SpaceX to send first Ethereum node to ISS in collaboration with SpaceChain
On July 3rd 2021, SpaceX will launch an Ethereum (ETH) node to the International Space Station (ISS). This historical landmark is the first time an Ethereum node has been sent into space, an impressive achievement for the current second largest Cryptocurrency.
In a recent press release, SpaceChain revealed that they contracted SpaceX to deliver the node via the Falcon 9 rocket to get to the ISS.
The Ethereum node is SpaceChain’s fourth blockchain payload to enter space and will be installed by Nexus Inc, a client of SpaceChain. Additionally, SpaceX will also be using its Falcon 9 rocket for another trip to the ISS on June 24, 2021, where it will take three nodes created for Biteeu, Divine, and Nexus Inc.
SpaceChain said regarding the launch: “This will be the fourth launch of SpaceChain’s blockchain payload in space and the first demonstration of the integration of Ethereum technology into its hardware on the ISS. The mission is made possible thanks to Nanoracks and its Space Act agreement with NASA. ”
The launch of the Ethereum node marks an exciting time for the popular asset and highlights the real-world integration that is possible with Ethereum. Ethereum nodes are operated by individuals or node operators and are essentially a version of client software.
A node is used to verify transactions for each Ethereum block, keeps the network secure and ensures data remains accurate. The integration of the node on the ISS means that SpaceChain clients can use the Ethereum blockchain for their portfolio of services, which include data security products and asset custody.
The collaboration also demonstrates Elon Musk’s growing interest and desire to push the cryptocurrency industry forward. Although he has faced recent controversy following his comments on the energy efficiency of Bitcoin mining and his open support for speculative assets, the launch shows Musk has a clear interest in the development of the space.
Tesla, his flagship company, still holds a portion of its initial Bitcoin holdings, in spite of the recent downtrend across the cryptocurrency market. The launch of the Ethereum node could also signal Musk’s interest in Ethereum as well as Bitcoin and the highly controversial Dogecoin.
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He revealed in a recent tweet that Tesla is “looking at other Cryptocurrencies that use <1% of Bitcoin’s energy/transaction.” With Ethereum’s gradual progression to their “2.0” version via a proof-of-stake network, the launch of EIP-1559 and the introduction of Layer 2 solutions, Ethereum mining will be rendered obsolete and mark its transition into the ever-growing “green energy” asset class that now exists within the industry.
With growing interest in Ethereum as an asset and the first Ethereum node being sent to space, the integration and adaptation of Cryptocurrencies into emerging sectors and technologies is a promising signal that the industry is just getting started on its long journey towards global acceptance.
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Will Ethereum Kill Bitcoin?
A common critique of Bitcoin (CRYPTO:BTC) is that it is outdated technology in the fast-moving world of cryptocurrency and it will eventually be replaced by something better. There are different versions of this theory, with some saying another decentralized cryptocurrency will overtake bitcoin as the best crypto money and others saying bitcoin will eventually be made obsolete by central bank digital currencies (CBDCs).
Let’s focus on the former theory. The Ethereum (CRYPTO:ETH) network’s underlying ETH cryptocurrency has the most support. During the initial coin offering (ICO) bubble of 2017, various crypto market commentators claimed that ETH overtaking BTC as the largest and most popular cryptocurrency is inevitable. Although this didn’t happen back then, the idea of a “flippening” taking place has gained traction once again, as the BTC-denominated price of ETH has nearly tripled so far this year.
The argument for ETH over BTC
The main argument for Ethereum over Bitcoin is that the latter of the two cryptocurrency networks is limited by a lack of technical functionality in the form of smart contracts. Smart contracts enable advanced crypto use cases such as non-fungible tokens (NFTs) and decentralized finance (DeFi). Mark Cuban has pointed to these sorts of use cases as his reasoning for preferring ETH over BTC.
DeFi in particular has been the main source of attention for Ethereum over the past year or so, as various apps have enabled new ways of doing traditional financial activities like issuing assets, trading, borrowing, lending, and more. The argument is that ETH will overtake BTC as the most widely used cryptocurrency due to these additional applications.
The argument for BTC over ETH
A key argument against the idea that DeFi and other types of decentralized applications is that much of the activity on Ethereum today is likely unsustainable. Many of the Ethereum use cases that are popular today, such as stablecoins and the trading of those stablecoins against ETH, involve the reintroduction of third-party risk, which puts into question whether it makes sense to build these applications on a decentralized blockchain.
Bitcoin itself also has various solutions for implementing many of the use cases that have gained popularity on Ethereum. Sovryn is a relatively new DeFi application built on Bitcoin that combines many of Ethereum’s touted use cases into a single interface. It has long been argued that Bitcoin can adopt any new tech that is developed by its competitors, and Sovryn is an illustration of that point happening right in front of our eyes.
If Bitcoin is able to adopt the features of its competitors, then the real competition between cryptocurrencies has more to do with their monetary properties than anything else. And in that department, bitcoin is still by far the most liquid, stable form of crypto money with the most credible, unwavering monetary policy.
Ethereum: Has the Run to $9000 Started?!
Almost two weeks ago, see here, I showed Ethereum (ETH), was according to the Elliott Wave Principle (EWP) in “[red] wave-v of [black] major wave-c of blue Primary-IV,” which “should ideally target between $1445-1850.” ETH bottomed on May 23rd at $1736. Right smack in the middle of my ideal (black) target zone. See Figure 1 below. It has since rallied and is now trading at $2750s—a 58% rise.
Figure 1. ETH daily EWP count and technical indicators.
Long-term upside potential outweighs short-term downside risk
Last week I showed my Premium Crypto Trading Members ETH should ideally bottom around $2010-2325, and on Sunday, May 30th, it bottomed at $2275. Again, right smack in the middle of my ideal (orange) target zone. See Figure 1 above.
With two out of two forecasts correct, the EWP is once again an accurate and reliable forecasting tool. But then I always become wary as the winning streak always ends at some point. I.e., most analysts -including me- are right about 65-75% of the time.
However, if ETH can rally above the $2920 high made last week, without dropping below Sunday’s low first ($2275) and especially not below $1736, then it has great potential for the ideal impulse wave count as shown in Figure 1, and Blue Primary wave-V should then ideally target $8600-9200.
Primary-v will as shown, subdivide into five smaller (black) major waves. I have annotated where each of those waves should ideally top and bottom. Now we will let the market dictate if it wants to follow this typical Fibonacci-based impulse pattern or potentially go beyond those, i.e., extend. Wave-extensions can never be forecasted, only anticipated.
Bottom line: Two weeks ago, I correctly concluded, based on the EWP, “the downside risk from current levels is still almost 50% ($2700 vs. $1850-1445).” But also mentioned, “upside potential from current levels is now most likely 500+%.” ETH bottomed at $1736 and is up over 50% since. Suppose it can stay above critical downside levels, i.e., the lows made over the last two weeks and breakout above $2920 going forward. In that case, it has the potential to move to ideally $4400-4600 for wave-1 of wave-V, drop to $2800-3400 for wave-2 of wave-V and then rally to as high as $9200 for wave-5 of wave-V. From there, a multi-month correction will start.
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This article was originally posted on FX Empire
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