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Why can only use a graphics card for ETH (why should ETH be replaced with USDT)

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ethWhy can only use graphics cards

ethWhy can only use graphics cards Editor’s note: This article is from Caiyun Blockchain (ID: cybtc_com) and is authorized to be reprinted by Daily Planet

Vitalik Buterin, the founder of Ethereum, released a video on Twitter, in which he explained the fundamental reason why eth can only use video cards for mining: “If you want to dig ETH, your GPU can’t support the Eth2 smart contract”

This passage means that “I wrote it as an ERC-20token.” If we use a smart contract based on the Ethereum protocol, you must have 32 ETHs and 4 RTX3060Ti video memories to run a smart contract. So now this situation has changed… and it may take a few years to fix it. In fact, there are currently two main solutions for ETH’s ecosystem. The first solution is to expand the functionality to make ETH a universal digital currency; The second method is to directly purchase Bitcoin, Litecoin or other encrypted assets from users Although some ETH holders’ actions may cause ETH to be locked or transferred to other wallets, this does not mean that ETH will not be lost. The reason why ETH can be retained is because it can be used to trade NFT and other applications Of course, there is another option to completely abandon support for EVM compatibility, which is not willing to migrate. For most ETH holders, they will think that their Ethereum is not an application for games, but plays them like any other software – such as game consoles. However, since ETH has no practical use, these tools cannot exist as native tokens on Ethereum, because it only provides a virtual machine and does not include configurable hardware. This is the main reason why ETH can only operate on graphics card drivers According to BitInfoCharts data, there are currently over 10 million ETH addresses storing ETHs. However, only a few active addresses control about 10% of the network traffic, which indicates that the network has not been fully utilized. In addition, it was found that some ETH addresses have the same security level: for example, if an account recharges a dollar for a certain DApp, it will receive a fee, and when its account experiences an abnormality, all transfer records will be sent to the exchange (usually handled by a third-party hosting service provider). According to CoinMarketCap data, as of August 1st, ETH prices have risen to a historic high of $13.37

Why should ETH be replaced with USDT

Editor’s note: This article is from Fengchao Caijing News (ID: fengchao caijing), written by Kyle, and reprinted by the Daily Planet with authorization

A few days ago, there was news that eth would be replaced by usdt, which to some extent shows that the recognition and support of the eth community for Ethereum is increasing, and with the fall of ETH from 2USDT to 3USDT, everyone is full of confidence and expectation for the future development of eth So the question arises, why should ETH be replaced with USDT

First of all, let’s take a look at Binance, the decentralized exchange with the second largest market value, and its competitor UniswapV3, which are two projects independently running on the Ethereum public chain. However, because they provide their own tokens, they cannot directly trade. If the user wants to use BTC or other Cryptocurrency to purchase Ether or other digital assets, it needs to use the exchange wallet Secondly, we need to understand the fact that USDT is a contract issued based on the ERC20 protocol, and its value will be determined by the number of shares held by users. It is not only used to hold digital assets of certain Cryptocurrency on behalf of users, but also used to track the price of these assets. When you want to exchange your Bitcoin for another digital asset, you must rely on that platform as collateral. Then, when you deposit ETH and put it into a smart contract, a new token USDT will be generated Finally, let’s take a look at the reasons behind the USDT project

First, usdt is a Stablecoin; Like BTC and BCH, it can be designed as a basket of Stablecoin to anchor the US dollar; And it will not affect USDT price fluctuations; At the same time, it also has built-in mechanisms to protect the security of customer funds Secondly, USDT is not the only company to adopt this approach, but they are still very successful. It is said that approximately 80% of people used this product between June 2019 and the end of January 2020. Now, this proportion has exceeded 50%. (Image source: CoinMarketCap) What is the purpose of USDT again? Here is a simple explanation: “In order to make it easier for people to accept USDT.”

Because USDT has no practical application scenarios to talk about. Although it is not truly “digital gold” and has not even received widespread use cases, such as many similar incidents during the 2018 ICO craze, USDT still maintains a considerable market share and has received support from many followers. In addition, USDT is also the most popular DeFi project – it not only receives more support from DeFi projects, but also generates more revenue.

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