ETH Weekly | ​The net outflow of funds increased by 1100% during the week; the concept of ETH3.0, which can resist quantum computing attacks, was proposed (9.23-9.29)

Author | Qin Xiaofeng

Author | Qin Xiaofeng

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1. Overall overview

1. Overall overview

At the Ethereal Ethereum Summit held last week, Ethereum protocol researcher Justin Drake publicly introduced the concept of Ethereum 3.0 for the first time, which will be an important plan for the Ethereum platform to resist the threat of quantum computing.

Second, the secondary market

Second, the secondary market

1. Spot market

OKEx market data shows that this week, the price of ETH once fell to 142 US dollars, and closed at 167.28 USDT during the week, a month-on-month decrease of 20.5%.

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Judging from the trend of the Bollinger Bands, the current price is between the middle track and the lower track, and the price is bearish; the resistance level ahead is the middle track, which is temporarily reported at 190 US dollars.

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(ETH moving average chart, picture from OKEx)

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(data from AIcoin)

(data from AIcoin)

In terms of funds, the funds fluctuated greatly this week, and all funds flowed out throughout the week, with a maximum of more than 45 million US dollars in a single day.

(data from Tokenview)                                                                   

(data from Tokenview)

Tokenview dataimage description

(more than 50,000 ETH transfers)

3. Ecology and technology

3. Ecology and technology

1. Development and technology

1. Development and technology

(1) ProgPoW was questioned by the community due to the business cooperation between Core Scientific and NVIDIA

ProgPoW is being questioned by the community as a technical upgrade, because the architect of ProgPoW, Leigh Minehan, is also the CTO of the mining company Core Scientific. Previously, some community members believed that deliberate anti-ASIC might lead to anti-competition, but now, NVIDIA and Core Scientific's AI GPU order has attracted the attention of conspiracy theorists.

Minehan responded: "I don't deny that Core Scientific will benefit from it, but that's not why I promote ProgPoW."Minehan Shortly after,

Announced his resignation as CTO of Core Scientific and will focus on ensuring the implementation of the ProgPOW algorithm on Ethereum. At the Ethereum Developers Conference earlier this month, ProgPoW was provisionally approved, but it is still unknown whether it will eventually enter the Ethereum code base.

(2) Ethereum client developer Parity was accused of not focusing on Ethereum and favoring Polkadot

Parity Technologies, the developer of Ethereum's main client Parity, was accused by the community of not focusing on Ethereum and favoring Polkadot development. Especially when the developers referred to Polkadot as their company's flagship project, the community criticized it even more. The company received $5 million in funding from the Ethereum Foundation at the beginning of the year. Peter Mauric, director of public affairs at Parity Technologies, said that before receiving funding, the Parity-Etherum project was "self-financing"; within the limits”, the foundation has never provided funding. (Crypto Globe)

(3) The co-founder of Ethereum and the Director of WWF Conservation Department announced the blockchain project Impactio

At the Concordia Summit during the 74th United Nations General Assembly, Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, and Kavita Prakash-Mani (WWF), director of conservation at the World Wide Fund for Nature, announced the arrival of the Impactio project. It is reported that Impactio is a platform based on the Ethereum blockchain, which aims to help teams achieve the sustainable development goals of the United Nations by providing the initial application path and the possibility of obtaining funding. (ICO examiner)

(4) Connext 2.0, the second layer network of Ethereum, has been launched on the main network of Ethereum

Ethereum's second-tier network Connext 2.0 announced that after more than two months of Rinkeby testing, auditing and bug fixing, it has officially launched the Ethereum mainnet. It is reported that Connext is based on the Counterfactual framework, which is a brand-new way to develop blockchain applications. It makes channels as modular as possible and minimizes transactions on the chain. Between the first recharge and final withdrawal operations, other Operations do not need to rely on on-chain transactions. (Medium)

(5) V God proposed a new plan to motivate developers

Vitalik Buterin published an article on the Ethereum Research Forum, proposing a new scheme to motivate developers. When a developer creates a smart contract, any other user who uses the contract pays a part of the transaction fee (such as Say 33%), will be sent to the creator of the contract as an incentive, and also proposed two algorithms for rewards, namely linear and super-linear.

