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Buterin Proposes Privacy Solution For ETH Transactions

Buterin Proposes Privacy Solution For ETH Transactions

The co-founder of Ethereum, Vitalik Buterin has just proposed for Ethereum to have a new integration that would provide a degree of anonymity to one-off ETH transactions.

Adoption seems to have been gaining some traction since the start of the year and some industry focus is making a shift towards privacy and protecting the anonymity of cryptocurrency users - all while maintaining the integrity of public blockchains.

With Ethereum being an open-source technology this might seem a little ironic but as Buterin says in a blog post:

“We need a first step toward more privacy.”

In the post, Buterin outlines that would allow Etherume users to obscure their activity on the blockchain when sending fixed quantities of Ethereum. Buterin calls his design a “minimal mixer” protocol, focused on one-off privacy transactions as opposed to gearing the whole network to anonymity in the likeness of Monero or Zcash.

As reported by Ethereum World News:

“Buterin points out the obvious in users attempting to obscure their behavior on a blockchain. While they may operate out of multiple addresses, the original transactions sending ETH to those wallets are still traceable on the public leger, “reveal[ing] the link between them.”

Instead of attempting to subvert the system, the co-founder's idea involves the creation of two smart contacts - a mixer and relayer registry - which allows the users the option of private transactions through what he calls an ‘anonymity set’.

Speaking to CoinDesk, Buterin said:

“Anonymity set is cryptography speak for ‘set of users that this thing could have come from.’ For example if I sent you 1 ETH and you can’t tell who exactly it was from but you can tell that it came from (myself, Alice, Bob or Charlie), then the anonymity set has size 4. The bigger the anonymity set the more privacy you have.”

The proposal retains the advantage of a public ledger while obscuring the exact sender through the anonymity set. Buterin claims that integrating anonymity wouldn’t need a change in the Ethereum protocol.

Buterin tweeted this earlier this week:

“The main use case I’m thinking of is a one-off send from one account to another account so you can use applications without linking that account to the one that has all your tokens in it. So even though it is a 2m gas cost, it only needs to be paid once per account, not too bad.”

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ETH/USD Orbiting 600.00: Sally Ho's Technical Analysis 2 December 2020 ETH

ETH/USD Orbiting 600.00: Sally Ho's Technical Analysis 2 December 2020 ETH

Ethereum (ETH/USD) rallied in today’s North American session as the pair appreciated to the 600.63 area after trading as low as the 575.08 area in the Asian session. The pair peaked around the 604.96 area in the European session before settling back to the 583.80 area. The pair spiked to the 636.53 level this week, a fresh multi-year high, after Stops were elected above the 623.22 area, a recent relative multi-year highStops were also triggered above the 627.83 area, an upside price objective related to historical buying pressure around the 80.60 area.  Chartists are carefully monitoring retracement levels following the climb to the recent multi-year high, and these include the 599.61 and 576.77 areas, below which Stops were recently elected.  Additional retracement levels include 558.31, 539.84, and 517.00 and Additional upside price objectives include the 638.28 and 652.36 levels.  The pair’s recent pullback was a test of the 479.03 area, representing the 78.6% retracement of the appreciating range from 439.77 to 623.22.  One level that traders are carefully monitoring is the 503.57 area, a level that represents the 38.2% retracement of the recent appreciating range from 310.00 to 623.22, and price activity was recently buoyed above this area.

 Stops were recently elected below a series of retracement levels including 579.73, 563.58, 553.14, 531.50, 526.88, 509.85, 496.86, and 483.06. Larger Stops were elected below the 550.01 and 504.72 areas, retracement levels related to the wider appreciating range from 313.00 to 623.22.  On the upside, Stops were recently elected above the 615.19 area during the climb higher, an upside price objective related to buying activity that originated around the 142.10 level earlier this year.  The pair’s next upside price objectives include the 637.79, 668.87, 679.78, and 698.88 levels.   Stops were also recently elected above the 583.59 and 592.24 areas during the ascent, retracement levels related to selling pressure that commenced around the 894.50 and 1419.96 levelsStops were also recently elected above the 519.16, 521.13, 524.97, and 540.64 areas during the ascent higher, preceded by Stops triggered above the 503.54, 508.69, and 510.22 levels.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 567.84 and the 50-bar MA (Hourly) at 598.79.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 637.79/ 668.87/ 679.78 with Stops expected above.

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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Ethereum 2.0 beacon chain launches introducing the network into phase 0

Ethereum 2.0 beacon chain launches introducing the network into phase 0

Quick take

1 minute read

  • The first phase of Ethereum 2.0 phase goes live.
  • Excitement flows throughout the community.

Excitement is roaring throughout the Ethereum community this week as the beacon chain was launched bringing in phase 0 for Ethereum 2.0.

With the introduction of this phase, the network for Ethereum has a new system in which the mode of operations is switched from the current proof of work system to a proof of stake network.

One of the biggest things that this will help with is scalability that Ethereum has had an issue with for a long time now.

