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What Are Mining Rewards In Ethereum?

What Are Mining Rewards In Ethereum?

Mining Ether will start with the release of the Frontier platform. The Olympics test beforehand had no value attributed to the Ether which was mined and all balances at the Ether launch were set back to the close of the Fundraising so even if you had transferred our Ether on the testnet after contributing to your fundraise you will keep the Ether on the launch of the Frontier platform. The proof of work in Ethereum is run through Ethash . The successful PoW miner will receive a static block reward that is equal to 5 Ether. The successful miner will also receive all the gas in fees that it generates from the transactions in the block that it verifies. As time goes on and the amount of Ether created grows it is expected that gas rewards will take the lions share of mining rewards. The miner will also receive an award of 1/32 per Uncle block included. Uncles are stale blocks with parents that are a maximum of six blocks back from the present block. Valid Uncle blocks are rewarded to halt network lag (time to propagate a valid block to the whole network). Uncles included in a block receive 7/8 of the static block reward or 4.375 Ether- with a maximum of 2 Uncles allowed per block. After you have mined some ether you will need somewhere to store it and you can choose the best place here with our ethereum wallet comparison page. Continue reading >>

Ethereum Project

Ethereum Project

You are responsible for your own computer security. If your machine is compromised you will lose your ether, access to any contracts and possibly more. You are responsible for your own actions. If you mess something up or break any laws while using this software, it's your fault, and your fault only. You are responsible for your own karma. Don't be a jerk and respect the rights of others. What goes around comes around. The user expressly knows and agrees that the user is using the Ethereum platform at the users sole risk. The user acknowledges that the user has an adequate understanding of the risks, usage and intricacies of cryptographic tokens and blockchain-based open source software, eth platform and ethereum The user acknowledges and agrees that, to the fullest extent permitted by any applicable law, the disclaimers of liability contained herein apply to any and all damages or injury whatsoever caused by or related to risks of, use of, or inability to use, ethereum or the Ethereum platform under any cause or action whatsoever of any kind in any jurisdiction, including, without limitation, actions for breach of warranty, breach of contract or tort (including negligence) and that neither Stiftung Ethereum (i.e. Ethereum Foundation) nor Ethereum team shall be liable for any indirect, incidental, special, exemplary or consequential damages, including for loss of profits, goodwill or data that occurs as a result. Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for certain types of damages. Therefore, some of the above limitations in this section may not apply to a user. In particular, nothing in these terms shall affect the statutory rights of any user or exclude injury arising from any willful misconduct Continue reading >>

The Mystery Behind Blocktime

The Mystery Behind Blocktime

Identity Evangelist, Author, Blogger, Developer, Blockchain Enthusiast, Senior Director of Security Architecture at WSO2, Apache WS Committer, Axis PMC Member Block time defines the time it takes to mine a block. Both in bitcoin blockchain and ethereum blockchain, there is an expected block time, and an average block time. In bitcoin, the expected block time is 10 minutes, while in ethereum it is between 10 to 19 seconds. Both bitcoin and ethereum, at the time of this writing use a proof of work based distributed consensus algorithm (ethereum is planned to move to a proof of stake based algorithm with its serenity release). The expected block time is set at a constant value to make sure, miners cannot impact the security of the network by adding more computational power. The average block time of the network is evaluated after n number of blocks, and if it is great than the expected block time, then the difficulty level of the proof of work algorithm will be reduced, and if it is less than the expected block time then the difficulty level will be increased. Thats the core design principle behind block time, but you will see as we proceed, how bitcoin and ethereum differentiate themselves from each other. The level of difficulty varies with the time, as per the following formula. It tries to evaluate the speed of the mining network and find out how much it deviates from the expected level. The expectation is to mine a block in 10 minutes. For example, if the average speed of mining the last 2016 blocks is 8 minutes then the new difficulty factor will be greater than one, so the current difficulty level will be increased. In case the average is above 10 minutes, then the factor will be less than 1 and the difficulty level will be decreased for the next 2016 blocks. The d Continue reading >>

The Ethereum-blockchain Size Will Not Exceed 1tb Anytime Soon.

The Ethereum-blockchain Size Will Not Exceed 1tb Anytime Soon.

The Ethereum-blockchain size will not exceed 1TB anytime soon. Before diving into this article, please read the two disclosures about my involvement (1,2) and the one on data accuracy (3) at the bottom of the article. At least once a month someone posts a chart on r/ethereum predicting the blockchain size of Ethereum will soon exceed 1 TB. I want to take that chance to clean up with some stories around the Ethereum-blockchain size in this article and try to explain why this chart is technically correct, but not the full picture. Let's have a look at this chart first. It shows the complete data directory size of an Ethereum node (red), Geth in this case, and a Bitcoin node (blue), probably Bitcoin-Core , plotted over time. While the Bitcoin graph is moving slightly upwards in a seemingly linear inclination, the Ethereum graph reminds the reader of an exponential growing slope. On Blocks, Block-History, States, and State-History Users accusing Ethereum of blockchain-bloat are not far off with their assumptions. But actually, not the chain is bloated but the Ethereum state. I want to examine some terminology from the Whitepaper before proceeding. Block. A bundle of transactions which, after proper execution, update the state. Each transaction-bundling block gets a number, has some difficulty, and contains the most recent state. State. The state is made up of all initialized Ethereum accounts. At the time of writing, there are around 12 million known accounts and contracts growing at a rate of roughly 100k new accounts per day . Block-History. A chain of all historical blocks, starting at the genesis block up to the latest best block, also known as the blockchain. State-History. The state of each historical block makes up the state history. I will get into the details on t Continue reading >>

How Will Ethereum Scale?

How Will Ethereum Scale?

Like other public blockchains, ethereumintends to support as many users as it can. The problem is that, today, we don't really know the limits of theplatform. Because of a hard-coded limit on computation per block, the ethereum blockchain currently supports roughly 15 transactions per second compared to, say, the 45,000 processed by Visa. This limitation of ethereum and other blockchain systems has long been the subject of discussion by developers and academics. While ethereum developers might like to highlight how the flexible smart contract platform differs from bitcoin, for example, it isn't unique in regards to scalability. As disappointing as that might sound, there's hope in proposed solutions that havent made it into the official software yet. Ethereum and bitcoin use a combination of technical tricks and incentives to ensure that they accurately record who owns what without a central authority. The problem is, its tricky to preserve this balance while also growing the number of users (especially to the point where average people can use the system to purchase coffee or run applications). That's because ethereum depends on a network of 'nodes', each of which stores the entire ethereum transaction history and the current 'state'of account balances, contracts and storage. This is obviously a cumbersome task, especially since the total number of transactions is increasing approximately every 1012 seconds with each new block. The worry is that, if developers raise the size of each block to fit more transactions, the data that a node will need to store will grow larger effectively kicking people off the network. If each node grows large enough, only a few large companies will have the resources to run them. Despite the inconvenience, running a full node is the best w Continue reading >>

Rinkeby: Ethereum Testnet

Rinkeby: Ethereum Testnet

An archive node synchronizes the blockchain by downloading the full chain from the genesis block to the current head block, executing all the transactions contained within. As the node crunches through the transactions, all past historical state is stored on disk, and can be queried for each and every block. Initial processing required to execute all transactions may require non-negligible time and disk capacity required to store all past state may be non-insignificant. High end machines with SSD storage, modern CPUs and 8GB+ RAM are recommended. To run an archive node, download rinkeby.json and start Geth with: geth --datadir=$HOME/.rinkeby init rinkeby.json geth --networkid=4 --datadir=$HOME/.rinkeby --cache=1024 --syncmode=full --ethstats='yournode:Respect my [emailprotected] ' --bootnodes=enode://a24ac7c5484ef4ed0c5eb2d36620ba4e4aa13b8c84684e1b4aab0cebea2ae45cb [emailprotected] 52.169.42.101:30303 You can download Geth from . A full node synchronizes the blockchain by downloading the full chain from the genesis block to the current head block, but does not execute the transactions. Instead, it downloads all the transactions receipts along with the entire recent state. As the node downloads the recent state directly, historical data can only be queried from that block onward. Initial processing required to synchronize is more bandwidth intensive, but is light on the CPU and has significantly reduced disk requirements. Mid range machines with HDD storage, decent CPUs and 4GB+ RAM should be enough. To run a full node, download rinkeby.json and start Geth with: geth --datadir=$HOME/.rinkeby init rinkeby.json geth --networkid=4 --datadir=$HOME/.rinkeby --cache=512 --ethstats='yournode:Respect my [emailprotected] ' --bootnodes=enode://a24ac7c5484ef4ed0c5eb2d36620ba4e4aa1 Continue reading >>

Ethereum Price Analysis - Buterin Reinvents The Ico

Ethereum Price Analysis - Buterin Reinvents The Ico

Ethereum Price Analysis - Buterin reinvents the ICO Josh Olszewicz , 18 Jan 2018 - Ethereum , Opinion , Price Analysis Having gained over 11,000% last year and making a new all time high, Ethereum ( ETH ) dropped sharply this week. The market cap currently stands at US$97.1 billion, with US$7.1 billion traded over the past 24 hours. The number of transactions per day on the networks continues to rise, with Initial Coin Offerings (ICOs) and Decentralized Applications (dapps) continuing to bloom. Over US$1.35 billion was raised by ICOs last year, accounting for ~83% of all ICO funding ever raised. While ETH continues to hold a relatively low Network Value to Transaction ratio, suggesting the coin is undervalued, it seems doubtful the current pace can be sustained. In an effort to create more responsible ICOs, Ethereum founder Vitalik Buterin discussed a new ICO fundraising model which borrows properties from the DAO and is dubbed a Decentralized Autonomous Initial Coin Offering (DAICO). This new model allows users to determine how much the team receives over time, by voting on the tap. The team is therefore rewarded for their performance, and not immediately given access to millions of dollars before a project is worked on or completed. The Ethereum network Hash rate and difficulty continue to rise. The most recent hard fork decreased the block reward to 3 ETH from 5 ETH, and the difficulty was lowered accordingly. Block times are up slightly, at 15 seconds. With the lowered block reward and difficulty rising, mining profitability will begin to decrease substantially, should the price remain stagnant or decrease. Rising prices generally mean rising mining profitability, but also attracts more hashing power to the network. These protocol level changes are an attempt to re Continue reading >>

How Can I Find Out What The Highest Block Is?

How Can I Find Out What The Highest Block Is?

I have started to sync since 15 days ago and today I think I passed the highest block 4741144 I downloaded 4741185 of 4741144 but ethereum node started to downloaded chain data. does anybody know how many chain structure needs to download to full sync. my computer already downloaded about 10 M chain structure after reaching to highest block. Farhad ghanaatgar Dec 16 '17 at 8:38 For Geth, in another terminal, attach to the Geth console, such as geth attach. This will allow you to keep your syncing node running, without restarting, and you will not see the noisy logs as you would if you simply ran "geth console" without other parameters. > eth.syncing{ currentBlock: 745600, highestBlock: 889152, startingBlock: 745553} You can then see where you are (currentBlock), and the block you still have to reach (highestBlock). (The difference between them is the number of blocks you have left remaining.) You can run eth.syncing a few times to check your progress, and it will return false when done. You can then use eth.blockNumber and also compare with a blockchain explorer, as other answers here mention. Thanks for the answer, just note that geth attach doesn't work if you have the --mine flag specified (for test chains) so if you use that you should also probably use a mining script makevoid Jan 23 '16 at 5:42 upvoted your comment, thanks eth Jan 24 '16 at 9:22 I use geth version 1.4.6 and eth.syncing just returns true or false. What's the new version of the eth.syncing command? TMOTTM Jun 18 '16 at 17:11 @TMOTTM It might be a bug and I suggest "New issue" at github.com/ethereum/go-ethereum/issues eth Jun 19 '16 at 6:48 more info was added to the output but this is still a valid way to check. Rostol Jun 11 '17 at 16:57 stop your current instance of geth, then re-run it with the Continue reading >>

Releasing Stuck Ethereum Transactions

Releasing Stuck Ethereum Transactions

Focusing on real-world use cases for Ethereum Ethereum is experiencing a backlog of transactions at current, resulting in a number of transactions not being processed for hours or even days. This article explains how transactions can become stuck, and what can be done to release them. There are many methods for deciding on the best gas price when sending an Ethereum transaction. Websites such as provide an overview of the gas usage and information about the current transaction pool can be found at The latter website is especially useful because it can order transactions by gas price. To do so click on the GasPrice column. The resultant list is roughly how miners will look at the transactions so if you select a gas price value to ensure that your transaction is in the first couple of pages you are likely to have very short confirmation times. But what if your transaction has not been confirmed? It is possible that it has become stuck, and needs action to be released. Before explaining how to release stuck transactions it is important to understand why transactions become stuck in the first place. Ethereum is a blockchain: multiple blocks, each containing transactions and linked one after the other in a chain as shown below: (In reality both individual blocks and the chain structure are more complex, but the diagram provides a sufficient overview for the purpose of this article). The concept of blocks being created by miners through a process called mining is well-known, but the process by which transactions are selected for a particular block is less clear. To explore this process in more detail, let us look at the creation of example block 1434 below. Ethereum contains many elements other than the blockchain, and one of these is the transaction pool. The transaction po Continue reading >>

Accounts, Transactions, Gas, And Block Gas Limits In Ethereum

Accounts, Transactions, Gas, And Block Gas Limits In Ethereum

Accounts, Transactions, Gas, and Block Gas Limits in Ethereum This article is meant to help people understand some of the basic mechanics behind accounts, transactions, gas, and the role miners play in setting the block size in Ethereum. Corrections are welcome :) There are two types of accounts in Ethereum can send transactions (ether transfer or trigger contract code), code execution is triggered by transactions or messages (calls) received from other contracts. when executed - perform operations of arbitrary complexity (Turing completeness) - manipulate its own persistent storage, i.e. can have its own permanent state - can call other contracts All action on the Ethereum block chain is set in motion by transactions fired from accounts. Every time a contract account receives a transaction, its code is executed as instructed by the input parameters sent as part of the transaction. The contract code is executed by the Ethereum Virtual Machine on each node participating in the network as part of their verification of new blocks. The term transaction is used in Ethereum to refer to the signed data package that stores a message to be sent from an externally owned account to another account on the blockchain. a signature identifying the sender and proving their intention to send the message via the blockchain to the recipient, VALUE field - The amount of wei to transfer from the sender to the recipient, an optional data field, which can contain the message sent to a contract, a GASLIMIT value, representing the maximum number of computational steps the transaction execution is allowed to take, a GASPRICE value, representing the fee the sender is willing to pay for gas. One unit of gas corresponds to the execution of one atomic instruction, i.e. a computational step. Contrac Continue reading >>

Understanding Byzantium & What It Represents To The Ethereum Network

Understanding Byzantium & What It Represents To The Ethereum Network

Today, at 1:22AM ET, Byzantium was activated on the Ethereum Network. Byzantium is the first version of Metropolis, Ethereums second major update. Given the breadth of changes proposed by Metropolis, the update was split into two distinct hard forks, Byzantium and Constantinople. A hard fork requires all participants of the network to update the software that they use to interact with the Ethereum blockchain. If a percentage of these participants refuses to update, two Blockchains are created and the network is split. Thankfully, as of 11:30AM ET, the Ethereum blockchain remains unified, and the majority of the network is using the update. Although activation appears to have been successful, there still seems to be some confusion as to what Byzantium represents. Below we will attempt to explain this update, and give our perspective on what it represents to the Ethereum Network. The main goal of the Byzantium update is to remove inefficiencies identified in the current version, incorporate improvements identified since the release of Homestead, and lay the foundational infrastructure for major projects currently being researched by the core development team. The update has been highly anticipated as it incorporates multiple Ethereum Improvement Proposals (EIPs) that have been developed and tested following the release of Homestead, Ethereums current version. Some of the changes being introduced by Byzantium include: 1) Instituting a Blockchain difficulty delay and a reduction in block rewards (EIP 649) Since the launch of the Ethereum Network, it was clear to the core development team that, for Ethereum to truly scale, it would have to change its consensus mechanism from Proof of Work to Proof of Stake. Because Ethereum has thousands of nodes that reach consensus via Pr Continue reading >>

When Will My Graphics Card Stop Mining Ether? | 2miners Blog

When Will My Graphics Card Stop Mining Ether? | 2miners Blog

When Will My Graphics Card Stop Mining Ether? Just simple math. Not magic. Come in, sit down, lets make some calculations together. DAG is a dataset over 1GB in size used by Dagger Hashimoto algorithm (Ethash) to find block solutions in the blockchain. The main coin for Ethash, of course, is Ethereum. However, there are many others: Ethereum Classic, Musicoin, Ubiq, Daxx, Whale, Pegas, Expanse, Dubaicoin, Soil, etc. When launching the miner, it is the DAG file which uploads into the graphics card memory. Lets take Claymores miner as an example: Over time DAG file size increases, which happens every 30,000 blocks and is called an epoch change, so each epoch corresponds to a specific DAG size. To find out your current DAG size, we recommend using this website: . It shows the current DAG size for main Ethash currencies calculations is based on the block number. Remember that each block corresponds to a specific epoch, and each epoch corresponds to an exact DAG size. DAG size is calculated based on the specific algorithm , which you can find here and you can check for yourself to see if it really works or not. Weve tested it - and it does work. By the way, all the DAG values have been calculated and organized a long time ago, so you can use them at this extract . Every Epoch DAG File Size Increases by 8 MB The block time differs from coin to coin: ETH - 30 sec, ETC - 15 sec, EXP - 90 sec. That means that Ethereum Classic reaches 30,000 blocks 6x faster than Expanse. Thats why ETCs current epoch is 151 (DAG=2,18GB), while that of EXP is only 25 (DAG=1,2GB). Well, we have to admit that its not fair to compare those two, as the latter came out a bit later. Lets take a look at the Ethereum blockchain. It takes 900,000 seconds (30 seconds 30,000 blocks) to change an epoch (900, Continue reading >>

Ethereum - Wikipedia

Ethereum - Wikipedia

This article has multiple issues. Please help improve it or discuss these issues on the talk page . This article relies too much on references to primary sources . Please improve this by adding secondary or tertiary sources . Some of this article's listed sources may not be reliable . Please help this article by looking for better, more reliable sources. Unreliable citations may be challenged or deleted. The Ethereum Project's logo, first used in 2014 Ethereum is an open-source , public, blockchain -based distributed computing platform featuring smart contract (scripting) functionality. [2] It provides a decentralized Turing-complete virtual machine , the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. [3] "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network. [2] [4] Ethereum was proposed in late 2013 by Vitalik Buterin , a cryptocurrency researcher and programmer. Development was funded by an online crowdsale between July and August 2014. [5] The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale. [6] This accounts for approximately 13 percent of the total circulating supply. In 2016, as a result of the collapse of The DAO project, Ethereum was forked into two separate blockchains - the new forked version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC). [7] [8] [9] Ethereum was initially described in a white paper by Vitalik Buterin , [10] a programmer involved with Bitcoin Magazine , in late 2013 with a goal of buildin Continue reading >>

Ethermine Says No To Increasing Ethereums Gas Limit Capacity

Ethermine Says No To Increasing Ethereums Gas Limit Capacity

Ethereums biggest miner has poured cold water on hopes of a quick solution to ethereums current congestion, which has seen many transactions stuck with fees now rising to 10 cent. They say : The network uncle rate has already reached levels (~30%) comparable to the Network DoS attacks during October 2016. This means that currently every 3rd Block get orphaned. Increasing the gas limit will likely make the current situation even worse. Without substantial improvements on how those large blocks are processed by the current implementations and distributed trough the network I dont think increasing the gas limit further is feasible right now. While high end systems are still able to validate heavy blocks within several 100 ms, low end systems already take up to a few seconds to validate and distribute a block. Uncles are orphaned blocks. From time to time, two miners find a block at the same time. In these scenarios, one of them is discarded in bitcoin, but in ethereum its kept, with the uncle block actually rewarded in eth as the work done is accounted, thus increasing the security of eths blockchain. So then why should miners care about uncles when theyre still being paid for them? The answer isnt very clear, butPawe Bylica, an eth developer, says they have 30% more to process. As the biggest ethereum miner,Ethermine by itself can probably currently increase the gas limit by voting for a raise as F2Pool is currently in favor of raising it too. Thus giving a majority of miners, which is all that is required to instantly address the network congestion problem. Ethermines statement, however, suggests that instant solution may not be implemented for now, potentially indicating that ethereum will have to operate as a congested network with increasing fees until the high uncle Continue reading >>

Connecting To The Network

Connecting To The Network

Distribution of client implementations on the current live network - Realtime stats on EtherChain. Public, private, and consortium blockchains Most Ethereum projects today rely on Ethereum as a public blockchain, which grants access to a larger audience of users, network nodes, currency, and markets. However, there are often reasons to prefer a private blockchain or consortium blockchain (among a group of trusted participants). For example, a number of companies in verticals, like banking, are looking to Ethereum as a platform for their own private blockchains. Below is an excerpt from the blog post On Public and Private Blockchains that explains the difference between the three types of blockchains based on permissioning: Public blockchains: a public blockchain is a blockchain that anyone in the world can read, anyone in the world can send transactions to and expect to see them included if they are valid, and anyone in the world can participate in the consensus process the process for determining what blocks get added to the chain and what the current state is. As a substitute for centralized or quasi-centralized trust, public blockchains are secured by cryptoeconomics the combination of economic incentives and cryptographic verification using mechanisms such as proof of work or proof of stake, following a general principle that the degree to which someone can have an influence in the consensus process is proportional to the quantity of economic resources that they can bring to bear. These blockchains are generally considered to be fully decentralized. Consortium blockchains: a consortium blockchain is a blockchain where the consensus process is controlled by a pre-selected set of nodes; for example, one might imagine a consortium of 15 financial institutions, each of Continue reading >>

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