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The Creator Of Ethereum Thinks Blockchain Tech Could Steal Business From Visa In A 'couple Of Years'

The Creator Of Ethereum Thinks Blockchain Tech Could Steal Business From Visa In A 'couple Of Years'

The creator of Ethereum thinks blockchain tech could steal business from Visa in a 'couple of years' The ethereum network could pose a real challenge to large financial institutionslike Visa as soon as next year, according to Vitalik Buterin,the creatorof the ethereum blockchain. In a Q&A withAngelList founder Naval Ravikant at TechCrunch Disrupt on Monday, Buterin said that security is the biggest challenge to bringing blockchain technologies into the mainstream, and that once it's sorted out, blockchain tech could steal business or even replace financial institutions like Visa in a "couple of years." Despite the hype around blockchain, most of thecurrent applications that use the technology aren't far enough along in development to be used widely, he said. But Buterin said that while he expects low-security prototypes to be introduced in the financial space by next year, it will be a few years before they have any weight. Blockchain technologies like Ethereum are widely believed to be the next big disrupter for industries ranging from law to shipping. Often described as smart contracts, the technology uses a decentralized computer network to send messages which create a universally accessible ledger that can't be edited or modified. Theoretically, with blockchain technology,business and legal transactions can be executed with a lower risk of fraud. While Buterin was optimistic about the role Ethereum could play in replacing Visa, he was less certain about its impact on cloud computing giants like Amazon Web Services (AWS). AWS sells space onAmazon servers to third party websites like Netflix, which host vast amounts of data on AWS servers. To disrupt the cloud industry, applications runningon the Ethereum network would have to convince private companies that its dece Continue reading >>

Use Go-ethereum To Setup An Ethereum Blockchain On Aws - Part 1

Use Go-ethereum To Setup An Ethereum Blockchain On Aws - Part 1

Michael Gord | ethereum, blockchain, geth, aws, cloud, private blockchain, development, go-ethereum Use Go-Ethereum to Setup an Ethereum Blockchain on AWS - Part 1 Often in a blockchain development cycle you will need to put your blockchain on the cloud to enable other nodes to attach to it for testing and development, or for other miners to mine for proof of work blockchain. The two most popular cloud providers for a blockchain solution are Amazon Web Services (AWS) and Microsoft Azure. Both have the option to start with a free trial and to only pay based on your usage. This is a three part blockchain development tutorial series on Ethereum that will focus on how to launch your own Ethereum blockchain using Geth on an AWS server, then connect it to another node to start mining or interact with the same smart contracts. This first tutorial will explain how to first configure and connect to your Amazon Virtual Machine. The second section will explain how to install and configure your Ethereum blockchain using Geth on Ubuntu. The third section will walk through how to connect a second node to your cloud instance of Ethereum. We will follow-up with more tutorials that explain how to launch a blockchain instance on other cloud providers such as Azure and Digital Ocean. If you would prefer to learn how to setup a private Ethereum blockchain locally you can check out our Ethereum development tutorial on how to setup an Ethereum blockchain using Geth in your terminal . You can also find other Ethereum blockchain tutorials at mlgblockchain.com/ethereum-tutorials.html. To begin you need to sign-up to AWS console and launch at least two EC2 Ubuntu 16.04 servers. You can launch your two EC2 Ubuntu Servers by going to the AWS website and then in the menu you go to the products tab Continue reading >>

