Bitcoin Cash (BCH) Wormhole vs Ethereum (ETH) ERC20 Token Protocol

Corbin Fraser, one of the lead developers for Bitcoin.com, said, “For better or worse, ICOs and CryptoKitties are probably coming to Bitcoin Cash in the …
Bitcoin Cash

New Token From Bitcoin Cash Brings Forth the Wormhole Protocol, Which is Potential Threat to ERC-20

On August 11th, Roger Ver, the CEO of Bitcoin.com, announced that the company would be unleashing a new tool on Bitcoin Cash. This new tool gives developers the option of issuing tokens, involving a process called the Wormhole Protocol. With these new possibilities, the door is wide open for chain in the blockchain industry. Corbin Fraser, one of the lead developers for Bitcoin.com, said, “For better or worse, ICOs and CryptoKitties are probably coming to Bitcoin Cash in the near future.” However, one of the big suggestions is that this new option has the potential to eliminate the need for ERC-20.

Understanding Tokens and Coins

The two assets dividing the cryptocurrency market are coins and tokens. Though some experts use the phrases interchangeably, they actually are not the same at all. Coins are used as ways to pay and have the support of original blockchains. Tokens, on the other hand, are part of Initial Coin Offerings (ICOs), which are when a company holds a sale before their platform is active. Tokens are also based on an existing blockchain, rather than an original. A good example of that is in the way that 82.86% of tokens are built on the Ethereum blockchain, using technology that is already in place, rather than establishing their own system.

What Makes ERC-20 the Chosen Blockchain?

With such a high number of ICOs developing their platforms on top of Ethereum blockchain, it may be smart to wonder why. After all, it is referred to as “the king of DApps” as a result of the popularity. “ERC” stands for “Ethereum Request Comments,” and it was originally published by Fabian Vogelstellar on GitHub in 2015. The information outlines the way that these tokens are required to work on the ecosystem, even down to how many tokens can be issued.

Through its short lifetime, users have enjoyed how simple and straightforward the ERC-20 principles are, especially considering that it does not take an engineering degree to work with it. Mainly, developers only have to copy the coding from GitHub, decide how many tokens they want to have, establish a name and a symbol. Then, after putting some ETH into the blockchain, the token is ready.

Based on the most recent numbers, it seems that there are over 110,000 tokens under this protocol, with some of the most popular ones being EOS and TRON, which are in the top 12 for market cap. There is a surprising number of those tokens that are not actually directly used, because of the need to adhere to the regulatory measures in the industry still. Though it took a while, Ethereum is “not a security,” according to the SEC, but that does not trickle down to the tokens on the ERC-20 blockchain. The deciding factor is how they are marketed, and most of them are just a representation of shares.

Problems With ERC-20

Since ERC-20 was the first version of Ethereum-based protocol issued in the industry, there are still many problems that come with its use, most of which have revealed themselves over time. One issue that made headlines is the batchOverflow bug. With this flaw, if users send ERC-20 tokens, rather than ETH, the funds get stuck inside the receiving smart contract. Basically, users cannot use tokens from ICOs, and this has accounted for $3 million in losses, and the developers still only are willing to call this a “user error,” rather than assuming the blame of a bug in their system.

After the bug, there were multiple exchanges in April this year that stopped deposits and withdrawals that involved ERC-20 tokens, based on the glitch. As a result, it seems that developers of ERC protocols are trying to eliminate the ERC-20, bringing in options that will either hide the problems or bring in new features. Presently, there is:

  • ERC-223, which corrects the problems in ERC-20
  • ERC-721, which brings in collectible tokens, like CryptoKittens
  • ERC-948, providing an opportunity in a subscription

There are still others in the works, but Wormhole has the potential to truly compete against ERC-20, with no ties to their blockchain.

Bitcoin Cash’s Wormhole

Wormhole is not a bug or a glitch, and it certainly does not hold the same risks at ERC-20. Specifically, this protocol is more of an upgrade or an update that works on the Bitcoin Cash blockchain. It was created and introduced by a team of developers under Jiazhi Jiang, who presented the whitepaper in July. Basically, integration of Wormhole means that users can apply a smart contract feature, but without any of the rules it runs by on Bitcoin Cash’s blockchain. There is an opcode, OP_RETURN, used on the platform to make this possible.

The new protocol also makes it possible to support native tokens, which are involved in smart contracts on the BCH blockchain to develop ICOs, and the tokens are referred to as Wormhole Cash (WCH).

