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Byzantine Ethereum

Proof Of Stake Faq Ethereum/wiki Wiki Github

Proof Of Stake Faq Ethereum/wiki Wiki Github

See A Proof of Stake Design Philosophy for a more long-form argument. No need to consume large quantities of electricity in order to secure a blockchain (eg. it's estimated that both Bitcoin and Ethereum burn over $1 million worth of electricity and hardware costs per day as part of their consensus mechanism). Because of the lack of high electricity consumption, there is not as much need to issue as many new coins in order to motivate participants to keep participating in the network. It may theoretically even be possible to have negative net issuance, where a portion of transaction fees is "burned" and so the supply goes down over time. Proof of stake opens the door to a wider array of techniques that use game-theoretic mechanism design in order to better discourage centralized cartels from forming and, if they do form, from acting in ways that are harmful to the network (eg. like selfish mining in proof of work). Reduced centralization risks, as economies of scale are much less of an issue. $10 million of coins will get you exactly 10 times higher returns than $1 million of coins, without any additional disproportionate gains because at the higher level you can afford better mass-production equipment. Ability to use economic penalties to make various forms of 51% attacks vastly more expensive to carry out than proof of work - to paraphrase Vlad Zamfir, "it's as though your ASIC farm burned down if you participated in a 51% attack". How does proof of stake fit into traditional Byzantine fault tolerance research? There are several fundamental results from Byzantine fault tolerance research that apply to all consensus algorithms, including traditional consensus algorithms like PBFT but also any proof of stake algorithm and, with the appropriate mathematical modeling, pr Continue reading >>

The Byzantium Countdown: What's Left Before Ethereum's Next Fork? - Coindesk

The Byzantium Countdown: What's Left Before Ethereum's Next Fork? - Coindesk

The Byzantium Countdown: What's Left Before Ethereum's Next Fork? The next major update to ethereum, the world's second largest blockchain by total value, is set to go live in less than a week. Part of a larger, multi-component upgrade called Metropolis , the so-called"Byzantium" code will be enforced at block 4,370,000 or in about four days according to current metrics as a hard fork . A common (yet controversial ) strategy for upgrading blockchains, this means the changes are required to be accepted broadly by all stakeholders on the ethereum blockchain. In this light, however, it's notable that the use of this mechanism in the past has had mixed results for ethereum. To date, the platform has conducted four hard forks , with only one resulting in the creation of an alternative blockchain, ethereum classic . Given the changes in Byzantium have been outlined in the ethereum roadmap as far back as 2015, it's unlikely it will prove problematic.With two major upgrades from Metropolis postponed, Byzantium is perhaps best seen as a conservative upgrade that will introduce nine key ethereum improvement protocols (EIPs) to the platform. In total, the changes are designed to make the platform lighter and faster to run, improving transaction speed, smart contract security and eventually perhaps, privacy . However, that said, there's still work to be done on the upgrade, with various stakeholders now entering the final stages of their preparations. As the shift toward Byzantium is dependant on the network nodes updating, the main focus in the days ahead will be ensuring the clients that offer software to nodes are ready for the upgrade. This means that startups responsible for overseeing clients need to ensure their software actuallycontains the EIPs that enforce the Byzantium Continue reading >>

