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Ethereum's Two Ethereums Explained - Coindesk

Ethereum's Two Ethereums Explained - Coindesk

What started as an attempt to rescue investor funds in a high-profile project has resulted in a schism that has effectively split the community on the second-largest public blockchain. The split is not only psychological. Thanks to the design of public blockchain systems, it is also technical, with competing visions manifesting in two very real blockchains, or versions of the projects transaction history. As of this weekend, there are now two groups working on two competing versions of a project called ethereum , a blockchain-based platform designed to enable decentralized application development. If bitcoin envisioned how a distributed group of users could create and manage a currency, ethereum sought to allow a distributed group of users to create and manage a decentralized, uncensorable app store. (You can learn more in our latest CoinDesk Research report). However, there are now two slightly different versions of this platform available to users ethereum, the 'official' version of the blockchain maintained by its original developers, and ethereum classic, an 'alternative' blockchain maintained by a wholly new team . Both offer the same technology platforms, and according to developers, they're in agreement on a formal roadmap for steps forward. But, the small differences have created two markets, both with a combined value of roughly $1.2bn . Long the most notable ethereum project, The DAO, short for distributed autonomous organization, raised $150m in ether the cryptocurrency of the ethereum network earlier this year during a public crowdsale. Held online, anyone who had ether could participate. The idea was simple, in theory. Investors would send money to The DAO and receive voting tokens, and then those who invested (and voted) would decide democratically how Th Continue reading >>

Ethereum Launches Cryptocurrency 2.0 Network

Ethereum Launches Cryptocurrency 2.0 Network

Jan 23, 2014 at 11:00 UTC|UpdatedAug 18, 2015 at 15:55 UTC This Saturday, a group of cryptocurrency advocates will unveil a new system that they hope will rewrite the rules of cryptocurrency. Officially titled Ethereum , creators are calling it "Cryptocurrency 2.0". It's a decentralized mining network and software development platform rolled into one, and it will allow people to create their own altcoins, among other things. The project, which will be unveiled at the North American Bitcoin Conference , is the brainchild of Vitalik Buterin, co-founder of Bitcoin Magazine, who has also been working on competing browser-based wallets Dark Wallet and KryptoKit . He wants new altcoins to be written for, and run on, Ethereum: "You would have no need for mining if you do it on top of Ethereum. That's the thing; Ethereum makes it dead easy to make a new crypto." The Ethereum network uses its own mining technology, Dagger. It utilises some of the concepts in the scrypt mining algorithm to keep the mining process even and fair. Scrypt (which is used by altcoins like litecoin ), was designed to be more friendly to CPUs (and unfriendly to ASIC miners), so that a core elite of powerful ASIC users didn't get an unfair advantage. Slowly, people are circumventing that protection, and developing powerful mining hardware for ASIC, so Dagger tweaks those concepts in an attempt to make things more democratic once again. Dagger is an initial proof of concept, and the Ethereum team is considering a contest for the best possible ASIC-resistant proof of work. The developers are also looking into proof of stake, and they have developed a new PoS algorithm called Slasher. It solves many problems associated with older algorithms. So, Ethereum is a mining network, but it's also a kind of operatin 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 >>

Will Ethereum 2.0 Scaling With Sharding Keep It Ahead Of Eos, Neo, Cardano, And Others?

Will Ethereum 2.0 Scaling With Sharding Keep It Ahead Of Eos, Neo, Cardano, And Others?

Will Ethereum 2.0 scaling with sharding keep it ahead of EOS, NEO, Cardano, and others? In this video I refer to Vitalik's Ethereum 2.0 talk on scaling with sharding. Please watch his full video here ru-clip.com/video/9RtSod8EXn4/.html&feature=youtu.be&t=11493 The main question is if Vitalik's vision of the entire network running on laptops is necessary and if his disgust for master nodes and consortium chains put Ethereum at a disadvantage. EOS's plan for 12 data center is not fully decentralized, but is it too centralized? And keep in mind when comparing platforms, NEO and IOTA are not even decentralized at all yet. And Cardano hasn't even launched yet. Ethereum is far in the lead and no one seems to be catching up yet, but this video should help you keep your eyes open to see if any other platforms can catch Ethereum especially ones that are not going for such and extreme form of decentralization. "A business guy that understands tech". SUBSCRIBED! Anyone else waiting for another tangle coin like "IOTA 2.0" which realizes the idea of tangle better then IOTA? EOS uses DPOS(delegated proof of stake) which appears to be addressing the burning issues of scalability. Dan larimer has put some videos on youtube that talk about this. In theory it sounds great. We'll have to see what happens after it launches. All the Dapps building on ethereum today are going to run into performance issues. Cryptokitties was just one app and it congested the network. Eth has to make some giant leaps in performance. I think there is I really enjoyed this video. I watch a ton of RU-clip videos on crypto and I thought this was very good. Cheers! Also: was laughing my ass off at the various funny moments. Dave Levine Dot Com that's still valuing a token on future update not current Status so no Continue reading >>

