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Ethereum Blockchain Split

What's The Difference Between Ethereum And Ethereum Classic?

What's The Difference Between Ethereum And Ethereum Classic?

What's the Difference Between Ethereum and Ethereum Classic? A divorce that shook the Crypto world By Aziz, Founder of Master the Crypto No responses Home Ethereum Whats the Difference Between Ethereum and Ethereum Classic? This article explores the difference between Ethereum and Ethereum Classic (ETH vs ETC); why do they seem similar and what are its implications? Read on to find out more. Whats the Difference Between Ethereum and Ethereum Classic?Powered by Master The Crypto Ethereum is a platform that facilitates the creation of decentralized applications, utilizing the power of smart contracts; pre-programmed codes that are self-executing and doesnt require any 3rd parties to operate. Anyone can build applications on the Ethereum blockchain, which is a public, open-source ledger. The closest analogy is that Ethereum represents an app store in your smartphone. It allows any developers to create smartphone apps that users can publicly download. (See more: Crypto ICO vs. Stock IPO: Whats the Difference? ) Ethereum started out as a single Blockchain (think of it as a single Lego tower thats stacking up continuously). There are various applications that can be built on top of Ethereum, and one such application was a decentralised corporation called the DAO (Decentralised Autonomous Organization). The DAO operated like a hedge fund, essentially collecting funds to invest in the development of other applications. Unfortunately, the DAO got hacked, and a tune of over 50 million dollars was stolen. (See also: Guide on Identifying Scam Coins ) At this point, the core developers had 2 options: Allow the continuation of the chain, since the nature of Blockchain is that it is immutable, and cannot be altered Reverse the tran Continue reading >>

An Ethereum Classic Fork Snapshot Is Coming Next Week

An Ethereum Classic Fork Snapshot Is Coming Next Week

An Ethereum Classic Fork Snapshot Is Coming Next Week Next week the ethereum classic (ETC) community is expecting to receive coins from a snapshot fork called callisto (CLO). The clone will be an exact copy of the ETC chain up until block 5,500,000 and ETC holders will receive a 1:1 ratio of CLO coins. Also Read: China Censors Cryptocurrency Ads on Search Engines and Social Media The First High Profile Hard Fork Is About to Get Forked The funny thing about ethereum classic is that it was one of the first high profile blockchain splits and ethereum (ETH) holders received a 1:1 ratio of ETC after the hard fork at block 1,920,000. The fork was caused by members of the Ethereum community because they rejected the idea to bail out the DAO , an ETH application that lost $150Mn that year. Some individuals firmly believe that ETC is the one true Ethereum network. Callisto, however, is not quite like the ETC hard fork as its a snapshot much like bitcoin gold, bitcoin diamond, and the other clones that appeared over the past year. Callisto Developers Believe CLO Will Have Better Smart Contract Security Essentially CLO coins will share the same history as the existing ETC chain but from block 5,500,000 and forward the network will be its own. The cloning is expected to happen next week sometime on or after March 2. The reason behind the snapshot is because CLO developers believe there are issues regarding ETCs smart contract design. According to the CLO white paper ETC is susceptible to smart contract hacks much like the DAO platform. The CLO developers plan to create a Official Smart-contract Auditing Department of CLO & ETC, so one could assume the snapshot may be considered an extension of the ETC community. The main goal of callisto is to research and develop a reference impl Continue reading >>

History Repeated? Confidence High Ethereum Will Avoid Blockchain Split

History Repeated? Confidence High Ethereum Will Avoid Blockchain Split

History Repeated? Confidence High Ethereum Will Avoid Blockchain Split Oct 13, 2017 at 10:00 UTC|UpdatedOct 16, 2017 at 10:01 UTC "There is no reason to believe that this one will be controversial." Just days away from making one of its biggest-ever upgrades, confidence is high among ethereum supporters that the world's second-largest blockchain will avoid past mistakes and successfully navigate a coming change to its codebase, projected for Sunday night. "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." Packing together a series of upgrades designed to make ethereum lighter, faster and more private, the update, called Byzantium, will be enacted at block 4,370,000 on the ethereum blockchain.Yet, it's how the change will be enacted - using a hard fork - that has some mindful of possible issues. A common (yet sometimes controversial ) strategy for upgrading blockchains, ethereum has gone through three hard forks without complication . Still, the memory of the fork that didn't go to plan is still top of mind. Last summer, an emergency hard forksaw a contingent of the community continue mining on the old blockchain, creating a new asset, ethereum classic. In the aftermath, some users and companies lost funds, while ethereum was suddenly faced with a competing alternative in the market. That said, most users and developers are embracing this particular hard fork, in part, because it aims to execute changes that have been etchedinto ethereum's roadmap since the protocol launched in 2015. When contacted, developers largely agreed with this outlook, expressing excitement by the changes to be included in the upgrade. Stephen King, the principal and co-found Continue reading >>

