Ethereum is up more than 50% in the past week. In 2021, the world’s second largest cryptocurrency has risen more than 360%. And since the stock market bottomed late last March, Ethereum is up an astonishing 2,200%.

During the 2017 crypto boom, Ethereum shot up to more than $1,400. After falling more than 90% during the eventual bust, it just surpassed that level in January of this year. Now it’s worth more than $3,200 as of this writing.

Bitcoin is performing well this year but it’s up “only” 100%. So why is ETH up so much more than Satoshi’s invention of late?


You can never drill these types of price moves down to a singular reason, so let’s look at what Ethereum is and does to get a better sense of the euphoria in this digital asset.

Back in the 2017 crypto bubble there were no use cases beyond using it as a store of value on the security of the blockchain. Now, there’s nothing wrong with a store of value as the main selling point for something like Bitcoin. Bitcoin has the potential to become the digital version of gold, which has itself been a store of value for thousands of years. And gold has an estimated market value of around $10 trillion.

Ethereum is more than a store of value. The bull market in 2017 was all about the possibilities of this technology, but there were no


info.  https://www.google.com/amp/s/fortune.com/2021/05/06/ethereum-price-ether-predictions-why-it-is-rising-usd-bitcoin/amp/

XRP Price Shots Up by 70% Breaking $0.5, Pump-Dump Or Rise in Demand?

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XRP Price Shots Up by 70% Breaking $0.5, Pump-Dump Or Rise in Demand?
XRP Price Shots Up by 70% Breaking $0.5, Pump-Dump Or Rise in Demand?
Coingape
3 months ago
Published on January 30, 2021 11:30 GMT+6edited on January 30, 2021 11:59 GMT+6

Ripple-Azimo
XRP Price has pumped over 70% in the last hour, taking its price from $0.28 to near $0.5 mark for the first time since the SEC filed a lawsuit against Ripple. The price rise is suspected to be a pump driven by a Telegram group, helping the altcoin to finally overcome the $0.30 price barrier.

This is crazy even for crypto!

A group with 55,000 members planning to pump XRP

The markets are actually becoming a meme pic.twitter.com/LyzjK9XgXt

— Alon Gal (Under the Breach) (@UnderTheBreach) January 30, 2021

Is this Rise in XRP price a Pump-Dump?
Many in the crypto-verse raised suspicion about possible news with no other reason in sight for the pump.  TRON (TRX) rose quite similar to XRP yesterday owing to the similar pump owing to another Telegram group.

The frenzy about pumping small stocks began with GameStop when a Reddit group shot squeezed the GME stock to rise above $450.

Justin Sun, the founder of the Tron group took to Twitter to announce that he would buy 1 million GME stock followed by a pump in TRX price. Later it was revealed that thr pump was artificially created by a Telegram group probably trying to emulate the wallstreetbets, the Reddit group behind GME stock pump.

TRX rose over 42% during the pump before losing nearly all its gains within an hour of the rise. Many warned people to not rush into buying XRP looking at the price while XRP fans called it a natural pump owing to Ripple’s official rebuttal to the SEC lawsuit in a court filing.

Today, we filed our preliminary legal response to the SEC’s complaint. With it, we start to set the record straight and correct many misconceptions and contradictions within their allegations. 1/5 https://t.co/8KVBuSzCGH

— Stuart Alderoty (@s_alderoty) January 29, 2021

The short squeeze trend is now being used by Telegram groups to pump the price followed by a dump. This, many have warned against investing in such crypto assets that are being pumped artificially.

Though many known traders are defending the XRP price rise, the crypto community seems to be divided into two groups. Many known crypto traders are defending the XRP price as much awaited jump rather than a planned pump.

Regarding this $XRP “pump” group. They will always find a “narrative” to justify price movements. Ignore the fact that the chart has been absolutely primed for a big move that I’ve been tweeting about the past few days. https://t.co/8DWdVtUDuC

— Credible Crypto


info.  https://coinmarketcap.com/headlines/news/xrp-price-shots-up-by-70-breaking-0-5-price-level/

There’s a high probability that Dogecoin will reach $1 per coin. $10 per Dogecoin is also likely within this decade. However, it’s impossible that Dogecoin will ever get to $100 per coin. Let’s explain.