Tesla Becomes Victim To Cryptocurrency Mining Malware Attack

Tesla Becomes Victim To Cryptocurrency Mining Malware Attack

Tesla becomes Victim to Cryptocurrency Mining Malware Attack Electric automotive firm Tesla has reportedly become the latest victim to cryptojacking. Cybersecurity software company RedLock announced, on Tuesday, that hackers had infiltrated Teslas Kubernetes console, which wasnt password protected. As a result, access credentials were exposed to Teslas Amazon Web Services (AWS) environment, which contained an Amazon S3 (Amazon Simple Storage Service) bucket that had sensitive data such as telemetry. In addition to the data exposure, hackers were able to gain access to Teslas computing power to mine for cryptocurrencies. According to the team, the use of more sophisticated evasive measures were employed in this malware attack. Among other things, the team noted: Unlike other crypto mining incidents, the hackers did not use a well known public mining pool in this attack. Instead, they installed mining pool software and configured the malicious script to connect to an unlisted or semi-public endpoint. This makes it difficult for standard IP/domain based threat intelligence feeds to detect the malicious activity. The team reported the incident to Tesla, which was rectified. RedLock claim that they have found hundreds of Kubernetes administration consoles lacking the necessary password protection measures. Aviva, a British multinational insurance company, and Gemalto, the worlds biggest manufacturer of SIM cards, are a few organisations that didnt have any passwords in place, according to RedLock. As a result, they determined that hackers had secretly infiltrated these companies public cloud environments and were using the computing power to mine cryptocurrencies. With a rising interest in the cryptocurrency market continuing, so too is the threat from hackers. With an adva Continue reading >>

What Is Ethereum And How Do You Mine It?

What Is Ethereum And How Do You Mine It?

Today we will look at ways of mining Ethereum an open-source blockchain based distributed system for decentralized applications. Although similar to Bitcoin, its different in a number of ways that well discuss here. Lets get started. What is Ethereum and how is it different from Bitcoin? In simple terms, Ethereum is to applications (apps) what Bitcoin is to money. Ethereum provides the platform and infrastructure where programmers can create apps that are governed by smart contracts. They are decentralized in nature with no central server or controlling authority. If you remember our last article , the concept is strikingly similar to Bitcoins. Ethereum is generic in the sense that it can be used to decentralize anything, and Bitcoin is a special case of decentralized currency. Ethereums code is written as a smart contract in specific programming languages. It is then converted to an intermediate form known as bytecode. This is understood and executed by an Ethereum Virtual Machine (EVM). The blockchain nodes store the state of the application as accounts. Every time an app is used, the state changes and the network processes it to calculate the new one and add it to the blockchain. This mathematical puzzle-based processing takes time. The goal of miners is to solve the puzzle and whoever does it first gets the reward which is Ether tokens the currency of the Ethereum world. Why do we need decentralized apps? Well, in most cases we dont, but, to prevent abuse, the Ethereum platform has been specifically designed in a way that it would not be economically feasible to write systems that dont add much value. This is because every line of program execution or storage requires Ether which costs money. For the same reason, Ether is also called the systems Gas. The Ethereum p Continue reading >>

Bitcoin And Ethereum: Make Way For Amazon?

Bitcoin And Ethereum: Make Way For Amazon?

Bitcoin and Ethereum: Make Way for Amazon? The Goliath of online retail now has four cryptocurrency domains registered to its name. It's been more than 15 years since the dot-com boom, when investors were able to throw a dart at their newspaper and seemingly double their money in a matter of weeks. Cryptocurrency returns in 2017 have somewhat brought back that nostalgia , but to an even wilder degree. Since the year began, the aggregate value of all cryptocurrencies has surged from $17.65 billion to as high as $200.9 billion just a few days ago. That's a return in just 10 months and less than a week of 1,038%! Comparably, the broad-based S&P 500 has taken decades to deliver a tenfold return for investors. Leading the way for virtual currencies is bitcoin, whose market cap recently topped $120 billion, which is actually higher than quite a few Dow Jones Industrial Average components. Ethereum, the virtual currency sidekick of sorts to bitcoin, hasn't done too badly, either. It's up about 3,600% since the year began. A mixture of fundamental, emotional, and news-driven catalysts are responsible for pushing bitcoin and Ethereum significantly higher for the year. This includes excitement surrounding the potential for blockchain technology, which is the decentralizeddigital ledger that logs transactions securely without the need for a financial intermediary like a bank. It also has to do with a weaker U.S. dollar, which has sent some investors looking for a store of value to top-performing cryptocurrencies. Beyond the fundamentals lies a sea of news-driven events. Recently, the CME Group ( NASDAQ:CME ) announced that it'd begin carrying bitcoin futures by the end of the year.Institutional access to bitcoin futures trading should improve liquidity and reduce volatility for t Continue reading >>