Another Ethereum Blockchain Hard Fork On Horizon As Eip-999 Is Inevitable

Another Ethereum Blockchain Hard Fork On Horizon As Eip-999 Is Inevitable

News Cryptocurrency Headlines Another Ethereum Blockchain Hard Fork on Horizon as EIP-999 is Inevitable Another Ethereum Blockchain Hard Fork on Horizon as EIP-999 is Inevitable has been debunked by Vitalik and many blockchain community members since. To begin, look at the flare it has caused CoinDesk's Consensus event and Buterin's boycott callout. 2. Their coverage of EIP 999 was terrible. They published a highly sensationalist article claiming the chain would split, when it was very clear that EIP 999 was *very far* from acceptance. This is why pundits need to be replaced by prediction markets, ASAP. pic.twitter.com/6A7OWlx0nR Vitalik "Not giving away ETH" Buterin (@VitalikButerin) April 26, 2018 Many of you might still remember when Bitcoin and Bitcoin Cash were separated last year. Something similar might happen to the Ethereum blockchain this year. Not unlike when Ethereum and Ethereum Classic split, a new code protocol called EIP-999 is causing controversy in the crypto community lately. Sources have recently said a meeting between the top Ethereum developers happened last week in which they discussed proposals concerning a code called EIP-999 that could cause an Ethereum hard fork in the future. EIP-999 Can Split The Ethereum Blockchain EIP-999 is a technical fix that was created to solve a problem that could return about $264 million USD in ETH to its owners. This money was lost due to a bug and this protocol could solve the issue and return the money. Unfortunately, many developers think that editing the code of the blockchain might open security breaches and lead to a damaged security of the platform, so they are against it. Ethereums Mist browsers developer Alex Van de Sande states that if the code is really implemented, it will inevitably lead to a hard fo Continue reading >>

No Intention To Split Ethereum To Recover $323 Million In Locked Ether: Parity

No Intention To Split Ethereum To Recover $323 Million In Locked Ether: Parity

No Intention to Split Ethereum to Recover $323 Million in Locked Ether: Parity Open-source Ethereum development firm Parity Technologies says that it has no intention of splitting the Ethereum blockchain to recover more than 513,000 ether that was rendered unspendable by a bug in one of the companys smart contract libraries. Writing in a statement published on the companys official blog, Parity co-founders Jutta Steiner and Gavin Wood said that although they believe there should be a recovery process for frozen ether, they dont intend to do so at the expense of a unified Ethereum network. Let us make clear: we have no intention to split the Ethereum chain. We plan to continue to work with the community to find a path forward. We have all dedicated a great deal of time and effort to developing the Ethereum ecosystem, and have no intention of harming what we have helped build. We believe Ethereum is a crucial piece of the decentralised web infrastructure and are fully committed to making the platform open, scalable, and safe today and in the future, Steiner and Wood added. As BlockExplorer reported , the funds now worth approximately $323 million have been locked up and unspendable since last November due to a code fault in the companys multisig contract library that ultimately resulted in the self-destruction of the library and the permanent disabling of the 584 wallets that referenced its code. The majority of the frozen funds belong to Polkadot, a project founded by Gavin Wood, who incidentally was also Ethereums first CTO and one of the chief architects of Solidity, the programming language Ethereum uses for its smart contracts. Parity has made several attempts to recover the funds through Ethereum Improvement Proposals (EIPs), which if approved would be included in Continue reading >>

Parity Has No Intention To Split Ethereum Over $320 Million In Frozen Eth

Parity Has No Intention To Split Ethereum Over $320 Million In Frozen Eth

Parity Has No Intention to Split Ethereum over $320 Million in Frozen ETH Join our community of 10 000 traders on Hacked.com for just $39 per month. Parity Technologies has no intention to split the Ethereum chain over a dispute involving more than $320 million worth of ETH that has been frozen for months due to a bug in a multi-signature wallet smart contract library, the company said in a statement. In the statement , which was attributed to Parity co-founders Jutta Steiner and Gavin Wood, the company stated in no uncertain terms that it has no intention to split the Ethereum blockchain much as the network fractured into Ethereum and Ethereum Classic in 2016 to recover the lost funds. Let us make clear: we have no intention to split the Ethereum chain. We plan to continue to work with the community to find a path forward. We have all dedicated a great deal of time and effort to developing the Ethereum ecosystem, and have no intention of harming what we have helped build. Nevertheless, Parity continues to promote a recovery process for the ~513,000 ETH that has been inaccessible since last year, when a software bug allowed an external user to self-destruct a wallet library contract that was referenced by nearly 600 multi-signature wallets. More than half of those funds belong to the Web3 Foundation, which was founded by Gavin Wood, who along with his involvement with Parity is also Ethereums former chief technology officer. All of us at Parity Technologies are deeply sorry to the users who remain unable to access their ether as a result of a bug in our code. We have been in constant conversation with affected projects and believe that those in the community who have stuck ether, either through the wallet freeze or, for example, issues such as those listed in EIP-156, Continue reading >>

