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Why is the Ethereum community looking forward to EIP-1559?

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In a previous article, we discussed the changes that will take place after EIP-1559 is implemented on Ethereum and the modification of the current gas fee system. 

As explained, the main objective of EIP-1559 remains to lower gas fees for its users so that individuals are not overpaying for their transactions to go through. While this might be the major objective, there are other advantages to its application.

Slack Mechanism 

In simpler terms, the slack mechanism of EIP-1559 will allow some blocks to be bigger during high congestion periods and other blocks to be smaller during periods with minimal traffic.

Previously, miners had the ability to mine unbounded blocksizes and it led to incentive problems. Now, with EIP-1559, miners will be discouraged to mine larger blocks if users are not paying high because the higher BASEFEE is not allocated to them.

Security enhancement of Ethereum

After issuance becomes low for most blockchains in the future, transaction fees are going to pay for security. This might be extremely risky if the block subsidy is over. Hence, the EIP-1559 model would be removing the network security dependence on transaction fees by incentivizing miners with a more reliable perpetual block subsidy.

A perpetual block subsidy is supposed to be a more stable income for miners, and over the long-term, it will instill better stability and security.

Disadvantages will stem down to miner’s sentiment

Under the EIP-1559 protocol, there is one condition where BASEFEE is zero – If the mined block is below 10M (i.e 10 million) gas. So, when BASEFEE is zero, the tip put forward by the user would entirely go to the miner. Hence, if miners decide to keep the mining below 10M at all times, they will continue to earn the entire fee.

However, it is important to note that a tip auction is only initiated when the demand for block space is more than the available supply.

While it is a legitimate concern and miners could trigger a soft fork if needed, such vector attacks haven’t been seen in the past with any blockchain. Hence, the threat is minimal, but the picture will only be clearer when EIP-1559 goes live.

Ethereum Monetary Policy: Does it change Ether’s value? 

Functionality-wise, EIP-1559 has the potential to solve Ether’s transaction fee woes in theory. However, the implementation may also push Ether towards becoming a deflationary-attained asset.

The entire logic is driven by the BASEFEE. As mentioned earlier, the BASEFEE paid by the users will not be allocated to miners because the fee will undergo a burn proposal. Since the BASEFEE will always be burnt, the existing supply of Ether will become more valuable for investors.

However, it does come with certain limitations. To maintain positive miner sentiment, the block reward+tip should always be more than the BASEFEE, otherwise, miners will be underpaid. The burn proposal may also sometimes carry an inflation probability, but the hard cap on inflation is 0.5-2% on Ethereum, so that should be avoided.

Extra note

Considering EIP-1559 is supposed to reduce gas prices, it may not entirely do that. However, it will optimize the transaction fees paid by users and avoid any form of an overpayment which happened during the DeFi surge of 2020.

Keeping an eye on the horizon, the successful execution of EIP-1559 can emerge to be one of the most crucial updates for Ether’s value in the years to come.

Source: https://ambcrypto.com/why-is-the-ethereum-community-looking-forward-to-eip-1559

Blockchain

Events dApps are Bettering: Intuitive, Convenient and Transparent

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Blockchain technology has been taking the events management industry by storm.

The COVID-19 pandemic led many to reflect on the failings of traditional, centralized ticketing and event platforms. These tools often feature low security, difficult user experiences, and high hidden fees.

Blockchain continues to interest many event managers and promoters. The technology offers the opportunity to digitally manage events and payments without a central administrator, all while eliminating ticket duplication, fake tickets, and bots. Blockchain also can be harnessed to allow for event details to be managed and shared in a uniform and transparent manner.

A greater interest in a decentralized approach to managing events and attendees has led to the rise of several decentralized applications (dApps) with a focus on ticketing and events management.

Blockchain-Based Event dApps Transforming Traditional Models

Phoenix DAO’s Events Marketplace is one dApp making waves due to a dedicated and focused team who have been hard at work optimizing the platform.

The Eventbrite-style dApp empowers users to host events or buy, sell, and exchange tickets thanks to the power of blockchain. Phoenix’s unique Identity protocol ensures decentralization and trustworthiness while permanently tying tickets to a particular user no matter where they go. All Event dApp users rely on the native $PHNX token for payment, but the PhoenixDAO team plans on offering more cryptocurrencies and on-ramp methods. Hopes are expansion will encourage user growth and open up more revenue streams.