Unlike other cryptocurrencies, Dogecoin doesn’t have a cap. In order to keep the network secure and operational, there’s always an incentive of 5 billion coins per year for miners. By the end of 2030, there will be 180 billion Dogecoin in circulation. If Dogecoin reaches $1 valuation per token, the total market cap of Doge would be $180 billion. It’s not that crazy high.

There are currently around 18 million Bitcoins in circulation, and it has a market cap of about $900 billion. The second-largest crypto Ethereum has a market cap of $200 billion. Similar to Dogecoin, Ethereum also doesn’t have a coin cap.

Over the years, Bitcoin and Ethereum have shown its strength and weaknesses.



Nowadays, Bitcoin is considered as an asset, an investment vehicle to grow money. Therefore, people now buy Bitcoin and hold on to it.

The transaction cost of Bitcoin is rising steadily. It’s already prohibitively high enough to be useful for daily retail transactions. Ethereum’s transaction fees are also high.

On the other hand, Dogecoin has promisingly low transaction fees. Moreover, as there are 5 billion coins per year for miners, the Dogecoin transfer fee will remain low. Furthermore, Dogecoin transfer time is 10x faster than Bitcoin.



So, there’s the tremendous growth potential for this coin. A market cap of $180 billion is not impossible. Therefore, $1 per Dogecoin is not a pipe dream. However, $100 per Dogecoin is quite unachievable. Let’s explain.

The US has a GDP of around $21 trillion, and China has approximately $15 trillion. If we sum up all the countries’ GDP, the total GDP would be $87 trillion.

Source: https://www.statista.com/statistics/268750/global-gross-domestic-product-gdp/



For each dollar increase in Dogecoin price, the market cap would need to rise $180 billion. So, for $100 per Dogecoin, the total market cap of Doge would be more than $18 trillion, greater than China’s economy and almost equal to the US economy. It’s absurd.



Many people don’t trust the US government. As treasury printing money, the government adding debt recklessly, and inflation soaring, many are dissatisfied. They want a financial system that is independent of any government control. That’s why over the years, Bitcoin and other cryptocurrencies became popular.

Still, the regular currency has superior use cases and functionality than cryptocurrency. Wider acceptance, faster and easier transfer are a few of them. Our whole economy revolves around traditional money. On the contrary, cryptocurrency is still in its infancy. Only a few people know about it, and it isn’t widely accepted. Cryptocurrency is also highly volatile.

Nevertheless, Bitcoin, Ethereum, and other cryptocurrencies have shown great potential. But still, it’s not enough to replace the US dollar.

There are hundreds of cryptocurrency. Every coin has pros and cons. Therefore, it’s tough to predict which one will become mainstream cryptocurrency. Even if single crypto becomes the world’s de facto crypto still, there’s no possibility that Dogecoin will ever become more valuable than China’s whole GDP. It doesn’t make any sense.



Therefore, Dogecoin will never reach $100 per coin. However, from our experience with Bitcoin and Ethereum, we expect that Dogecoin will reach $1 because it has far more potential than Bitcoin. Even Tesla and SpaceX CEO Elon Musk believes that Dogecoin is underestimated. Elon Musk is the founder of X.com, which later became PayPal. Therefore, he knows what he is talking about.


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Ethereum is the major blockchain when it comes to tokens, tokenization, and also DeFi projects. However, the increase in popularity comes with its costs. The more users and projects are relying on Ethereum, the scarcer the resources. Ethereum is still very limited to transactions per second. No more than about 12 transactions per second. These 12 transactions are distributed between all entities globally.

To visual that, let’s take a view of the average fee per transaction over the last five years:


source: https://blockchair.com/ethereum/charts/average-transaction-fee-usd
You can clearly see the three spikes. The first one occurred in late 2017 with the success of ICO. Initial Coin Offerings was (and still is) the activity to issue newly created tokens on Ethereum and to sell them to the community. Ideally, this sparks the project behind the tokens to be successful. Hundreds of ICO were done in summer 2017 – per week.

The second spike was shortly after in summer 2018 with the launch of Cryptokitties. The card game was revolutionary. It allows players to create, trade, and collect cards with different kitties and every one with its own design and attributes. Every trade was reflected in Ethereum. Well, it’s kind of obvious that if several thousand players try to trade cards on an infrastructure that it is only able to manage about 12 transactions per second – globally. As the hype around Cryptokitties declined, the fees decreased as well.

