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What Is The Byzantium Hard Fork In Ethereum?

What Is The Byzantium Hard Fork In Ethereum?

What Is the Byzantium Hard Fork In Ethereum? By Rakesh Sharma | Updated March 7, 2018 6:20 AM EST How Coinfloor's Bitcoin Futures Differ from CME, CBOE Last year, ethereums cryptocurrency, ether, skyrocketed. (See also: Ethereum'sPrice Increases After Hard Fork Implementation .)Part of the reason for this was the promise of smart contracts on its blockchain. Ether investors are envisioning a future where smart contracts become the standard way to transact for multiple industries. In their enthusiasm for that future, however, the same investors tend to forget that ethereum is still a nascent technology. Its blockchain went live less than three years ago, on July 30th 2015, and is still a work in progress. As such, ether has yet to scale its processing and transaction power. The Byzantium hard fork is an update to ethereums blockchain that was implemented in October 2017 at block 4,370,000. It consisted of nine Ethereum Improvement Protocols (EIPs) designed to improve ethereums privacy, scalability and security attributes. (See also: Why The EthereumDAO Is Revolutionary .) Per ethereums roadmap, four live releases of its network are planned. The first one was called Frontier and released in July 2015. It was considered a beta release for developers to experiment and develop decentralized apps. The second one was called Homestead, and was released in March 2016 to stabilize the platform. The third one, called Metropolis live release,consists of two parts andis the most significant one so far because it represents a significant evolution of ethereum into mass acceptability because of the nature of its changes. (See also: Metropolis Hard Fork Rolled Out .)The Byzantium hard fork was part of the Metropolis live release. The fourth and final upgrade to ethereums network is ca 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 Byzantium: 5 Things You Should Know

Ethereum Byzantium: 5 Things You Should Know

Ethereum Byzantium: 5 Things You Should Know A new Ethereum hard fork is set to hit the network within just a few days; heres what you should know about it If youre a cryptocurrency enthusiast chances are you have already heard about Byzantium, the forthcoming update to the Ethereum network. From what we know, it will be released on or around October 16th on block 4,370,000, bringing along a number of changes. Here we want to present you with top 5 things you should know about Byzantium. Lets roll 1. Byzantium is the first part of Metropolis Even though it is an important update, Byzantium is actually the first half of a much larger upgrade, called Metropolis, designed to enhance the usability of the platform. Nonetheless, Byzantium will be the first major technical upgrade since the network has been valued in the billions. So yes, it is tremendously important. (related: Ethereum Metropolis Hard Fork ) Privacy takes a central stage in the Byzantium update, with the Ethereums team working together with the privacy-centric currency ZCash on zkSNARK. This in turn could make it possible for Ethereum users to make their transactions more private. (related: 6 Things Everyone Should Know About Zcash ) By using zkSNARK, a statement can be verified without requiring any information to be revealed beyond its validity. The underlying technology translates what you want to prove into an equivalent form without anyone knowing the solution to the algebraic equations that produced it. 3. Byzantium (slightly) changes rewards for miners Byzantium will also reduce Ethereum issuance to miners through block rewards from the current 5 to 3 eth, while delaying the increase in mining difficulty which was placed there for the Proof of Stake (PoS) upgrade. PoS is delayed, so to keep issuance a Continue reading >>

Ethereum Byzantium Hard Fork Impact On Clients

Ethereum Byzantium Hard Fork Impact On Clients

Ethereum Byzantium hard fork Impact on Crypto Market 08-10 December Technical Ethereum Prediction - ETHUSD Forecast Ethereum is up for big improvements with its long-awaited Byzantium fork releasing on October 17. Before you choose to investin the currency, lets talk about Ethereum Byzantium hard fork Impact on Crypto Market. Do you think the hard fork will affect users? 12 October, AtoZForex Countdown begins for the first part of Ethereums long-awaited Metropolis upgrade. Byzantium is ready to go live on October 17.The hard fork for Byzantium will now occur at block number 4,370,000. Ethereum Byzantium hard fork Impact on Clients 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 hard fork. While each client enforces the same rules, theyre written in different programming languages and backed by different developer teams. This is what Ethereum has called client diversity, which is intended to allow for innovation while retaining a stable, unambiguous base protocol. Moreover, Ethereums core development team is optimistic that clients will upgrade their software uniformly. Clients should make all the necessary changes by ensuring the completion of the upgrade in unison. The blockchains most popular client, Go Ethereum (Geth), has already undergone the upgrade. Due to high load on the network, Ethereum cannot keep up with the pace and scale. All Ethereum clients must update with software that enforces the block number 4,370,000. Ethereum founder Vitalik Buterin s python-based Ethereum client 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 >>

