Ethereum Miners unite with a #ShowofForce in collaboration with Ethereum Genesys Fork
IBC’s Khurram Shroff has joined the board of Ethereum Genesys Foundation as a show of commitment to preserve the decentralized nature of Blockchain. Ethereum has escalated ETH 2.0 merge, as Ethereum GENESYS plans a Mining Fork of Ethereum, in a move to save Miners from Quick Merge, and enable Defi and NFTs. Gregory Prekupec, Founder and Director of Ethereum Genesys, and noted Canadian Blockchain technology lawyer, has pledged support to the Ethereum Genesys Foundation. This multiple backing of Ethereum Genesys could turbo-charge the global use of ETG, and save Proof of Work Ethereum miners.
TORONTO, ON / ACCESSWIRE / March 22, 2021 / In a move to save the Proof of Work model of Blockchain, as well as Ethereum Miners globally, noted Canadian Blockchain technology lawyer, Gregory Prekupec, has pledged support to the Ethereum Genesys Foundation and Ethermine pool, to oppose EIP1559. An avid supporter of Ethereum 2.0, Gregory was instrumental in ETH 2.0 achieving its threshold. In light of these developments, Gregory has now switched sides to Ethereum Genesys to support the Ethereum Proof of Work Blockchain Maple Fork.
Last week, Michael Carter, author of Ethereum Improvement Proposal (EIP) 3368, called out the Ethereum Foundation on the YouTube channel “Bits Be Trippin”. EIP 3368 introduces the idea of increasing block rewards from two to three Ether, with a gradual decay to one Ether, over a period of two years. Carter is a prominent figurehead in the backlash against EIP 1559, which intends to reform Ethereum miners' fee structure, by burning the majority of fees. Its opponents point out that EIP 1559 will only take away tx fees going to miners, but will do nothing to reduce gas fees and block congestion.
The changes proposed by EIP 1559 will lead to a significant drop in miners' revenue, and eventual death upon the Quick Merge. Regardless of the opposition, EIP 1559 is scheduled to be rolled out in the London hard fork in July 2021.
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IBC Group was recently approached by Ethereum Genesys Founding team who wanted to save the Proof of Work Blockchain, for which the support was given in response to the ‘Quick Merge', and the Chairman of IBC Group Khurram Shroff joined the board of Ethereum Genesys, as a founder. Additionally, Toronto based Media Expert, Carmelia Ray has also joined as a Founder and the Official Spokesperson of the Ethereum Genesys Foundation.
The Proof of Stake model, which has characterized Ethereum 2.0 since its launch, is unlike the Proof of Work Blockchain traditionally associated with cryptocurrencies. While Proof of Stake Blockchain avoids the enormous energy consumption of the Proof of Work model, it introduces new challenges. Proof of Stake Validators have centralized power for securing and validating transactions in the hands of the Big 3 cloud computing providers - Amazon, Google, and Microsoft. Although the EF encourages stakers to Stake at home, in reality, many are discouraged by the potential loss of revenue because of downtime, due to loss of power or internet connectivity.
The existing Proof of Work Blockchain is secured in more than 150 countries, with a decentralized network of over 350,000 miners, and the centralization of power in the Proof of Stake model has been unpopular in several sections of the crypto community.
As per Ethereum miner Clifford Griffith, “It’s a slap in the face for all the miners and developers around the globe who have secured the Ethereum Proof of Work Blockchain to date”.
“There is a massive difference in the energy consumption required for Ethereum mining and Bitcoin mining”, Earl Mai, Founder Ethereum Genesys, pointed out. “The Hash rate and computing power, coupled with world-class hardware design have enabled unprecedented efficiency capabilities”.
“We are shocked at the subjective moral judgments of the Ethereum Foundation, and their decision to shard the Proof of Work Blockchain, upon the completion of Phase 2 of the Proof of Stake Blockchain, and now we hear talk of the Quick Merge”, added Imram Siddiqui, CEO of HeTH Data Centers.
Ethereum Genesys plans a hard fork of the Ethereum Blockchain in partnership with #ShowofForce, on April 15st, 2021 at 16:20 pm EST., with the sole purpose of saving the Proof of Work Blockchain. The roadmap for this move includes fixing neglected EIP Flaws, reducing gas fees to near zero, and enabling micropayments, through DEFI, Dapps, and NFTs.