Phoenix Authentication helps verify logins and approve ticket transactions to eliminate bots and bulk purchasing. The entire Event dApp is multi-chain offering both Ethereum and Polygon’s sidechain solution, offering Layer2 solution instead of only Ethereum. A recent developer update includes multi-chain support, giving dApp users the opportunity to host events on either the Ethereum or Polygon networks, based on their preferences, to foster advanced cross-chain interoperability.

Additional updates promoting convenience and transparency include a new affiliate partnership with Travala.com, opening up PhoenixDAO Events dApp users to connect with one of the leading global crypto-friendly travel booking platforms boasting more than 2,000,000 properties in 230 nations. A second partnership with Transak provides fiat onramp services and fiat-to-crypto deposits and withdrawals. The PhoenixDAO team hopes future Transak support of the native $PHNX token will allow for the purchase of $PHNX with a credit or debit card.

Emphasizing A Hassle-Free Experience

A follow-up developer update in mid-October further enhanced the user experience and functionality based on requests and comments from Events dApp users.

As blockchain-based event dApps continue to become more intuitive, convenient to use, and transparent, many speculate the technology could forever transform the events and ticketing industry.

Contactless ticket sales and management remain a big benefit to busy events managers trying to reduce attendee/event staff interaction to ensure optimal hygiene standards for in-person activities in ‘the new normal.’ The ease of creating and promoting events on blockchain-based solutions like PhoenixDAO’s Events dApp is of particular benefit to event managers and planners who might have limited budgets and are uninterested in paying hefty fees to rely on traditional platforms.

The PhoenixDAO team characterizes their consistent work optimizing and enhancing the Events dApp as “a series until everyone is able to use the dApp hassle-free.” PhoenixDAO continues to lead the way in ushering in blockchain technology to the events and ticketing industry to provide a superior experience for both event managers and attendees.

PhoenixDAO has always been proactive in establishing new opportunities to connect and give back to the community. To that end, PhoenixDAO is hosting an event where the latest member of the team to join will be live streaming and participants stand a chance to win a $1000 NFT.

 Product growth is key, update to the events marketplace, with a rare NFT from Zed Run, with a win rate of 14.4% and ROI of 26.3%.

To participate in the event, users can purchase the tickets from Events dApp using a crypto wallet. To purchase a ticket for the event, users must hold $PHNX tokens on Polygon. Users holding $PHNX tokens on Ethereum wallets can move it to Polygon using the Matic Bridge if need be or purchase $PHNX from Quickswap.io.

About PhoenixDAO

PhoenixDAO is a revolutionary decentralized environment that has curated a list of flagship dApps, all designed to create a more rewarding and accommodating environment for the crypto community. PhoenixDAO is powered by The DAO (governance system), Staking dApp, Events dApp and the dApp store.

PhoenixDAO is an autonomous project with unique protocols (Identity management, authentication, payment, and tokenization protocols), which helps create a secure and safe decentralized space.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

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Source: https://www.newsbtc.com/news/company/events-dapps-are-bettering-intuitive-convenient-and-transparent/

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TA: Ethereum Could Follow Bitcoin, Why ETH Could Rally To $4K

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Ethereum is consolidating above the $3,800 support zone against the US Dollar. ETH must clear the $3,900 and $3,950 resistance levels to continue higher in the near term.

  • Ethereum started a fresh increase above the $3,800 and $3,820 resistance levels.
  • The price is now trading above $3,800 and the 100 hourly simple moving average.
  • There was a break above a key contracting triangle forming with resistance near $3,820 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if it clears the key $3,900 resistance zone.

Ethereum Price Eyes Upside Break

Ethereum started a fresh increase above the $3,750 resistance zone. ETH gained pace after it broke the $3,800 resistance zone and the 100 hourly simple moving average.

There was also a break above a key contracting triangle forming with resistance near $3,820 on the hourly chart of ETH/USD. The pair even spiked above $3,880, but there was no upside continuation above $3,920. A high was formed near $3,900 and it is now consolidating gains.

There was a break below the $3,850 level. Ether price traded below the 23.6% Fib retracement level of the upward move from the $3,742 swing low to $3,900 high.

