ethereum syscoin

Ethereum might improve on the scope of interoperability through Syscoin’s Ethereum Bridge

January 31, 2020 Off By Steven Anderson
  • Syscoin’s Ethereum Bridge
  • Ethereum Bearish With Double Top Formation
  • ETH as a store of value and collateral

Jagdeep Sidhu, Syscoin co-founder and Lead Core Developer of Syscoin, stated, “With Ethereum being the most proven smart contract platform, and facing increasing pressure to scale, this is a mutually beneficial integration on more than one level. At a later stage, the Syscoin Bridge could get integrated with platforms other than Ethereum. We continually weigh the ecosystem benefits of various potential future integrations.”

This Sidhu stated at the launch of Syscoin’s Ethereum Bridge.

Sydney Ifergan, the Crypto Expert, tweeted:  “Bridging Blockchain comes with a lot of challenges.  If Syscoin’s Ethereum Bridge proves to get it right, yet a new world would be before us to make decentralization work better than ever before.”

Challenges of interoperability, when sorted, can help a great deal.  When bridging, there are a lot of trade-offs; we need to see if the improving technologies will facilitate offset trade-offs.

Some Ethereum Applications will require a Wallet

With Ethereum, developers write the code, which controls the digital value, thus creating programs, which run correctly as it has got programmed.  The apps are accessible from across anywhere in the world.  Ethereum is for individuals, developers, and enterprises.

Ethereum is an internet in which money and payments get built-in.  The users will be able to own their data, and everyone will have access to their open financial system.  Any company or person does not control the open-access infrastructure. ETH gets used as a store of value of the collateral.

Individuals start with Ethereum by getting to use one or more of the several decentralized applications built on Ethereum.  For instance, DAI is a stable currency, which has been built on Ethereum, holding a value of $1.  There are several other apps with different use cases and purposes like the Crypto Kitties, Cent, and Gitcoin, etc.  Some Ethereum applications will require a wallet, and yet others will require ETH.

Ethereum Bearish With Double Top Formation

Ethereum has been trading somewhere around 1.80% on Thursday. A double top formation got noted in the daily charts. The double top formation is indicative of an extremely bearish reversal pattern, which got formed when an asset reaches a high price consecutively a few times with a moderate decline between two highs. This is confirmed when the asset price declines below the support level, which is equal to the low between the two prior highs.

Bearish trends are high for ETH. Of note, the price of the Ethereum was not able to break the barrier at $180.  The trading action currently is ranging sideways. The fundamental support level is at $155 USD and $150 USD.  Key resistance is seen at $181 USD and $170 USD.

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