Ethereum Hard Fork Byzantium Launches Without A Hitch, Ether Price Up

Ethereum Hard Fork Byzantium Launches Without A Hitch, Ether Price Up

Ethereum Hard Fork Byzantium Launches Without A Hitch, Ether Price Up Ethereum completes its fifth hard fork, Byzantium, with a fraction of the fuss of Bitcoin. Ethereums (ETH) troubled but uncontentious Byzantium is officially here as the cryptocurrencys fifth hard fork. As creator Vitalik Buterin celebrated with other developers Sunday, Byzantium fought off last-minute bugs and calls for delays to have a stable issuance. Hard fork celebration! pic.twitter.com/mL1ZyJOYeA Vitalik Buterin (@VitalikButerin) October 16, 2017 The move was notable in its lack of contention, with no significant community arguments resulting from Byzantiums creation. Similarly, ETH prices remained relatively stable both before and after the forks execution, rising around $40 October 13 and maintaining new levels since. This takes ETH towards the upper end of its price spectrum, which this year saw all-time highs of around $410 and a July low of $146. Despite the frenetic growth of investment in Ethereum this year, Byzantium is part of a package of improvements to the protocol that has been in development since 2015. Known as Metropolis, its roadmap currently extends to an unknown date in 2018, when a further hard fork, Constantinople, will activate. Metropolis is a planned Ethereum development phase that includes two hard forks: Byzantium and Constantinople. Byzantium is occurring at block number 4.37mil. Constantinople does not currently have a release date, but is expected in 2018, a blog post from late last week confirms. Continue reading >>

Ethereum's Byzantium Hard Fork Is Running Smoothly, Developers Say - Coindesk

Ethereum's Byzantium Hard Fork Is Running Smoothly, Developers Say - Coindesk

Ethereum's Byzantium Hard Fork Is Running Smoothly, Developers Say While it's still perhaps too early to deemethereum's Byzantium upgrade a success, developers indicate the software update,executed just hours ago , is running smoothly so far. Speaking to CoinDesk, unofficial release manager for Byzantium,Hudson Jameson, noted that the new software is now stable, and steadily rolling out across the distributed network, a fact he said can be attributed to "the hard work (of) developers, usersand miners across the ethereum ecosystem." But while the impact on ethereum's infrastructure will be substantial, it looks like the network is undergoing an adjustment period. Currently, some blocks are being mined in as little as 1 second ,though others are dragging out to nearly a minute substantially longer than the long-time average of 25 seconds per block. Further, blocks are filling with relatively high numbers of transactions. That's good news for scalability, as ethereum can, in theory, continue to grow without slowing down the network. According to the ethereum fork tracker , mining on the old blockchain with the older ruleset has ceased. This is also positive news for ethereum, as it means a relatively low chance that a competing currency will be introduced, as happened last summer when a split produced the rival asset , ethereum classic. That said, according to ethereum developer Afri Schoedon, there's still a chance that someone is mining the old blockchain, but probably at very high cost. In the days prior to the fork, developers and node operators (such as mining pools) were given some last-minute toil, as faults found in Byzantium software led to continuous re-releases. The issues saw ethereum developers working around the clock to get the corrected software out on tim Continue reading >>

Ethereum Blockchain Is Sailing To Byzantium Hard Fork Up And Running

Ethereum Blockchain Is Sailing To Byzantium Hard Fork Up And Running

Ethereum blockchain is sailing to Byzantium hard fork up and running Promises clearer user interaction and extra privacy The latest upgrade to the popular Ethereum blockchain protocol Byzantium went live today , adding additional privacy and performance features. Blockchains claim to offer users additional anonymity compared to standard systems because they're decentralised. Bitcoin is focused on cryptocurrencies, while the Ethereum network is built to run applications ranging from digital ledgers to video games. Most notably, the updated network adds new opcodes programmers can use to make the network easier to work with. One, called "revert", lets them respond differently to function execution errors. For example, if a function for requesting funds from someone failed, a message could appear saying the requester wasn't authorised or their daily limits were reached. "Revert" is activated for any Ethereum programs ("smart contracts") written in the standard Solidity language that were deployed before the blockchain switched to Byzantium, Ethereum developer Christian Reitwiessner told The Reg. Byzantium also adds opcodes for supporting future, post- devcon updates to the Solidity compiler such as sharing data of any size between smart contracts, or accessing data without changing the blockchain state. Elliot Shepherd, VP of technology at identitii (which has a blockchain database), told The Reg: "It's a shame that return values didn't make it into transaction receipts," but added, "the opcode changes look good, and should help us write clearer and safer smart contracts." Byzantium also adds native support for certain mathematical operations that developers could use to help verify encrypted transactions, called zero-knowledge proofs . This would add an extra layer of pr Continue reading >>

