In a new blog post, Buterin points out that privacy is the major challenge that the Ethereum network currently faces, which is making a notable portion of people’s life public for everyone to see.

Read Also: Vitalik Buterin Unveils a Modified Ethereum Roadmap to Fix Censorship Concerns

Vitalik Buterin noted:

“By default, anything that goes onto a public blockchain is public. Increasingly, this means not just money and financial transactions, but also ENS (Ethereum Name Service) names, POAPs (Proof of Attendance Protocols), NFTs, soulbound tokens, and much more. In practice, using the entire suite of Ethereum applications involves making a significant portion of your life public for anyone to see and analyze.

“Improving this state of affairs is an important problem, and this is widely recognized. So far, however, discussions on improving privacy have largely centered around one specific use case: privacy-preserving transfers (and usually self-transfers) of ETH and mainstream ERC20 tokens.”

Suggesting a solution, Buterin said the best way to tackle privacy on the Ethereum network is via stealth addresses, stating that crypto wallets can enable users to leverage stealth addresses by making it an option for them when initiating transactions:

“Basic stealth addresses can be implemented fairly quickly today, and could be a significant boost to practical user privacy on Ethereum. They do require some work on the wallet side to support them. That said, it is my view that wallets should start moving toward a more natively multi-address model (eg. creating a new address for each application you interact with could be one option) for other privacy-related reasons as well.

Read Also: Vitalik Buterin: If Ethereum (ETH) Succeeds, We Are Going To Have another Bull Market

“However, stealth addresses do introduce some longer-term usability concerns, such as difficulty of social recovery. It is probably okay to simply accept these concerns for now, eg. by accepting that social recovery will involve either a loss of privacy or a two-week delay to slowly release the recovery transactions to the various assets (which could be handled by a third-party service).

“In the longer term, these problems can be solved, but the stealth address ecosystem of the long term is looking like one that would really heavily depend on zero-knowledge proofs.”

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It can be recalled that on 11th August, The Merge launched on Goerli, its final testnet. This means that the development journey that started some years ago is about to end on a good note. However, the Merge is not the end of the road for Ethereum development, but the door to a new era for the network.

Read Also: Ethereum The Merge May Happen Earlier Than September 19th: New Likely Dates Revealed

Vitalik Buterin Expects The Merge Implementation On September 15th

In a tweet a couple of hours ago, the co-founder of Ethereum blockchain pointed out that the Total Terminal Difficulty (TTD) of the Ethereum network has been set to 58750000000000000000000. He said this implies that miners on the network now have a fixed number of hashes left to mine.

Buterin further said the predicted date for the upgrade is now September 15. However, he stressed that the exact date of the upgrade still depends on hashrate.

Vitalik Buterin tweeted, “The terminal total difficulty has been set to 58750000000000000000000. This means the ethereum PoW network now has a (roughly) fixed number of hashes left to mine. https://bordel.wtf predicts the merge will happen around Sep 15, though the exact date depends on hashrate.”

The terminal total difficulty has been set to 58750000000000000000000.

This means the ethereum PoW network now has a (roughly) fixed number of hashes left to mine.https://t.co/3um744WkxZ predicts the merge will happen around Sep 15, though the exact date depends on hashrate. pic.twitter.com/9YnloTWSi1

— vitalik.eth (@VitalikButerin) August 12, 2022

What Is Hashrate?

Hashrate is the measurement of the processing power of the Ethereum network. Blocks are hashed and added to the Ethereum blockchain as miners solve complex mathematical puzzles to confirm transactions.

Also, the hashrate stands for the number of times per second that the network can try to solve a puzzle. A high hashrate is an indication of an increasingly robust network that is more secure against an attacker.

Read Also: Ethereum Mainnet Shadow Fork 10 Done and Dusted in Preparation for the Merge in September

Effect of The Merge On Ethereum (ETH) Price

The euphoria of the upcoming consensus upgrade has been positive on the price of Ethereum (ETH), the second-largest cryptocurrency by market capitalization.

Over the last seven days, Ethereum (ETH) has been outperforming other top 10 digital assets, including the flagship crypto Bitcoin (BTC).

Many analysts have been seeing the upgrade as a bullish signal for the future price of the top cryptocurrency. At the time of filing this report, ETH is trading at $1921, with a 1.44% price upsurge in the last 24 hours.