“We are the people’s Blockchain and we do not want to put our trust in financial fatcats, to secure our blockchain”, said Dwain Pereira, Founder of the Ethereum Genesys project, underscoring the need to resist the move to shard the Proof of Work Blockchain. “The barrier of entry, to help secure the network via mining, is much smaller for average folk compared to Proof of Stake, which requires 32ETH”.
In a document titled “Quick merge via fork choice change”, Vitalik Buterin describes how Ethereum can perform a “quick merge”, by rapidly moving from Proof of Work to Proof of Stake, with limited changes required to Ethereum clients. In effect, this move would kill the Proof of Work Blockchain. The Ethereum mining community has responded with a commitment to the Show of Force, and the fork, planned by Ethereum Genesys.
Dissatisfaction, with the proposed shift to the Proof of Stake model, is being further exacerbated by a continued increase in Ethereum fees. The EIP-1559 fee overhaul has been scheduled for July 2021, and some estimates have miners losing as much as half their profits, as a result. In response, a group of Ethereum miners is now planning to come together for a 51-hour long show of force, on April 1, 2021. The miners will direct their hash rate to the 1559-opposed pool Ethermine, during this protest, hoping to harness more than 51% of the hash rate on Ethermine pool, which is publically opposed to EIP1559. This would be sufficient mining power to make changes to the network’s protocol.
“Centralizing power, in the hands of a few big fish, runs contrary to the ethos of crypto”, said Khurram Shroff. “The emergence of Big Tech giants, as the third party intermediaries that validate transactions, undermines the most exciting possibilities that Blockchain enables. Joining the board of the Ethereum Genesys Foundation is proof of our commitment to preserving the decentralized nature of Blockchain, which we see as the key to its identity”, he added.
About Gregory Prekupec
Founder of Ethereum Genesys, Gregory Prekupec’s practice is grounded on a strong corporate law foundation from which he has gained significant experience in blockchain. He advises his client corporations on in-depth contractual and transactional work, as well as taking care of his client’s corporate structuring and organizational needs as they grow and develop.
https://www.linkedin.com/in/gregorymprekupec/
About Khurram Shroff
Crypto Whale Khurram Shroff, whose IBC group holds investments in over 4000 blockchain projects, has been an ardent champion of Blockchain and was also instrumental in the recent Proof of Stake launch of Ethereum 2.0, through an investment of 100,000 Ether. He is the Chairman of IBC Group, which is a substantial Global Real Estate and Tech investment company, that recently transferred their headquarters to Toronto, Canada.
https://www.linkedin.com/in/khurramshroff/
About Ethermine Pool
Ethermine is the World’s highest performing Ethereum mining Pool, headquartered out of Austria. Recently a group of Ethereum miners planned to come together for a 51-hour long #ShowOfForce, on April 1, 2021. The miners will direct their hash rate to the 1559-opposed pool Ethermine, during this protest, to harness more than 51% of the hash rate. This would be sufficient mining power to make changes to the network’s protocol.
About Ethereum Genesys
Ethereum Genesys is “The People’s Blockchain”. ETG is on a mission to continue the Ethereum Proof of Work chain. Supporting over 350,000+ miners globally and on track to offer negligible fees to encourage native chain micropayments and smart contract interactions, to enable the world of DeFI, DaPPs, and NFTs. Ethereum Genesys plans a mining fork of the Ethereum in partnership with #ShowofForce on April 1st, 2021 at 4:20 pm E.T with the sole purpose to save the Proof of Work Blockchain and enable a platform for the future. https://www.ethereumgenesys.org/
About Carmelia Ray
Media Spokesperson - Ethereum Genesys
Mobile: 647-928-6824
Toll Free: 1-855-321-LOVE (5683)
Email: carmeliaray@gmail.com
For more information or interviews please contact:
Neha Kaul, Your Wordsmiths - Content & PR
0504507068
SOURCE: IBC Group
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Weekly Recap: Bitcoin and Ethereum Fall in Tandem
Bitcoin took investors by surprise on March 13th after surging to a new all-time high of $61,800. As late buyers began to enter the market in anticipation of higher highs, the Tom DeMark (TD) Sequential indicator sensed that BTC’s uptrend was about to reach exhaustion. This technical index presented a sell signal on the 4-hour chart projecting that a steep correction was underway.
