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Ethereum (ETH) and EOS Cross Chain Token Trading Success by Bancor

Bancor, a decentralized liquidity network, has just announced it has completed its partnership with Block.one to provide cross-blockchain token swaps with EOS and Ethereum (ETH).

EOS and Ethereum (ETH) Automated Token Conversion

The company originally announced its partnership and venture in September. The announcement just published a few hours ago reads:

“BancorX enables automated conversions between Ethereum-based and EOS-based assets without users having to deposit funds on an exchange and without the need for order-matching between buyers and sellers. Anyone can integrate an Ethereum or EOS token with BancorX by staking an amount of those tokens in a smart contract which they own and manage.”

BancorX currently supports a copious amount of Ethereum ERC20 tokens and uses its own BTN token to make the cross-blockchain transfers.

First, either EOS or Ethereum is converted into BTN. Then, the BancorX smart contract removes BNT from circulation and receives account information from the destination chain. Oracles watch the BancorX contract on the original crypto chain and report the BNT amount and destination wallet address to the BancorX contract on the destination chain.

The BancorX contract on the destination chain then issues BNT on its chain. The BNT token can then be converted into the desired coin through Relays on the Bancor Network.

The company also states that its cross-blockchain dApp was built in partnership with LiquidEOS.

>> Coinbase will Add Nearly 300 Coins in the Next year but Won’t IPO

Bancor Movement

In addition to its announcement today about BancorX, the company announced that its Bprotocol Foundation would transfer $10 million to EOS, to encourage development and token liquidity on the EOS network. This money is geared toward incentivizing developers to expand and grow the already vast network.

At press time, EOS remains the fifth largest cryptocurrency by its total market cap and is trading at $5.51 a coin, up 1.25%. Ethereum (ETH) remains in second and is trading at $210.37 a coin, up 4.17%.

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Ethereum (ETH) | Foundation Hands Out Over $3 Million in Awards

The Ethereum (ETH) Foundation has just announced its fourth set of grants given out to 20 individuals and groups working on the Ethereum blockchain.

Ethereum (ETH) Grants

According to the official press release, the total amount of the fourth round of awards was just over $3 million USD.

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In the announcement, the Ethereum Foundation expresses its gratitude to members of the community by saying:

“Thank you to all the fantastic community members that have applied with creative ideas on how to bolster our ecosystem. We would not exist without the time and energy that you put into Ethereum. While the program continues to grow, we will increasingly continue to involve more community members in the decision making process.”

The biggest grants handed out went to Prystmatic Labs and to States, worth $500,000 a piece. Both of these companies are working on developing Ethereum 2.0.

“The ethereum killer is ethereum, the ethereum of China is ethereum, the ethereum of Taiwan is ethereum… 2.0,” said Vitalik Buterin at BeyondBlock Taipei 2017.

Grant recipients were divided by the manner in which they contributed to the development of the Ethereum network and the importance of their work. Other large grants were given to Finality Labs and Prototypal for front-end state channel research.

The funds given out in the awards comes from the Ethereum Capital Fund, which was founded back in February of 2018. Six large-scale blockchain projects created this fund. Golem, OmiseGo, Cosmos, Raiden, and Global Brain all agreed they would grant $100 million to various projects that developed the Ethereum blockchain ecosystem.

Ethereum co-founder, Vitalik Buterin, also donates money to open-source projects that build solutions to improving the Ethereum blockchain network.

DevCon 4

Currently, the Ethereum team is gearing up for Devcon 4 that will be held from Oct 30th–Nov 2nd in Prague. Tickets are currently sold out to this event. Devcon is Ethereum’s annual conference to educate and empower the Ethereum community to build decentralized applications on the Ethereum network.

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Ethereum News | Shasper Begins and Joe Lubin Funds DrumG

In today’s edition of Ethereum news, we’ll cover the details of Ethereum Startup Parity Technologies adding Casper code to their blockchain toolbox and why Ethereum’s co-founder, Joe Lubin, invested in a competitor.

Ethereum News: Parity Technologies and Casper

Parity Technologies, an Ethereum startup, has just added an early version of the highly anticipated Casper code to its platform, Substate.

The code was released on GitHub yesterday, and the team behind the implementation at Parity is calling it their ‘Shasper’ upgrade.

“Shasper is combination of Casper and sharding. Once it lands, we should see vast improvements in terms of ethereum’s transaction throughput,” Wei Tang, the dev leading the Parity integration, told CoinDesk.

This is the biggest Ethereum news that has broken in quite a while and a positive one, at that. While this is only the first step, the proof-of-stake consensus switch on the Ethereum network is closer. Shasper combines Parity’s in-house scaling solution and sharding, along with Ethereum’s proof-of-stake consensus switch, Casper.

ETH has yet to see a price spike since the news though.