Ethereum Prices Stable Ahead Of 06:00 Utc Hard Fork

Ethereum Prices Stable Ahead Of 06:00 Utc Hard Fork

Ethereum Prices Stable Ahead of 06:00 UTC Hard Fork Ethereum Prices Stable Ahead of 06:00 UTC Hard Fork The worlds second-largest blockchain community is taking things steady ahead of Mondays highly anticipated upgrade. At present, there is no indication that any market participant will reject the Byzantium upgrade once Ethereum hits block 4,370,000, which is scheduled to occur around 6:00 UTC. // -- Discuss and ask questions in our community on Workplace . Ether prices rose by as much as 4% on Monday morning before paring gains later in the session. At press time, the ETH/USD is trading around $342.00, according to Bitfinex, for a market cap of $32.5 billion. Ethereums value has risen by a third since Sept. 15, reflecting a broad rally in the cryptocurrency market. The ETH/USD is expected to continue rising this week as the bulls eye $380.00 and beyond. // -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- // On the other hand, ether remains under heavy selling pressure versus bitcoin following the latters record-breaking rally. The ETH/BTC exchange rate is currently trading at 0.063. Developers are counting down blocks to signal the upgrade, which means that it can occur at any time. Hard forks are based solely on block number instead of a specific time. Although this is a logical way to orchestrate an upgrade, coordination isnt always so easy. Investors can keep track of how many ether blocks have been mined using the Singapore-based CodeTract . The Byzantium upgrade is part of the much larger Metropolis protocol designed to make the blockchain lighter and more efficient. This will not only boost network privacy, but make it easier for decentralized applications (dapps) Continue reading >>

Understanding Blockchain Fundamentals, Part 1: Byzantine Fault Tolerance

Understanding Blockchain Fundamentals, Part 1: Byzantine Fault Tolerance

ECE Major. Blockchain, infosec, IoT, autonomous vehicles. ex{@Honda}, Research/Writing {@LoomNetwork} Understanding Blockchain Fundamentals, Part 1: Byzantine Fault Tolerance Blockchains are inherently decentralized systems which consist of different actors who act depending on their incentives and on the information that is available to them. Whenever a new transaction gets broadcasted to the network, nodes have the option to include that transaction to their copy of their ledger or to ignore it. When the majority of the actors which comprise the network decide on a single state, consensus is achieved. A fundamental problem in distributed computing and multi-agent systems is to achieve overall system reliability in the presence of a number of faulty processes. This often requires processes to agree on some data value that is needed during computation. These processes are described as consensus. What happens when an actor decides to not follow the rules and to tamper with the state of his ledger? What happens when these actors are a large part of the network, but not the majority? In order to create a secure consensus protocol, it must be fault tolerant. Firstly, we will talk briefly about the unsolvable Two Generals Problem. Then we will extend that to the Byzantine Generals Problem and discuss Byzantine Fault Tolerance in distributed and decentralized systems. Finally, we will discuss how all this relates to the blockchain space. This problem (first published in 1975 and given its name in 1978) describes a scenario where two generals are attacking a common enemy. General 1 is considered the leader and the other is considered the follower. Each generals army on its own is not enough to defeat the enemy army successfully, thus they need to cooperate and attack at the s 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 >>

Byzantium - Ethereum's Hard Fork Explained | Crypto Briefing

Byzantium - Ethereum's Hard Fork Explained | Crypto Briefing

At 5:22 UTC on October 16, block 4,370,000 was mined and added to the Ethereum blockchain, officially activating the Byzantium hard fork, an upgrade to the Ethereum software. Developers celebrated the highly-anticipated release, but many average users were confused about what exactly Byzantium was and what it accomplished. In blockchain development, fundamental changes to the software protocol are called forks. Soft forks are backward-compatible, enabling the network to stay intact as long as a majority of nodes upgrade to the new software. Hard forks, on the other hand, are not compatible with legacy software versions, so the blockchain will split into two different paths if some node operators do not upgrade to the latest version. This can potentially create a new cryptocurrency, which is what happened in 2016 when a minority group within the Ethereum community refused to follow the hard fork that returned funds stolen during the DAO hack. Byzantium is the fifth hard fork Ethereum has implemented, and it is designed to increase the networks privacy, security, and scalability. Specifically, it activates nine ethereum improvement protocols (EIPs), most of which will not be noticeable to the average user. That said, several EIPs are worthy of note. Some are directed at improving smart contracts by creating a way for developers to program planned contract upgrades, as well as making them more secure against cyber attacks. Others improve the networks ability to process transactions more efficiently and reduce the block reward for miners. The most exciting EIP prepares Ethereum for the integration of ZK-Snarks, a cryptographic innovation developed in collaboration with anonymity-centric cryptocurrency Zcash. Once implemented, this technology is expected to allow ethereum u 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 >>