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Mainnet Shadow Fork 9 Completed: Details

According to people familiar with the matter, the Ethereum Mainnet Shadow Fork 9 (MSF9) happened in the wee hours of July 15. To note, an Ethereum network shadow fork is an event that concentrates on a few modifications that need to happen after the Merge on Ethereum Mainnet.

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As revealed by Parithosh on Github, the ninth shadow fork occurred when the Terminal Total Difficulty (TTD) was countermanded at 53945568722258575228928.  

In anticipation of the big event on the Ethereum mainnet, this fork comes as one of the final testing stages before the transition to the proof-of-stake (PoS) consensus algorithm happens on the blockchain with the second-largest market cap – Ethereum. 

Initially, this shadow fork 9 was scheduled to happen at 15:00 UTC but it was implemented a few hours earlier. Parithosh, DevOps engineer at the Ethereum Foundation noted that the irregularity was due to developers’ estimation tool error together with a spike in hash rates that sped up the process. Therefore, the discrepancy was not an error in the code. 

Per a status report by Ben Edgington, Lighthouse nodes fell out of synchronization as there weren’t catching up until the next epoch. “A fix was already in progress and is now deployed,” he noted. Also, 4 of Besu’s 5 nodes did hit an invalid block while Nethermind nodes went offline deliberately.  

Particularly, during the Mainnet Shadow Fork 8 (MSF8), developers ran into an issue previously encountered during the completed Ropsten testnet merge. Consequently, developers executed numerous varied configurations to try to reproduce until the issue was sorted. 

Related: Sepolia Testnet Runs Through The Merge Successfully: Details

The Merge Nears

All of these recent upgrades like the MSF9 and testnets testings are because of the Merge, which some core Ethereum developers have predicted to happen in September 2022. Notably, the exact date for the Merge is yet to be officially determined. 

This merge timeline isn't final, but it's extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI

— superphiz.eth (@superphiz) July 14, 2022

The Merge is an upgrade on the Ethereum blockchain that will shift the blockchain from its current proof-of-work (PoW) consensus algorithm to a more scalable one, proof-of-stake (PoS). 

However, the final Ethereum public testnet must run through the Merge for further testing and confirmation. The Merge on Georli is expected to occur in late July. After this, the official date for the much-awaited Merge will be disclosed. So far, both the Ropsten and Sepolia testnets have successfully run through the Merge.

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Iagon, a Cloud Computing Platform offering access to a decentralized $IAG-powered Shared Storage Economy, made the new development known on Twitter a couple of hours ago.

Read Also: ChilledKong8885 Sold For 135,000 ADA on Cardano-Based NFT Marketplace, Charles Hoskinson Reacts

According to the report, over 50% of iogon’s token supply has been moved from Ethereum to the Cardano blockchain.

Iagon tweeted, “Officially migrated to Cardano! Today we bridged over 50% of our token supply from Ethereum. Loving the support from the Cardano Community. Onwards & Upwards.”

Officially migrated to #Cardano! Today we bridged over 50% of our token supply from #ethereum . Loving the support from the #CardanoCommunity. Onwards & Upwardshttps://t.co/8waztKNeks

— Iagon (@IagonOfficial) April 21, 2022

Iagon has been showcasing its interest in the Cardano blockchain for quite a long time. Back in September 2021, the firm announced the donation of the sum of 10,000 ADA to VeriTree for the support of Cardano Global Impact Challenge, an initiative that plans to plant 1 million trees.

Back then, the firm announced, “Iagon is excited to support Cardano Global Impact Challenge! We have donated 10k ADA to support #1MillionTrees. Proof and Nominees coming soon. Together we can build a first decentralized storage/computing platform on Cardano.”

Veritree’s reforestation verification records are said to be stored on the Cardano blockchain. The technology makes it possible to verify data from planting sites and link every individual donation to the area of land it helped to restore.

Read Also: Charles Hoskinson Wants Elon Musk to Make Cardano His Plan B If His Aim to Acquire Twitter Fails

Can Users Also Start Migrating Right Away?

In the announcement’s thread, a curious Cardano community member asked if users can also start migrating. In response, iagon team said a front-facing bridge will be created within the next 1 to 2 weeks. However, tech savvy users are also allowed to find a means to initiate the migration.