Vitalik Lays Out Ethereum 2.0 Roadmap In Taiwan

Vitalik Lays Out Ethereum 2.0 Roadmap In Taiwan

Vitalik Lays Out Ethereum 2.0 Roadmap In Taiwan The future of Ethereum, according to co-founder Vitalik Buterin Vitalik Buterin , co-founder of Ethereum , has laid out the future plan of the Blockchain technology-based platform at a conference in Taipei, dealing with some of the biggest problems in Ethereum and suggesting how the future might shape up. Having already provided a substantial amount of information, the new update from Buterin gives more specific details. The statement from Buterin began with a sort of tongue-in-cheek commentary on the many Ethereum replacements that have come on the market in recent months. According to the young computer scientist: The Ethereum killer is Ethereum, the Ethereum of China is Ethereum, the Ethereum of Taiwan is Ethereum 2.0. Buterin continued by describing the four areas where he sees a need for improvement on the current Ethereum platform. These were privacy, consensus safety, smart contract safety and scalability. For each of the first three, the Ethereum co-founder sees a solution that is actively developing. In the area of privacy, the Byzantium hard fork has created the ability for zk-SNARKs, a solution that Vitalik sees as a viable one with continued implementation. For consensus safety, the recent development, nicknamed Casper, should bring solutions, and for smart contract safety, Viper and formal verification can produce real solutions. However, the problem of scaling is substantial. Vitalik explained that decentralization, scalability and security are a complex trifecta that can present major challenges in the future. While its relatively easy to have any two of the three creating a system where all three are functional has proven difficult. Scalability on the Ethereum, according to Buterin needs to be thousands of Continue reading >>

Roadmap To Ethereum 2.0 As Explained By Co-founder Vitalik Buterin

Roadmap To Ethereum 2.0 As Explained By Co-founder Vitalik Buterin

Roadmap to Ethereum 2.0 as Explained by Co-founder Vitalik Buterin During a recently held Beyond Block Taipei 2017 conference in Taiwan, Ethereum co-founder Vitalik Buterin has laid the future plan and the roadmap to upcoming and necessary changes in the Ethereum blockchain in order to deal with some of the existing challenges as well as shaping the future path. The plan aims at achieving VISA-level scalability in almost next 3-5 years and further provides some extensive information. Vitalik Buterin started the conference with a sarcastic comment posting towards the Ethereal replacements that have currently arrived in the market. Buterin said: The Ethereum killer is Ethereum, the Ethereum of China is Ethereum, the Ethereum of Taiwan is Ethereum 2.0. Vitalik was quick enough to point out the four major problems as faced today by Ethereum that includes scalability, consensus safety, privacy and smart contract safety. For the last three points, Buterin and his team are already ready with a set of solutions. In order to work over the privacy concerns relating to transactions, the developer team at Ethereum integrated the zk-SNARKs technology into the Byzantium hard fork. Vital calls this as the most viable solution for continuous implementation. Similarly, the smart contract safety can be provided through the Viper technology and by using a formal verification procedure. To solve issues with consensus safety, a Casper project is currently being developed which aims to replace the existing proof-of-work mechanism with proof-of-stake. Vitalik pointed that this is one of the most essential prerequisites for all the future developments of Ethereum. But still, one of the major underlying issues is the scalability of Ethereum network. Vitalik said that the major challenge here i Continue reading >>

Buterin Unveils Ethereum 2.0 Roadmap As Coin Nears $500

Buterin Unveils Ethereum 2.0 Roadmap As Coin Nears $500

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Vitalik Unveils Ethereum 2.0roadmap

