This could be the Ethereum Killer

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The Ethereum Killer Is Already Here – And Its Name Is Binance

Quietly, subtly, and without contest, Ethereum is currently under a sustained attack that has been ongoing for months. Long considered the king of the dApps, Ethereum is the one that other blockchain platforms seek to dethrone in their own attempts at ascension. Hence the…

Quietly, subtly, and without contest, Ethereum is currently under a sustained attack that has been ongoing for months.

Long considered the king of the dApps, Ethereum is the one that other blockchain platforms seek to dethrone in their own attempts at ascension. Hence the well-known term – Ethereum Killer – which is often self-applied by ambitious crypto projects looking to punch above their weight.

While those punches have thus far failed to land, it looks like Ethereum is now being assaulted on a completely different front by an unexpected foe: Binance.

The Binance cryptocurrency exchange now apparently refuses to list new tokens against ETH on its platform, and in some cases has even removed ETH trading pairs. That’s while Binance Chain continues to entice Ethereum-based projects to migrate to its blockchain – with the promise of an exchange listing they would never otherwise have had.

Is Binance quietly trying to make Ethereum an “un-crypto?” Let’s review the available evidence.

Binance Goes Cold on Ethereum

The Binance official announcement blog details new coin listings going back the previous several months. During that time, many new coins have been added to the Binance exchange. Some of those were launched on Binance Chain, and others moved there from Ethereum.

The earliest example we have is the listing of Ontology Gas (ONG) on February 15th. As per the announcement, ONG/BNB, ONG/BTC, and ONG/USDT trading pairs were launched.

The next coin listing came on March 23rd, when Celer Token (CELR) – a Binance Launchpad project – was listed on the exchange. Once again, we have CELR/BNB, CELR/BTC, and CELR/USDT trading pairs.

Just bear in mind at this point that Ethereum is the second most traded cryptocurrency (excluding Tether) in the world, and has been for a very long time.

Next, we have the listing of Cosmos (ATOM) on April 28th, where again the token is launched with the same BNB, BTC, and USDT trading pairs. Still no sign of Ethereum as we wade through more recent listings up to the present.

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Out With the ETH, in With the New

All this time, all these new listings, and still no sign of Ethereum. Being the second most traded cryptocurrency in the world, why wouldn’t an exchange want a piece of all those ETH trading fees?

Yet not only has Binance declined to entertain ETH trading for newly listed coins, but it’s also even gone so far as to remove it as an option. On May 20th, Red Pulse Phoenix (PHX) (formerly of the NEO platform) migrated to Binance Chain and immediately had its PHX/ETH pair removed.

When PHX was rather gaudily rebranded into Red Pulse Phoenix Binance (PHB), it was relaunched with new trading pairs, as per this announcement:

“Additionally, Binance will open trading for PHB/BNB, PHB/BTC, PHB/USDC, PHB/TUSD and PHB/PAX trading pairs at 2020/05/24 04:00 (UTC). Once trading opens, the previous PHX/BNB, PHX/BTC and PHX/ETH trading pairs will be removed and delisted.”

All of this comes six months after the ETH ticker that sits atop the Binance trading page was removed, and replaced with the label, “ALTS” – denoting altcoins in general.

War Games

Despite evidently giving Ethereum the cold shoulder, Binance founder and CEO Changpeng Zhao (CZ) denies any ill-will on his part. CZ has stated publicly that he wishes to see Binance and Ethereum “grow together.”

When it was put to CZ that the launch of Binance’s own decentralized exchange stood as a challenge to Ethereum’s DEX dominance, he shrugged off the suggestion:

CZ’s polite public persona is in stark contrast to that of the founder of Ethereum, Vitalik Buterin. Buterin has been ringing alarm bells about the overwhelming centralization of power by crypto mega-exchanges for some time. As the largest exchange in the world, Binance defines that category.

Buterin recently referred to Binance’s sudden delisting of Bitcoin SV (BSV) as one in a long line of examples of the arbitrary exaction of power:

“They’ve asked for big listing fees. They influence which coins win and lose by deciding which trading pairs they have – so it’s weird to criticize that one decision (the delisting) without looking at all their others.”

Motive: Why Would Binance Assault Ethereum?

While most don’t want to rock the boat, Buterin is one of the few crypto personalities to openly criticize exchange listing fees. Binance was not named directly; however, the exchange has previously been accused of such bribery by a respected, community driven (not rich) cryptocurrency project (Binance denied the allegations and has since begun donating listing fees to its charity).