Byzantium Hard Fork Activates On Ethereum Network

Byzantium Hard Fork Activates On Ethereum Network

Byzantium Hard Fork Activates on Ethereum Network Join our community of 10 000 traders on Hacked.com for just $39 per month. Ethereums Byzantium hard fork went into effect Monday morning, initiating the first phase of the platforms latest protocol upgrade. The Byzantium fork is considered to be the first half of Metropolis, a protocol upgrade that has been planned since 2015. It introduces nine ethereum improvement protocols (EIPs) designed to enhance the networks privacy, scalability, and security. The second phase Constantinople does not yet have an official release date but is tentatively scheduled for 2018. At 5:22 UTC, block 4,370,000 was mined, officially activating Byzantium. This was the fifth time the Ethereum network has undergone a hard fork, the ethereum price has appreciated more than 3,000% since the networks last hard fork , which occurred in November 2016. Consequently, there was much more at stake market cap-wise than at any previous hard fork. Hard fork celebration! pic.twitter.com/mL1ZyJOYeA Vitalik Buterin (@VitalikButerin) October 16, 2017 Developers cheered Byzantiums activation, and the celebration was particularly satisfying considering the obstacles the community had to overcome during the days immediately preceding the fork. Most notably, testers were still finding software bugs as recently as October 14, leading to calls to postpone the hard fork.Moreover, although this fork was not contentious, there were fears that some miners would continue to mine on the old blockchain, potentially leading to a blockchain split and creating a new currency. Nevertheless, the hard fork was activated as planned, and so far the transition appears to have been successful. At the time of writing, average block times had fallen below 20 seconds, and the network Continue reading >>

Coinbase | Eth Byzantium Fork Faq

Coinbase | Eth Byzantium Fork Faq

This is a planned upgrade to the Ethereum network. We do not expect any impact to customers. The upgrade to the Ethereum network --codenamed Metropolis--is split into two stages. These two stages will be released one after the other: Byzantium and Constantinople. Byzantium will be released with block # 4,370,000, which is estimated to occur between 5:00 a.m. and 6:00 a.m. PT on Monday, October 16, 2017. What technical changes are included in Byzantium? Improvements to blockchain logic for security (uncle blocks) Additional command options for smart contracts As the Ethereum network grows, the development team periodically adds new features that make the underlying technology more secure and useful. These upgrades happen through the process of whats called a "software fork. Computers running the Ethereum software update their copy of the software to the new version in order to take advantage of the new features. The Byzantium release is part of a schedule of updates that have been planned for a long time. How will this affect me as a Coinbase/GDAX customer? The day before the fork and for a short time after, we will temporarily increase the number of confirmations required for incoming ETH transactions. Incoming ETH transactions will remain pending longer than normal before they become available in your account. Outgoing ETH transactions will not be affected. Continue reading >>

Byzantium Hard Fork Locked In, Market Reacts As Ethereum Price Surges

Byzantium Hard Fork Locked In, Market Reacts As Ethereum Price Surges

Byzantium Hard Fork Locked In, Market Reacts as Ethereum Price Surges Join our community of 10 000 traders on Hacked.com for just $39 per month. On October 16, the Byzantium hard fork was locked in at block 4,370,000. Consequently, the price of the Ethereum networks native cryptocurrency Ether surged by over six percent. 1200 blocks into Byzantium so far so good. Difficulty almost fully readjusted, block times already back below 20s. Vitalik Buterin (@VitalikButerin) October 16, 2017 Benefits of the Byzantium Hard Fork and Recent Ethereum Updates As Mohamed Abedelmalik, the Executive Director of Columbia Blockchain Lab, explained in his recently released paper, the Byzantium hard fork is expected to provide significant improvements to the Ethereum blockchain network in terms of privacy, scalability, and smart contracts efficiency, through the integration of practical cryptographic systems such as ZK-SNARKs. In October, the development team behind Zcash led by Zooko Wilcox demonstrated the first practical use case of ZK-SNARKs in its anonymous and privacy-focused cryptocurrency. Since then, the Ethereum Foundation, the organization which oversees the open-source development of Ethereum, has continued to build applications and solutions around the cryptographic system to improve the underlying privacy measures of the Ethereum network. At this phase of development, the integration of ZK-SNARKs by the Ethereum development team will not be able to facilitate the settlement of completely anonymous or private transactions. But, Abedelmalik noted in his paper that the implementation of ZK-SNARKs through the Byzantium hard fork would provide the platform necessary to create anonymous transactions in the future. Abedelmalik explained: Four native contracts have been added that a Continue reading >>