Two-node Setup Of A Private Ethereum On Aws With Contract Deployment (part 1)

Two-node Setup Of A Private Ethereum On Aws With Contract Deployment (part 1)

From time to time I plan to emulate an Ethereum environment. The idea behind is to observe how Ethereum nodes work to each other, and how different accounts interact in transaction and contract deployment. For testing, most contract deployment example nowadays is mainly on testrpc or testnet, but how the contract works among nodes is still new to me. I deploy this two-node setup on AWS. As I do not use any special features on AWS, it should be applicable to another cloud environment. My setup is inspired by the work from JJs World ( link ), and after testing this for several times with modification, I document the whole process I have done, and share some experience here about the whole process. I also use the Voting contract developed by Mahesh Murthy ( link ). This is a simple contract that best illustrates how a contract works in the chain. This by no means is a detailed step-by-step guide. I omit certain steps and make reference to some work done by others. For example, the detailed operation of AWS EC2, including launching a new instance with a setup like access key, security group, etc. can be found here ( link ). Part 1: Create a 2-node Ethereum network with private blockchain, and accounts on the two nodes can send ether to each other. Part 2: Deploy a contract from one node, and both accounts can access and execute functions on this contract. Use t2.medium (2 vCPU, 4 GB RAM) with default 8G SSD. Pick Ubuntu OS. Make sure that the two nodes are with the same security group, which allows TCP 30303 (or 30000-30999 as I may use more ports on this range). Port 30303 by default is for peering among nodes. I first tried t2.micro as it is the free-tier offer. However, mining was not successful (DAG loop without ether reward). I next tried t2.small and mining worked. H Continue reading >>

How Does Oraclize Handle The Tlsnotary Secret?

How Does Oraclize Handle The Tlsnotary Secret?

Oraclize claims to offer a provably honest secure retrieval of a webpage by taking advantage of TLSnotary (a service that allows an auditor to verify if a specific web page was accurately retrieved) The purpose of Oraclize seems to be to make this information available to smart contracts. But to my understanding, the only factor keeping the TLSnotary proof secure is that the person doing the auditing generates and withholds a secret piece of data until the person being audited provides them with the hash of the retrieved web page. A contract obviously cannot generate and withhold a secret. Doesn't this mean that the contract itself is unable to verify the TLSnotary proof? It seems like some clarification is needed of how exactly Oraclize is handling the TLSnotary secret. Oraclize also seems to offer a web tool allowing you to play the role of the auditor. Can multiple people audit the same TLSnotary proof in parallel? And suppose I do somehow manage catch Oraclize cheating. How can I prove this to a third party? Put in more simple terms, how much can I trust Oraclize's service? Don't take my questions the wrong way--I'm very excited by the idea of oracles actually proving their claims. I just like to ask difficult questions! How dows this compare to screenshots/logs created by icanprove.de? Martin Loehnertz Mar 15 '16 at 23:27 just want to point out towncrier which does the same thing from an SGX enclave. David Wong Mar 11 at 0:00 Oraclize stores the TLSnotary secret in an Amazon Web Services (AWS) Virtual Machine . Using the techniques described here , they are able to provide some additional guarantees regarding the software running in the AWS instance and when/whether it has been modified since being initialised. The "proofs of honesty" they provide (and allow you t Continue reading >>

