Tag: Ethereum (ETH)

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Crypto News

Ethereum (ETH) Officially Announced The Release Of Swarm Client v0.3 PoC With New Features

This Thursday, June 21st, Ethereum (ETH) social networks announced the release of Swarm Client v0.3, its third proof of concept (PoC), which includes new and experimental features, including a node-to-node messaging protocol.

As reported on the Ethereum (ETH) official blog, Swarm Client is a service that uses the SWAP protocol and provides API (Application Programming Interface) for uploading and downloading content to the cloud. Web services will be dispensed with through Swarm, as URLs can be used to host websites and decentralized applications (DApps) and can be used as a decentralized and distributed storage solution using Ethereum’s public registry.

The vision is of a new Internet that has no downtime and offers resistance to censorship, but is also economically self-sustaining thanks to an integrated incentive system.

Official Ethereum (ETH) blog

PSS (Postal Service over Swarm) is one of the new features included in the new Ethereum (ETH) Swarm Client v0.3 update

PSS is an experimental messaging protocol, which uses the same P2P connections used for data storage and delivery, to send messages from node to node. Swarm expects this infrastructure to be the basis of an entirely new internal communication system.

Another new experimental feature in this third proof of concept is the Mutable Resource of Swarm that facilitates access to changing content, as Swarm has integrated with the Ethereum Name Service (ENS), in the Ethereum (ETH) blockchain.

Also, this third proof of concept included a utility called FUSE, which will allow users to integrate Swarm data directly into their local Linux and Mac file systems and ensure automatic synchronization with Swarm.

The new Swarm Client v0.3 also offers a built-in encryption system to provide secure loading of private data. The version is available on the public test network and provides interested parties with the technical details of this update in the Swarm Guide. Also noteworthy is that Ethereum (ETH) is the second blockchain project in the cryptocurrencies market by market capitalization.

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Crypto News

Cryptocurrency Community Experts Weren’t Late To Comment Hinman’s Claims That Ethereum (ETH) Is Not A Security

The Director of Corporate Finance of the US Securities and Exchange Commission (SEC), William Hinman, said on Thursday, June 14th, that he would not categorize Ethereum (ETH) as security. Afterward, some experts from the cryptocurrency community came out and shared with their social networks followers their opinions on the issue, expressing their support for and opposition to the Hinman’s announcement.

Peter Van Valkenburgh, the Director of Research at the Coin Center, said that Hinman’s claim is a reasonable reading of the legislation, in line with earlier pronouncements. In his view, this is encouraging news for the decentralization process.

After the SEC announcement, Valkenburgh was glad that the agency concurred with the analysis he exposed in an article, and said to TheVerge.com the following:

With this guide, the SEC is showing that taking a pro-innovation approach does not have to come at the expense of protecting investors.

Peter Van Valkenburgh, Research Director at Coin Center

Other cryptocurrency community experts expressed opinions on the SEC announcement that Ethereum (ETH) will not be cataloged as a security

A very different perspective was voiced by Preston Byrne, a member of the UK’s Adam Smith research institute and a blockchain technology researcher, on his website. Byrne blogged that it was obscure to him how, as the SEC puts it, tokens start their existence as investment contracts, and then they lose that status by avoiding enforcement action for four years with success.

Marco Santori, the President & Chief Legal Officer at Blockchain.com, pointed out that the SEC provided very straightforward guidelines on what it considers to be a security, however, the vast majority of tokens circulating today fall within the definition. Consequently, cryptocurrency exchange platforms, OTC operators, and custody wallets that handle these tokens must first be registered as Alternative Exchange Systems (ATS), and then not accept unauthorized customers, he said.

However, it is essential to bear in mind that Hinman’s declarations were not made in an official statement and did not constitute a revision of the U.S. Securities Act or the opinion of SEC as an institute.

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Crypto

About 700 Ethereum (ETH) Scams Are Currently Active And Making Victims, According To The EtherScamDB

The Ethereum Scam database (EtherScamDB), which records and documents Ethereum (ETH) scams, recently filed about 700 active scams, out of a total of 4,237 detected since its inception in 2017. The addresses specified for receiving the funds from the fraudsters have so far accumulated more than 8,140 ETH, the equivalent of more than $3.87 million at the current ETH price.

EtherScamDB was created in 2017 to document the various scams linked to Ethereum (ETH), and also as a means of trying to stop them. Currently, the database is managed by the MyCrypto team.

When each of the ongoing scams is examined in detail, EtherScamDB allows you to access the respective website. It is also possible to view in Etherscan the transactions of the recipient wallet, or at least those made more recently by the person carrying out the fraud.

One of the programmers who analyzed the data through EtherScamDB’s APIs, John Backus, published on his Twitter account the amount accumulated by the scams so far, which reaches 8,140 ETH.

