Ethereum Classic Labs collaborates with iZbreaker to launch decentralized application

Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership.

Ethereum Classic’s development and accelerator organization, Ethereum Classic Labs took to Twitter to reveal their latest partnership. The organization is all set to collaborate with an invite-only community, iZbreaker in order to launch a decentralized application. The tweet read,

#EthereumClassicLabs Partners with iZbreaker to Build and Launch its New Platform on #EthereumClassic. #iZbreaker addresses the current gap in #SocialMedia for user-guided, relevant interactions that feel like real-life engagements. https://t.co/2uMwaO6jbB@iZbreaker#ETC$ETC

— Ethereum Classic Labs (@etclabs) August 28, 2019

iZbreaker is said to use developmental resources of ETC Labs along with its technical and marketing expertise on a new decentralized application.

The announcement was also confirmed by a blog post, in which the CEO and founder of iZbreaker, Count Erik Wachtmeister, suggested that the partnership will accelerate substantial connections all around the world, especially between globally influential people that include, artists, industry influencers, actors politicians and various others. He further said,

“After extensive due diligence, it is clear that ETC Labs and building on Ethereum Classic’s public blockchain is ideal to unleash the power of iZbreaker, achieving our goal of delivering a secure, user-guided discovery experience.”

Ethereum Classic Labs’ CEO, Terry Culver said that iZbreaker’s “unique approach” to build the community while retaining aspects like data sovereignty, integrity and security captured their attention. He also added,

“We were excited about the iZbreaker project and team from the beginning and thought it was an ideal fit for Ethereum Classic’s security, low transaction fees, and stability.”

iZbreaker shelters various features in its platform like the “use of proximity discovery, current modes, respective freemium access to a Lounge, and the invitation-only access to the Club.”

Furthermore, the platform will have to abide by Ethereum Classic’s smart contract, ERC-20.

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Numerai Deploys Erasure Protocols to Ethereum Mainnet

… will want to use assets like ETH, wBTC, or the native Numerai token (NMR) as they are easily compatible with smart contract escrow requirements.
Reading Time: 2minutesbyAshwath BalakrishnanonAugust 28, 2019&nbspEthereum

Numerai has been making strides since they first launched their outsourced analysis contest. Now, they’ve announced their deployment on the Ethereum blockchain, August 27, 2019. Numerai allows participants to make price predictions for stocks in the Russell 3000 index on a daily basis and be rewarded if they have a strong track record. With the addition of decentralized alternative investment management to Ethereum’s DeFi stack, it shows that anything and everything in financial services can be recreated on Ethereum.

How Numerai Works

Numerai has built two proprietary applications through smart contracts: Erasure Quant and ErasureBay.

Erasure Quant is the contest for daily price predictions on the Russell 3000. Participants are rewarded based on their past predictions, which are locked into an immutable ledger. This is an open template that can now be used by anyone to crowd source information of any variety.

ErasureBay is a decentralized marketplace that allows participants to create signals that can be bought by those seeking that particular information. The point of this is to create a track record for participants signals; as their past performance improves, more people will want to buy their signals.

The project believes that risking money on data is a testament to the reliability of that data. Skin in the game yields more dependable results.

Payment can be done via any cryptocurrency, but it is likely that most participants will want to use assets like ETH, wBTC, or the native Numerai token (NMR) as they are easily compatible with smart contract escrow requirements.

When parties agree to a contract, they stake their asset, and if any participant doesn’t abide by the rules set by the contract, they are punished by having a portion of their staked asset burned.

Deepening Decentralized Finance

Every conversation around Ethereum these days seems to have something to do with DeFi. This particular segment has seen exponential growth in terms of value locked and new developments.

Synthetix and Set Protocol are two high potential projects that help users build investment portfolios. Now that Numerai has been added to the stack, the advent of crowdsourced analysis for financial markets has also reached Ethereum.

At this point, it’s difficult to imagine a financial service that cannot be recreated on Ethereum.

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Is Tether Taking Over the Ethereum Network? Buterin Warns of Issues

This is warning issued last week by Vitalik Buterin, the co-founder of Ethereum. According to tracker Etherscan.io, utilization of the Ether network has …
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Processing transactions in the digital token Ether on the underlying blockchain could soon be expensive for some users. This is warning issued last week by Vitalik Buterin, the co-founder of Ethereum.

According to tracker Etherscan.io, utilization of the Ether network has significantly increased to around 90%. Buterin indicated that as utilization grows, so do transaction costs, and that might deter corporate users from using Ethereum.

Tether Replacing ICOs on Ethereum Network

During the height of cryptocurrency, the digital game CryptoKitties was taking off and slowing down the Ethereum network immensely. Then, several initial coin offerings, most of which turned out to be scams, took up even more space on the network, slowing it even more. Now, most of the ICOs are gone, but a new coin has taken over the space previously occupied by them: Tether.

Data researcher Ethgasstation.info reveals that in the past month, Tether has paid computers that process transactions on the Ethereum network close to $260,000 in fees. This is 17.5 times more than CryptoKitties and six times more than IDEX, the largest distributed exchange in the World. The use of Tether is on the rise in recent weeks following more coins being issued.