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Ethereum News: Joe Lubin Funds DrumG

Ethereum co-founder Joe Lubin has invested $6.5 million cash in a startup formed by senior-level execs from R3, Ethereum’s most heavily funded competitor, Forbes reported this morning.

Lubin’s ConsenSys blockchain startup will take a minority stake in DrumG. Lubin will also join as the sole outside member of the board of directors.

“The decentralized Web future—Web 3.0, linking corporations to public blockchains—that’s definitely an interledger future,” Lubin told Forbes. “It’s going to be hundreds of thousands of decentralized protocols for trusted transactions and automated agreements.”

DrumG will initially only focus on two platforms that seek to add as many as ten blockchains soon. DrumG seeks to help enterprises better understand how multiple blockchains might help them become more efficient.

DrumG also has a US patent on technology that is designed to standardize the way its clients talk about business workflows.

Are you excited by any of the Ethereum news?

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Ethereum (ETH) Price Prediction | Tom Lee Thinks ETH will Reach $2,000

Tom Lee has been a long-time crypto bull and has faced Wall Street head on. Lee is the managing partner and head of research at Fundstrat Global Advisors. Usually, he gives his price predictions on Bitcoin (BTC), but yesterday he predicted the price of Ethereum (ETH).

Tom Lee Ethereum (ETH) Prediction

“We believe Ethereum is about to stage a trend reversal and rally strongly,” Lee said in a note to clients Thursday.

Ethereum, the world’s second-largest digital asset, is down more than 70 percent this year. In the past three months, ETH has dropped 50 percent and has been passed by XRP twice, according to CoinMarketCap.

Last year, Ethereum outperformed its predecessor Bitcoin in price, but it seems this year is a different story. Investor patience is wearing thin, as it has been almost a year since Ethereum was bogged down by its inability to handle large amounts of transactions.

The Ethereum Foundation held its DevCon3 conference in November 2017 in Cancun. The main topic of discussion with Ethereum’s scalability issue. A month or so later, Ethereum’s network faced just that. It all started with CryptoKitties, which caused the network to be backed up by nearly 30,000 transactions.

This instance showed that Ethereum’s network was not ready for a dApp to go mainstream and take off.

However, Lee feels that “sentiment is currently overly negative on ETH.” The Fundstrat advisor claims that while the coin underperformed its peers by two standard deviations, that is his “sign of capitulation.” Still, Lee feels that Ethereum’s biggest threat is its challenging technical picture, and many analysts feel that’s why the coin will remain in its downtrend.

ETH Price Movement

Ethereum (ETH) has had a wild week on the market. It was passed by XRP twice but regained its second-largest cryptocurrency position within hours of being passed. At press time, ETH is trading at $225.94 a coin, up 3.12% in 24 hours.

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Ripple (XRP) Temporary Passes Ethereum (ETH)

Ripple (XRP) just passed Ethereum (ETH) this morning to take the second-largest cryptocurrency spot. Except, a few hours later Ethereum enthusiasts shot back and Ethereum re-gained its #2 spot.

Ripple (XRP) Comeback

XRP is among the group of worst performing cryptocurrencies this year, but it seems to be making a comeback. In the summer, it was down more than 90 percent from its high in January.

XRP and Ripple are often confused, and people intertwine them. Ripple Labs is a fintech company that focuses specifically on global payments and hold the majority of XRP. XRP is a cryptocurrency, independent of the company, that is used on Ripple’s platforms.

Recently, Ripple has made some big announcements regarding its products, and that has caused XRP to spike. On Monday, Sagar Sarbhai, head of regulatory relations for Asia-Pacific at Ripple, told CNBC that his company’s xRapid product should go live in the next month or so.

xRapid uses XRP as a bridge between currencies, which allows payment providers to process faster cross-border transactions.

“People are definitely buying the news,” Joe DiPasquale, CEO of BitBull, told CNBC. “This is another case of Ripple showing its dominance in real world relationships with financial companies, and yet another spike in XRP’s price because of it.”

>> Ripple Up 20% After xRapid News

It seems the xRapid news has continued to push XRP upwards, and Ripple passes Ethereum (but only temporarily).

Ethereum (ETH) Stagnant

Ethereum has held the second-largest cryptocurrency position for nearly ten months. Lately, ETH’s price has dropped, and there haven’t been any major developments on its on-going scalability issue.

Since there is no news on Ethereum today, it must mean that Ethereum enthusiasts wanted to push ETH up to its previous position. Ripple passes Ethereum, you say—not for long, they say!

XRP & ETH Movement

At press time, ETH is trading at $246.84 a coin, up 17.29%. XRP is trading at $0.575 a coin, up 50.23% in 24 hours.

Most cryptocurrencies in the top 20 are now seeing double-digital percentage gains on the market—closing out the work week on a high note.

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