Connect with us

Blockchain

Ethereum Merge is Finally Completed, Vitalik Buterin Made it!

Avatar Of Rajesh Khanna

Published

on

Establishment Of Bitdao’s Layer 1 (L1) Proposed By Bitdao Development Team Headed By Bybit
google news
  • This is the first of many planned big updates for Ethereum.
  • Switching from proof-of-work to proof-of-stake was not easy task.

Years of planning and delays have resulted in the successful completion of the Merge, a significant makeover of Ethereum that will move the network at the heart of the second-largest cryptocurrency to a considerably more energy-efficient system. Switching from proof-of-work to proof-of-stake, two competing methods for maintaining a blockchain, was no easy task.

The switch to proof of stake, symbolized by the merge, was a major event for Ethereum. For consensus in the past, the network employed the same proof of work system as Bitcoin. This kind of network security consumes enormous amounts of electricity (enough to power whole nations) to process new transactions on the network.

The possible benefits are enormous. Hopefully, Ethereum’s energy use has dropped by almost 99.9 percent. One assessment compares the impact on energy prices to if Finland abruptly disconnected its electricity system.

This is the first of many planned big updates for Ethereum, all of which will help the network expand to accommodate much more transactions at a cheaper cost and with a smaller total storage footprint.

Developers for Ethereum, which hosts a $60 billion ecosystem of cryptocurrency exchanges, lending platforms, non-fungible token (NFT) markets, and other applications, claim that the update will make the network safer and more scalable.

A Lot More to Come

Ethereum, whose ether (ETH) token has a market value of close to $200 billion at present, is the second-largest cryptocurrency behind bitcoin (BTC), and the concept that it will make this changeover was there from the outset. However, the change required a complex technological effort, and it was a dangerous venture that many people questioned whether or not it would succeed.

At 2:43 a.m. EST, when the Merge began, nearly 41,000 individuals were watching a livestream on YouTube called “Ethereum Mainnet Merge Viewing Party.” They waited anxiously as important indicators poured in indicating that validators, Ethereum’s new proof-of-stake network administrators, were performing as anticipated and adding new transactions to the blockchains ledger. The Merge “finalized” after around 15 minutes of waiting, at which point it could be considered successful.

Crypto investors, enthusiasts, and doubters alike have been keeping a close eye on the upgrade, which would reduce the network’s dependence on the energy-intensive process of cryptocurrency mining, because of the ripple effects it is projected to have on the broader blockchain sector.

ETH saw a 24-hour loss of around 0.81%, trading at $1,594 in the minutes after the Merge. Because it included dozens of teams and hundreds of researchers, engineers, and volunteers, the upgrade was especially difficult because it was perhaps the biggest open-source software project ever attempted.

The merging may not instantly impact market sentiment since investors have been shifting out of riskier assets, including those that are meant to function as a buffer against inflation. The Ethereum Merge shouldn’t be seen as an isolated occurrence, but rather as one step in Ethereum’s bigger, continuing growth, say the experts.

The shift to proof-of-stake (PoS) is a watershed event for Web3 since it reduces climate concerns, which should encourage additional layer-1s to do the same and removes a major obstacle to widespread adoption of Web3 and crypto.

Recommended For You:

Ethereum Community Bullish as The Merge Is Completed

google news
Advertisement

Blockchain

Helium (HNT) Holds Gains Undermining Market Downtrend

Avatar Of Rajesh Khanna

Published

on

Hnt
google news

Helium (HNT), a cryptocurrency project focusing on the Internet of Things, has gained in recent times despite market conditions. According to CoinMarketCap, HNT has been up 8.42% over the last 7 days, trading at $4.90 at press time.

Despite the gains, the token has found it difficult to break above the $5 mark. The price movement has been on a downward trend. It’s uncertain if this will continue or not. However, its weekly price action has given traders a good reason to be hopeful.

Related Reading: Bitcoin Price Is Sitting On A Gun Powder, Will It Explode?

How Helium Is Holding Its End

As of writing, the Helium (HNT/USD) price is $4.90. Although earlier this morning, October 2nd, it was considerably higher than that. What makes this rate so exceptional for this coin?

The market is behaving strangely. Friday’s HNT price of $5.11 and recent volatile trends indicate this. This is a really positive sign for this cryptocurrency, as there is now a great deal of interest in it. The coin’s value and trading volume have both increased since last week’s all-time high. So far, today’s trading volume is $19 million, although it’s down 9.52% over yesterday’s total of $21 million.

The charts currently show a double top which indicates a bearish reversal pattern. However, the current price is still very much within the range of support levels. If the price continues to fall below these levels, then we could see further losses. But if the price breaks out of the resistance level, then we can expect some bullish momentum.