Ethereum Updated - Moving To Byzantium | Genesis Mining

Ethereum Updated - Moving To Byzantium | Genesis Mining

One of the most interesting things about the Ethereum Blockchain , is that its core software allows developers to create Smart Contracts which are run in computers around the world. And just like your tablet, smartphone or laptop need to be updated every once in awhile, so does the Ethereum software. At first there was only Metropolis, the code name used to describe Ethereums next big update which was supposed to bring better scalability, privacy and robustness to the network. Delays in its development process and unexpected hacks to the network forced the development team to split the Metropolis update into two phases: Byzantium and Constantinople. While the launch date for Constantinople has not yet been defined, Byzantium was set to be launched through a hard fork triggered with the arrival of block 4,370,000 . This happened last 16th of October at 05:22 +UTC. Unlike the SegWit drama back in August which resulted Bitcoins hard fork and the creation of Bitcoin Cash, Ethereums Byzantium update went smoothly and without major events. Byzantium is a mostly under-the-hood update, meaning that end users will notice close to nothing when using their Ether in their day to day transactions. Through the implementation of 9 Ethereum Improvement Protocols (EPIs) , the Ethereum Foundation is taking its blockchain to a whole new level. Byzantium focuses on three things: giving developers new tools to develop better smart contracts, giving miners a better ecosystem in which to carry out their activities and lastly, laying the groundwork for the Constantinople update. Smart contract developers which have updated to Byzantium now have four new opcodes designed for the Ethereum Virtual Machine which should ease their development activities. Moreover, theyve been treated to precompile Continue reading >>

Ethereum Executes Byzantium Blockchain Software Upgrade - Coindesk

Ethereum Executes Byzantium Blockchain Software Upgrade - Coindesk

Ethereum Executes Byzantium Blockchain Software Upgrade At 05.22 UTC, the fifth hard fork to occur on ethereum, the second largest cryptocurrency by market cap, enacted a batch of ethereum improvement protocols (EIPs) designed to enhance the platform. The price per dollar of ether oscillated wildly in the run up, before rising over 2 percent following activation to $348, according to CoinMarketCap data. First introduced in the ethereum roadmap in 2015 under the name of Metropolis, that large-scale upgrade encountered some substantial delays, leading it to be broken into two phases Byzantium and Constantinople (the latter still having no formal release date). As Byzantiumwas a planned fork with minimally contentious changes, there's been very little disagreement among the community about the merits of the code changes included in the upgrade. However, the fork is still notable in that it's ethereum's first major upgrade since interest in the technologyskyrocketed this year, which has been largely correlated to the popularity of ICO tokens launched using ethereum's ERC-20 token standard . The process was at times a little sticky, though, with ethereum developers encountering some pretty nasty surprises in the run-up to the deadline. Over the last few days, Byzantium-enabled ethereum software was continuously retracted due to critical bugs found in the code. Developers pushed out corrections just in time but not without seriously considering postponing the fork. According to blockchain analytics website Ether Nodes, nodes running faulty software are currently 65.3 percent Geth and 30.4 percent Parity , the two main ethereum clients. As previously detailed by CoinDesk, the faulty software could cause a consensus issue , leading the network to partition, or expose the platf Continue reading >>

