YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Coinbase joins Ethereum Foundation to improve ETH transaction speed and cost

October 8, 2022
in Crypto News
Reading Time: 3 mins read
A A
ShareShareShareShareShare

You might also like

NFT Collection Turf Plots Price, Stats, and Review

NFT Collection Turf Plots Price, Stats, and Review

January 28, 2023
Alfa Romeo taps crypto casino Stake as F1 Team title sponsor

Alfa Romeo taps crypto casino Stake as F1 Team title sponsor

January 28, 2023

  • Optimism’s team will also join the Coinbase and Ethereum Foundation teams to facilitate the EIP-4844 upgrade.
  • Coinbase is dedicating its engineering resources and EIP-4844 testing to boost crypto adoption.

On October 7, 2022, Coinbase issued an official statement saying it has chosen to support and contribute to the upcoming EIP-4844 upgrade. The upgrade will enhance layer-2 roll-ups, reducing transaction costs by up to 100 times and increasing transaction throughput. In his remarks via Twitter, Coinbase CEO, Brian Armstrong, said that the crypto exchange is proud to contribute to the Ethereum ecosystem.

Proud of this contribution to Ethereum ecosystem. We have a small team working on proto-danksharding, which promises to create 100X capacity on roll ups.

Scalability will unlock many new use cases in crypto. https://t.co/JG8hJ5gDHL

— Brian Armstrong (@brian_armstrong) October 7, 2022

He added that the company has a team developing a proto-danksharding to boost roll-ups’ capacity by up to 100 times. He also said the scalability would result in several new use cases in the crypto space. The popular exchange believes that the EIP-4844 upgrade will attract more customers into the crypto sector since the industry would be more secure, simpler to use, and with fast and less expensive transactions.

In addition, it will bring institutional developments and adoption into Web3. Apart from the Ethereum foundation team, Coinbase is also collaborating with the team from layer-2 blockchain, Optimism. This will hasten the completion of the EIP-4844 upgrade.

The crypto exchange has a team focused solely on completing and testing the EIP-4844 upgrade. The combined group has detailed specifications regarding launched Devnet v1, execution and consensus clients, Prysm and Geth, releases for the Ethereum clients, and preparations for the KZG ceremony.

The upgrade makes transaction costs cheaper by using a new transaction type to Ethereum to accept data “blobs” in the beacon node for a brief period. It minimizes disk usage and is forward-compatible. It is worth noting that any interested persons or entities, including an exchange or a roll-up, can support or contribute to the upgrade for the upcoming “Surge” development.

The Merge and Ethereum price

The EIP-4844 upgrade will result in more institutional and retail adoption. Thus, causing a jump in Ethereum’s price. The wider community, particularly businesses, will benefit from a faster transaction speed and less expensive transaction fees. Furthermore, using layer-2 roll-ups to manage large transaction volumes is an effective approach.

Ethereum’s price has been moving sideways since the beginning of the month and currently trades at $1,330. It is down 1.78 percent in the last 24 hours, according to our data.

Data from on-chain analytics firm, CryptoQuant, claims that Ethereum whales (large volume Ethereum holders) have been engaging in various exchange activities to manipulate Ethereum’s price. CryptoQuant explained that these whales moved huge volumes of their ETH tokens to exchanges to cause a spike in the token’s price.

Whales deposit #Ethereum into the exchange and raise prices to sell it at a higher price
by @t0_god

Read More👇https://t.co/qd8W2dQsh7

— CryptoQuant.com (@cryptoquant_com) October 4, 2022

Then, they sold these tokens at these hiked prices. The on-chain analytics firm stated that Ethereum’s price rose sharply following a rise in the token’s balances on exchanges.

Usually, an increase in the volume of Ethereum or any other token on exchanges results in a decline in their price. Hence, CryptoQuant alleges that Ethereum whales must have been involved in causing a rise in Ethereum’s price after moving their Ethereum tokens to exchanges. Then, make huge profits by selling off the tokens at higher prices.