Vitalik Unveils Ethereum 2.0roadmap

How Ethereum plans to address current problems in theprotocol Vitalik publicly reveals plans for Ethereum 2.0. Credits to the organizers of BeyondBlock Taipei 2017 for thephoto. On behalf of the entire team at COBINHOOD , we are honored to be part of Beyond Block Taipei 2017 , where we were able to stand alongside and exchange ideas with our peers in the Ethereum community. Most significant, perhaps, was the unveiling of the roadmap for Ethereum 2.0 by Vitalik Buterin, co-founder of Ethereum. Below is a short takeaway from his talk, followed by a short introduction to COBINHOOD (in case you dont know who we are yet ). During Vitaliks talk, who was the final speaker during the event, he started off by sharing the most significant problems Ethereum needs to solve and how these issues can be addressed with the introduction of Ethereum 2.0. He began by noting that Ethereum will be evolving over time, and 2.0 will lay the groundwork for what the protocol will look like in the future. In essence, Ethereum 2.0 will advance the core model of the protocol through sharding, which, to paraphrase his words, sharding is like creating a blockchain with a hundred different universes with different account spaces in each universe. But these universes are not just separate blockchains, according to Vitalik, they are systems that are interconnected with one another, which also share consensus. Sharding is also seen to provide quadratic scalability. Note that, the shards will create new address space and will not be affecting existing address space which gives us a unique opportunity to make many important (but backward incompatible!) changes to the protocol, stressed Vitalik. So, claimed Vitalik, in order to break one of these shards, you have to break the whole thing. Apart from this, Continue reading >>

Crypto-x Masternodes 2.0 Backed By Ethereum Smart Contract Technology

Crypto-x Masternodes 2.0 Backed By Ethereum Smart Contract Technology

Crypto-X is hungry for innovation and creation. Contribute ideas that will help grow & expand the use of our technology. Every user has the option to share their own creative ideas in order to satisfy every need at its best. Just by facilitating your assets on the network, you can join a basic income revenue system while supporting community growth and expansions No more running expensive mining hardware! No more driving power costs/consumptions! No more surveillancing software or updates! Just income generation without any interference. Every team member on Crypto - X has been carefully selected to ensure a positive atmosphere of skilled individuals that are fully committed to the CWX development. Back by Ethereum Smart Contract Technology Operating on the Ethereum blockchain, Crypto - X has the ability to execute multiple smart contract functionality without network disruption.. We're developing a payment system that businesses can utilize CWX in many ways whether be reward systems, discounts or as currency for goods/services. Crypto X is a new decentralized peer-to-peer gateway that connects Planet Earth to Cryptographic Digital Assetization. Operating on the Ethereum Blockchain; Crypto X will develop a fully functional encrypted basic income generating system for low wage citizens to join to enable them the ability to project themselves to higher levels. Utilizing the Crypto X protocol, users are able to hold, transfer, and earn their collective financial assets in a decentral monetized digital centre (crypto-currency wallet) that is fully encrypted beyond the control of financial restrains. You can earn revenue with ease! By owning a Master node 2.0 with Crypto-X , no longer will supporters of a master node network be required to invest in expensive mining hardwar Continue reading >>

Vitalik Buterin: Ethereum 2.0 Is Eos : Eos

Vitalik Buterin: Ethereum 2.0 Is Eos : Eos

Vlad Zamfir discusses the trade offs on twitter pretty in depth with some other PoS / dPoS advocates. Throughput / Overhead / Security / Fees. Theres a trade off between them and no one system does all well. EOSs masternodes are a tradeoff for significant increases in throughput / reduction of overhead at the potential cost of security via lesser degree of decentralization. PoW based blockchains trade the throughput and greater overhead for what was SUPPOSED to be increased security until ASICs and ASIC boost came around. A little less of an issue for non-ASIC mineable blockchains, but cost of electricity and equipment will always result in miner centralization to areas where it is < than others (e.g. China). dBFT in NEO has similar trade offs with the current negative being mostly centralization of the bookkeeping nodes. I dont like consensus mechanisms that go out of their way to prevent forks. That seems disingenuous since forking is a natural function of the consensus mechanism to ensure freedom of choice in blockchain development / direction and the communitys right as members of the consensus triad. If you try to fork NEO if youre an elected bookkeeper node, but dont get 2/3 consensus, youre penalized heavily via loss of bookkeeper status, which means you can pretty much kiss your economic incentive to be a validator goodbye. Treating any fork as a potential attack is not very community friendly. Onchain pretty much controls bookkeeping nodes currently, and I highly doubt theyll ever seek to actually redistribute that power. Given their ties with the Chinese govt, I would expect them to remain in total control of it to appease regulators. Edit: Also one thing Ethereum does better is it has a production blockchain. Meanwhile EOS community is still waiting on Dawn, Continue reading >>