Ethereum Is Coding's New Wild West

Ethereum Is Coding's New Wild West

Pelle Braendgaard has the textbook bio of an old-guard programmer. At 12, he often went to his local computer store in Denmark to write BASIC code on an eight-bit Sinclair ZX Spectrum. In 1993, he stumbled across Mosaic, the first graphical web browser, while aimlessly cruising the UNIX command line on a university computer. He quickly fell in love with the web, and found a job as the webmaster for AltaVista, a pioneering search engine. In the very early days, you really had to figure it all out yourself, Braendgaard says, in an accent that floats between Danish and American. All of us who were developing back then, we had to learn everything...there werent good libraries. There werent good developer tools. Gabe Nicholas is a graduate student at the UC Berkeley School of Information focusing on the intersection of technology and society. Sign up to get Backchannel's weekly newsletter. The web has matured since then, but Braendgaard has moved on. Today, hes writing distributed applications, or DApps, for Ethereum a cryptography-based technology thats as green a field as the 1990s web once was, offering the same tingle of novelty and a similar chance to make an impact. If people know Ethereum at all, it is as Bitcoins hip, experimental cousin. If they know one thing about it, it is that the price of Ether, the coin underlying Ethereum, has skyrocketed by a factor of 20 over the last six months. But the ensuing get-rich-quick mania has led many to overlook Ethereums more lasting significance. More than a new type of digital currency, it is a new type of distributed computerone that no one controls but inside which anyone can see. On this computer, a new generation of applications, called DApps, is being born. How can Ethereum be a cryptocurrency and a computer at the same Continue reading >>

Ethereum Truffle Pet Shop Dapp Running On An Amazon Ec2 Instance

Ethereum Truffle Pet Shop Dapp Running On An Amazon Ec2 Instance

EC2 micro instance. This can be procuredf from your AWS account. Youll need to be able to ssh into the EC2 micro instance. Youll need toinstall Node.js > 6.0.0 to the micro instance. I installed Node.js 6.11.2. You can install Node.js by following these Next, youre going to install TestRPC and Truffle. TestRPC is the test environment that makes it much easier to run your own testnet. We have another blog posts that describes how to create a CustomGenesis.json block for testing here. For this tutorial, save yourself the trouble. Use TestRPC. After you ssh into the micro instance, type the first command below, which will install TestRPC. Next, type the second command, which will install the Truffle development framework into your current directory. Next, were going to pull the completed Pet Shop demo from my Github repo by typing the first command into the ssh terminal. Well then run npm update in the same terminal to update our node_modules. git clone After the npm update is performed, go into the node_modules directory to ensure that the modules are populated. Now, we need to start up the TestRPC Ethereum server. In order to do this, youll want to open another command shell, ssh into the EC2 instance, and run TestRPC. When you run TestRPC, youll want to make note of the available accounts, private keys, and mnemonics. After youve started TestRPC, it should be listening on port 8545. Next, go back to your initial ssh terminal.If youre cheap like me and youre running this on an EC2 micro instance, then youll want to increase your swap space. Otherwise, your TestRPC instance will run out of RAM during compilation of the source code. Youll want to create a 1 GB swap file. In the initial ssh terminal, type the following commands to create a permanent swap file: sudo /bin/dd Continue reading >>

Ethereum Mining On Aws In5mins

Ethereum Mining On Aws In5mins

simply curious about new technology on the block If you have come into this post, you must have heard of bitcoin mining. Bitcoin mining refer to using a node to verify transactions, compile them to a block, solve computational puzzles and submitting the block to the network for a block reward. Most of the effort in the step above are in solving those computationally intensive puzzles. However, Bitcoin mining is no longer feasible for normal folks like you or me as the optimal hardware to mine is ASIC (Application-Specific Integrated Circuit) specially designed for solving for those computational puzzles. Using your own CPU or GPU will result in higher cost (electricity and hardware) than the potential reward. Ethereum is a blockchain network, there are plenty of articles out there to describe the differences of Ethereum over Bitcoin. The main advantage is the blockchain ability to manage not just currency, but any possible item such as DNS in a decentralised manner. Ethereum miners will also have to do exactly the same things as what Bitcoin miners does; except for those puzzles which require not just computational power, but also memory as well. This reduces the competitive advantage of ASIC over GPU. Lets get started on how to mine some Ether on AWS! Change your zone to US East (N. Virgina) as it appears to have the cheapest price for our instance type. Proceed to AWS, under EC2 console, select Spot Requests. Under AMI: Search for ami-84f819f9 in community AMIs Click Next and launch the instance. By this step, you should see a instance coming up. The reason why we choose ami-84f819f9 under AMI is to get an image that has cuda and ethereum client installed the moment you start your instance. You can do a history command to look at the commands ever typed or ps aux to Continue reading >>

