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Ethereum Unveiling And More: Changelly’s Eric Benz On The Latest In The Blockchain Industry

Ethereum Unveiling And More: Changelly’s Eric Benz On The Latest In The Blockchain Industry
  • The crypto world is abuzz with the weekend’s release of the Ethereum Istanbul software. 
  • To get a more in-depth perspective on what these new changes mean, we have reached out to the crypto influencer and CEO of Changelly Eric Benz.

The crypto world is abuzz with the weekend’s release of the Ethereum Istanbul software. Chosen from a proposed list of thirty upgrades to the Ethereum platform, the six new implementations have many in the industry bullish on Ethereum in 2020. To get a more in-depth perspective on what these changes mean for the industry and talk about a couple of other developments that have caused ripples in the industry, we have reached out to the crypto influencer and CEO of Changelly Eric Benz. 

The age of Istanbul ushered in democratically 

According to Benz, it is important to keep perspective when looking at new technological developments. By that, he means that technology itself is a term without inherent properties. What technology is or is not is always changing. And so, in Eric’s view, it is important to look at things in the context of their previous growth and how they stand to move further. 

Benz compared the trajectory of the cryptocurrency industry to that of other, monumental industries in recent history: You can see life cycles in technological development. First, there is the nascent state wherein adoption of and interest in an idea are minimal, then over time, as the idea continues to flourish and is made more and more manifest in subsequent technological blossomings, it earns a place with the people who come to recognize the value in it and how it can transform their lives. We have seen this with the internet and with mobile phones and then smartphones. Now we are seeing it with crypto.”

To Benz, the Istanbul rollout is another important step forward, not just for Ethereum, but, because Ethereum is one of the premier digital currencies, for the blockchain economy. However, Benz thinks that we are still in the early stages of development in this industry and that we have a long way to go: “Ethereum, in my opinion, is in the same boat as Bitcoin, as both networks, though relatively well fleshed out, are still in what I like to call their “infancy state.” There is tremendous potential in both of these networks, but in order for people to recognize that and tap into that, there needs to be further development.”

One thing Benz highlighted about the upgrade was how it was community-driven, which he believes to be the best way to maximize the potential of the industry. Benz said, “Looking at the upgrades chosen, it is clear how they will help the network in its development, but one thing that may not get the attention it deserves here is the driving role the community plays in all of this. As the Ethereum network expands and draws more and more people into its orbit, the way its growth is determined by the will of the community will become essential not just to the health of the platform, but to the health of the blockchain industry. It’s a beautiful thing.”

2030: apocalypse for the banks and prosperity for the average guy?

Next we talked to Eric about Deutsche Bank's “Imagine 2030” report, which laid out a scenario predicting that fiat money fails and is replaced by crypto in the 2020s. Benz considered the report a happy reflection of the progress he has seen made in his time in the industry. 

“The global financial model,” in his view, “is only as good as the people it serves demand it to be. I know that in the popular imagination — this is an impression we all have on some intellectual level as it’s been ingrained into us — the banking system appears to be an ineradicable feature of modern life. But the reality is something that, like with technology as we talked about before, is constantly subject to change. It is perhaps a bit cliched to talk like that, but we are not talking about it in some abstract way.” 

“Where we stand now is a testament to the power that people have to shape the world according to their will. When we first started out, not just the banks, but everyone connected with traditional finance was laughing. Blockchain and crypto was a joke. Long ago it stopped being funny. We are at the point that banks have had to start asking themselves unpleasant questions about the future. This is the way it should be.” 

Benz thinks that some of the things that were projected in the report are already well in the process of occurring. In his vision, crypto is a manifestation of not just a few, gifted people’s ideas, but those ideas themselves are connected to a deeper will that everyone is part of at this moment in time. This will has recognized that the banking system as it exists is outdated and needs to better serve the individuals that it has taken advantage of for a very long time. 

“That such a legacy bank, as Deutsche Bank certainly is, has released this is significant in itself. Nothing here happens on its own, everything is part of something bigger; in this case, if Deutsche Bank is feeling it, you can bet that all the others are feeling it too. Now, one thing to keep in mind is that no one is betting at exploiting something — be it popular sentiment or technology — for their own benefit stronger than the banks do. So I think that this is something that we are definitely going to see more of in the coming decade, banks are going to try and incorporate blockchain and crypto solutions into the structure of their operations.”

Benz thinks that it would be a grave mistake for banks not to try and figure out how to incorporate blockchain into the way they do business, but, regardless of their success in being able to do that, hopes that this technology brings deep change to finance. “The banks,” says Benz, “are on the ropes here and everyone that’s been a part of this has the opportunity of making the world a better place for the individual. Beyond monetary reasons, I really hope to see that happen in the coming decade.”

As always, it was a pleasure speaking with Eric. These latest developments were of the decidedly positive variety. As the year comes to a close, perhaps we can all take a look back at the decade and appreciate how truly far we have come. Thank you for reading!

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SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“

Quick take

1 minute read

  • Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. 
  • But not everyone yet understands fully what bitcoin is or how it works. 

Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. But not everyone yet understands fully what bitcoin is or how it works. 

There are numerous videos and articles out there that explain it but some people will leave those articles and videos more confused than when they started!

This is a sentiment that is being shown in numerous institutional investors such as Masayoshi Son, who is the billionaire technology entrepreneur and the Chief Executive Officer of SoftBank, a conglomerate institution based in Japan. He has said that he doesn’t “understand“ bitcoin as it rises significantly in its value.

Son has said that bitcoin investment is seemingly pulling his attention away from his actual own business according to a report from business insider last week on the 19th of November.

He added that he would spend five minutes every day watching the price of bitcoin go up and down highlighting that he was told by a friend to invest 1% of his personal assets into the coin. Quick maths shows that this is around $200 million.

When discussing the future of digital currency, the CEO said that digital currencies will be useful in the future and are great for development but it will take time and they won’t go anywhere any time soon.

“I think digital currency will be useful [...] But I don't know what digital currency, what structure, and so on.”

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

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As it grows, how much ground will XRP cover next year?

As it grows, how much ground will XRP cover next year?

Quick take

1 minute read

  • Is 2021 XRP’s year?
  • How adoption will result in the success of the token.

Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017. 

As previously reported earlier this week, Peterson has recently said:

“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”

As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.

The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.

“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”

They see that the coin is capable of sparking by 10 times its current price as they say:

“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”

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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The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin

Quick take

1 minute read

  • Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. 
  • The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. 

Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.

As a result of this, it has led to high fees and longer than average confirmation times.

With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!

The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.” 

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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The second richest man in Mexico invest 10% of his portfolio into BTC

The second richest man in Mexico invest 10% of his portfolio into BTC

Quick take

1 minute read

  • Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. 
  • It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. 

Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.

Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.

Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.

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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