Credit: Source link

Related Stories

NFT Collection Turf Plots Price, Stats, and Review
Crypto News

NFT Collection Turf Plots Price, Stats, and Review

January 28, 2023
Alfa Romeo taps crypto casino Stake as F1 Team title sponsor
Crypto News

Alfa Romeo taps crypto casino Stake as F1 Team title sponsor

January 28, 2023
Despite Recent Market Revival, These Crypto Companies Dismissed More Employees
Crypto News

Despite Recent Market Revival, These Crypto Companies Dismissed More Employees

January 28, 2023
Mashida (MSHD) Is Now Available on LBank Exchange
Crypto News

Mashida (MSHD) Is Now Available on LBank Exchange

January 28, 2023
Next Post
Upcoming Release Of Bitcoin Core 24.0 – Bitcoin Magazine

Upcoming Release Of Bitcoin Core 24.0 - Bitcoin Magazine

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Recapping 10 major crypto events from 2022 + 10 future trends for 2023

Recapping 10 major crypto events from 2022 + 10 future trends for 2023

January 22, 2023
US Lawmaker Outlines Priorities to Regulate Crypto and Make America the Place for Blockchain Innovation – Regulation Bitcoin News

US Lawmaker Outlines Priorities to Regulate Crypto and Make America the Place for Blockchain Innovation – Regulation Bitcoin News

January 28, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,002.00 0.29%
    • ethereumEthereum (ETH) $ 1,567.54 1.7%
    • tetherTether (USDT) $ 1.00 0.09%
    • usd-coinUSD Coin (USDC) $ 0.999801 0.01%
    • bnbBNB (BNB) $ 305.22 0.75%
    • xrpXRP (XRP) $ 0.409122 0.73%
    • binance-usdBinance USD (BUSD) $ 0.999877 0.03%
    • cardanoCardano (ADA) $ 0.381563 1.42%
    • dogecoinDogecoin (DOGE) $ 0.087717 0.47%
    • matic-networkPolygon (MATIC) $ 1.14 1.28%
    • okbOKB (OKB) $ 38.80 6.99%
    • solanaSolana (SOL) $ 23.93 1.14%
    • staked-etherLido Staked Ether (STETH) $ 1,564.29 1.69%
    • polkadotPolkadot (DOT) $ 6.36 2.53%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 0.38%
    • avalanche-2Avalanche (AVAX) $ 20.52 2.58%
    • litecoinLitecoin (LTC) $ 88.47 0.6%
    • tronTRON (TRX) $ 0.063010 0.8%
    • daiDai (DAI) $ 0.999922 0.01%
    • uniswapUniswap (UNI) $ 6.58 3.93%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 22,953.00 0.1%
    • cosmosCosmos Hub (ATOM) $ 13.10 1.27%
    • the-open-networkToncoin (TON) $ 2.50 1.22%
    • chainlinkChainlink (LINK) $ 7.17 2.24%
    • leo-tokenLEO Token (LEO) $ 3.76 1.99%
    • moneroMonero (XMR) $ 185.03 3.13%
    • ethereum-classicEthereum Classic (ETC) $ 21.61 1.33%
    • aptosAptos (APT) $ 18.02 1.25%
    • bitcoin-cashBitcoin Cash (BCH) $ 131.41 2.18%
    • stellarStellar (XLM) $ 0.092045 0.4%
    • apecoinApeCoin (APE) $ 6.00 3.83%
    • quant-networkQuant (QNT) $ 149.00 1.71%
    • nearNEAR Protocol (NEAR) $ 2.46 2.82%
    • crypto-com-chainCronos (CRO) $ 0.081082 0.03%
    • filecoinFilecoin (FIL) $ 5.23 2.89%
    • lido-daoLido DAO (LDO) $ 2.23 7.01%
    • algorandAlgorand (ALGO) $ 0.255434 1.04%
    • vechainVeChain (VET) $ 0.024068 3.25%
    • internet-computerInternet Computer (ICP) $ 6.00 0.47%
    • hedera-hashgraphHedera (HBAR) $ 0.066880 4.36%
    • axie-infinityAxie Infinity (AXS) $ 11.33 1.31%
    • decentralandDecentraland (MANA) $ 0.695258 2.58%
    • aaveAave (AAVE) $ 83.72 3.36%
    • eosEOS (EOS) $ 1.09 2.2%
    • the-sandboxThe Sandbox (SAND) $ 0.738534 0.33%
    • fantomFantom (FTM) $ 0.447387 3.95%
    • elrond-erd-2MultiversX (EGLD) $ 44.31 0.89%
    • flowFlow (FLOW) $ 1.05 2.23%
    • theta-tokenTheta Network (THETA) $ 1.07 4.23%
    • terra-lunaTerra Luna Classic (LUNC) $ 0.000173 0.68%