a total of $648 million in Robinhood shares at an average price of $11.52. The purchases disclosed by Bankman-Fried reportedly began in mid-March and continued through until Wednesday.In the securities filing, Bankman-Fried made it clear that he had, “no intention of taking any action toward changing or influencing the control of [Robinhood],” and that the move was simply because he saw Robinhood as an “attractive investment.” Robinhood’s communications team took to Twitter to emulate what Bankman-Fried said in his securities filing — tweeting to their 82,000 followers, “Of course we think it is an attractive investment too.”Of course we think it is an attractive investment too. We have the best customer base, are introducing great new products, and we have the team to deliver.— Robinhood Comms (@RobinhoodComms) May 12, 2022The transaction was executed by an Antiguan firm called Emergent Fidelity Technologies Ltd, of which Bankman-fried is the sole director and majority owner. The announcement seems to have provided Robinhood investors with some short-term relief, after its stock price reached a new all time low of $7.73 on March 12, just one day after the brokerage firm revealed that its crypto transaction revenue fell 39% year-over-year (YOY).Robinhood has been taking significant strides into the cryptocurrency market, as revenue from stock-related trading has fallen drastically. Robinhood currently provides users with crypto trading capabilities, bringing it into immediate competition with other US-based cryptocurrency exchanges such as Coinbase and Gemini. According to Robinhood’s Q1 2022 report, roughly 18% of its Q1 net revenue came from crypto-related transactions, however transaction-based revenue from cryptocurrencies decreased 39% YOY to $54 million, compared to $88 million in the Q1 2021.Related: Robinhood axes almost 1 in 10 staff members as stock hits all-time lowIn April last year, Robinhood announced plans to expand into cryptocurrency brokerage by purchasing UK-based crypto company Ziglu.Earlier this month, Robinhood also rolled out its highly anticipated crypto wallet to 2 million waitlisted users, outlined plans to integrate the Lightning Network, and listed Shiba Inu (SHIB) after months of campaigning from its supporters.

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