Setting Up A Private Blockchain With Ethereum On Aws

Setting Up A Private Blockchain With Ethereum On Aws

Setting up a private blockchain with Ethereum on AWS Setting up a private blockchain with ethereum on AWS has two parts: Setting up a virtual private cloud on AWS Running blockchain nodes on the private network. Setting up a virtual private cloud on AWS If you are not familiar with the Virtual Private Cloud (VPC) concept, werecommend you to start with What is Amazon VPC? User Guide from Amazon.If you just need some refreshment, below we copied some basic informationabout Amazon VPCs. A virtual private cloud (VPC) is a virtual network dedicated to yourAWS account. It is logically isolated from other virtual networks in the AWScloud. You can launch your AWS resources, such as Amazon EC2 instances, intoyour VPC. You can configure your VPC; you can select its IP address range,create subnets, and configure route tables, network gateways, and securitysettings. A subnet is a range of IP addresses in your VPC. You can launch AWSresources into a subnet that you select. Use a public subnet for resourcesthat must be connected to the Internet, and a private subnet for resourcesthat wont be connected to the Internet. For more information about public andprivate subnets, see VPC and Subnet Basics . To protect the AWS resources in each subnet, you can use multiple layers ofsecurity, including security groups and network access control lists (ACL).For more information, see Security . Our blockchain nodes will form a private network but some nodes need to beaccessible from outside - for instance to connect to a node using its RPCinterface. Well use unsecured connection to the nodes, making sure that a node onlyexposes suitable parts of its RPC modules. Later we plan to use SSL to furthersecure the communication between the selected nodes and external clients. Knowing that, we will use Continue reading >>

Is Ethereum Gpu Cloud Mining With Aws, Hetzner Or Ovh Profitable?

Is Ethereum Gpu Cloud Mining With Aws, Hetzner Or Ovh Profitable?

Is Ethereum GPU Cloud Mining with AWS, Hetzner or OVH Profitable? Is Ethereum GPU Cloud Mining with AWS, Hetzner or OVH Profitable? Recently I discovered that two cloud hosting providers, Hetzner , based in Germany, and Ikoula , based in France, offer cloud-based GPU plans, as part of their dedicated server offerings. I was curious to see if these plans would be economically worthwhile for Ethereum cloud mining, so I ran some hypothetical projections to test this idea. I was also intrigued to see if these product offerings could be an alternative to the Ethereum cloud mining plans which have popped up online and have received a lot of negative coverage. Many of these contracts do not make economic sense. Lastly, I was interested to see if they could show more potential profit when compared to mining Ethereum with Amazon Web Services (AWS), which is quite unprofitable according to multiple articles that Ive read. Important:to keep the projections really simple, I did not account for Ether price changes or mining difficulty changes. I assumed the conditions today would be static for the next 12 months. This is obviously not realistic! However my goal was to test if the plans make sense given the conditions at the time of publication, so this was enough for an initial quick test. If you are curious about how I chose certain numbers for this test, such as has rates for different GPUs, Ether generated per month, and so on, see the notes at the end of the article. Hetzner is a long established web hosting provider based in Germany. They have a decent reputation, so I was excited to test their new GPU offer. Their GPU plan includes a single GTX1080 GPU, theres an initial setup cost of 99, and the ongoing monthly cost is 99. The setup takes approximately 1 week according to th Continue reading >>

