EOS EVM Mainnet Launch Improves Interoperability Between EOS and Ethereum

The EOS Network Foundation (ENF) has announced the beta launch of the EOS EVM mainnet, a significant milestone towards bridging the gap between two major blockchain ecosystems, Ethereum and EOS. The EOS EVM mainnet emulates Ethereum’s Virtual Machine (EVM) and enables developers to deploy decentralized applications (DApps) written in Solidity, the programming language used by the vast majority of web3 developers.

The ENF team has identified Ethereum’s scalability issues as a challenge for mass-scale DApp deployment, which is why they have launched the EOS EVM mainnet. The team aims to leverage the performance of the EOS Network to address this challenge, while also combining the resources of the Ethereum community. According to Yves La Rose, founder and CEO of the EOS Network Foundation, the launch of EOS EVM paves the way for an interoperable future. He emphasizes that EOS EVM is a significant milestone that represents the network’s commitment to a multi-chain future.

La Rose adds that the EOS EVM mainnet offers developers access to lower fees and faster transactions of the EOS network. This is an important development as the Ethereum network is expecting more adoption after the most recent Shapella upgrade. To keep up with this adoption, projects have been prioritizing the implementation of EVM compatibility within their networks. For example, Astar Network recently launched smart contracts that support two virtual machines, including EVM and the WebAssembly Virtual Machine. This allows for the creation of new multichain applications within their network.

In addition, Polygon’s zkEVM, a zero-knowledge rollup scaling solution, released its beta version on March 27. This technology mimics the transaction execution environment of the Ethereum mainnet, allowing DApps to scale with higher performance. With more and more blockchain projects prioritizing EVM compatibility, it’s clear that the future of interoperability between different blockchains will rely heavily on this technology.

In conclusion, the launch of EOS EVM mainnet is a significant step towards improving interoperability between EOS and Ethereum. By combining the resources of the Ethereum community with the performance of the EOS Network, developers can deploy Solidity-based DApps on a high-performance platform with lower fees and faster transactions. As other projects like Astar Network and Polygon also prioritize EVM compatibility, it’s clear that this technology is becoming an important part of the blockchain ecosystem.

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Blockchain Technology in the Healthcare Market Expected to Contribute $121Bn by 2030

The mounting need to tackle data breaches and information leaks is expected to thrust blockchain technology in the healthcare market to a compound annual growth rate (CAGR) of 68.3% between 2022 and 2030, according to a study by Market Research Future (MRFR).

Blockchain in the healthcare industry is speculated to hit $121 billion by 2030 due to the escalating urge for effective health data management systems. Per the report:

“Rapidly increasing cases of different diseases have led to the development of massive amounts of data, which augments the need for effective data management. Using blockchain technology in healthcare records ensures there is no alteration to the data, which in turn helps guarantee data integrity.”

Blockchain technology has endeared itself to the healthcare sector based on ideal solutions like fighting counterfeit drugs, enhancing patient safety, minimizing therapeutic errors, and enabling interoperability of medical records.

In addition, the technology has attracted eminent players like Microsoft, IBM, Hashed Health, Blockpharma, Farmatrust, Simplyvital Health, and Medicalchain, among others. 

Enhanced research is also anticipated to drive more growth in this sector. The report noted:

“Owing to the escalating interest in the technology, multiple government bodies worldwide are investing in extensive research activities, which will undoubtedly enhance the market size.”

The study acknowledged that permission and permissionless blockchains were utilized in the healthcare sector. Nevertheless, medical practitioners’ lack of technical knowledge about blockchain technology emerged as the biggest stumbling block.

Per the report:

“Shortage of skilled medical professionals with technical expertise to work with blockchain technology in the healthcare sector can be a huge challenge for the worldwide market in the future. Blockchain technology is quite complex in nature and therefore, requires highly skilled workers that can manage and operate the task.”

Meanwhile, DEVITA, a blockchain-based health data platform, recently joined the Polygon network to maximize healthcare operations and processes through the latest innovations in the non-fungible token (NFT) and decentralized identification (DID) technologies. 

Image source: Shutterstock

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REN price at risk of 50% drop after a bearish trading pattern shows up

The prospects of Ren (REN) continuing its ongoing rebound to fresh highs appear slim as a classic bearish reversal pattern begins to emerge.

Dubbed head and shoulders, the setup appears when the price forms three peaks, with the middle peak (called the head) longer than the other two peaks described as the left and right shoulders. The bottoms of these peaks are supported by a neckline.

An illustration of the head and shoulders pattern. Source: Corporate Finance Institute

The pattern comes into play primarily when the price breaks below the neckline in a correction that follows the formation of the right shoulder. That prompts traders to open short entries below the neckline, with their ideal target at a length equal to the distance between the head’s high point and the neckline.

What’s behind REN’s current setup?

REN has been forming what appears to be an upward sloping head and shoulder pattern, supported by a rising neckline.

In detail, REN price rose and declined into a trough around mid-December 2021, forming the left shoulder. Later, it rebounded sharply to create a higher peak — above the highest level of the first shoulder — and then fell all over again.

REN has since rebounded again and is now in the process of forming its right shoulder, as shown in the chart below.

REN/USD daily price chart featuring H&S setup. Source: TradingView

As a result, the price of REN may continue its rebound until it completes its right shoulder formation, which could be near the 50-day exponential moving average; the velvet wave, near $0.67. That is because of the wave’s recent history of limiting REN’s price rebounds.

Additional sell pressure could also come from the 0.618 Fib line near $0.633 due to its historical relevance as both support and resistance. Overall, a pullback looks likely to happen that would have REN make the right shoulder. Meanwhile, a correction towards the neckline, followed by a break below it, would confirm the head and shoulder setup.

In doing so, the move may shift REN’s downside target to $0.30, measured after adding the distance between the head’s high and the neckline to the breakout point. That is around 50% below the current trading price at $0.59.

The long-term outlook is still bullish

REN’s head and shoulder setup comes as a part of a wider price correction that has seen the token shed nearly 70% of its value from a record high near $1.92 in Feb. 2021.

On a longer-timeframe chart, REN appears to have been only consolidating inside a giant symmetrical triangle, suggesting that its correction toward $0.30 may end up causing a rebound toward $1.20.

REN/USD weekly price chart featuring a symmetrical triangle. Source: TradingView

Bullish cues for REN may also come from the growth of its backer of the same name. Ren’s core product, RenVM, brings interoperability to the decentralized finance ecosystem (DeFi). It holds users’ digital assets as they move between blockchains using zero-knowledge proofs over an sMPC based protocol.

Related: 3 reasons why REN price is up 340% from its July swing low

REN acts as a bond to run the so-called Darknodes that power RenVM’s sMPC network. Those who deposit 100,000 REN are able to run these Darknodes and as a result, are able to earn rewards in Bitcoin (BTC), Ether (ETH), Zcash (ZEC), and other tokens.

The total value locked (TVL) of the digital assets minted on all chains — which includes Ethereum, Binance Smart Chain, Solana, Polygon, Fantom, Avalanche, and Arbitrum — by RenVM came out to be $1.05 billion at press time compared to $6.6 million in June 2021.

Multi-year history of volume and total value locked in RenVM. Source: Highcharts.com

Meanwhile, the total amount of volume transacting through RenVM on all chains reached an all-time high of $8.89 billion on January 4th, 2022. That shows a steady increase in the Ren network’s adoption, thus boosting the upside prospects of REN token.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.