Buterin has decried the “king-making” power of these trading platforms in the past, saying in 2020 that he “hoped centralized exchanges burn in hell,” adding:

“We can really take away this stupid king making power that these centralized exchanges have where they have this ability to just decide which tokens become big by deciding to list them and then charging these crazy $10 million to $15 million listing fees. The more we can get away from that world and into something which actually satisfies the blockchain values of openness and transparency the better.”

Could CZ’s quiet deletion of Ethereum pairs from his trading platform be an act of petty revenge in retaliation against such comments?

The King is Dead; Long Live the King

Or could it be something far more devious?

The strategy: Offer projects the chance to migrate to Binance Chain, give them juicy trading pairs on the largest exchange in the world, and benefit from all the new network fees, and trading fees.

Meanwhile, slowly strangle access to ETH trading pairs and funnel all newly listed tokens towards your own Binance Coin (BNB).

Rather than petty grudges, this would seem a more likely motive for the current assault Ethereum finds itself under. And of course, the foundations and companies behind the projects which migrate to CZ’s chain must naturally be made aware that they won’t be given ETH trading pairs. None have spoken publicly about this so far.

In short, the Ethereum Killer might really be here, and its name is Binance.

Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.

Now Watch: CCN TV

Last modified: January 11, 2020 1:08 AM UTC

Is The “Ethereum Killer” On The Loose?

Will Ethereum cede its place as the number one platform in the blockchain arena?

Binance has launched its own blockchain, raising speculation that yet another another Ethereum killer could be on the loose. Ethereum’s imminent death has already been reported many times, but does the leading smart contract platform really have anything to fear?

Ethereum Has Seen Off Challengers Before

Barely a month goes by where someone doesn’t announce Ethereum’s demise. With Binance’s new DEX and its native BNB coin migrating to its own chain, some have declared BNB the new ETH killer.

Binance CEO CZ wants none of it:

I like the positivity for #bnb . but we really don’t have to diss any other coin. #eth can do much more than #bnb in features. Let’s grow together. . https://t.co/26a2T0Om3x

Binance is not the first blockchain to be considered a likely killer, but so far the biggest threat to Ethereum seems to be old age. The four-year-old dApp platform is already feeling the limitations of Proof-of-Work mining, and struggling to scale to new consensus algorithms and second-layer solutions.

Here are some of the other attempted assassins, and their progress so far.

A History Of Ethereum Killers, With No Deaths

NEO – often referred to as “the Chinese Ethereum” – has failed to live up to its hype and the involvement of the Chinese government could give pause to other investors.

NEO is also relatively centralized, with a small number of nodes and controlling parties reigning over more than half of the platform. Ethereum’s decentralized structure has many advantages over the NEO model and the latter has yet to see large growth in distributed applications. .

Ethereum has faced greater pressure from TRON and EOS, as State of the Dapps reveals.

TRON: Where The Sun Shines

The war of words between Ethereum’s Vitalik Buterin and TRON’s Justin Sun has provided the crypto community with ample entertainment, but does TRON actually represent a threat?

In terms of seven-day volume, the most active dApp according to Dapp Radar is currently TRON-hosted TRONbet. EOS dominates the top ten, hosting six dApps, with TRON and Ethereum hosting two each. Notably, nine of the top ten dApps by seven-day activity are gambling related. The other is an exchange.

TRON hosts a total of 242 dApps , though many of those boast very little, if any, volume at all. Ethereum boasts 1,459 dApps , and the 3rd, 4th, 5th, and 9th highest ranked in terms of State of the Dapps’ ranking system, which measures user numbers, transaction volume, and developer activity. Ethereum is also less dominated by gambling dApps.

Block.One And The Return Of The Larimer

Block.one represents a more substantial threat to Ethereum’s frontrunner status. EOSIO is an incredibly powerful and efficient smart contract platform. It is also less complex and more scalable than Ethereum.

However, EOS is itself besieged by gambling dApps, which represent roughly 70 percent of activity on the platform. (On TRON they represent 95 percent). It is hard to imagine the $4 billion EOSIO creator Dan Larimer foreseeing or particularly welcoming that such a significant volume of its traction dedicated to gambling.

There were a number of high profile migrations from Ethereum to EOS when EOS was first launched, including EOSBET, Medipedia, and Tixico. Tixico moved because Ethereum didn’t meet its “needs and requirements anymore especially when looking forward to the (sic) future developments,” saying that the EOS platform offered enhanced performance, scalability, low latency, and no transaction fees.

