Tag: Ethereum

13
Oct
2020
Posted in internet

Camila Russo: Ethereum Is Building the Internet of Value

The internet is at the cusp of entering a new phase, one where entrenched rulers are dethroned, more power is reclaimed by individuals and value moves as freely as cat GIFs.

To understand why we need a better internet in the first place, consider this question: Isn’t it weird the internet isn’t good at money? Think about it. The applications we use every day to search, to communicate, even to shop; the companies that dominate the web are very bad at dealing with money, even if they’re very good at making it. There’s a separate checkout process, where you repeatedly enter all your information. Cards issued in some countries don’t work on local websites in other countries. Sometimes you wait for what feels like an eternity watching that tiny wheel turn, to have the transaction fail. 

Camila Russo is the founder of The Defiant, a content platform focusing on decentralized finance, and the author of “The Infinite Machine” about the history of Ethereum. Previously, she was a Bloomberg News reporter covering markets in Buenos Aires, Madrid and New York. She is a speaker at CoinDesk’s invest: ethereum economy event beginning Oct. 14.

More complex transactions are almost unthinkable. Influencers and creators should be able to monetize their likes, retweets and views, with micropayments streamed from followers, without any platform taking a cut. Less-famous mortals should get paid if they opt in to view ads or consent to sharing their information. Transferring ownership of valuable assets, from art to real estate, shouldn’t take several intermediaries and tons of paperwork.

There’s the internet’s TCP/IP protocol. There are apps built on top of it. And, separately, there’s the financial system, which relies largely on infrastructure built before the internet was invented. SWIFT, IBAN, the rails handling most international money transfers, weren’t designed to

12
Oct
2020
Posted in technology

Ethereum Miners’ Revenue Triples Thanks To DeFi, Bitcoin’s Falls

KEY POINTS

  • Ethereum was more profitable to mine than Bitcoin in September 2020
  • Mining revenues soared because of the excitement over decentralized finance
  • As DeFi excitement wanes, observers are watching closely the launch of Ethereum 2.0

During the month of September, revenue from mining Ethereum has eclipsed that of Bitcoin’s thanks to the excitement surrounding decentralized finance (DeFi).

According to the data from analytics firm Glassnode, miners in the Ethereum network collected 450,089 ETH worth $168.7 million. This is a 39% increase from the previous month’s total of $113 million, Cointelegraph reported.

In contrast, miners in the Bitcoin network netted only $26 million in September, which is a decrease from the $39 million they earned the previous month. This effectively makes mining Ethereum more profitable than mining Bitcoin.

The increase in miner revenue came from the community’s excitement over decentralized finance (DeFi).

Several DeFi protocols and tokens made headlines last month. YFI, the governance token of Yearn.finance reached its all-time high of $43,678 on Sept. 12. That’s twice the all-time high of Bitcoin in 2017. Other noteworthy DeFi tokens that made headlines last month include UNI, the token of automated market maker UniSwap, and Sushi, the token of on-chain protocol SushiSwap.

Uniswap made headlines for dropping at least 400 UNI to anyone who used the Uniswap protocol prior to September 1. At one point, each UNI was worth $8, which meant anyone who received 400 UNI immediately had $3,200 in one day. 

DeFi without a doubt has renewed the demand for Ethereum. As more users want to get a piece of the DeFi tokens, the price of each transaction fee has ballooned. Cointelegraph noted that at one point, a standard transaction on Ethereum hit at least $15 on average. The publication said this is good in the short-term, as the