Ethereum Is The Only Ethereum Killer That Matters

Ethereum Is The Only Ethereum Killer That Matters

Ethereum Is the Only Ethereum Killer That Matters Ethereum Is the Only Ethereum Killer That Matters JP Buntinx November 27, 2017 Crypto , News It is always good to see cryptocurrency developers provide the community with important updates. In the case of Ethereum, we know there are a lot of things yet to come, although it remains unclear how much progress has been made on them. Vitalik Buterin recently discussedwhat he described as Ethereum 2.0 and how the future will look. Things certainly dont look good for NEO right now. Everyone who has kept an eye on Ethereum orits roadmaps will know we will see a lot of changes in the future. There is the change to proof-of-stake, sharding, and potentially a few other things which will come to fruition in the very near future. According to Vitalik Buterin, there will be no Ethereum killer whatsoever. This is a clear jab at claims made by the NEO team, who claim their currency will be the Ethereum of China. That will not be the case by any means, if the Ethereum co-founder has anything to do with it. For his part, Buterin claims Ethereum is the only Ethereum killer people need to be aware of. He made quite the opening statement in this regard, as it is evidenthe feels no concern over any form of competition whatsoever. While it is true Ethereum has its flaws which need to be addressed, it still remains the largest ecosystem of its kind.No currency aiming to dethrone Ethereum has gained any traction whatsoever. Nordoanycompetitors have any major technical developments to show forthemselves either. Ethereum has a lot of glaring issues which will be resolved in the future. Privacy is one of those issues, although the implementation of zk-snarks is progressing nicely. Safety is a big problemfor Ethereum these days, and it also present Continue reading >>

The Ethereum Killer Is Ethereum 2.0: Vitalik Buterins Roadmap

The Ethereum Killer Is Ethereum 2.0: Vitalik Buterins Roadmap

The Ethereum Killer Is Ethereum 2.0: Vitalik Buterins Roadmap November 29, 2017, 01:19:32 PM EDT By Giulio Prisco, Bitcoin Magazine Speaking on November 25 at BeyondBlock Taipei 2017 , Ethereum inventor and co-founder Vitalik Buterin outlined his vision for Ethereum 2.0. He described major changes in Ethereum's architecture that are likely to be implemented over the next few years to improve Ethereum in terms of privacy, safety (consensus safety and smart contract safety) and, of course, scalability, which was the main focus of Buterin's talk. Buterin doesn't seem worried about competitors. "The Ethereum killer is Ethereum, the Ethereum of China is Ethereum, the Ethereum of Taiwan is Ethereum 2.0," he said. The fact that Ethereum is booming seems to confirm Buterin's optimism. ETH's price has been relentlessly climbing, recently reaching almost $500, and Ethereum is handling more transactions than all other major blockchains combined. Decentralization, scalability and security are among the important properties that blockchain systems should have, but there are conflicts. Off-chain solutions are useful, but limited. According to Buterin, it's very easy to have two of these properties but very hard to have all three. However, Ethereum's ambitious goal should be that of achieving all three at the same time. "We want to scale to thousands of transactions per second, on chain, without any supernodes," reads one of Buterin's slides. Sharding - dividing a blockchain network into several smaller component networks (called shards) capable of processing transactions in parallel - is considered to be a promising way to achieve high throughputs comparable to the thousands of transactions per second of traditional payment networks such as Visa and MasterCard. "You can think of [sh Continue reading >>

