Tyler, a crypto YouTuber, discusses the current state of the cryptocurrency market and the drop in Bitcoin’s hash rate. He discusses a bullish projection for the incoming price action, and introduces a new altcoin called Energy Web Chain (EWT). Tyler relates EWT to Gavin Wood, one of the original members of the Ethereum team, and discusses the project’s focus on interoperability and permissioning, as well as their collaboration with heavyweight companies. Tyler implies that EWT may have a lot of potential in the future.
Egg-yolk what is going on with my people? Okay, the viewers of the tube, if you don’t know where you are in the tube reverse, let me first introduce myself as Tyler, and this is a crypto channel that like Geralt The Witcher loves to play with his kitty.
The Current State of the World
It’s a crazy world we live in right now. We are still in the middle of, whatever you want to call it, a global panic, a global reset, with the world’s number one power in shambles. Riots are breaking out across America, people are losing their jobs left and right. Yet, that is okay because assets are looking great. Some are euphoria is setting in strong, and things are not making sense one bit fundamentally. Like that minor purge pulling out the Bitcoin hash rate chart, it’s obvious to see a big drop. Since the having, hash rate went from over 122 million Tara hashes to just over 90 million, a drop of 26 percent.
Potential Bullish Outlook for Bitcoin
Looking at projections, they expect another difficulty drop next adjustment between June 4th and 5th, and the price is going up. Bitcoin getting ready to touch 9.5 K as of yesterday and break through that resistance. I’m baffled, and that is why I try to never trade on the short-term scale. Although I’m keeping my short open, why? Because I believe eventually things have to make sense, and others are seeing the same thing as me.
Update on Minor Capitulation
Pressed inside Shake a PP put out a tweet thread and said, “this update on minor capitulation so this has been one of the most abnormal price moves. I’ve seen considering the difficulty pressure, the miners have been experiencing since the having. My honest opinion, this is very bullish for the incoming price action. Once it’s epoch is complete, in the past 24 hours, it appears the miners have been able to keep pace with the ten-minute block reward flow. This is the first time we’ve seen that happen in their current epoch. If that continues to persist, then I think the potential for a final price drop opportunity is diminished. Could it still happen? Of course, but as far as waiting around for it, probably not the best idea.”
Energy Web Chain: A Hidden Gem?
I have no idea; I’m the leverage trader. But one thing Chico does know how to do is search and research and find the hidden gems of the altcoin space. And I told you guys I was going to be bringing a research video regarding one I recently found called Energy Web Chain and their token EWt.
The History of Energy Web Chain
In the first video I made, I did the research which made some connections to Tesla energy markets, there are autobitter software in the Australian energy market operator ammo. Today we are going to do some history of EWF because this project has been in the works for some time and it connects to some of the biggest players in the space.
The Creation of Ethereum
If you didn’t know, Ethereum was proposed in late 2013 by somebody everybody should know, Vitalik Buterin. Here he is creating it back in the day, just kidding. But that is little Vitalik at a computer back in the day, and here is his actual proposal in 2013.
The Ethereum Team
To get Ethereum built in the smart contract vision in place, Vitalik needed a team. That same year, late 2013, four people were brought onboard: Anthony Delaurio, Mihai Alesi, Amir Chester, and that delay boy Charles Hoskinson. Those were the OG5 according to records, but in early 2014 more were brought onboard, including Gavin Wood, Joseph Lubin, and Jeffrey Wilkie. Lubin was an investor, and Wood and Wilkie were brought on to develop Ethereum and Go creating the guest client while Gavin Wood created the smart contract language solidity, which is still, to this day, the dominant language power in the network.
Parity Substrate and Polka Dot
In addition to creating Ethereum technologies, Gavin Wood was also focusing on an interoperability protocol, which he termed Polka Dot. Parity has been working on something called Parity Substrate, which was officially released to the public just six months ago in November of 2019. Gavin Wood presented at Event Horizon on May 30th of 2018, and the speech was titled “The Energy Blockchain.”
Energy Web Chain and Parity Substrate
In the speech, Gavin Wood spoke about the team working quite heavily on Polka Dot, some big interoperability play, and interoperability in general with all of these different blockchains also doing their own thing is increasingly an important concern and, of course, efficiency in general. If we look to what we’ve already done, I work with EWF. We’ve got their EWF chain 1.0 based upon our Ethereum client where we’ve switched the consensus mechanism from proof-of-work to a what we call authority round or ora POA.