What Byzantium Upgrade Tells Us About Ethereums Future

What Byzantium Upgrade Tells Us About Ethereums Future

What Byzantium Upgrade Tells Us About Ethereums Future For the past few weeks, the Blockchain community is abuzz with the news of ethereum Metropolis upgrade. The Meteropolis update is going to be a two step procedure, and first of which, byzantium will happen on 17th October at around block number 4,370,000. There are a lot of major changes happening in this upgrade which include Introduction of Anonymous transactions(With the help of Z-Cashs z-snarks protocol), a short-term decrease in miners fee and many more. Perhaps the most important one is Account Abstraction,as it will ensure ethereums accessibility to everyone. Many people in the community think that this feature will be a big push towards global adoption of Ethereum. It makes a complex technology accessible to the masses by removing the complexities and by making it user friendly. Well, there are a lot of speculations going on about the price of Ethereum. Especially, after the last time Ethereum did a major upgrade i.e. from Frontier to Homestead, the price shot up more than 100% from $12 to $30. Along with all this, the important thing to note about this upgrade is that after its completion, ethereums development team will start the work to convert the ethereum network from a proof of work to a proof of stake*(modified).(PoW to PoS) which will help decrease electricity consumption in its mining by a big factor. Currently, it requires $50,000 worth of electricity per hour to mine ethereum which is an insane amount if we wish to make ethereum a part of our daily lives. There were also speculations that this hard fork will lead to creation of two currencies namely, ethereum PoW and ethereum PoS, but as of now, it has been avoided due to support of ethereum community. A new currency is created in scenarios where Continue reading >>

What To Expect From The Byzantium Hard Fork

What To Expect From The Byzantium Hard Fork

What To Expect From The Byzantium Hard Fork A reminder to Etherians one and all; the Byzantium hard fork is around the corner. Fast approaching is the impending Byzantium hard fork, set to take place at block number 4,370,000 on the Ethereum mainnet. While Hudson Jameson had previously substantiated to ETHNews that the aforementioned block is expected to be confirmed on or around October 17, a recent update from the Ethereum Foundation more accurately indicates that the planned hard fork will happen between 12:00 UTC and 13:00 UTC, Monday, October 16, 2017, at which point, a number of so-named Byzantium Ethereum Improvement Protocols (EIPs) will be implemented . The Byzantium fork will be the fifth to occur on the Ethereum blockchain and is expected to be adopted without much trouble, given its long history of public facing development. As the first phase of the Metropolis upgrade to be rolled out, Byzantium will improve gas expenditures and network speed, resolve issues with executable distributed code contracts, and (of note to miners) delay the Ice Age difficulty bomb by 18 months while reducing the block rewards to three Ether in a bid to ween the ecosystem away from proof-of-work. It is a scenario in which miners are likely to see a slightly higher payout since blocks will be confirmed faster but at a diminished reward. Who will this upgrade affect most? In the short run, every Ethereum client needs to adopt the Byzantium EIPs for the fork to go smoothly. On October 11, Parity released an update that included a critical consensus-relevant fix pursuant to the fork. Miners and platforms utilizing disparate programming languages that interface with the blockchain must adopt the EIPs to maintain compatibility. The Foundation recommends that users download the latest v Continue reading >>

What Will Happen To My Ethereum In My Wallet When Ethereum Hard Forks?

What Will Happen To My Ethereum In My Wallet When Ethereum Hard Forks?

What will happen to my Ethereum in my wallet when Ethereum hard forks? The Ethereum has undergone a planned hard fork atblock number 4.37mil (4,370,000), which occurred onMonday, October 16, 2017. The Metropolis hard fork was a planned and highly awaited hard fork which contained some major upgrades for the Ethereum network. Since this hard fork was planned, and non-contentious, there should be no chain split and there is nothing you need to do to prepare as it will go by largely unnoticed by many who are not in-tune with the technical back-end of Ethereum. The purpose of Metropolis is to address scalability, privacy and safety. This hard fork will take place in two separate phases, Byzantium and Constantinople and will prepare the way for the future planned hard fork called "Serenity" which will allow for POW and POS. The "Byzantium" portion of the fork includes: zk-SNARKs or in plain English Zero-Knowledge proofs, increasing anonymity of transactions. Easier programming of smart-contracts with a gas adjustment for bill setting. Better security through 'masking' allowing users to determine addresses which they hold the private key. A mining adjustment called a 'difficulty-bomb' making mining exponentially more difficult. So what should you do to prepare for the upcoming hard-forks? In short, nothing; Exodus will take care of everything for users. However, like with any fork users should be cautious for 24 hours around the fork and not move ETH or ERC20 assets. The Ethereum and ERC20 tokens in your Exodus wallet are safe and will continue to function as they have in the past. Continue reading >>

