Ethereum software upgrade activated; ether reverses losses, trades up

5/8/2021 10:08:00 PM

Ethereum software upgrade activated; ether reverses losses, trades up

Ethereum software upgrade activated; ether reverses losses, trades up

NEW YORK :Ethereum, the second-largest blockchain network, went through a major software upgrade on Thursday, which is expected to stabilize transaction fees and reduce supply of the ether token.After initially trading lower going into the upgrade, ether regained momentum, last up 2.6per cent at US$2,796..

NEW YORK :Ethereum, the second-largest blockchain network, went through a major software upgrade on Thursday, which is expected to stabilize transaction fees and reduce supply of the ether token.Read full article 3 August 2021, 6:14 pm · 3-min read New York governor Andrew Cuomo, shown here in New York on June 9, 2021, has denied sexually harassing multiple women including employees New York governor Andrew Cuomo "sexually harassed multiple women," the state's attorney general Letitia James said Tuesday as she announced the findings of an independent investigation into the powerful Democrat that prompted immediate calls for his resignation.The announcement comes as public bodies and private businesses in the United States step up vaccine requirements as the country battles the highly infectious Delta variant.READ: New York Governor Andrew Cuomo sexually harassed multiple women, probe finds Biden previously said that if the investigation determined Cuomo acted inappropriately, he would call for his resignation.

After initially trading lower going into the upgrade, ether regained momentum, last up 2.6per cent at US$2,796.But it was not clear if he would face criminal prosecution, with James saying the investigation was "civil in nature...The adjustment, called Ethereum Improvement Proposal (EIP) 1559, changes the way transactions are processed on Ethereum by providing clear pricing on transaction fees in ether paid to miners to validate transactions and"burning" a small amount of those tokens.The report speaks for itself.The burned tokens will be permanently taken out of circulation.Source: Reuters/jt.

Following the upgrade, 539.She said investigators had found that Cuomo "sexually harassed current and former New York state employees by engaging in unwelcome and non-consensual touching and making numerous comments of a suggestive sexual nature that created a hostile work environment for women.With coronavirus cases again surging in the United States, de Blasio said the policy, dubbed the "Key to NYC," would be launched on August 16, followed by a transition period before enforcement a month later.29 ether tokens were"burned" by late morning in New York, according to ultrasound.money, a website that tracks ether burning and supply.In recent months multiple women have publicly denounced what they said were inappropriate words and gestures from Cuomo, who drew praise nationwide for his pandemic response early in the crisis.In token burning, tokens are sent to specialized addresses that have unobtainable private keys.New York state will require all "public-facing" health care workers to get vaccinated from September, and all of the state's tens of thousands of employees to show proof of vaccination or face weekly tests.Without access to a private key, no one can use the tokens, putting them outside the circulating supply.In March President Joe Biden said that if the accusations against Cuomo are proven he should go.

By reducing supply, the tokens that remain in circulation become rarer and more valuable.EIP 1559 is part of a batch of software upgrades called London."Governor Cuomo must resign and be arrested immediately," she tweeted.- Vaccinations stall - The moves come as the United States grapples with boosting vaccination rates, which have stalled badly for months despite the US having the highest supply of any country.Thursday's Ethereum event is called a London hard fork, which means miners or developers have to download London to remain connected to the network.Market participants have said EIP 1559's activation should raise the price of ether as the move will cut its supply." Carl Heastie, speaker of the New York assembly, said the report indicated "someone who is not fit for office" and that the report would be examined by lawmakers.Ether initially weakened going into the software adjustment and after, but has since recovered.Executive director Andrew Rigie said in a statement that while the mandate will pose "economic and operational challenges" to restaurants it may help "ensuring that New York City does not revert to restrictions and shut down orders that would again absolutely devastate small businesses that have not yet recovered from the pandemic.

"Everyone should watch as the next few weeks unfold and financial models emerge quantifying the impact of the burning on the supply of ether, which may ultimately lead to price targets," said Viktor Bunin, protocol specialist at infrastructure platform Bison Trails.One former employee said Cuomo slipped his hand under her blouse last year, while a trooper on Cuomo's protective detail said he inappropriately touched her stomach and hip."The new ether supply dynamics may spark a new virtuous cycle where increased price leads to greater adoption and vice versa.The more users and developers that enter the industry, the faster we can grow the crypto-economy.She said that Cuomo himself, when interviewed by investigators, responded with "a mixture of admitting to certain things but putting a different spin on them and denying others.Momentum is picking up for vaccine mandates in the private sector, with Disney and Walmart implementing new requirements and incentives for employees." Pankaj Balani, chief executive at derivatives trading platform Delta Exchange, believes that for now, even with the London fork, ether's price remains correlated with bitcoin."If bitcoin reclaims US$40,000 and manages to hold that then we can see Ether rally further and test the US$3,000 mark," he said."All of them found it disturbing, humiliating, uncomfortable and inappropriate.

Balani remained bullish on ether in the medium to long term as the Ethereum network grows with all the applications on it.arb-st-pdh/jm.He expects ether to eventually outperform bitcoin over a longer time horizon.And Kim said Cuomo and his staff fostered a "climate of fear" keeping women from speaking out.In late morning trading, bitcoin slid 2.2per cent to US$38,876.The investigators said that at least one report has been made to police about Cuomo's behavior, and that their findings can be used by officers in investigations against the governor.(Reporting by Gertrude Chavez-Dreyfuss; Editing by Jason Neely, Kirsten Donovan and Mike Harrison) Source: Reuters.

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