A Challenge to ERC-20

With these changes, and without the issues that ERC-20 platforms deal with daily, it is clear that there is now a strong rival for the top spot in the industry. ERC-20 is heavily tied in with almost any ICO though, so it is uncertain if they will have the chance to outperform, despite their benefits. They are still new, so the industry will probably be taking a close look to see how potential bugs impact Wormhole.

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Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Stellar rocket higher

Strong gains have been made across the board over the last 24 hours and especially among the alt coins. This has led to the value of the entire …

It certainly was a great end to the week for cryptocurrency traders.

Strong gains have been made across the board over the last 24 hours and especially among the alt coins. This has led to the value of the entire market rising over 9% to US$222.8 billion according to Coin Market Cap.

Here is the state of play on Saturday morning:

The Bitcoin (BTC) price has climbed 4% over the last 24 hours to US$6,565.50 per coin, lifting its market capitalisation to over US$113 billion. The Bitcoin bulls certainly appear to be in control right now.

The Ethereum (ETH) price has stormed 9.7% higher since this time yesterday to US$314.91 per token. This leaves ETH with a market capitalisation of over US$31.9 billion.

The Ripple (XRP) price has been the standout performer over the last 24 hours with a massive 28% gain to 37.4 U.S. cents. XRP now has a market capitalisation of US$14.7 billion. Traders appear to have responded positively to news that Ripple has added three cryptocurrency exchanges to its cross-border payments settlement offering. US-based Bittrex, Mexico’s Bitso, and Philippine-based Coins.Ph are the exchanges that have been added.

The BitcoinCash (BCH) price has zoomed 12.6% higher since this time yesterday to US$586.01. The Bitcoin Cash market capitalisation has now increased to US$10.1 billion.

The EOS (EOS) price has stormed a massive 21.3% higher over the period to US$5.48 per token. This gain has added a billion dollars to the EOS market capitalisation, lifting its to just under US$5 billion.

Outside the top five the gains were equally strong over the last 24 hours. The Stellar (XLM) price rose 10.6%, Litecoin (LTC) jumped 11.3%, Cardano (ADA) surged 15.1% higher, and Monero (XMR).

Tether (USDT) was the only coin in the top ten and one of only two in the top 100 to post a decline over the period. The US-dollar pegged coin is down 0.3% to 99.81 U.S. cents.

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Ethereum News and ETH Price Chart: ICOs Are Blamed for the Falling Prices of Ether. Friday …

Among the top coins, there is none hit as hard as Ethereum as ether, the currency of the platform plunges almost on daily basis. In recent days, the …

Important Ethereum News

ICOs Are Blamed for the Falling Prices of Ether

The coin market has been experiencing tough times in recent times with some coins losing as high as 40 percent of their value in days.

Among the top coins, there is none hit as hard as Ethereum as ether, the currency of the platform plunges almost on daily basis. In recent days, the cryptocurrency has seen losses that brought its value at par with its price nearly a year ago.

As at the time of this report, ether is trading at $300.48 according to Coinmarketcap. This is an increase from days ago when the coin fell to $255.78, figures last seen nearly a year ago.

With the losses in the value of ether, Bloomberg reported that ICOs which were responsible for the rise in the value of ether last year have started cashing out their funds, oversupplying the coin market with ether and bringing bearish pressure on the coin.

Buterin Described As the Guardian of Ethereum

The Ethereum co-founder Vitalik Buterin has been described as the guardian of Ethereum. Jason Hsu said this at “Blockchain at Berkeley” meeting students meeting.

Buterin in the meeting spoke about his projects at Ethereum saying:

“Recently, I am spending a lot of time working on the proof-of-stake and sharding protocols. This is what the Ethereum research community is focusing on more than anything else at this point. We think that proof-of-stake and scaling are both really important and there has been a lot of progress on improving the algorithms and the development of multiple limitations over the last couple of months”

ETH Price

Ether May Gain Momentum Above $304

The price of Ethereum could break the $304 resistance on its way up in a surprising twist of events. Ether which has been under a lot of bearish pressure was expected to dip more as we approach another weekend. However, it is experiencing upside against the dollar in the meantime.

Technical analysis shows that the coin may still drop to the region of $288 to $290 before climbing back up. Generally, Ethereum is expected to test the $304 mark.