The third, and current spike in late 2020, is rooted in the rise of DeFi. Decentralized Finance promises to enable people to take their finance into their hands without any middleman. Staking and lending are some of the buzzwords.

As long as Ethereum has such limitations, spikes like the past three will occur again. This might change with the upgrade to Ethereum 2.0 which aims to manage several thousand transactions per second.

However, it’s fully unclear when this upgrade will be released. We at Tangany don’t expect to see full 2.0 before 2023. This is why we, together with our partners, have identified alternatives to reduce network fees.

Action   Complexity   Time for implementation   Effect (at reducing network fees)   How much of the work can be covered by Tangany?
Omnibus Wallet Architecture   high   1 - 2 months   high   75% (mostly covered by Tangany)
Migration to another blockchain   medium to high   0 - 2 months   medium to high   100% (Binance Smart Chain is already usable, EOS and Tezos are prepared)
Efficient Smart Contracts   medium   1 - 2 weeks   low to medium   25% (Tangany can only consult on that)
Optimized Gas Estimation   low   1 - 2 days   medium   100% (built-in solution)
Second-layer Solution   medium   medium   high   100% (built-in solution)
Omnibus Wallet Architecture
It’s common best practice to use one wallet per user. For one, this reflects the original idea of blockchain the best and secondly, there are (nearly) unlimited numbers of wallets available.

This is also the approach we and our partners see with most. Exceptions are exchanges (for the same reasons) that are using the omnibus wallet since the beginning.

An omnibus wallet architecture means that instead of using one wallet per user, to switch to a centralized form. Only one or a couple of wallets are being used for all users. With that, transactions are no longer done on-chain but off-chain. If an asset is to be allocated to another user, this record will not be on the blockchain. Therefore, zero transaction fees.

The tricky part is to have a powerful off-chain ledger in place. And with that, we don’t mean a .csv file. This ledger could be something like a private blockchain (we generally recommend Quorum for that purpose). On this private blockchain, every user will have it’s own wallet again. These wallets will mirror all the assets. It’s some kind of customized second-layer solution for Ethereum.

So, if a user wants to know his balance in the omnibus wallet, we only have to take a look at his non-disclosed private blockchain wallet. So if a transaction should be done it will only be executed on the private blockchain.

As the private blockchain comes with zero transaction fees and higher scalability, there are no restrictions. It is even possible to implement an explorer for transparency reasons if required.

That leads to reduced transaction fees of 100%. Such an architecture can also be used for other blockchains like Bitcoin, Tezos, or EOS.

From a legal point of view, this is doable within the European Union as it was validated by Tangany. This includes cryptocurrencies, stable coins, and security tokens.

Ethereum Second-Layer Solutions
In the past few months, a few second-layer solutions have emerged. Those solutions are way more matured now compared to a couple of years before. Namely Polygon (formerly known as Matic) is a highly demanded solution to overcome the limitation of Ethereum. Polygon is 100% compatible with Ethereum and enables to send assets back and forth between those two blockchains.

Polygon can also be used via the Tangany API and enables the functionality to migrate back to Ethereum once the scaling issues are settled which should be the case with the Ethereum 2.0 phase 1 upgrade.

In our view at Tangany, this seems to be a quite simple but efficient method to save on the network fees. If you would like to learn more visit https://tangany.com.

Migration to another blockchain
Depending on the business case, migration to another blockchain could be reasonable. If the project hasn’t officially started yet even better.

No matter if migrated or directly started on another blockchain, leaving Ethereum comes with its pros and cons. The pros are often higher scalability and with that way lower transaction fees. We are speaking here up to 99% lower.

However, we have to consider also the cons. The most important one is for sure that Ethereum is some kind of market leader for tokens. Leaving the platform might make it harder to get the token supported on 3rd party services like exchanges. Additionally, Ethereum is quite well-known, tested and validated for 5 years.

Similar alternatives to Ethereum are EOS, Binance Smart Chain and Tezos. Those three blockchains support smart contracts, have often a similar technical architecture and are also considered to be reliable. At Binance and Tezos it’s even possible to re-use the same wallets as on Ethereum.