Byzantium Ico Agency Annual Report Hugely Successful Year

Byzantium Ico Agency Annual Report Hugely Successful Year

BYZANTIUM ICO Agency has finished this year with more than 12,000 BTC collected for their clients as well as 1000 media publications and thousands of ICO investors attracted. In 2017 BYZANTIUM has successfully provided their services to some the most promising ICOs, including Crypviser , CryptoPing , Goldmint , Mircomoney , Naga Token Sale and Bankex . Moreover, they worked with The Token Fund . Projects received a range of services including: As a result, in more than 12,000 BTC were gathered (in total for all projects based on the sum collected on the last day of the token sale converted to BTC in accordance to exchange rates). BYZANTIUM generated more than 1000 crypto and investing media publications for their clients as well as attracted thousands of ICO investors to their projects. In terms of business development, BYZANTIUM Agency has attracted big crypto stars prominent figures in both crypto and blockchain spaces as advisors and investors to their clients. BYZANTIUM specializes in PPC advertising, providing paid advertising services for both social media and searching engines. Thus, clients get thousands of precisely picked conversions with great conversion rates and smart optimization.Moreover, BYZANTIUM negotiated and organized more than 50 strategic partnerships on behalf of their clients (like partnerships with Bancor, Cointelegraph etc.). Lets pay particular attention to the last two projects BYZANTIUM has had this year. NAGA and Bankex have collected $50 million and $66 million, respectively, during their ICOs. BYZANTIUM managed to bring more than 60 thousand backers to NAGA making it the second biggest ICO in terms of backers up to date. The key formula for the Agencys success and what makes it so unique is the deep level of immersion into the team of a 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 >>

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 >>

Byzantium Hard Fork In Under 5 Minutes

Byzantium Hard Fork In Under 5 Minutes

The Byzantium Hard Fork in Under 5 Minutes Byzantium is the first hard fork from a series of two that comprise the Metropolis Update . They aim to prepare the Ethereum network to transition from proof of work to proof of stake. The exact date of Byzantiums launch on the main net is still not certain but the latest speculations are for 17th October.Tests have started on 19th September on the Ropsten test-net and would last two or four weeks enabling developers to collect feedback and bugs. Smart contracts can easily exchange data if its size is known. For data with unknown size or arbitrary data, the process is difficult and expensive. The new codes of the hard fork would allow for flexible exchange of arbitrary data, allowing for more complex conditions to be placed on transactions. Smart contracts request data from each other for transaction processing. The one being called for details has priority to make changes over the details of the caller. The potential threat is that if the called contract is malicious it can rewrite the conditions of the transaction without the other partys approval.With the Byzantium hard fork contracts can get details without being able to make changes. Allowing easier and more secure interaction. At the moment, if a client wants to revert a contract they need to do so through expensive and complex hacks. Byzantium will provide an inbuilt method to stop the execution of a contract and revert it to its original state without such complex actions. The state of Ethereums network is a snapshot of all the accounts and contracts. A state root is a calculation that verifies each new entry of the network and updates the state. The hard fork will decrease the number of these calculations reducing the computing power the network requires to operate. T Continue reading >>

The Ethereum Byzantium Hard Fork Explained - Metropolis Update

The Ethereum Byzantium Hard Fork Explained - Metropolis Update

The cryptocurrency market is preparing for a major shake in the next few weeks Bitcoin will go through another hard fork and so will Ethereum. The Ethereum Byzantium hard fork has been postponed by few weeks, but it is set to go live in less than a week. The upgrade is part of a multi-component update called Metropolis. At the moment the date is set around October 17, and the Byzantium code should be enforced around block 4,370,000. The hard fork results in all of the nodes being forced to upgrade to the new code, those which do not go through the update will not be able to use the current Ethereum network. So far Ethereum went through four hard forks, and only once it resulted in creating an alternative blockchain Byzantium has been outlined in the Ethereum roadmap as far back as 2015; the careful planning will unlikely be problematic. The upgrade will introduce nine key improvement protocols to the platform. The upgrade is designed to make the platform lighter and faster to run, improve the transaction speed, smart contract security and privacy. The few weeks delay came from Vitalik Buterin himself who did not want to rush any updates and wanted to be extra careful after a malicious attack on the Byzantium test net. Even though the attack did not cause any damage, it compromised the network and the expectation. Within next week, all major Ethereum clients will have to upgrade to Byzantium upgrade, to give the nodes enough time to update. It is crucial if any nodes are left behind, the blockchain will split and create different versions of the same platform. Members of the Ethereum network have been planning to switch from the proof-of-work to the proof-of-stake, but the transition will not be ready for Byzantium yet. However, the transaction speed will significantly Continue reading >>

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