ETH/USD Price Chart, Friday August 17th:

Ethereum News and ETH Price Chart: ICOs Are Blamed for the Falling Prices of Ether. Friday, August 17

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Blockonix Decentralized Ethereum Exchange Claims Lowest Fees Versus Competitors

This platform is focused on trading Ethereum and Ethereum-based digital tokens and it has a worldwide reach. According to the team, the company is …
Blockonix Decentralized Ethereum Exchange Claims Lowest Fees Versus Competitors

Decentralized Ethereum Exchange Promises Lower Fees Than Rivals

Blockonix has a strategy to dominate the market: really low transaction fees. According to the company, its exchange the most and user-friendly of them all and it offers really low fees for users who use the native token of the exchange. According to information from the company, the fees are one percent if the person does not use native tokens and 0.03 percent if it decides to use them.

The idea is that the company will offer a marketplace that can be more cost-effective than the one from many other popular companies of the market like EtherDelta, Idex and ForkDelta.

This platform is focused on trading Ethereum and Ethereum-based digital tokens and it has a worldwide reach. According to the team, the company is promoting a new wave of payment and futuristic apps that will help the clients. The exchange is fully decentralized and it does not store any of the assets of its clients.

Unlike other decentralized exchanges, Blockconix does not earn money from the platform directly. All the fees collected on the platform are used to buy back BDT tokens and burn them. This includes the 5 ETH fee that you have to pay to list your token on the platform, too. Instead of being motivated by profit or money, this platform is moved by the community, it affirms.

According to the company, the fees are so low because the company has developed the right technology to cut down operational costs greatly. However, the security is still a priority for the company.

A Change of Plans Because Of The Indian Government

Blockonix did not always have this name. Initially, the company was called BitIndia and it was focused on the Indian market of cryptocurrencies. It would be exclusive for Indians, but the company had to change its stance when the government decided to go against cryptos.

The decision was tough, but the company rebranded and it focused on the international market instead of the Indian one. In case you do not know, the Indian government has severely limited banking access to Indian cryptocurrency exchanges and has a general negative stance on the issue.

Most of the people holding BitIndia tokens exchanged them for the new BDT tokens. 170 million tokens have been burned and only 10 million remain now. The new goal of the company is to create a trustless environment in which the users are able to make deals via smart contracts or atomic swaps without having to go to a middleman.

This stance of decentralization is important because the company no longer can provide fiat currency because of the Indian government. The exchange does not hold the money of the clients and this helps to reduce the costs and enhance the privacy levels as the funds are not stored in any centralized place at any time.

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“There’s a dApp for That” Top 40 Decentralized Apps You Can Use Right Now

Toshi / Coinbase Wallet – As the name suggests, it’s a decentralized cryptocurrency wallet. It also features systems like peer to peer chat and a dApp …
Theres-a-dApp-for-that-40-Decentralized-Apps-That-You-Can-Get-Right-Now

While Blockchain has celebrated only a few theoretical birthdays, the number of people around the world number in the thousands when it comes to utilizing the technology and putting it to work in a various number of Decentralized Apps (dApps).

Having Blockchain be so much in its infancy does mean that the number of theoretical cases still outnumbers the practical uses, but also means that there are ‘growing pains’ that Ethereum blockchain, in particular, must overcome if it’s to enter the use of an ever growing population.

This, on its own, will take some time, but it’s been an otherwise impressive and inspiring thing to see major companies take to blockchain with a certain zeal and attempt to mesh it with applications. And from the standpoint of startups, there are as many dApps coming into use as there are stars in the sky (so to speak), with a remarkable scope of diversity too.

Whether you’re looking for a new game, something to supplement your work, to help you get more involved with your finances, to switch off or switch on to a new generation of video and social media, there’s a dApp for it.

Here are just some of the many kinds that are entering the blockchain world and coming to a mobile or computer screen near you.

The Needs And Musts

Civic – A data management system for blockchain users which offers a secure identity system too.

Toshi / Coinbase Wallet – As the name suggests, it’s a decentralized cryptocurrency wallet. It also features systems like peer to peer chat and a dApp portal.

Ethereum Name Service – Tired of your overly complex Cryptocurrency Wallet name? Ethereum Name Service allows you to change it into a simplified, easier to remember crypto address.

Brave – A decentralized web browser which is integrated with BAT and ERC-20 Tokens.

uPort – uPort functions as a secure user identity and data management system powered by the Ethereum blockchain.

Status – Positioning itself as an all in one system, Status provides an Ethereum powered browser, along with user chat, and a dApp portal.