The launch of 2.0 has been highly anticipated throughout the industry for a long time now. Over a year in fact, as many people thought it was going to go live in December 2019. Due to many setbacks and delays, this didn’t go to plan and ended up being postponed until this month instead.

A researcher working with the foundation for Ethereum, Danny Ryan has recently said that the development and the final launch of 2.0 has been quite a journey, to say the least.

The team at the project are expecting at least 2/3 participation rate on the network which would mean that the network system would be in good health and have a prominent future.

It will be interesting to see the future of 2.0 and how it expands over time.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Ethereum welcomes Hamster-powered marble races

Ethereum welcomes Hamster-powered marble races

On Sunday, hamster-powered marble races were released to the world of Ethereum on the main net. This is a new type of gaming which was released just after two years of its development.

This was created and powered by a female Djungarian, Mia. The project, also known as “Mia & the Marbles” hamster and her trusty hamster wheel. The project is an automated gambling and marble-racing platform from many separate creators.

According to reports fro Cointelegraph, it was revealed by the development team for 

‘M&M’ that the racing system was thoroughly planned and carefully designed. Despite the fact that the idea behind the design seemed like a joke.

According to the devs, the races are shown to be easily verifiable, live, and fair. They assured users that the games are live and are not pre-recorded. And that this is done with their live video stream which indicates the current blackcaps are on the race track. That is 8 bit of Ethereum with 8 movable pegs. In the Philippines, more and more casinos are adopting blockchain and cryptos for payments. A majority of bettors use online betting Philippines with crypto for faster transaction processing and accessibility.

One good thing about this is that the team has guaranteed a refund function for races and is only sent after two days. Although many people might think that Mia & the Marbles looks more of an experiment, the design was carefully thought out and inspired by passion.

They said that they have always liked doing gambling projects with blockchain, but had their reservations because the industry is under-regulated and plagued with many scams. And in the three thinking processes, they designed the provable fairness system that people can have fun with, which is also easily understandable. 

Coworkers said that Mia is stellar. And that the beginning was kind of difficult, especially because she was young, yet she liked trying out things and in recent days she concentrated more on developing. 

Although the DAOs control a majority of the protocols, users should not worry that the design might be bought by another protocol through a merger, because Mia is still in control of the systems. 

They also say something to say about the activities of a hamster. According to them, it is natural for hamsters to go out at night in search of food. Concerning the future of the platform, they say that there might be a championship possibility in the future and that tracks will be further improved.

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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ETH/USD Establishes Fresh Multi-Year High at 636.53: Sally Ho's Technical Analysis 1 December 2020 ETH

ETH/USD Establishes Fresh Multi-Year High at 636.53:  Sally Ho's Technical Analysis 1 December 2020 ETH

Ethereum (ETH/USD) reclaimed some lost ground early in today’s North American session as the pair appreciated to the 619.70 area after trading as low as the 563.01 area earlier in the North American session, just below the 200-hour simple moving average.  The pair spiked to the 636.53 level during the European session, a fresh multi-year high, after Stops were elected above the 623.22 area, a recent relative multi-year highStops were also triggered above the 627.83 area, an upside price objective related to historical buying pressure around the 80.60 area.  Chartists are carefully monitoring retracement levels following the climb to the recent multi-year high, and these include the 599.61 and 576.77 areas, below which Stops were elected today.  Additional retracement levels include 558.31, 539.84, and 517.00.  Additional upside price objectives include the 638.28 and 652.36 levels.  The pair’s recent pullback was a test of the 479.03 area, representing the 78.6% retracement of the appreciating range from 439.77 to 623.22.  One level that traders are carefully monitoring is the 503.57 area, a level that represents the 38.2% retracement of the recent appreciating range from 310.00 to 623.22, and price activity was recently buoyed above this area.

 Stops were recently elected below a series of retracement levels including 579.73, 563.58, 553.14, 531.50, 526.88, 509.85, 496.86, and 483.06. Larger Stops were elected below the 550.01 and 504.72 areas, retracement levels related to the wider appreciating range from 313.00 to 623.22.  On the upside, Stops were recently elected above the 615.19 area during the climb higher, an upside price objective related to buying activity that originated around the 142.10 level earlier this year.  The pair’s next upside price objectives include the 637.79, 668.87, 679.78, and 698.88 levels.   Stops were also recently elected above the 583.59 and 592.24 areas during the ascent, retracement levels related to selling pressure that commenced around the 894.50 and 1419.96 levelsStops were also recently elected above the 519.16, 521.13, 524.97, and 540.64 areas during the ascent higher, preceded by Stops triggered above the 503.54, 508.69, and 510.22 levels.  Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).  Also, the 50-bar MA (hourly) is bullishly indicating below the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 568.03 and the 50-bar MA (Hourly) at 591.46.

Technical Support is expected around 417.60/ 388.49/ 366.72 with Stops expected below.

Technical Resistance is expected around 637.79/ 668.87/ 679.78 with Stops expected above.

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

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