Ethereum-guides/gpu-cloud_mining.md At Master Angelomilan/ethereum-guides Github

Ethereum-guides/gpu-cloud_mining.md At Master Angelomilan/ethereum-guides Github

Amazon Web Services (AWS) is a cloud computing service provided by Amazon, the well known e-commerce giant. As you can see, the registration process is very handy, since you can sign-in with your existing Amazon account.You may notice that AWS offers the EC2 service free for 750 hrs/month, for 12 months. However, that is for the Linux t2.micro instance. That is good for testing, but not for mining Ethereum. I will tell you later what instance to select to maximize the GPU power. Once you have registered on AWS , you will be presented with a big list of the services offered by Amazon. Click on EC2 (stands for, Elastic Compute Cloud), that will give you GPU horsepower for mining the Ethereum blockchain. ###Step 2 - Setup the pre-built AMI (Amazon Machine Image) on AWS EC2 An Amazon Machine Image (AMI) "provides the information required to launch an instance, which is a virtual server in the cloud". For our purposes, we need to use the following AMI: IMAGE: ami-2cbf3e44 for US-East (Ubuntu Server 14.04 LTS (HVM) CUDA 6.5) STORAGE: Use at least 8 GB, 20+ GB recommended How can we find it? To find a Linux AMI using the Images page: From the navigation bar, select US East (N.Virginia); In the navigation pane, click Images -> AMIs; Switch to Public Images next to the search filter (the default is "Owned by Me" which will be at first empty, since you do not yet own any AMI) Click on the search filter and then (search by) AMI ID -> ami-2cbf3e44 Note: Make always sure you are in the correct region (US East, N.Virginia as we said) otherwise you will not see the AMI we are insterested in on the list. The ami-2cbf3e44, like all the ubuntu 14.04 images, is supported by Ethereum Frontier, but in addition this pre-built AMI has all the NVIDIA GPU drivers, OpenCL, etc... all pre-instal Continue reading >>

Can I Maintain My Ethereum Wallet On Aws?

Can I Maintain My Ethereum Wallet On Aws?

Can I maintain my ethereum wallet on AWS? Can you explain the process that you were thinking of using? Storing the downloaded block-chain, or the JSON file that includes the encrypted private key? xgabrielx Jul 12 '17 at 9:20 @xgabrielx to store the blockchain for syncing my wallet Jash Jacob Jul 12 '17 at 10:07 I don't see the point of doing it, but you don't need to consider security since "the blockchain" is public. xgabrielx Jul 12 '17 at 10:44 It depends how much you trust them to keep your keys safe. People will give you their opinion as to how safe they think AWS is, but at the end of the day you need to be comfortable in your understanding of what you think your threat model is in using their services. It doesn't directly answer your question, but a few further things you'd need to consider as well as security: You'll be downloading a lot of data and potentially using a fair amount of bandwidth to keep you wallet up to date. Their SLA (Service Level Agreement) doesn't explicitly guarantee uptime. You can hunt around the internet for ideas of what their uptime actually is in practice, but from what I've seen in the past it's not quite " 5 9s ". If you want guaranteed access to your wallet at all times, you'll need to ensure you've taken a back-up of your keys, and are aware of how to use other wallet services. If you accidentally delete your instances (including your keystore, etc.), and want to recover the data, then you might struggle. Amazon don't publish their data retention policies (which are different to the user-configured back-up retention policies). Their security whitepaper would be worth a read. Of course, the second and third points are mitigated by taking back-ups of your keys. Continue reading >>

Amazon Web Services Not Interested In Blockchain

Amazon Web Services Not Interested In Blockchain

Amazon Web Services Not Interested in Blockchain Amazon Web Services (AWS) CEO Andy Jassy stated that he did not see many use cases for blockchain technology beyond distributed ledgers, adding that AWS does not build technology because we think it is cool. Jassys comment refers to the rise in popularity of blockchain technology, which has not been met by current blockchain uses. The cloud computing giant announced it has no plans to launch blockchain-based technology. Several cryptocurrency foundations have partnered with major players in the industry. Ethereum,the second largest cryptocurrency by market capitalisation, has partnered with Accenture, IGM and Intel. And the IOTA foundation has recently teamed up with Microsoft, Cisco and Volkswagen.AWS might not see blockchain technology applying to their use cases, but Jassys lack of faith in blockchain is a stark contrast from the partnerships mentioned above. Blockchain technologys practical uses are currently limited. New uses are being pioneered, but whether Jassys scepticism proves to be warranted, will depend on what exactly these pioneers manage to create. Continue reading >>

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