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.
Story continues
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
View source version on accesswire.com:
Weekly Recap: Bitcoin and Ethereum Fall in Tandem
The Conversation
U.S. taxpayers spend more than $2 billion annually in tax preparation fees. Nora Carol Photography/Getty ImagesThe Internal Revenue Service has postponed the April 15 tax filing deadline to May 17. If taxpayers need even more time to file federal returns, the agency added, they can request an extension until Oct. 15. “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. The announcement may come as welcome news for many Americans, but it also raises an important question: Why should taxpayers have to navigate the tedious, costly tax filing system at all? The case for a ‘simple return’ In 1985, President Ronald Reagan promised a “return-free” tax system in which half of all Americans would never fill out a tax return again. Under the framework, taxpayers with simple returns would automatically receive a refund or a letter detailing any tax owed. Taxpayers with more complicated returns would use the system in place today. In 2006, President Barack Obama’s chief economist, Austan Goolsbee, premiered the “simple return,” where taxpayers would receive already completed tax forms for their review or correction. Goolsbee estimated his system would save taxpayers more than US$2 billion a year in tax preparation fees. Though never implemented, the two proposals illustrate what we all know: No one enjoys filling out tax forms. So why do we have to? A costly and time-consuming system Return-free filing is not difficult. At least 30 countries permit return-free filing, including Denmark, Sweden, Spain and the United Kingdom. Furthermore, 95% of American taxpayers receive more than 30 types of information returns that let the government know their exact income. These information returns give the government everything it needs in order to fill out most taxpayers’ returns. The U.S. system is 10 times more expensive than tax systems in 36 other countries with robust economies. But those costs vanish in a return-free system, as would the 2.6 billion hours Americans spend on tax preparation each year. Maybe you’re wondering whether Congress is just behind the times, unaware that it can release us from tax preparation? Not true. As an expert on the U.S. tax system, I see America’s costly and time-consuming tax reporting system as a consequence of its relationship with the commercial tax preparation industry, which lobbies Congress to maintain the status quo. The United Kingdom is among dozens of countries that permit return-free filing for some taxpayers. Loop Images/Universal Images Group via Getty Images Commercial tax preparation Almost 20 years ago, Congress directed the IRS to provide low-income taxpayers with free tax preparation. The agency responded in 2002 with “Free File,” a public-private partnership between the government and the tax preparation industry. As part of the deal, the IRS agreed to not compete with the private sector in the free tax preparation market. In 2007, the House of Representatives rejected legislation to provide free, government tax preparation. And in 2019, Congress tried to legally bar the IRS from ever providing free online tax preparation services. Only a public outcry turned the tide. The public part of Free File consists of the IRS herding taxpayers to commercial tax preparation websites. The private part consists of those commercial entities diverting taxpayers toward costly alternatives. According to the Treasury Inspector General for Tax Administration, which oversees IRS activities, private partners use computer code to hide the free websites and take unsuspecting taxpayers to paid sites. Should a taxpayer discover a free preparation alternative, the private preparers impose various restrictions such as income or the use of various forms as an excuse to kick taxpayers back to paid preparation. Consequently, of the more than 100 million taxpayers eligible for free help, 35% end up paying for tax preparation and 60% never even visit the free websites. Instead of 70% of Americans receiving free tax preparation, commercial companies whittle that percentage down to 3%. Tax savings and evasion Perhaps you are guessing that there are valid policy justifications for avoiding government and empowering the private sector. Judge those arguments yourself. One argument from commercial tax preparers is that taxpayers will miss out on valuable tax savings if they rely on free government preparation. In fact, the government software would reflect the same laws used by the paid preparers with the same access to tax saving deductions or credits. Further, tax preparers like H & R Block promise to pay all taxes and interest resulting from a failed audit. As a result, these services have every incentive to take conservative, pro-government tax positions. A second argument is that government-prepared tax returns encourage tax evasion. In a no-return system, the government reveals its knowledge of the taxpayer’s income before the taxpayer files. Thus, the argument goes, the taxpayer knows if the government has missed something and has reason to let the mistake stand. But taxpayers already know what information forms the government has because they receive duplicates of those forms. The incentive to lie does not increase because the taxpayer avoids weeks of tax preparation. [You’re smart and curious about the world. So are The Conversation’s authors and editors. You can get our highlights each weekend.] Bolstering the anti-taxers Finally, there is the anti-tax argument for onerous tax preparation: Keep tax preparation unpleasant to fuel anti-tax sentiment. In the past, Republicans argued against high taxes. But after decades of tax cuts, Americans are no longer swayed by that argument. Exasperating tax preparation, according to this argument, helps keep the anti-tax fever high. And that fuels public hate for government and the tax system. Unfortunately, the anti-tax contingent’s desire to force Americans to spend time and money on tax preparation dovetails with the tax preparation industry’s desire to collect billions of dollars in fees. Tax preparation companies lobby Congress to keep tax preparation costly and complicated. Indeed, Intuit, maker of TurboTax, the tax preparation software, lists government tax preparation as a threat to its business model. One example is the earned income tax credit, a government program for low-income people. The credit is so complicated that 20% of the people who are eligible never file. If the government prepared people’s tax returns, that 20% would receive government support. Nonetheless, Intuit has lobbied lawmakers to make the credit more complicated, thereby driving more taxpayers to paid preparation services. To date, the tax preparation industry has kept the system complicated because the potential cost to it in terms of lost revenue is vast. Only public outcry can change the system.This article is republished from The Conversation, a nonprofit news site dedicated to sharing ideas from academic experts. It was written by: Beverly Moran, Vanderbilt University. Read more:As Australia’s COVID vaccine rollout splutters, we need transparency about when international borders might reopenHow American tax laws encourage inequality Beverly Moran does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
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.
Story continues
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
More From FXEMPIRE: