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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 >>

Ether's Price Rises To $348 Despite 'byzantium' Hard Fork Coinspeaker

Ether's Price Rises To $348 Despite 'byzantium' Hard Fork Coinspeaker

At the moment of writing the price of Ether, the cryptocurrency that powers the Ethereum blockchain, hits $348, according to the CoinMarketCaps Price Index. Ethereum is a decentralized platform that includes applications working in the same way as they are coded without delays, censorship, fraud or third party participant. Being special form of a salary, ether is a key element of the Ethernet platform operation and its cost is rising.The increasing Ethereum priceallows thinking of ethereum will ram ahead via the following upgrade. And moreover, ethereum devotees believe that the world second largest blockchain will not see the past errors and be ready for the upcoming codebase changing. The increasing Ethereum price allows some experts to think that the price will continue to increase after Hard fork. And moreover, ethereum devotees believe that the world second largest blockchain will not see the past errors and be ready for the upcoming codebase changing. October 15th is a bid day for the Byzantium code when it is launched at block 4,370,000 on the ethereum blockchain. Being the part of the Metropolis upgrade it is a pack of upgrades to make ethereum more streamline, fast and private. If to look back it has become clear that past hard forks were flowing. But an emergency hard fork of the last year shown that old blockchain was still being mined with new assets being created and ethereum classic being applied. The most unpleasant thing here is dealing with old blockchain can result in funds lost. As it was marked earlier, all the people engaged have a positive view of the upcoming upgrade. This optimistic mood is conditioned by this hard fork is aimed to the changes which have been chased in the ethereum road map since the protocol was launched in the year 2015. Accor Continue reading >>

Ethereum Price Surges Inspiring Confidence With Tricky Byzantium Code Update Set For Sunday

Ethereum Price Surges Inspiring Confidence With Tricky Byzantium Code Update Set For Sunday

by Paul Lilly Saturday, October 14, 2017 Ethereum Price Surges Inspiring Confidence With Tricky Byzantium Code Update Set For Sunday Something big is happening in the cryptocurrency market. Ethereum , the second largest digital coin behind Bitcoin , is receiving a major change to its codebase on Sunday, and nobody knows what exactly will happen. The update amounts to another hard fork, which for the most part have gone well for Ethereum miners and its investors. But there is always that unknown. "I expect that nothing will happen," Ethereum Foundation developer and designer Alex Van de Sande told CoinDesk. "Nothing happened with previous hard forks, except for one." The exception Alex refers to is when an emergency hard fork this past summer resulted in part of the Ethereum community mining on the old blockchain rather than adopting the new code. This created a new asset called Ethereum Classic, which in turn caused some users and companies to lose funds. It also presented Ethereum with another competing cryptocurrency to go up against. Even so, many view tomorrow's update, called Byzantine, as a necessary one. It is designed to make Ethereum lighter and faster, and also more private. The update has been part of Ethereum's roadmap for the past couple of years, so this is not something that is coming out of the blue. "The fork is pretty uneventful. Everything went smooth on Ropsten, and it appears like all else is on track for a healthy transition," said Stephen King, principal and co-founder of Ethereum-based real estate app RexMLS. While there is plenty of optimism surrounding the pending update, there is also uncertainty due to Byzantine being "a very technical fork," as Alex describes its. Many of the changes will be difficult for users to fully grasp, but will give 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'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 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 Price Hoovering Around The 325 Usd Hours Before Byzantium

Ethereum Price Hoovering Around The 325 Usd Hours Before Byzantium

Ethereum Price Hoovering around the 325 USD Hours before Byzantium Ethereum Byzantium fork is happening at Block4,370,000. That means it will probably happen in the next 17 hours or less. Of course, Ethereum holders and Enthusiats are watching for what will happen before and after this important event. We are watching as well because with the Byzatium fork, many important changes will be introduced to Ether, Ethereum as a technology and Ethereum Economics. Some of the enhancements include but not limited to the following: Faster, safer transaction with enhanced anonymity which should drive increased use therefore bullish for Ethereum price. This will be achieved through Dapps communication protocol Whisper. The integration of Zcashs cryptographic engine (zk-SNARKs) into Ethereum which should enhance Ethereums Anonymity Decentralized exchange (order execution) between the Zcash and Ethereums blockchains. Postponing the planned increase in Ethereum mining difficulty Reducing Ethereums issuance to miners by reducing block rewards from 5 ETH to 3 ETH. Ultimately, the objective is to move Ethereum from a proof of work towards a proof of stake which will drastically improve Ethereums scalability. For that to happen, the upgrades will be structured into two phases: The Metropolis release, which includes The Byzantium and the Constantinople forks The Serenity release that will finalize the upgrade and move Ethereum from a Proof of work to a proof of stake. If we forget about the sentiment in the Cryptocurrency market that can trigger an important Rally or cause a flash crash in a matter of hours, the fact that this reduction in block rewards for miners will decrease Ethers in circulation seems bullish for Ethereum price. Provided the demand remain stable, this reduction should Continue reading >>

Ethereum Byzantium Hard Fork Forecast: Bullish Or Bearish?

Ethereum Byzantium Hard Fork Forecast: Bullish Or Bearish?

How CryptoKitties affect Ethereum price? Ethereum and Bitcoin analysis Ethereum is up for big improvements in itsupcoming Byzantium fork. Yet, what can we expect on the price action of ETH with the hard fork this month? This Ethereum Byzantium Hard Fork forecast will provide you more insights. 1 October, AtoZForex While Ethereum price just broke the $300 mark successfully on Sep 27 as the market restructures. On Friday ETH gained against the USD, ETH was trading at $305.62. However, the next catalyst for another upward climb could be the Byzantium hard fork. The planned roll-out date for Ethereums Byzantium upgrade is being postponed by just over a week. The hard fork for Byzantium will now occur on October 17, given current block production metrics. Although, theoriginal expected launch date was October 9, barring any complications during testing. According to Ethereum founder Vitalik Buterin ,in order to nudge miners into adopting the hard fork more successfully. Buterin wanted to push the release right to the end of the month but discouraged due to the scheduling clash with the Ethereum developer conference in early November. The date for the hard fork is now pretty much final according to developer Hudson Jameson unless of course, something goes wrong during the test period. This will, in turn, foster a consensus around the fork, making it a permanent feature of the blockchain without any kicking and screaming. The Byzantium upgrade will add up privacy features onto the ETH blockchain. With the upcoming upgrade, the attractiveness of Ethereum as a Blockchain becomes more attractive for future investors and traders. Ethereum Byzantium Hard Fork Forecast: Bullish or Bearish? The testing phase for Byzantium on the Ropsten test-net officially kicked off on last Tuesday Continue reading >>

Ethereum Client Update Sets Byzantium Hard Fork Date - Coindesk

Ethereum Client Update Sets Byzantium Hard Fork Date - Coindesk

Ethereum Client Update Sets Byzantium Hard Fork Date Ethereum's most popular client has upgraded its code to enforce the upcoming Byzantium upgrade set for later this month. The code from Go Ethereum (Geth) officially enshrines the hard fork for block number 4,370,000, a time previously established by developers during an ethereum core team discussion on September 22. With the Geth release, the network moves closer to implementing the first of two parts in the wider Metropolis upgrade. The addition of the code to Geth is notable because it greatly increases the likelihood that the upgrade will happen at that time. Geth, which is maintained by developers employed by the Ethereum Foundation (the Swiss nonprofit that manages development on ethereum more broadly), accounts for roughly 69 percent of all ethereum nodes, according to data from Ethernodes.org . If the block time remains consistent between now and then, the hard fork which will make previous versions incompatible with the wider ethereum network following the upgrade trigger will officially occur on October 17. Anyone running a ethereum node with Geth is requested to update their software to "ensure a smooth transition," the code release states . In a reddit post accompanying the release, ethereum developer Peter Szilgyi advised node operators to update their software at least a week prior to the mainnet launch. Other clients, such as Mist, will issue updates in the coming dates,Szilgyi predicted. "Please give yourselves ample time to switch to the 1.7.x series (1.7.1 specifically for Byzantium) before the hard fork to avoid any surprises as the series does contain non-trivial database optimizations ([it] also gives us time to fix anything if something doesn't work as it should)," he commented . The code release 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 >>

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 >>

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 >>

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 >>

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 >>

Why Is The Ethereum Price Dropping Even After A Successful Byzantium Fork?

Why Is The Ethereum Price Dropping Even After A Successful Byzantium Fork?

Because the short-term price doesnt always match long term valuation. This was a big transition and no doubt positively affected its true value. However, since the 2017 peak at about $400, Ethereum has been slowly decreasing in price (as Dave Friedman would call The Reversion to the Mean). This is a perfectly normal transition period that happens after big rises in price. Assuming we dont get another bull market (which is possible), its likely the price will (on the aggregate) continue to get downward pressure from the markets. You have to look more wholistically. Ethereum is dropping right along with litecoin and bitcoin today. I think part of it is money being taken off the table and I think the other parts of it are a) Chinese central committee meeting this week is reminding people one of the top economies in the world has outlawed cryptos and b) cryptos have had a few very public criticisms this week. So now that the fork is over, the event-driven investment beforehand is being taken off the table, the macro environment isnt as friendly to cryptos now as it was before Jamie Dimon opened his mouth, and central committee meeting has people in a wait and see mode. Continue reading >>

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