The Ethereum Killer Is Ethereum 2.0: Vitalik Buterins Roadmap

The Ethereum Killer Is Ethereum 2.0: Vitalik Buterins Roadmap

The Ethereum Killer Is Ethereum 2.0: Vitalik Buterins Roadmap Speaking on November 25 at BeyondBlock Taipei 2017 , Ethereum inventor andco-founder Vitalik Buterin outlined his vision for Ethereum 2.0. He described major changes in Ethereums architecture that are likely to be implemented over the next few years to improve Ethereum in terms of privacy, safety (consensus safety and smart contract safety) and, of course, scalability, which was the main focus of Buterins talk. Buterin doesnt seem worried about competitors. The Ethereum killer is Ethereum, the Ethereum of China is Ethereum, the Ethereum of Taiwan is Ethereum 2.0, he said. The fact that Ethereum is booming seems to confirm Buterins optimism. ETHs price has been relentlessly climbing, recently reaching almost $500, and Ethereum is handling more transactions than all other major blockchains combined. Decentralization, scalability and security are among the important properties that blockchain systems should have, but there are conflicts. Off-chain solutions are useful, but limited. According to Buterin, its very easy to have two of these properties but very hard to have all three. However, Ethereums ambitious goal should be that of achieving all three at the same time. We want to scale to thousands of transactions per second, on chain, without any supernodes, reads one of Buterins slides. Sharding dividing a blockchain network into several smaller component networks (called shards) capable of processing transactions in parallel is considered to be a promising way to achieve high throughputs comparable to the thousands of transactions per second of traditional payment networks such as Visa and MasterCard. You can think of [sharding] as, in a fairly simple version, creating a blockchain where you have, lets say, Continue reading >>

Ethereum 2.0 - What Can We Expect From The Update? - Cryptoticker

Ethereum 2.0 - What Can We Expect From The Update? - Cryptoticker

Ethereum was one of the big winners this week pinning down two major points. Their cryptocurrency rose from around $350 to an all-time high of $515 before settling around the $400 mark. But the much more interesting event was the announcement of the 2. generation of Ethereum at the BeyondBlock Taipei 2017 . Although there wont be one date where the platform launches, rather a series of updates, Vitalik Buterin, aka Lama Shirt, laid out the roadmap for the next years of the smart contract platform. The Ethereum killer is Ethereum, the Ethereum of China is Ethereum, the Ethereum of Taiwan is Ethereum 2.0 Vitalik Buterin. Big statements. Its true that it handles more transactions than all major blockchains combined. However since many of the popular dApps such as Storj, Augur, TenX etc. currently run on the Ethereum blockchain, its performance is of major importance. With only 4-8 transactions per seconds it has huge limitations for mainstream market adaption. How is the Ethereum foundation coping with theses challenges? Here are some of the solutions they are proposing. Imagine Ethereum as a huge block of data that has to be shared on all participants. Currently this involves sending/sharing big amounts of data with participants who can make no use of this data. This increases the amount of redundancy and is a major waster of electricity, which at the current moment is one of the main flaws of the system. The problem, according to Buterin, will be solved by sharding. Sharding means splitting the network into smaller components. Each node will only process a small amount of information and validate fewer transactions. This way the system will become more decentralized, Itll increase in speed and data size will be lowered. Successful implementation will lead to comparable Continue reading >>

The Complete Guide To Ethereum Classic: Everything You Need To Know

The Complete Guide To Ethereum Classic: Everything You Need To Know

The Complete Guide to Ethereum Classic: Everything You Need to Know Posted by Staff | Sep 4, 2017 | Ethereum , Ethereum Classic | 0 Ethereum is the most confusing cryptocurrency around because there are actually widely-used two versions of it floating around. The two are Ethereum and Ethereum classic, both of which have many loyal fans and users (read our complete guide to Ethereum ). Ethereum is actually a payment, data storage and market-creation platform upon which an altcoin called Ether operates. A good way to think of Ethereum is as an ecosystem, and the currency as one of the creatures that live in the ecosystem. Whats really confusing is that most people call the cryptocurrency Ethereum which is the name of the system. Journalists and writers use the term Ethereum to describe the currency and ignore the technology behind it. An accurate description would be to describe Ethereum as an operating system, or solution, based on the Blockchain technology rather than a currency. Since writers are not likely to do that you should always pay close attention to the way terms like Ether, Ethereum and Ethereum Classic are used in the media. To add to the confusion, theres another altcoin called Ethereum Classic out there. The best way to think of Classic is an earlier, less advanced and less-sophisticated version of the Ethereum platform. How to Tell the Difference between Ethereum and Ethereum Classic Ethereum Classic is nowhere near as popular or as widely traded as Ethereum itself. Note: we will use the terms Ethereum and Ether to refer to the widely used altcoin, and Ethereum Classic to describe the less popular currency. Ethereum is the currency that is traded on major exchanges such as GDAX and CEX.IO. It also tracked by popular online tools like Coinbase and sold th Continue reading >>

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