Billionaire Token also migrated, announced in a scathing rebuke to Ethereum’s lack of speed:

When EOS delivers, we will aim to move all of our games on their network. It will be so much better than ETH. Great times ahead! #XBL #EOS https://t.co/ZuQ38OsCah

But Ethereum Is Going Nowhere

While competition among platforms is healthy, it is unlikely Ethereum will lose its place as the default destination for dApps in the near future, despite the many advantages EOS offers. It may, however, lose its place as the default cryptocurrency launching pad, with IEOs becoming increasingly popular and Binance Launchpad a natural fit .

But even if Ethereum loses some volume, it may benefit the platform’s infrastructure. The last thing Ethereum needs is another Crypto Kitty fad .

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Thursday’s Market Madness Strained Ethereum’s Killer App: DeFi

William Foxley

Thursday’s Market Madness Strained Ethereum’s Killer App: DeFi

So many people were trying to use the Ethereum blockchain during Thursday’s market meltdown that many applications simply stopped working as intended.

The decentralized finance (DeFi) sector was hit particularly hard.

The decentralized services that feed price information into these headless lending platforms – known as “oracles” in the industry – simply couldn’t keep up.

Oracles could not send accurate price data and traders could not execute trades without paying horrendous fees to record transactions onto the blockchain.

In a throwback to 2020, the Ethereum network became too crowded to execute transactions for many projects. In 2020, it was NFT gaming app CryptoKitties that overloaded Ethereum by issuing too many transactions during a bull market. At one point, 30,000 transactions were stuck in the queue waiting to be processed by the network.

Thursday’s mass transaction action was caused by the precarious plummet of ether’s price, which shed 30 percent in 24 hours in a network first.

Transaction fees paid on Ethereum. Source: CoinDesk Research

Pricing oracles – typically Chainlink or Maker’s V2 oracle – were the main victims Thursday.

Several of Chainlink’s 21 oracles were down during prime trading hours, according to bZx co-founder and CEO Tom Bean.

Stani Kulechov, founder and CEO of DeFi platform Aave, said he saw a Maker oracle throw a “20 percent price deviation” between the actual market price and Maker’s generated feed.

Oracles query data from on- or off-chain sources. Contracts pulling from on-chain sources had their requests crowded out by other transactions on the ethereum network, leading to oracle failures for both V2 and Chainlink.

Orders were also backlogged on the Ethereum mainnet and traders were forced to pay outlandish gas fees to settle.

For example, users were not able to perform trades on exchange dYdX or lending platform Nuo Network. Both DeFi platforms changed their fee structures (including dYdX multiple times) to execute a slew of backlogged trades Thursday and early Friday.

“The network condition is affecting everyone,” Aave’s Kulechov said. “People need to just pay the 160 gwei [gas fee] to keep prices up to date.”

MakerDAO was undoubtedly the biggest loser on Thursday. An infrastructure error led to over $4 million being swooped up by a lurking bot-maker, leaving investors high and dry as their collateral was taken away. In response, the Maker community voted Friday to restructure certain risk measures.

DeFi exchange bZx also halted opening new trades and loans and will leave these features offline until an audit is conducted, said Bean. bZx recently switched to Chainlink following a flash loan attack that relied on manipulated pricing data. All Chainlink oracles are reporting as of press time.

“The issue is that data providers can’t provide timely updates. I can query the current rate, but it’s way off from [the] actual market rate,” Bean said.

In an email, Chainlink co-founder Sergey Nazarov told CoinDesk that “unique market conditions created temporary congestion” on the ethereum mainnet. He said the congestion has been reduced, and all Chainlink oracles, which pull from multiple pricing feeds themselves, are now reporting accurately.

Still, other DeFi applications handled the surge of transactions without heavy-handed measures.

Decentralized exchange Uniswap saw its all-time trade volume double to over $53 million, according to a tweet from Uniswap founder Hayden Adams.

Kyber Network also set an all time high with some $30 million in 24-hour trade volume, according to CoinGecko.

What does this all mean? DeFi didn’t die, but it didn’t thrive either.

“If we want crypto to become a global asset class, we need better DeFi [infrastructure],” Multicoin Capital managing partner Kyle Samani tweeted Friday. “The status quo is not sufficient by orders of magnitude.”

Read more about.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Is Cardano the Ethereum Killer?

