Ethereum is a smart contract platform that enables developers to build tokens and decentralized applications (dapps). ETH is the native currency for the Ethereum platform and also works as the transaction fees to miners on the Ethereum network. Ethereum is the pioneer for blockchain based smart contracts.
While ETHPOW is not yet a reality, BitMEX anticipates this scenario and will allow operations with derivatives of the new currency currency is a medium of exchange that defines value. that would result from a hard fork to the Ethereum a decentralized open-source blockchain with smart contracts functionality. network. They warn that it is a highly speculative product and indicate that they will take action.
- BitMEX launches trade in derivatives of ETHPOW
- The first contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. will be executed with USDT
- The exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. warns that it is a highly speculative product.
Before the arrival ofThe Merge scheduled for mid-September and in the face of the possibility of a hard fork to the network a network refers to all nodes in the operation of a blockchain at any given moment in time. to preserve a version that will keep the mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. viaProof-of-Work, Several platforms have already spoken out to indicate that they will support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. both the associated token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. and derivative a financial instrument deriving its value from the value of an underlying asset. trading.
On this occasion the announcement was made by the international platform a place to buy, sell and store cryptocurrency BitMEX, which indicated that would launch a contract for the exchange of futures of ETHPOW , the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. that could result from an eventual hard fork to the Ethereum network, which would be linked to Tether (USDT).
In this regard, the BitMEX indicated that this new contract will be available starting tomorrow on its website, and invited those interested to review the proposal through itsblog oficial.
????This just in ????
A brand new ETHPOW futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. contract is dropping on BitMEX tomorrow:$ETHPOW$USDT
– BitMEX (@BitMEX) August 8, 2022
A highly speculative product
Among the specifications on this new product, the team of BitMEX indicated that it will be known under the symbol the ticker of a cryptocurrency; for example, Bitcoin's symbol is BTC. ETHPOWZ22, with an expiration date of December 30 of this year and a maximum leverage money that a trader borrows from a brokerage, enabling them to gain far greater exposure to a position than what their capital allows. of 2x. As previously mentioned, this contract will operate on the basis of USDT, so this will be the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. with which operations are executed.
An interesting detail commented by the team of BitMEX is that this will be “a highly speculative product”, so it warns those interested to keep this in mind, mainly because it is not yet known if ETHPOW will exist as it will depend on whether or not a hard fork will take place to preserve this version of the network.
About the latter, BitMEX indicated that they take some measures to avoid possible manipulations, and highlights the following:
“We are using the last price mark because there is no observable price for ETHPOW yet. To protect the market an area or arena, online or offline, in which commercial dealings are conducted. against manipulation, we will use Limit Up and Limit Down prices that are set hourly, on the hour, at Mark Price +/- 20%. Traders will not be able to place bids above the Limit Up price or place bids below the Limit Down price.”
They add that BitMEX will create the index BETHPOWT when it is possible to make them in a solid and representative way. When that is solved, this indicator will be changed to the one set by the market based on the fluctuations for the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency, but indicate this:
“Until such an index is created, the value of .BETHPOWT will be set to 0. If there is no index built before the expiration date, the settlement value will be 0.”
Exchanges interested in ETHPOW
Faced with the possibility of an eventual hard fork to the Ethereum network to preserve the mining community, the scenario of the possible creation of ETHPOW is already attracting the attention of several exchanges which indicate that they will support the new digital currency if it ever sees the light of day.
The most notable case was that of Poloniex, exchange belonging to TRON’s main developer, Justin Sun, which indicated that it will provide support from day one to ETHPOW if there is a hard fork to the Ethereum network. He also added that they will offer support to the developer community interested in this version of the Blockchain, so they will donate a good part of the funds derived to promote projects that make use of their technology.
As for the hard fork, the proposal is led by Chinese miner the term “miner” can refer to both the person doing the mining and the device that is used to mine crypto. Chandler Guo, who made the controversial proposal having as its axis the community of miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. currently supporting the Ethereum network, which technically would be left without activity to perform once the system is implemented. Proof-of-Stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. (PoS) for block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. processing.
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Reporte de Angel Di Matteo / DiarioBitcoin
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