From the date of the tweet, it appears that more than 200 additional active Ethereum (ETH) scams were added in only five days prior to his tweet.

About 700 Ethereum (ETH) scams are active and rise thousands of ETH

On the other hand, Brandon Arvanaghi and Bryce Crawford processed all transactions for each wallet involved in the scams and, through the use of the Etherscan APIs, obtained information for each fraud from those reported by EtherScamDB, such as the total scam, the most affected victims, and the most recent victims.

Arvanaghi and Crawford’s interactive report shows, for example, that the most affected victim lost 880 ETH, and the most successful scammer (OmniseGO.com) scammed people of 3,291 ETH.

Assuming that two other scammers identified as OmiseGO.net (1,731 ETH) and omisegotoken.com (1,694 ETH) are associated with the most successful scammer, then the group’s spoils rise to 6,718 ETH, 82% of the total scammed amount.

The scammers’ preferred resource, a website where the misleading offer appears, is promoted through social networks, predominantly with Twitter ads, after Facebook and Google adopted cryptocurrency ads bans.

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Crypto Markets

Ethereum (ETH) Is Not Security, According To William Hinman, Director Of The SEC’s Corporate Finance Division

A high-ranking official at the U.S. Securities and Exchange Commission (SEC) stated that Ethereum (ETH), the indigenous cryptocurrency of the Ethereum blockchain, is not security according to the federal directives.

Ethereum (ETH) will not be ruled as a security

Addressing the Yahoo Finance All Markets: Crypto Summit on Thursday, William Hinman, the head of the SEC’s Corporate Finance Division, stated that, at least “as currently structured,” Ethereum (ETH) is not going to be ruled as a security by the SEC.

“When we think about how the ether is operating today, at least, we see a highly decentralized network, not the kind of centralized actor that characterizes the supply of securities,” stated William Hinman.

“In its current state, we don’t see value regulating it,” the Director of SEC’s Corporate Finance Division added.

The Ethereum (ETH) tokens sold during the initial ICO lost their potential to be designated as securities

William Hinman also pointed out that, in spite of the manner in which the Ethereum (ETH) cryptocurrency had originally been emitted, namely, employing a massive ICO-style bulk sell-off, the Ethereum blockchain had been adequately decentralized.

Accordingly, Ethereum Foundation is no longer holding any part, and that assets that had originally been sold as securities can get rid of such a potential denomination in the future.

Before that, SEC’s Chairman Jay Clayton had stated that cryptocurrencies like Bitcoin (BTC) are not securities, even though the agency had not yet finally designated any other cryptocurrency to be regarded as currency and not securities.

Although this declaration is not yet an official act to rule out the designation of Ethereum (ETH) as a security, it is good news for the ETH and the Ethereum blockchain, as well, because it clearly indicates that the SEC is thinking to exclude ETH from its list of cryptocurrencies that will be nominated as securities, sooner or later.

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Crypto

Ethereum (ETH) ERC20 Smart Contracts Proliferated From 5K To About 100K In Less Than 1 Year

The use of the Ethereum (ETH) blockchain has grown significantly since 2017 with an explosion in the number of new ERC20 smart contracts, from 5,000 in August last year to over 90,000 today. This worldwide network has seen all kinds of projects built around it, the so-called “ERC20” tokens becoming a significant use case.

The ERC 20 smart contracts proliferated in a few months from 5,000 to nearly 100,000 as tokens of all kinds, moving from virtual chats to stable currencies in an unprecedented development in the crypto-verse in such a short time which shows how the fact that a blockchain that is designed as a platform makes the difference.

Recently, Ethereum network introduced the ERC721 standard

The ERC20 tokens, already well known to the general public, are however only a first evolution in the network. Just recently, the ERC721 standard was introduced.

While each ERC20 token is indistinguishable from another, each ERC721 tokens will be absolutely unique. Each of them will have an “individuality” that makes them distinguishable.

As mentioned above, this is a relatively new invention, but one with broad application.

For example, if you want to tokenize works of art, you can opt for the ERC721 tokens, each of which will be unique and linked to a single piece of work.

Ethereum (ETH) price

At the moment of this writing, Ethereum (ETH) is traded at $516.10 after the cryptocurrency dropped by about 5% in the last 24 hours within a cryptocurrency market which is trading “red” right now.

Despite Ethereum (ETH) blockchain’s successful jobs with ERC20 smart contracts and the newly added ERC721 token standard, Ethereum (ETH) price is not soaring as many fans would expect. Unfortunately, Ethereum (ETH) is still very volatile.

In short, Ethereum ERC20 smart contracts have shown to be a real success as they proliferated in a few months from 5,000 to nearly 100,000.

On the other hand, Ethereum (ETH) smart contracts have a new fierce competitor, that is IOTA (MIOTA) Qubic.

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