Ethereum: an altcoin game of boiling potatoes?

Ethereum (ETH) continues to drive as the second largest blockchain in the cryptic Russian rollercoaster space. The # 1 altcoin fell on the tidal wave that sank the rest of the cryptic market on Tuesday. On Monday, ETH roared to $ 319.63 to stumble by 20% on a minimum of $ 253.88, just 24 hours later.

The volatility of cryptocurrency is not unusual. The question is: where will Ethereum stop in the future for blockchain platforms?

Here, go to the evaluation platform to find out the latest data on the cryptographic market. Let's take a closer look.

On Sunday, ETH had taken some recovery measures, rising to $ 303.04 with a market capitalization of $ 29.98 billion. Do not make mistakes, the young visionary behind Ethereum has built an impressive empire and co-founder Vitalik Buterin is only 24 years old.

Vitalik Buterin is hailed as the "boy genius" behind the blockchain. The prodigy of the French-Canadian programming draws what some consider an almost cult following at the ETH table. In fact, the screw was animated by rumors that Google (NASDAQ: GOOGL) was trying to come to terms with Buterin on the technological empire. Buterin is so popular in the crypto-verse that it became a hot topic last week.

The associate editor of Vice Motherboard, Jordan Pearson, said that Buterin is an "unlikely leader" and "the reason why many are attracted to the Ethereum project". Buterin strives to "move the story in", the protocol will be successful thanks to myself, in addition to all these other people who are able to make things progress. "

Jason Hsu, Taiwan President Parliamentary Colegio for Blockchain & Industry Self- Recently, the Regulatory Organization spoke at a blockchain event hosted by Berkeley and asked the Ethereum leader about the future of the blockchain world, in particular Buterin dubbed Hsu as "Crypto Congressman."

Hsu wagers, "… the industry needs a correction, obviously, since too much money comes too quickly. I feel too focused on the price of cryptography and not on project executions. I have to meet Vitalik for over a year and see him as Ethe's guardian "

" It is important to think that the driving force behind cryptocurrency should not be just looking for money, but rather we should think about how blockchain technology will bring about fundamental change in the way our trust system is built ", adds Hsu.

The group questioned the progress made in the Ethereum Casper stake test project.The status recently published Buterin a" tweet storm "in its progressive development.

During the tweet storm, Buterin offered some experience in design research of intensive mechanisms, in particular," with one eye on making Casper more robust against oligopolies " In addition, the "wunderkind" examined "consensus algorithms inspired by the traditional Byzantine fault tolerance theory, such as Tendermint."

Buterin said at the event b lockchain: "I think there were a lot of state channel frameworks that came out recently. The Casper protocol is becoming much closer to being finalized at this point. It is only awaiting review on the academic analysis. "

On Twitter, Buterin offered a little more color here, defining the purpose a" very significant progress. After all, different from the confirmations in the work trial system: "once a block is finalized, it is safe regardless of the latency of the network."

In addition, restoring the block means that more than a third of the validators must "fool in a way that is detectable and can be used to destroy their deposits."

Yet, cryptocurrency is a game of "hot potato" , also for the second largest blockchain on the cryptographic block. BitMEX CEO Arthur Hayes recently stated in his newsletter "Crypto Trader Digest" that Ethereum is, to put it bluntly, a "sh-t coin". Hayes' prediction: the same venture capital companies that pay out investments "at some point" join the bears and the ether tokens. They will get tired and "will download everything they can".

"I do not know what the turning point will be, but on closer inspection, it will be obvious when the capitulation will occur," explains Hayes. Sooner or later, Ether will go "from a 3-digit to a 2-digit sh * tcoin."

That said, 53-year-old Canadian entrepreneur Joseph Lubin – co-founder of Ethereum based in Switzerland and founder of the United States ConsenSys, a blockchain-based technology company, sees an "unprecedented" story here. Lubin is aware of the "many" who bet against ETH, saying "it can not be done" and "it was stupid to do it … the attack service would be so big and confusing".

As for Lubin, Not only did Ethereum turn out to be "a remarkable success", this altcoin "is still very unripe, still very young."

Lubin can remember when Buterin first "invented the description for the Ethereum platforms", adding: "It was essentially the most elegant, the most powerful description of a blockchain platform up to that point."

That's why the innovator claims that it worked "quite well." The application-level developer base for Ethereum circles about 40 times larger, as per Gartner data.

Lubin told Bloomberg in an interview that he is not surprised by the drop in prices in the encrypted market, although this creates anxiety from investors. This does not talk about the growth potential of the sector.

"… we build a more fundamental infrastructure, we see a correction and the potential becomes even more impressive … I expect absolutely that there is a strong correlation between the price increase and the growth of 39, fundamental infrastructure in the ecosystem and growth of development in the ecosystem We are probably two orders of magnitude larger than a community of developers compared to eight or ten months ago, "says Labin.

Cryptocurrency is certainly a gamble. That said, when brilliant thought leaders like Buterin and Labin are not shaken by the volatility that is a staple of this market, perhaps this game of boiled potatoes is worth it.

The cryptographic market is always moving – or up or down. We used's screener platform to keep us updated on Ethereum's real-time data.

Disclosure: I / we have no positions in any of the titles mentioned, and we are not going to start any positions within the next 72 hours.

I wrote this article alone, and expresses my opinions. I'm not getting any compensation for this (other than Seeking Alpha). I have no business relationship with any company whose title is mentioned in this article.

Source link