HNT’s price is currently trading at $4.85. | Source: HNTUSD price chart from TradingView.com

Where Does Helium Go From Here?

There’s no telling where this coin will go from here, but things are going well for now. The price of HNT may be almost the same as it was at the beginning of the month, but this does not imply that the price has stayed relatively flat.

Quite the reverse, as the coin has seen much activity. This activity has taken HNT both to new lows and new highs in the space of a few weeks. As it strives to go more mainstream, we anticipate Helium will continue to experience a great deal of activity.

Those that took advantage of the recent downturn have reaped substantial profits from Friday’s upswing. The price movements between then and today, October 2nd, show they might get another chance to benefit in the weeks ahead. But there’s no way to tell for sure.

More On Helium’s IoT Offering

Helium is a blockchain-based technology that focuses on IoT. It has an internet router called Helium hotspot. These nodes provide users with more affordable and extensive internet connectivity. Most crypto initiatives focus on decentralized finance and non-fungible tokens, but just a handful on IoT.

Related Reading: Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Helium allows for long-distance communication thanks to its worldwide wireless network and helium hotspots. Connectivity for all IoT devices is guaranteed by these hotspots, which serve as the network’s backbone. 

If you own a hotspot, you may benefit from increased visibility and financial incentives. Helium’s distributed ledger technology is made possible by these nodes allowing IoT devices to communicate with one another.

Featured image from Pixabay and chart from TradingView.com

google news
Continue Reading

Blockchain

QNT Marks Positive Moves When Major Coins Facing Dumps

Avatar Of Rajesh Khanna

Published

on

Quant
google news

Quant (QNT), a top 100 cryptocurrency on CoinMarketCap, has marked positive moves in the last few weeks. This is coming when major coins are facing dumps due to bearish market conditions.

The token has stayed green for 4 weeks, gaining over 47.37% since its $95.1 price on September 1st. The price action has been driven by strong volume and trading activity. Despite its market cap still down 2.98%, QNT has performed well against other coins with similar market caps.

Related Reading: Bitcoin Bullish Signal: Exchange Outflows Spike Up

Quant Take Back Nearly 50% From The Market In 4 Weeks

The world’s financial markets were rocked on September 13 as the U.S. Federal Reserve released inflation figures. The stock market crashed, taking the cryptocurrency market with it because of the correlation between the S&P 500 index and Bitcoin.

QNT fell along with the rest of the crypto market on September 13, halting its upward momentum shortly. Market uncertainty and mistrust also made it hard for bulls to boost Ethereum and Bitcoin prices. At that time, the price of QNT had a challenging time moving beyond $112.12. This price acted as its resistance level for the next few days.

Quant finally broke above the $115 mark on September 24th and continued climbing higher. During this time, the majority of coins on the market still lagged behind QNT. The token is still on an upward trend, trading at $132 as of press time. It has gained over 45.65% in the past four weeks.

QNT’s price is currently hovering above $132. | Source: QNTUSD price chart from TradingView.com

What The Charts Say About Quant’s Movement

A formatted inverted head and shoulders pattern emerged on the Quant seven-month price chart. This bullish reversal is frequently seen near market bottoms. It signals a shift in market sentiment from selling on rises to purchasing on declines. In addition, coin purchasers have lately broken through the pattern’s resistance at the neckline. This creates an opportunity for coin holders to recover their investments.

The price of Quant gave a tremendous breakthrough from its resistance trendline of $121 on September 27th. This comes despite the continued uncertainty that exists in the cryptocurrency market. The altcoin buyers spent the next two days trying to keep prices above the broken trendline and the $131 mark.

Plus, the lower price resistance included in these retest candles suggests that buyers are receiving adequate support at this level. As a result, the reversed support reinforced yesterday’s 8.5% rise, providing confirmation of the chart pattern breakthrough.

Chart Trend Gives Traders Hope For A New High

The price of Quant is at $132 as of writing. If people keep buying, the price should go up to $155, which will be the next level of resistance. 

Related Reading: Binance Coin (BNB) Bulls Defends Key Zone, Will The Give Up?

A possible breakthrough in this monthly resistance will give buyers more room to move. It’ll also make the ongoing recovery last longer. On the other hand, the bullish thesis would be disproved if the coin price declined from the $155 barrier. It might even fall below $131.

Featured image from Pixabay and chart from TradingView.com

google news
Continue Reading

Blockchain

Coinbase Users With U.S Bank Accounts Face Major Outage

Avatar Of Rajesh Khanna

Published

on

Coinbase Diversifies Options With Polygon And Solana
google news