Iagon team noted, “If you are techsavy you might find a way yourself but for everyone else we are creating a front facing bridge for users. ETA 1-2 weeks.”

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Aya Miyaguchi, Executive Director of Ethereum Foundation, made this announcement on 14th December via her official Twitter handle.

Read Also: Vitalik Buterin Outlines His Vision for a Plausible Roadmap for Ethereum 2.0

In the tweet, Miyaguchi acknowledged the importance of clients to the health and decentralization of the Ethereum network, making the newly launched program essential.

Aya Miyaguchi tweeted, “We strongly believe that a diverse set of clients is essential to Ethereum’s health and decentralization. To ensure that client teams have a long term incentive to maintain the network, the Ethereum Foundation has launched the Client Incentive Program.”

Read Also: Former Goldman Sachs executive Raoul Pal Expects Ethereum (ETH) to hit $20,000 Latest March

According to Miyaguchi, the program is a means for the Ethereum community to indirectly appreciate the teams that focused on building, maintaining, and supporting the network.

“And although the name says “Incentive”, we hope that the program also symbolizes the appreciation the Ethereum community has for the teams who have remained focused on building and maintaining the public goods that support the network.”

What Teams in the Program Will Receive

To operate on mainnet, teams in the program will specifically receive a total of 144 validators each, which is equivalent to 4608 ETH, according to the blog post captioned in the announcement.

“The size of these grants recognizes both the excellent work performed over the past few years and the many development challenges expected well into the future. One team, whose client is more recently mainnet compatible than their peers, has been included in the program with a 50% stake.”

Read Also: Over 1 Million ETH Worth $4 Billion have Now Been Burned on the Ethereum Blockchain

The clients eligible for the program are, Besu, Erigon, Go-ethereum (geth), Lighthouse, Lodestar (50% stake), Nethermind, Nimbus, Prysm, and Teku.

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After the implementation, the miners’ fee that was previously used to reward miners for moving transactions was changed to a base fee. Now, miners can only be rewarded at users’ discretion via a tip, while the base fee is burned continuously.

Read Also: Vitalik Buterin Stresses Major Difference between Ethereum (ETH) and Bitcoin (BTC)

With an increased number of transactions on the Ethereum network on a daily basis, more coins are getting burned, which increasingly makes Ethereum a deflationary asset with more coins burned than distributed.

The Ethereum network has spent just three months burning relatively $4 billion worth of ETH. Thanks to the non-fungible token (NFT) and decentralized finance (DeFi) industries, the burn rate on the network has been steadily increasing, which led to the recent milestone.

Read Also: Ethereum 2.0 Merge Interoperable Devnet Activated. Here’s Why This Is Important

Ethereum (ETH) Supply on Exchanges Falling

Over the past few months, especially, since the burning started, Ethereum (ETH) supply on crypto exchanges has been consistently falling. This suggests that the digital asset’s price could see more positive price action in the coming months.

Lark Davis, a popular crypto investor, shared this notable development a few days ago on his Twitter handle.

He wrote, “Ethereum supply on exchanges just keeps falling, $10,000 will come a lot quicker than most people expect!!!”

#ethereum supply on exchanges just keeps falling, $10,000 will come a lot quicker than most people expect!!! pic.twitter.com/7UrZTrZdTy

— Lark Davis (@TheCryptoLark) November 20, 2021

Read Also: Ethereum Foundation Confirms Date of First-Ever Ethereum 2.0 Upgrade Named Altair

How the market reacts

While, in general, the market has positively reacted to the implementation of a burning mechanism that resulted in 74% growth from 1st October to 9th November. After reaching the most recent all-time high, Ethereum has dipped by 11% due to the global crypto market correction.

In the last week, Ethereum’s price has been ranging from approximately $4,100 to $4,200 in correlation with other major cryptocurrencies, moving with lower volatility compared to the previous week.

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The post Over 1 Million ETH Worth $4 Billion have Now Been Burned on the Ethereum Blockchain appeared first on Times Tabloid.

In a series of tweets on 30th July, Noon explained the trend of the top digital currency in the last 6 years with 4 different charts.