Ethereums Byzantium Hard Fork Passed By Smoothly: At Least, For Now

Ethereums Byzantium Hard Fork Passed By Smoothly: At Least, For Now

Ethereums Byzantium Hard Fork Passed by Smoothly: At Least, For Now On the morning of October 16, Ethereum launched the first Metropolis hard fork; Byzantium. Everything seems to be all right; all clients are updated, the old chain starved, and there are no bugs in sight. And it is possible, while Bitcoin is so afraid of splitting the chain with a hard fork, that it preemptively split the chain and is about experience another division, the Ethereum Community celebrates another upgrade via a hard fork in cozy unity. Byzantium, the first of a pair of hard forks which will introduce the Metropolis era, had been activated with block 4,370,000 , which occurred 07:22 mid-European time. Every full peer of the Ethereum peer-to-peer network, i.e., everybody who runs a node, has to install an update to stay on the valid chain. The updates are Geth 1.7.2 , Parity 1.7.6 and Harmony 1.2 . Light wallets like Jaxx, Metamask, MyEthereumWallet or Exodus do not need to update, as well as hardware wallets like Trezor or Ledger. According to the fork monitor , everything has passed by smoothly. There has been no chain split, the old chain simply starved to death. Pre-fork client geth 1.6.7 is stuck at block 4,399,999. No miner mined a block on the old chain, despite the fact that the fork reduced the block reward from five to three ether. However, due to the difficulty bomb , it makes no sense to continue mining the old chain, as the difficulty is significantly higher and will get even higher with time. However, the fork did not pass by without some stumbling. Just a few days before block 3,470,000 developers found bugs in the two most important Ethereum implementations, Geth and Parity. On October 13, the Parity developers released a new version, 1.7.6, which fixed a critical consensus r Continue reading >>

By The Numbers: The Byzantium Hard Fork

By The Numbers: The Byzantium Hard Fork

Matthew De Silva October 18, 2017 9:40 PM Since the Byzantium hard fork went live on the Ethereum mainnet, there has been some concern about a lack of client upgrades. Whats happening now? As of publication, we are more than 14,000 blocks deep into the Byzantium hard fork, which went live on the Ethereum mainnet on October 16, 2017. As announced, the block reward has adjusted down from 5 to 3 Ether. The real concern is that a significant percentage of nodes have not upgraded their clients to versions that are compatible with Byzantium. Although 59.1 percent of nodes running Geth have upgraded to v1.7.2 or later, just 38.4 percent of nodes running Parity have upgraded to v1.7.6 or later. While Geth v1.7.1 is compatible with the Byzantium hard fork, it might be subject to a Denial of Service (DoS) vulnerability, which could cause the nodes to drop offline. Just three days after the Byzantium hard fork, its too soon to tell if other Ethereum forks could gain any traction. Prior to the hard fork, the price of Ether was hovering around $340, perhaps in anticipation of a bull run. As of publication, the price of Ether is now $305, more a reflection of market uncertainty than any indictment of Byzantium. Shortly before the fork, Parity Technologies, led by Gavin Wood, expressed concern. In a quality assurance technique for software called fuzzing, bugs were reportedly being discovered in Byzantium shortly before its release. Parity proposed delaying the fork until a period of two weeks had passed with no discovered bugs, a proposal that was rejected by other developers including Hudson Jameson . One of the most notable developments is that average block time has fallen substantially due to an adjustment to the difficulty formula. In the early part of October, the average bloc Continue reading >>

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