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Tag: Robust

  • Crypto Not Showing Any Robust Ascent

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    Ethereum (ETH) is trading at USD2,932.45, with a trading volume of USD9,666,018,686 in the last 24 hours. Ethereum price posted a gain of 1.23%, a 24-hour low of $2,870.18, and a high of $2,980.08.

    It is currently at the No. 2 spot on the Coin Market Cap chart, with a current market cap of USD350,616,744,281. Tokens in circulation now total 119,564,241 ETH.

    Three months ago, ETH – the second-biggest cryptocurrency – was trading at $4,809; on Jan. 11, 2022, it dropped to $3,251, and on Feb. 4, it was at $3,026.

    Other currencies, including Tether, BNB, USD Coin, XRP, Cardano, Solana, and Terra, are also seeing significant drops, hurting the market.

    These recent significant dips in Ethereum and Bitcoin are also driven by sustained increasing inflation, a dismal December employment report, and persistent hints by the Federal Reserve that the central bank may begin slowing down steps to prop up the economy as it improves.

    Ethereum Price Forecast

    Based on current data, Ethereum’s price will average $2,822.07 and reach a high of USD3,174.82.

    After reaching a high of $4,100 on Dec. 27, Ethereum has fluctuated between $2,100 and $4,000 in the days afterward.

    Despite the poor start to 2022, many analysts remain optimistic, forecasting that Ethereum would reach and exceed $12,000 this year.

    ETH/USD at $2886.5 in the daily chart | Source: TradingView.com 

    Related Reading | Ethereum Faces Rejection, Why ETH Could Nosedive Below $3K

    Meanwhile, after a robust November, Bitcoin has also paused over the previous month. Bitcoin achieved a new all-time high when it crossed $68,000.

    There is little doubt that Bitcoin and Ethereum will continue to fluctuate in the future, and experts advise investors to remain cautious.

    Experts say to overlook the ups and downs while making a long-term investment. That doesn’t imply that the recent slide in price has extinguished Ethereum’s volatility.

    Crypto Expert Advises On ETH

    The real issue is whether or not these currencies will continue to increase after they are owned, Jeremy Schneider, the Personal Finance Club’s investment guru, said.

    “No more than 5% of your whole portfolio should be held as Ethereum due to the lack of assurance that its value will rise,” Schneider said.

    The investment expert added that people should not invest at the risk of not accomplishing their other financial objectives, such as paying off high-interest debt or preparing for future retirement.

    Like Bitcoin, Ethereum has its blockchain, maintained by a global network of over 2.4 million computers known as “nodes.” Anyone with the required hardware, skills, and time may run an Ethereum node and contribute to network validation.

    Miners are in charge of finding new blocks on the Ethereum network. These are analogous to digital boxes that store transaction and other data.

    Miners compete by utilizing specialized computer equipment to be the next person to add a block to the chain and collect transaction fees (from the transactions they add to the block) as well as “block rewards.”

    Related Reading | Ethereum Prints Bearish Technical Pattern, Why It Could Revisit $2.5K

    Featured image from CoinSpeaker, chart from TradingView.com

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  • QED, Aims To Lead The Next Generation Oracle Products For DeFi With Its Robust Economic Model

    QED, Aims To Lead The Next Generation Oracle Products For DeFi With Its Robust Economic Model

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    Oracles, according to Cryptopedia, are protocols for smart contracts in the blockchain industry to interact with external data. Smart contracts are essentially computer programs that run within a blockchain and automate a set of transactions when certain conditions are met. Thus, smart contracts contribute to the complete decentralization of the blockchain industry by allowing transactions to take place automatically and without the intervention of a third party.

    As appealing as the concept of blockchain as a self-contained, permissionless, and trustless system is, it would have no real-world applications if there was no way to use external, off-chain data, which is where oracles come into play.

    According to a recent report, the blockchain industry has over 77 million active users, demonstrating the constant innovation in the space, even though it is only a decade old.

    Because oracles connect the blockchain world to the outside world, there is a need to keep up with the blockchain industry’s constant innovation. However, oracles have struggled with centralized control, as some protocols are controlled by a single entity and serve as the sole source of data for smart contracts. If blockchain technology is to achieve its primary goal of decentralization, oracle networks must also be decentralized to provide smart contracts with an increased level of security and transparency.

    The Importance Of Decentralized Protocols Like QED

    One of the significant issues with introducing oracles to the blockchain is that it contradicts the ethos of blockchain technology, which is trustlessness. One way to address this is to ensure that oracles connected to the blockchain are decentralized and not governed by a single entity.

    QED is a decentralized oracle protocol with a robust economic model that connects blockchains, smart contract platforms, and off-chain data resources. QED is a decentralized oracle that aims to achieve trustlessness by distributing data points among multiple entities and modeling the blockchain network.

    DelphiOracle, QED’s base software, is the most widely used protocol on WAX.io, the world’s most trusted blockchain ecosystem for NFTs, dApps, and video games. For more than four years, the Delphi oracle has served as a multi-party source of truth, providing smart contracts with real-time prices for asset pairings on the various blockchain networks. DelphiOracle has already proven itself in the blockchain industry, and QED is built on it. The purpose of introducing QED is to solve problems inherent in existing models of oracles and blockchain systems.

    Economic Model Of QED

    The economic model of QED distinguishes it from existing Oracle protocols because it focuses on both the technological and commercial sides, which are both important when it comes to delivering and aggregating real-world data for smart contracts. The following are some of the characteristics of the QED economic model:

    • Recourse: QED is customer-centric because it protects users by providing a recourse mechanism. Clients would eventually be able to use the external collateral provided by QED to process loss restitution that may have occurred due to systemic risks.
    • Accuracy: To maximize real-time accuracy, automated systematic and reliability scoring is implemented to phase out poor-performing articles by increasing allocation to more capital-efficient oracles.
    • Decentralization: QED used distributed ledger technology as a mode of operation, promoting decentralization and eliminating the lingering issue of centralization in Oracle protocols. The native token “$QED” also serves as an economic constraint for QED.

    Final Thoughts

    QED is a breath of fresh air for Oracle protocols. It aspires to lead the next generation of Oracle protocols that provide services to smart contracts in a fully decentralized, transparent, and open manner. To make the most of its innovative economic model, QED intends to integrate with public blockchains. Furthermore, to promote scalability and interoperability, the QED protocol is also powered by the UX network. QED’s economic model was implemented to address issues with the commercial viability of existing Oracle protocols, and it would as a model for the next generation of Oracle protocols shortly.

     

     

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