>> Slim Chance of Bitcoin (BTC) Hitting $20,000 USD By End of Year

Tether’s Market Cap Exceeds $4 Billion

According to CoinMarketCap, the coin’s market capitalization recently exceeded $4 billion, growing from $2.7 billion in 2018. Last month, John Griffin, a finance professor at the University of Texas, estimated that around 40% of Tether runs on the Ethereum network.

Recently, Coin Metrics indicated in what is seen as the growing popularity of the coin that it was used in 40% of all transactions on Binance and 80% of transactions on Huobi. With Tether taking up more space in the Ethereum network, then it means less space will be available for other developers.

Most crypto enthusiasts touted Etherreum to be better than Bitcoin because of its extra features. For instance, users could automate tasks as well as set autonomous corporations running themselves through software. But with this new development, some developers are avoiding Ethereum until it tweaks the network to increase capacity.

Featured image: DepositPhotos © artefacti

Cryptocurrency in Focus: Ethereum Aims for ‘Serenity’

… high fees associated with these volumes have been a deterrent to adoption by large businesses, said Ethereum’s founder, Vitalik Buterin, recently.

Leading cryptocurrency project Ethereum (ETHGet Report) garners a lot of attention in the industry, but this is a particularly interesting time for the asset as its ratings have declined over the last two months. Price has also dropped significantly.

As the prominent “smart contract platform” in the space, Ethereum boasts a market cap just over $20 billion at the time of this writing. Ether, ETH, is the native currency and lifeblood of the platform, used as “gas” to pay for network transactions.

Nearing ‘Serenity’

The Ethereum blockchain — or database containing transaction information — currently processes transactions in a similar way to Bitcoin. However, massive development efforts are underway on Ethereum 2.0, also known as “Serenity,” to produce a new type of blockchain capable of greater scale. The need for scalability is key as the number of transactions, and subsequent gas prices, continue to rise on the platform.

This summer, Ethereum ratings have been in decline. Its FCAS (Fundamental Crypto Asset Score) slid 2.43% over the last two months, driven by a 50-point (-5.27%) drop in User Activity. Developer Behavior also fell 1-point (-0.1%), and Market Maturity slipped 18-points (-2.27%). Price is down 41.41% over the same time period.

From a high-level, Ethereum’s slump in User Activity is potentially tied to several trends impacted by scalability concerns. First, existing projects building on top of Ethereum are either launching their own types of blockchains or moving to other platform competitors with better scale and cheaper fees. Second, new projects are simply choosing to build elsewhere, and third, users are engaging with Ethereum’s decentralized applications at a diminishing rate.

Additionally, increasing competition for transaction processing and the high fees associated with these volumes have been a deterrent to adoption by large businesses, said Ethereum’s founder, Vitalik Buterin, recently.

Still, Ethereum’s overall User Activity rating is still very strong, ranking 11th overall.

Our Hot Take

Ethereum has a major head-start in what has been dubbed the “Platform Wars,” where a number of emerging blockchain platforms are vying for supremacy and mass adoption in the industry. These new platforms have benefited from watching Ethereum take the early lead, creating offerings that focus on delivering both greater scalability and a higher level of compatibility with competitor assets and functionality.

While the Ethereum team’s planned move to Ethereum 2.0 is ambitious, a number of projects in the industry are already working concurrently to solve its scalability issues. These projects are known as “Layer 2” solutions and come in a variety of forms.

In all, Buterin and team are highly capable of keeping the Ethereum ship on course to Serenity. The headwinds of scalability and declining use are surmountable challenges as the industry becomes increasingly focused on delivering real use cases through the applications it fosters.

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Crypto’s civil discussion of the century

Well, brace yourself for what promises to be the Civil Discussion of the Century: Ethereum co-founders Vitalik Buterin and Joseph Lubin square off for …

Perhaps you’ve attended one of the various, crypto-related “Debates of the Century” during the past year, pitting New York University’s Nouriel Roubini, a crypto skeptic, against a variety of pro-crypto grandees? Well, brace yourself for what promises to be the Civil Discussion of the Century: Ethereum co-founders Vitalik Buterin and Joseph Lubin square off for a pleasant chat at the upcoming Ethereal Summit in Tel Aviv on September 15.

Buterin and Lubin will be joined by Yoni Assia, Founder & CEO of the social-media crypto trading platform, eToro, during the final session of the day.

The day-long conference kicks off with an AMA with Buterin, on the long-awaited Ethereum upgrade, ETH2. According to a conference spokeswoman, Buterin said he’s game to discuss: privacy, collusion resistance, quadratic voting and quadratic funding, and the dapp ecosystem as well as a few project advancements in areas that might benefit the Ethereum ecosystem.

This is the first Ethereal conference to be held in Israel, and it coincides with Blockchain Week there.

Ethereal is an international conference series dedicated to decentralization and other promises of the Ethereum platform, and is sponsored by the Brooklyn-based incubator, ConsenSys, which also funds Decrypt. And if you’ve read this far: Here’s a code for $50 off: SP150DECRYPT

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