@ julianhosp

Co-Founder CakeDeFi & I-Unlimited, Bestselling Author, Keynote Speaker, Medical Doctor, Athlete

SCALABILITY:

  • Pruning (truncation, simplification of data sets)
  • Subscriptions (Subscribing to information)
  • Compression (use of compression methods)
  • Partitioning (dividing the network into shards)

STATUS:
When Charles Hoskinson presented the Cardano Project in the video mentioned at the beginning of this article, a time frame within 2020 had been specified for the processing of all major building blocks of the project.

The following five versions are planned:

@ julianhosp

Co-Founder CakeDeFi & I-Unlimited, Bestselling Author, Keynote Speaker, Medical Doctor, Athlete

Is Bitcoin New Ethereum Killer?

Juan Villaverde is an econometrician and mathematician devoted to the analysis of cryptocurrencies since 2020. He leads the Weiss Ratings team of analysts and computer programmers who created Weiss cryptocurrency ratings.
_____

Looking for the next Bitcoin (BTC, Rated “A-“)?

Some people have long thought it would be Ethereum (ETH, Rated “B+”).

Unlike Bitcoin, Ethereum is more than just a payment system. It’s a platform for running an infinite variety of applications, called “smart contracts” or “distributed applications” (dapps).

In fact, Ethereum aspires to be a worldwide computer capable of doing anything that a single, standalone computer can do, with two key differences: It’s everywhere, distributed all across the internet. And nobody owns it.

That was the Ethereum dream. But then began the Ethereum nightmare — a traffic jam of epic dimensions.

You see, due to Ethereum’s low capacity and slow speed — plus huge demand — the door was flung wide open to a host of wannabe Ethereum killers, all aspiring to replace it and become the new smart contract queen.

And now the big news…

The king of crypto itself could become a smart contract platform

I’m talking about Bitcoin.

And I’m referring to a new generation of Bitcoin developers that have appeared on the scene.

They’re hell-bent on harnessing Bitcoin’s first-mover advantage to muscle in on Ethereum’s smart contract turf.

Their project is RSK (RBTC), and it has all the earmarks of becoming one of the toughest combatants in the smart contract war.

To be clear, RSK isn’t a run-of-the-mill upgrade to the Bitcoin blockchain.

It’s a whole new blockchain, designed as a sidechain that’s entirely dedicated to running smart contracts.

Think of a major highway strictly for moving (or storing) money. That’s Bitcoin.

Then think of a parallel superhighway for doing everything else. That’s RSK.

What about the miners? They’re the same as the Bitcoin miners. Plus, of course, it’s open to anyone with Internet access and a regular computer.

The major difference:

  • Bitcoin miners earn block rewards paid in newly-created Bitcoin (BTC).
  • RSK miners earn block rewards from fees earned from by RSK smart contract users. And they’re paid in RSK Bitcoins (RBTC).
  • A key reason it works: The RBTC and BTC are freely exchangeable one-to-one, anytime. In effect, RBTC is simply a form of Bitcoin used for running smart contracts.

Now, with this revolutionary change…

Bitcoin owners can run dapps

Let’s say you’re among the millions who own Bitcoin.

Until now, all you could do is transfer it, spend it or hoard it.

But with the advent of RSK, all that changes. For the first time since Bitcoin was born, you can run Distributed Applications.

Or, let’s say you’re a Bitcoin developer. Without RSK, the things you could do were very narrowly confined. Now, you can use Bitcoin to build a myriad of applications.

Given the sheer size and volume of the Bitcoin network, we have little doubt RSK is going to be a hit.

And Decentralized Finance (DeFi) developers could be among the first to switch.

First, because RSK and Ethereum code have a lot in common. Some might say they’re virtually the same. So with RSK, anything currently running on Ethereum should run equally well on Bitcoin. It’s a relatively easy move.

Second, because of the collateral. Right now, DeFi apps that run on Ethereum use ETH for collateral. If they switch to Bitcoin, they will use BTC. Given the security, stability and size of Bitcoin, that’s a big advantage.

Right now, for example, a major Ethereum-project is DAI, a stablecoin with the potential to disrupt the way money works. DAI is currently backed by ETH, which most people know much less about. Imagine if it’s backed by the widely known (and owned) Bitcoin instead!

And think about what Bitcoin RSK could do for a peer-to-peer lending and borrowing platforms. If they switch to Bitcoin, they have the potential to gain almost instant credibility, greatly enhancing their chances for success.

End result. Someday, Bitcoin could emerge from its current, limited-use cases (mostly a store of value), and become the fuel for running smart contracts in what’s bound to become a fuel-thirsty market.

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