Read Also: Vitalik Buterin: Next Phase of Ethereum (ETH) Adoption Should Go Beyond Making Tokens

Spencer Noon tweeted, “For ETH’s 6th birthday. 4 charts that demonstrate its ridiculous growth over the years.”

For $ETH's 6th birthday, 4 charts that demonstrate its ridiculous growth over the years

— Spencer Noon (@spencernoon) July 30, 2021

Increase in the Number of Transactions

According to the first chart shared by Noon, the Ethereum network rose from relatively 0 in 2015 to over 300 million in 2020 in terms of the number of transactions. The analyst added that the cryptocurrency is on the cusp of completing more than half a billion transactions in 2021.

“#1. The Ethereum network is on pace to do more than 500 million transactions in 2021.”

Read Also: JPMorgan Now Let Retail Customers Invest In Bitcoin, Ethereum, Bitcoin Cash, and Ethereum Classic

Amount of Gas Used By the Ethereum Network

The second chart shared by Noon shows the amount of gas used to conduct transactions on the Ethereum network. Going by the chart, no transaction fees were collected in 2015. However, the analyst is of the opinion that ETH will use 3.5 million ETH worth relatively $9.1 billion at current prices before the end of 2021.

“#2. 3.5 million $ETH is projected to be used for gas this year.”

Read Also: Judging By History, Top Analyst Says Ethereum (ETH) Would Hit $18,000 by July 2022

Increase in the Number of Ethereum Users

The third chart shared by the crypto veteran shows the vast increase in the number of Ethereum users. He said despite the fact that there are still 5 months left in 2021, ETH yearly active addresses are already at roughly 30 million.

 “#3. Even with 5 months left in 2021, ETH yearly active addresses is already at ATHs (~30 million).”

Vast Increase in the Number of Smart Contracts Created

The fourth and final chart shared by Noon reflects the vast increase in the number of smart contracts created on the Ethereum network between 2017 and 2020.

Read Also: Elon Musk Confirms He Owns Ethereum and Dogecoin, Says Both Tesla and SpaceX Own Bitcoin

According to the chart, the number ridiculously grew from less than 5 million to over 15 million in 2020. The analyst predicted that the number could surge to around 50 million by the end of 2021.

“#4. Ethereum is on pace to hit ~50 million smart contracts deployed all-time by the end of this year.”

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The post Ethereum 6th Birthday: Spencer Noon Analyzes ETH Network “Ridiculous Growth” in 6 Years with 4 Charts appeared first on Times Tabloid.

The latest development regarding this is a much-needed approval that makes the path to the PoS era clearer. As a report as it, the Ethereum Improvement Proposal (EIP) that has to do with the merging of the two chains in the process of moving the Ethereum network to proof of stake has been formally created.

Read Also: Judging By History, Top Analyst Says Ethereum (ETH) Would Hit $18,000 by July 2022

EIP-3675 Created

On 22nd July, Mikhail Kalinin, a researcher at ConsenSys created a pull request for EIP-3675 on Github. This proposal is targeted at initiating the process of upgrading the Ethereum network from its current protocol to the much-awaited PoS consensus algorithm.

According to the specification found on Github, Etheruem 2.0 Phase 0, which is known as Beacon Chain, has been up and running since December 2020 without any record of failure:

“The beacon chain network has been up and running since December 2020. Neither safety nor liveness failures were detected during this period of time. The long period of running without failures demonstrates sustainability of the beacon chain system and witnesses its readiness to start driving and become a security provider for the Ethereum Mainnet.”

Read Also: Messari: Ethereum Is Poised To Settle $8 Trillion In 2021. Here’s The Primary Reason for the Increase

Tim Beiko Confirms EIP-3675 Creation

Tim Beiko, an Ethereum (ETH) core developer, also confirmed the new development via a Twitter post on 22nd July, stressing the significance of the proposal.

Tim Beiko tweeted, “Hard to overstate how valuable’s Mikhail Kalinin’s work on The Merge has been, and it’s finally being formalized in an EIP.”

Hard to overstate how valuable's @mkalinin2's work on The Merge has been, and it's finally being formalized in an EIP https://t.co/pNRerXFxVf

— Tim Beiko | timbeiko.eth (@TimBeiko) July 22, 2021

The aforementioned merge is expected to come before shard chains launch and it represents the end of Ethereum 1.0. However, it’s likely not playing out in 2021.

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