Reuters’s interview with a senior government official in India who stated that the nation would almost certainly ban cryptocurrencies seems to have been the pullback’s catalyst. The report reignited fear among crypto enthusiasts in that nation as the new bill would make holding any digital assets a criminal offense punishable by up to 10 years imprisonment.
Following the news on India’s crypto ban, analytics firm CryptoQuant suggested over $1 billion worth of Bitcoin were sent to a US-based exchange. Such a massive transfer of tokens to a single exchange could have had the ability to tank BTC’s market value and affect the cryptocurrency industry’s stability.
As emotions ran high, many of the so-called “weak hands” panic sold their holdings, leading to a significant decline. Bitcoin dropped by nearly 12% from Monday’s open, March 15th, of $60,450 to hit a low of $53,180, according to CEX.IO’s exchange rate.
Despite the chaotic beginning of the week, a new wave of positive developments came next, helping Bitcoin recover some of the losses incurred.
Morgan Stanley announced that it would offer a selection of its clients’ exposure to Bitcoin. The American multinational investment bank is also reportedly in conversations to purchase one of Koreas’ largest cryptocurrency exchanges. Moreover, SBI Crypto, a subsidiary of SBI Holdings, revealed that its mining pool service would allow miners to earn from collaborating. At the same time, Chinese tech giant Meitu added 386 BTC and 16,000 ETH to its portfolio.
Now that a Blomberg survey revealed that between $10 billion to $40 billion from the new US stimulus checks could flow into cryptocurrencies, investors seem to have regained confidence in Bitcoin. Prices were able to bounce back and close the week at $58,135.
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Although Bitcoin holders incurred a weekly loss of 4%, momentum is building for significant gains to come over the next few weeks.
Ethereum Closes the Week in the Red as Miners Rebel
India’s crypto ban also seems to have had a big impact on Ethereum’s price. The second-largest cryptocurrency by market capitalization took a 10% nosedive after opening the weekly trading session at $1,885, going as low as $1,714, according to CEX.IO’s exchange rate. Although this support level helped prevent Ether from a steeper decline, uncertainty mounts around this altcoin’s future.
Several Ethereum miners plan to move their hashrate to Ethermine for 51 hours on April 1st to protest against EIP-1559. This protocol update introduces a fee burn “ETH buyback” mechanism, which affects the revenue miners can earn.
Ether miners’ ability to coordinate such type of action put in question the network’s decentralization. But it also allowed Ethereum founder Vitalik Buterin and developer Danny Ryan to agree to push ETH 2.0’s Phase 1.5 forward. The move will help the blockchain achieve the scalability it desperately needs and make miners obsolete.
Buterin got immediate support from ConsenSys, which reported on the update in a blog post titled “Proof of Stake Is Coming To Ethereum Sooner Than We Think.”
Since Phase 1.5 is not set in stone yet, Matt Garnet argued that there could be other ways to reduce transaction fees without rushing things. The Ethereum developer created a proposal that could improve support for transaction batching. While it remains uncertain whether EIP-3074 will be accepted in the next protocol upgrade, it shows that the community is actively looking for solutions that do not have a serious impact on the network’s stability.
Such commitment was well perceived by market participants, who gave Ether a vote of confidence. As buy orders piled up, ETH’s market value rose by 5.80% to close Friday, March 19th, at $1,807. Thus, investors incurred a weekly loss of 4.10%.
Sitting on Top of Stable Support
Transaction history shows that both Bitcoin and Ethereum sit on top of stable support. Nearly 830,000 addresses had previously purchased 490,000 BTC at $55,000. Meanwhile, roughly 1 million addresses are holding more than 14 million ETH, around $1,770.
Bitcoin and Ether will likely continue trending upward and may march to new all-time highs as long as these crucial interest areas hold. However, failing to hold above these key support levels could be catastrophic for the top two cryptocurrencies by market capitalization. A spike in sell orders could see BTC dive to $50,000 and ETH to $1,500.
