Ethereum price recovers as its governing foundation reveals new rebranding strategy

Posted: 26 January 2022 1:52 am
ETH 01-27 1800x1000

In light of the Ethereum Foundation’s plans to get rid of its current ETH2 branding, the altcoin has risen by nearly 4%.

  • Youtube CEO Susan Wojcicki recently hinted at the possibility of the video streaming platform adopting NFTs sometime later this year.
  • A white-hat hacker from Portland helped to recover $2.88 million worth of crypto from a Trezor One hardware wallet without the use of its seed phrase.
  • Ethereum’s 12-month gains now stand at just 85% after rising to over 550% this past November.

After dipping to a relative low of $2,200 on January 25, Ethereum has followed in the footsteps of the market at large, showcasing solid gains in excess of 4%, rising to around the $2,500 mark only to showcase a slight correction afterward. Despite the recovery, the altcoin’s annual gains lay at 90% after rising to over 550% late last year. At press time, ETH is trading at $2,355.

The bounceback comes despite the Federal Reserve announcing its intentions to set into motion its long-withstanding tapering plans — that will see a tangible hike in its existing interest rates — over the next month or so. In an effort to rebrand itself, the Ethereum Foundation also revealed on January 24 that it will no longer be using the ETH2 moniker that has been around since the upgrade was revealed a few years ago. A spokesperson for the foundation noted:

“One major problem with the ETH2 branding is that it creates a broken mental model for new users of Ethereum. They intuitively think that ETH1 comes first and ETH2 comes after. Or that ETH1 ceases to exist once ETH2 exists. Neither of these is true. By removing ETH2 terminology, we save all future users from navigating this confusing mental model.”

How to buy Ethereum

Youtube may be looking to add NFTs to its user interface

In a letter released recently by YouTube CEO Susan Wojcicki, she revealed to the world that as part of her company’s priorities for 2022, there could be a chance that the streaming platform could add a non-fungible token (NFT) option for its video creators. On the development, she noted that her team was looking to explore the Web 3.0 space — of which NFTs are a big part — adding:

“The past year in the world of crypto, non-fungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans.”

Youtube currently boasts of one of the world’s largest communities of content creators. With the rise of Metaverse and Web 3.0, there is a chance that the company could continue to innovate in these directions to attract even more customers.

Are hardware wallets really unhackable?

In an interesting turn of events, a computer engineer devised a novel means to access funds stored on a Trezor One hardware wallet — estimated to possess more than $2.88 million worth of crypto — without the use of its PIN code or seed keys. Explaining how he carried out the entire scheme, Portland-based white-hat hacker Joe Grand noted that he used a number of novel avenues, including a RAM switch, injection attack and firmware update, to achieve his desired results.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Ask an Expert provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site