(6) Ethereum protocol researchers introduce the concept of Ethereum 3.0: resisting quantum computing attacks becomes the focus

At the Ethereal Ethereum Summit held last week, Ethereum protocol researcher Justin Drake publicly introduced the concept of Ethereum 3.0 for the first time, which will be an important plan for the Ethereum platform to resist the threat of quantum computing. Due to the fact that the Ethereum 2.0 plan has multiple stages to implement (and the implementation is very difficult), the implementation of the Ethereum 3.0 plan was initially postponed until 2027. (Docs)

(7) Report: Over 60% of Ethereum nodes run on the cloud, and AWS hosts nearly a quarter

A study by cloud service provider Chainstack shows that centralized cloud services host most of the Ethereum network, with 61.6% of Ethereum nodes running on the cloud. Amazon Web Services (AWS), the Amazon cloud service, indirectly operates nearly 25% of Ethereum nodes, report says, (TNW)

Matter Labs, a blockchain research and development technology company, received $2 million in seed round financing, led by Placeholder VC. The financing will be used to develop new scaling plans on Ethereum. It is reported that Matter Labs' technology is based on zero-knowledge proof, which can greatly speed up the transaction speed on Ethereum, and the deployment cost is lower. (CoinDesk)

2.DEX

according toDAppTotal.com DEXimage description

(picture fromDAppTotal.com DEX）

according to

3.Dapp

according toDappreview dataDappreview data

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(data from etherchain.org)

etherchain.org(data from etherchain.org)

The data shows that the current average mining difficulty is 2457 T, a month-on-month decrease of 0.8%; the average computing power has decreased by 1.5%, temporarily reported at 191.3 TH/s.

(Mining difficulty changes)

(Mining difficulty changes)

4. News

4. News

1. The Chinese version of the Ethereum official website is officially launched

On September 27, the Chinese version of Ethereum’s official website was officially launched today. The website currently supports four languages: Chinese, English, Japanese, and Korean.

2. V God: The statement that ASIC mining machines do not waste electricity is not true

On September 23, Vitalik Buterin, the founder of Ethereum, sent three consecutive tweets to explain the relationship between the cost of ASIC mining hardware and the cost of electricity. He said that regarding the long-term ratio of ASIC mining hardware costs to electricity costs, according to previous calculations, hardware accounts for 75% and electricity accounts for 25%. I wonder if this situation has changed or is expected to change. This question is important because if the hardware dominates, then the argument that ASIC mining can use excess power to mine on demand or as a heater so that it does not waste power will not hold true. If electricity predominates, then the previous argument would be more credible, but the argument that ASICs have some of the benefits of PoS would fall flat.

3. The collapse of ETH price led to the total liquidation of mortgage assets in DeFi to reach 3.8 million US dollars

The recent price slump in ethereum led to a total of $3.8 million in loan liquidations in DeFi, the highest level since July, according to data from LoanScan. (chain news)

4. Security company: Be wary of fake imtoken "transaction rollback" scams, the amount of fraud has reached thousands of Ethereum

According to feedback from CoinHunter, a digital asset security tracking platform, some users recently submitted feedback on coin loss incidents, claiming to have suffered imtoken "transaction rollback" fraud. The majority of users need to remain vigilant and do not enter sensitive information such as private keys, mnemonics, and verification codes on any unfamiliar websites, and beware of being deceived.

5. Venezuela’s central bank is exploring the possibility of adding BTC and ETH to its international reserves

Venezuela's central bank is conducting internal tests to see if it can add cryptocurrencies, specifically bitcoin and ethereum, to its international reserves. (The Block) [Original link]

6. PeckShield: There was an abnormal transaction fee of up to 78 ETH on the Ethereum network

 According to data from the PeckShield situational awareness platform, at 05:19 on September 26, an abnormal transfer transaction occurred on the Ethereum network, with a handling fee of 3740192.47Gwei, worth 78 ETH.

7. RealT Director of Operations: ETH is the best money model ever