Konstantin Anissimov, Executive Director at CEX.IO
This article was originally posted on FX Empire
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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 22nd, 2021
Ethereum
Ethereum fell by 1.22% on Sunday. Following on from a 0.14% loss on Saturday, Ethereum ended the week down by 3.49% to $1,784.0.
A mixed start to the day saw Ethereum rise to an early morning intraday high $1,818.86 before hitting reverse.
Falling short of the first major resistance level at $1,850, Ethereum slid to a late morning intraday low $1,748.25.
Ethereum fell through the first major support level at $1,782 and the second major support level at $1,757.
Steering clear of sub-$1,700 levels, Ethereum revisited $1,800 levels before falling back into the red.
The first major support level at $1,782 limited the downside late in the day.
At the time of writing, Ethereum was down by 0.43% to $1,776.34. A mixed start to the day saw Ethereum rise to an early morning high $1,787.53 before falling to a low $1,773.49.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through the pivot level at $1,784 to support a run at the first major resistance level at $1,819.
Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $1,818.86.
Barring an extended crypto rally, the first major resistance level and Sunday’s high would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,854.
Failure to move back through the $1,784 pivot would bring the first major support level at $1,749 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,713 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1,749
Pivot Level: $1,784
First Major Resistance Level: $1,819
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin fell by 2.31% on Sunday. Reversing a 0.14% gain from Saturday, Litecoin ended the week down by 8.64% to $195.53.
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A mixed start to the day saw Litecoin rise to an early morning high $201.95 before hitting reverse.
Falling short of the first major resistance level at $205, Litecoin slid to a late morning intraday low $192.37.
Litecoin fell through the first major support level at $197 and the second major support level at $194.
More significantly, Litecoin also fell through the 23.6% FIB of $195 before finding support.
Steering clear of sub-$190, Litecoin revisited $198 levels before falling back into the red.
While falling back through the first major support level, the 23.6% FIB of $195 limited the downside late on.
At the time of writing, Litecoin was down by 0.50% to $194.55. A mixed start to the day saw Litecoin rise to an early morning high $196.05 before falling to a low $194.55.
While leaving the major support and resistance levels untested, Litecoin fell through the 23.6% FIB of $195 early on.
For the day ahead
Litecoin would need to move back through 23.6% FIB and the $197 pivot level to support a run at the first major resistance level at $201.
Support from the broader market would be needed, however, for Litecoin to break out from $200 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $201.95 would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $206.
Failure to move back through the 23.6% FIB and the $197 pivot level would bring the first major support level at $191 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$185 support levels. The second major support level at $187 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $191
Pivot Level: $197
First Major Resistance Level: $201
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
Ripple’s XRP
Ripple’s XRP fell by 1.73% on Sunday. Partially reversing a 12.62% rally from Saturday, Ripple’s XRP ended the week up by 17.77% to $0.51710.
A bullish start saw Ripple’s XRP rise to an early morning intraday high $0.5458 before hitting reverse.
While falling short of the first major resistance level at $0.5777, Ripple’s XRP broke through the 23.6% FIB of $0.5320.
The reversal, however, saw Ripple’s XRP fall to a late morning intraday low $0.49602 before finding support.
While falling back through the 23.6% FIB, Ripple’s XRP avoided the 38.2% FIB of $0.4632 and the major support levels.
Through the 2nd half of the day, Ripple’s XRP revisited $0.52 levels before falling back to sub-$0.52 levels.
At the time of writing, Ripple’s XRP was down by 1.15% to $0.51114. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.51720 to a low $0.51057.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.5196 pivot level to bring the first major resistance level at $0.5433 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 23.6% FIB of $0.5320.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.5458 would cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.58 levels before any pullback. The second major resistance level sits at $0.5694.
Failure to move through the $0.5196 pivot would bring the first major support level at $0.4935 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level at $0.4699 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.4935
Pivot Level: $0.5196
First Major resistance Level: $0.5433
23.6% FIB Retracement Level: $0.5320
38.2% FIB Retracement Level: $0.4632
62% FIB Retracement Level: $0.3521
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
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