The migration can be done quite easily. All tokens need to be redeployed on the new blockchain. If the same wallet can be used, the tokens will be distributed automatically. If a new wallet is required (because the blockchain uses another cryptography), those are generated first before the tokens are distributed accordingly.

Efficient Smart Contracts
Another, less radical approach compared to the ones before, is to optimize the smart contract. The higher the complexity of the smart contract, the higher the fees. That is why a smart contract should be as simple and small as possible. Remove all unneeded functions and check if the code can be simplified. Maybe even validate whether some functions could be done outside of the smart contract such as the management of a whitelist.

With that we have seen decreased network fees by 33%.

Optimized Gas Estimation
For every transaction, there is the possibility to set the amount of fee. Depending on the urgency of the transaction, the included fee can be reduced. The less fee is included, the longer it takes until the transaction is executed.

As the fee level is very volatile it is recommended to recheck the current market price for transactions. By not using outdated market prices it is possible to save about 25% of the fees per transaction.

Another benefit by using the latest market price is that transactions can be timed. This means, the approximately time until the transaction is executed can be estimated. By using a Gas fee which is 25% below the market price, it will take slightly longer. By 25% above it will be faster.

That optimization can easily be done with Tangany Custody Suite and our powerful API which comes with an in-built solution for that.

Conclusion
No matter what activities are done on Ethereum, the limitation of scalability will still be part of that for quite some years. Avoiding high Ethereum transaction fees is always a good project to tackle.

Tangany has accumulated a lot of experience with that in the past years and our API is able to provide out-of-the-box solutions in most cases.

Feel free to reach out at [email protected] or visit us at https://tangany.com.

Martin
Martin
Martin is one of the Co-founders of Tangany. As a Blockchain enthusiast, he loves to support various companies with their Blockchain implementation. At Tangany he is responsible for marketing, legal & regulatory and finance. Besides Blockchain Martin has a huge fable for good metal music.
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info.  https://tangany.com/blog/5-ways-how-to-avoid-high-ethereum-gas-fees-on-transactions/

Tron is a blockchain-based decentralized platform that aims to build a free, global digital content entertainment system with distributed storage technology, and allows easy and cost-effective sharing of digital content.

Tron was founded in September 2017 by a Singapore based non-profit organization called the Tron Foundation. It is headed by CEO Justin Sun and has a dedicated in-house #DevelopmentTeam  that includes renowned technology stalwarts. This article explores the Tron network, its workings, and its cryptocurrency Tronix (TRX).1


Eliminate the Middle Man
By using the features of the blockchain and peer-to-peer (P2P) network technology, Tron attempts to bridge the gap between content creators and content consumers by eliminating the middleman. The result is an overall cost reduction for the consumer and improved collection through direct receipts for the content producer, which offers a win-win situation.

To draw an analogy with a real-world application, consider Netflix, which operates a digital entertainment service offering on-demand content. A single organization controls the services in a centralized manner. One may need to subscribe and pay Netflix to watch a particular on-demand movie that may have been produced by a group of budding enthusiasts who are hosting it on the Netflix platform. From the fee charged to the subscriber, Netflix takes a cut for hosting the movie on its platform and pays the remainder to producers. Often, the lion’s share is taken by the middleman.


Tron replicates this business model on a public blockchain network and acts as a distributed, decentralized storage facility that makes it more efficient and cost-effective. It aims to eliminate the middleman, like Netflix in the above example, by allowing anyone and everyone to host digital entertainment content on its blockchain-based network. The global audience can directly pay the content creators to access the content.

In the process, Tron's open,


info.  https://www.investopedia.com/tech/what-tron-trx/#:~:text=Tron%20is%20a%20blockchain-based,effective%20sharing%20of%20digital%20content.

TheStreet
INVESTING

Crypto Conversation: Is TRON a Scam or a 'Healer'
As accusations and rumors swirl around this blockchain project, checked the stats and we found something different.
FLIPSIDE CRYPTOJUN 24, 2020 12:00 PM EDT
What’s hot in crypto this week?
The blockchain project TRON - a delegated proof of stake network based in Singapore that was founded by the charismatic Justin Sun in 2017. It claims a throughput of 2,000 transactions per second and aims to be a fast, scalable, and responsive smart contract platform.

info.  https://www.thestreet.com/investing/cryptocurrency/as-accusations-and-rumors-swirl-around-tron-here-is-what-we-found

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