MetaMask – This serves as a plugin for your web browser, giving you access to other blockchain services through your computer.

Marketplaces And Platforms

Decentraland – A decentralized Virtual Reality experience, where users can buy individual plots of land and build their own experiences on them.

District0x – This serves as a platform where users can create interconnected marketplaces and token-powered communities.

AdChain – A token powered platform that serves as a publisher registry, optimizing digital advertising.

ETHland – A decentralized platform used for peer to peer lending, backed by a number of digital assets.

imbrex – Connects the real estate market with the community through its free global listing network.

RARE – A completely decentralized listing platform for rare, digital artwork, all verified by blockchain and bought and sold using cryptocurrency.

Gnosis – Based on top of the DutchX protocol and works as a prediction market, used for digital asset valuation.

Golem – A powerful, global, open-source and completely decentralized super-computer that anyone can put to work for them.

Aragon – Disintermediates the formation and management of organizations.

Tokit – A platform that’s used for crowdfunding various media projects thanks to artist tokenization.

AugurA blockchain-powered, decentralized prediction market, allowing users to make investment predictions on real-world events.

Ujo – A decentralized music and media streaming platform that uses blockchain for various services like licensing and royalty management for artists that use it.

All Work And No Play

It’s not all just speculation, gaming and experiences, the blockchain world is becoming increasingly sophisticated, allowing users to put dApps to work for… well, work.

Balanc3 – An accounting platform, allowing users to keep on top of their crypto assets.

Gitcoin – This dApp allows users to monetize their work through the platform, providing an incentive for working for yourself.

Ethbalance – This acts as a decentralized recruitment and accounting tool, allowing users to find work and get paid in your crypto-assets of choice.

Bounties Network – Users can take on various ‘bounties’ of work, allowing them to earn ERC-20 or Ethereum for any bounties they complete.

Out Of Facebook But Not Out Of The Loop – Social Media

Some of the recent examples set by Facebook and Twitter gave you second thoughts about them? Luckily blockchain dApps are right there with you!

Minds – Advocating a completely censorship-free approach towards social media which also integrates ERC-20 tokens to incentivize its users.

Peepeth – Like Twitter, but completely decentralized and token-powered.

Numa – Completely no-frills, but serves as a completely decentralized, distributed social media platform.

All Work And Even More Play – Games

While there have been an impressive number of platforms for work and social media, there are a vast number of blockchain games that use Ethereum. And here are just a select few of them!

Gods Unchained – A competitive Trading Card Game which aims to be the blockchain world’s first esport.

Reality Clash – Powered by blockchain, Reality Clash is a first person shooter that immerses the player in an arena powered by Virtual and Augmented Reality.

Etheremon – Much like Pokémon, players catch and form a team of powerful monsters with the aim of defeating your opponents and going on adventures!

CryptoSpaceX – Explore the stars, build your own fleet and interstellar empire, or hang around the Vegastar and play minigames!

CryptoKitties – Build up your own collection of kitties, while also breeding your own unique ones to either add to your collection, or sell on for a profit!

FOMO3D – A cryptocurrency-based gaming and social experiment.

ETH.Town – Collect and build a real-estate empire, helped along the way by your own collection of heroes.

FunFair – A demonstrably safe, decentralized, safe and transparent casino.

Etheroll – A remarkably addictive game of rolling dice.

On The Market – Coin / Token Exchanges

These decentralized exchanges allow anyone to exchange their hard-earned fiat currencies for any number of accepted cryptocurrencies for the HODL or for general use, that’s on you!

Bancor – A decentralized exchange, specializing in serving as a liquidity network, token exchange and bounty system.

AirSwap – A completely decentralized Token and Digital Asset Marketplace.

IDEX – Not only a decentralized marketplace for crypto, but it offers real-time trading and transaction throughput. Highly desirable for crypto investors or whales.

LocalEthereum – A safe, fast and private way to buy and sell ETH through a variety of methods.

ForkDeltaA decentralized cryptocurrency coin / token marketplace.

MakerDAO – A multifaceted DAO that features the OasisDEX exchange, investment products, and the DAI stablecoin.

0x – This serves as a protocol for decentralized cryptocurrency exchange that is put to use extensively by dApps like Radar Relay, Paradex, and DDEX.

MelonPort – A platform for decentralized digital asset management and investment.

For more information about what dApps are out there and how you can get yourself hooked up to the Web 3.0 as and when it happens, check out platforms like State of the Dapps or Dappradar.

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