It is now trading above $3,800 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $3,880 level. The next major resistance is near the $3,900 level, above which the price might start a fresh rally.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance is near the $3,920 level. Any more gains could increase the chances of a move above the $4,000 level. In the stated case, the price might rise towards the $4,120 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,880 and $3,900 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,820 level.

The 50% Fib retracement level of the upward move from the $3,742 swing low to $3,900 high is also near the $3,820 level. Any more downsides could lead the price towards the $3,780 support and the 100 hourly SMA. The next key support is near $3,750.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,820

Major Resistance Level – $3,900

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

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Source: https://www.newsbtc.com/analysis/eth/ethereum-could-follow-bitcoin-4k/

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Goodbye, Telegram. Here Comes Secretum

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Telegram took the world by storm when it was first released in 2013. The brainchild of the Durov brothers, the founders of VKontakte (known as “Russia’s Facebook”), the cloud-based app soon became a synonym for secure, end-to-end encrypted messages, and a wide range of channels and user-friendly features.

Telegram was an immediate hit and grew exponentially. From only 100,000 active daily users in October 2013, it reached 100 million in January 2016 and 500 million by the end of 2020:

As of today, Telegram  is the fifth most popular messaging app in the world:

Despite its success and growth, recent events have begun to  put into doubt the reputation of Telegram as the go-to safe messaging app:

  • In June 2019, hackers were able to break into the Telegram accounts of thousands of top Brazilian officials, including President Bolsonaro
  • In March 2020, Telegram mistakenly exposed the data of 42 million users (user account IDs, phone numbers, and names).
  • Telegram suffered a massive data leak in August 2020 that exposed the personal data of over 500 million users.
  • Cybercriminals were able to take advantage of Telegram’s chat scripting tools to hack bank account data.
  • The cyber unit of the Chinese government claimed in 2018 to be able to hack into Telegram.

These events have led millions of users to openly ask: is Telegram really that safe?

Telegram’s Weaknesses, Exposed

Telegram has been designed in a way that by default exposes its users to a variety of risks:

  • Telegram needs access to the user’s phone contacts for registration and collects IP data (the user’s location). That means users can only message people they know, while the stored contact info jeopardises data security.
  • Some end-to-end encryption options are offered using the MTProto 2.0 protocol, but some messaging remains unencrypted.
  • Having a cloud-based architecture means all messaging histories are stored on Telegram’s cloud – where it is vulnerable to being hacked.

With no other viable competing messaging solutions on the horizon, the only truly safe alternative may come in the form of a technology that is already revolutionising the global economy – Blockchain.

The Secretum Solution – The Start Of The Secure Messaging Era

In 2020, a team of crypto technology experts from Lithuania began work on the ultimate Blockchain-powered app, with the aim of creating the safest messaging protocol in the world – Secretum.

Secretum is the world’s first and only decentralised, encrypted messaging app, built on the innovative Ethereum and Solana Blockchains. It offers users an easy, intuitive, and direct messaging platform, based on unique technological innovations:

  • A completely secure and anonymous sign up, only needing a crypto wallet address. No need for names, IDs, or phone numbers (like Telegram). Total user privacy, without compromise.
  • No cloud storage, no user moderation, and complete end-to-end encryption for all messages between users – completely eliminating the risk of hacks or data leaks.
  • All messaging history and files are held on anonymous, independent, and non-connected nodes, on the Secretum network – which eliminates all points of failure and, as it grows and expands its nodes, becomes increasingly secure.

In addition to its advantages as a messaging app, Secretum also revolutionises how crypto assets are exchanged. Via a proprietary P2P function, all fungible and non-fungible crypto assets can be traded P2P without the need for an exchange – as easy as sending a message to a friend. Thanks to Solana, the fastest Blockchain in the world, Secretum fully takes advantage of low gas fees, high block speeds, and minimal commissions.

Secretum sets a new standard for global messaging apps, making communications more secure, more reliable, and more trustworthy than ever before. With its crypto trading functions, it positions itself to ride the trend of rising global crypto asset ownership and trading.

Thanks to its technology and functions, Secretum has the potential to become a globally known and recognised brand, just like Telegram: only without its limitations.

Join the Secretum Private Sale: https://secretum.io/


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

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Source: https://www.newsbtc.com/news/company/goodbye-telegram-here-comes-secretum/

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