The news about Bitcoin and cryptocurrencies is in constant turmoil. There are times when important information gets lost in the daily flow of messages and you miss important points.
This format is intended to help. We look back at last week’s news on Crypto Weekly to keep you updated on the current cryptocurrency situation.
🔬 The local inevitable
For the current article of this week we will take up a current topic again, namely the launch of Ethereum 2.0. For many, Ethereum 2.0 is just around the corner. However, the update will only be fully deployed after three phases, possibly in 2022.
Why Ethereum 2.0?
When it was launched, Ethereum relied on a Bitcoin-like consensus mechanism, namely Proof of Work. A perfectly logical decision considering that this was the most widely used and proven consensus mechanism at the time.
However, as early as 2015, the year the Ethereum Protocol was launched, the developers had the idea of a transition from Proof of Work to Proof of Stake in mind
Therefore, there are numerous promises of the Proof of Stake: gain in speed, efficiency and accessibility. In addition, there is resistance to the cartelization of the mining ecosystem around some key players – even if this cartel formation then possibly tries to shift to the side of the stakers.
However, Ethereum was only in its infancy at this point. Therefore, the Proof of Work will be retained and the Proof of Stake will be postponed to a later update: Ethereum 2.0.
Phase 0: the beacon chain
Phase 0 was initiated on November 4th. This is the first phase of the transition to Ethereum 2.0.
In practice, phase 0 is the phase in which the beacon chain is introduced. The Beacon Chain is the central blockchain of the Ethereum 2.0 network. The latter performs two main missions:
The developers announced at the earliest that the production of blocks on the Beacon Chain could start on December 1st. However, given the progress of the deposit agreement, it is very likely that this date will be postponed.
Be sure to read the full article to learn everything about Phases 1 and 2: The Ethereum 2.0 Revival: What You Need to Know About Phases to Start.
🗞 Short messages
▶ The Bitcoin Cash hard fork has taken place. And you probably didn’t even notice. In short, the earth continues to spin as if nothing had happened.
▶ The Uniswap liquidity reduction program was closed on November 17th. However, after a massive reduction in liquidity, some internet users are campaigning for a recovery.
▶ OKex will restart withdrawals on its platform on November 27th. Withdrawals were suspended last October following an investigation against one of the private key holders who manage the platform’s funds.
▶ South Korea bans anonymous cryptocurrencies. From March 2021, South Korean exchanges will no longer be able to offer anonymous trading in cryptocurrencies.
▶ MIT sees blockchain votes very badly. For example, the research center published a study according to which digital voting could increase the risk of fraud instead of reducing it.
▶ In times of potential bull races, there is nothing better than a coin trading video to prepare for any eventuality!
📊 The 5 metrics of the week
➤ $ 5.4 million is the amount stolen during the Value DeFi Protocol Hack. So the fork of yEarn fell victim to an attack thanks to the use of two flash loans.
1 / Today a hacker succeeded in emptying 5.4 million DAI from the @value_defi protocol. The attack was similar to @harvest_finance, but a little more complicated. Here is an overview: 1. Flash loan 80,000 ETH and 116 million DAI from AAVE and Uniswap2. Deposit 25 million DAI into the MultiCoin $ VALUE vault
➤ $ 1 billion is the number of DAIs issued by the MakerDAO protocol. This new record is an important milestone for the DeFi protocol.
➤ 116,832 is the number of ETHs deposited by future validators in the Ethereum 2.0 deposit agreement. This is equivalent to 21% of the total that the contract must contain to initiate the first block of the beacon chain.
➤ $ 7 million is the amount of the second DeFi hack of the week, which is the Origin Protocol. Flash loan, re-entry attack, like a sense of déjà vu.
➤ $ 18,000 is the near-record Bitcoin price that was broken this week. On the institutional side, Bitcoin futures contracts topped $ 1 billion.
✉️ The tweet of the week
The tweet of the week goes to @intotheblock, who spoiled us with some crispy highlights after crossing the $ 500 mark for ETH. Currently, 84% of the addresses held by ETH are profitable. This metric is part of a price increase at ETH of 287% in 2020.
#Ethereum price is back at $ 500!
Some facts: – 84% of addresses with a value of ETH make profits. – There are 48.81 million addresses with a balance in ETH compared to 32.84 million in BTC. – Perpetual Swaps OI hit an annual high of $ 1.42 billion. – The price of ETH has increased 287% in 2020 pic.twitter.com/ksT1ayLPHa
I wish you a good week in the Journal du Coin! 🙂