Bitcoin and Ethereum are improving, government decision will highly impact cryptocurrencies, and how to avoid honeypots.
Weekly news :
Ethereum and Bitcoin are preparing for some major upgrades :
The two main crypto-currencies on the market have approved (by recording a sufficient number of block agreeing on the fork) an update that will enhance the scripting capabilities of their network.
Bitcoin's Taproot :
It has been proposed in January 2018 to make Bitcoin transactions more efficients, privates, and scalables by implementing smart contracts. This upgrade is expected to make smart contracts cheaper and smaller regarding the space they take on the blockchain by using Schnorr signature.
Ethereum's London Fork :
This modificiation will change the ETH blockchain's transaction fee model :
-The network will now set a base fee for each block rather than bidding on gas prices.
The ultimate goal of the London's Hard Fork is to reduce the "Ethereum Difficulty Bomb Delay", which is the fact that mining ETH becomes exponentially more difficult over time, and will eventually lead to a mining duration that will discourage every users/miners.
To reduce it, this next upgrade will implement a base fee that depends on the current level of network congestion, and burn a certain amount. It will also dynamically increase or reduce the block sizes.
Both those upgrades are highly controversive in the crypto-ecosystem because they cut miners revenue but are also expected to solve many problems seen recently (high transaction fee, long duration transaction due to network congestion, and so on ...)
Technical Market Analysis : Price congestion
The price of the main crypto-currencies is actually quite stable compared to last weeks, evolving in well-defined range of price. The support is around the price of the beginning of the 2021's bullrun and the resistance is between the 38.2% and 61.8% of Fibonacci's retracement depending on the cryptocurrency.
This means that a lot of forces are acting in different directions, while a lot of informations are expected to come out soon (Biden's decision, Chinese Government updates, European's Decision ...) that will materially impact the prices of crypto-currencies.
We can expect a break-out of this range either bullish or bearish, depending of the news and also the updates that we described above, but that will be more of a long-term impact.
Some short terms indicator could indicate diminishing prices in the following days, long terms indicators are, in our opinion, more bullish.
Tips to DYOR : Honeypot
Today we want to talk to you about one of the most malicious scam existing on the cryptocurrency ecosystem : the honeypot.
As the name suggests, you can enter the honeypot (buy a token) but can't exit (sell), so the team is basically taking all of the money.
It is actually quite hard to detect by yourself because there is a lot of way to code this feature, that is why we want to share with you a tool commonly used to detect honeypots (and other well-known scams) :
You just have to enter the name or the contract of the coin you want to check and it will run a small audit to verify part of the code.
This week, we want to bring attention on 3 interesting projects that are listed on coinhunt and deserves to be explained a little more in depth :
- Business Finance, the team behind this token aims to provide tools for online payments with real decentralization (no personal data is required). they also want to provide embed buttons and link for merchants that they can use on their apps or website to receive their payment directly.
The remuneration system for investors in unclear for now but will probably be disclosed soon.
-BNBitcoin, this token states that it is the first Proof-of-Work cryptocurrency on the BSC network. This means this token is mineable and that the token is the remuneration of the network for miners.
They provide a mining software on their website that can get you started right away.
Since the project is already functionnal, BNBitcoin have no roadmap, so instead, here is the collection of 21 NFT to symbolize every million token, just like BTC.
-WASDAQ, this token aims to bring a brand new mechanism to crypto-currencies, predefined-hours trading, yes, just like on traditional capital markets for some assets (stocks, bonds, ETFs ...).
This aims to let traders have some rest by having some hours where the token can't be trade.
The team also implemented a bridge between Binance Smart Chain and Ethereum Network to make the token accessible and usefull.