Ethereum Infighting Spurs Blockchain Split Concerns

Ethereum Infighting Spurs Blockchain Split Concerns

Ethereum Infighting Spurs Blockchain Split Concerns Apr 25, 2018 at 03:00 UTC|UpdatedApr 26, 2018 at 08:02 UTC UPDATE: Since publication, major ethereum community members have expressed an interest in working to find solutions that would avoid an inability to reach consensus. These include principal players ParityTech , and key community members Golem Project and developer Peter Szilagyi , whose statements are linked. Ethereum appears to be at a notable crossroads on technical direction. At least, that was the mood at a meeting of top ethereum developers late last week where a discussion on a controversial code proposal called EIP 999 led some to speculate the scenario is now a possibility. Indeed, it's nowbelieved the proposal, which which seeks a technical fix that would return $264 million in lost funds, is so contentious, some users may chose to defect to a new version of the code. Those in favor of the proposal point to the frequent losses of ether due to buggy contracts, arguing that the platform should ensure against such avoidable mistakes. But on the other side, many warn that editing code after deployment could damage not only the security but also the integrity of the platform. "It's clear no matter where you stand that the issue is contentious enough that if [EIP 999] goes forward and implements then it will generate a contentious hard fork," developer of ethereum's Mist browser Alex Van de Sande, said during the dev meeting on April 20. "It's unavoidable that it will create a split," he continued. Still, it's important to note the size and influence of its backers. Spearheading the code change, for instance, is Parity Technologies, the ethereum software company behind the wallet that was impacted by the fund freeze. Founded by ethereum co-founder Dr. Gavin Continue reading >>

Bitcoin & Ethereum Forks: What They Are & Why They Matter

Bitcoin & Ethereum Forks: What They Are & Why They Matter

Bitcoin & Ethereum Forks: What They Are & Why They Matter Cryptocurrency forks have a tremendous impact on the trajectory of crypto finance investments, but many investors without computer development experience struggle to understand the technical jargon. This is why Strategic Coin has set out to provide sophisticated investors with the educational resources and research they need to take advantage of market opportunities as they arise. Below, this article explains what forks are and what role they play in cryptocurrency and blockchain development: In software development, it is common for a developer to make a copy of a projects source code and begin independent development. This is known as a fork. Forks occur for several reasons within the cryptocurrency ecosystem. Occasionally, they stem from disagreements within a community about the future of the project and result in permanent network splits. However, forks are also a component of regular software upgrade and development. Following a fork, different versions of the software may or may not be compatible. If the fork is compatible with older versions of the software, it is considered a soft fork. Because they maximize user compatibility, most cryptocurrency developers try to deploy protocol upgrades via soft forks whenever possible. If the new version of the software is no longer compatible with older versions, the upgrade is considered a hard fork. This means that people using different software versions will not be able to transact with one another, as the original blockchain has essentially split into two different networks. Most altcoins are technically hard forks of Bitcoin since they are based on the Bitcoin codebase but are not compatible with the Bitcoin network. However, there have been several notable o Continue reading >>

Hard Fork Definition | Investopedia

Hard Fork Definition | Investopedia

As it relates to blockchain technology,a hard fork (or sometimes hardfork) is a radicalchange to theprotocol that makes previously invalid blocks/transactions valid (or vice-versa), and as such requires all nodes or users to upgrade to the latest version of the protocol software. Put differently, a hard fork is apermanent divergence from the previous version of the blockchain , and nodes running previous versions will no longer be accepted by the newest version. This essentially creates a fork in the blockchain, one path which follows the new, upgraded blockchain, and one path which continues along the old path. Generally, after a short period of time, those on the old chain will realize that their version of the blockchain is outdated or irrelevant and quickly upgrade to the latest version. A hard fork can be implemented to correct important security risks found in older versions of the software, to add new functionality, or to reverse transactions (as in the case with the hard fork to reverse the hack on the DAO (decentralized autonomous organization) in the Ethereum blockchain). A hard fork involves splitting the path of a blockchain by invalidating transactions confirmed by nodes that have not been upgraded to the new version of the protocol software. Following the hack on the DAO, the Ethereumcommunity almost unanimously voted in favor of a hard fork in order to roll back transactionsthat siphoned off tens of millions of dollars worth of digital currency by an anonymous hacker. The hard fork also allowed DAO token holders to get their ether funds returned to them. The proposal did not exactly unwind the networks transaction history. Rather, it relocated the funds tied to The DAO to a newly created smart contract with the single purpose of letting the original owne Continue reading >>

Ethereum Proposal To Resurrect Disabled $360 Mln Parity Contract Shut Down

Ethereum Proposal To Resurrect Disabled $360 Mln Parity Contract Shut Down

Ethereum Proposal To Resurrect Disabled $360 Mln Parity Contract Shut Down The EIP-999 proposal to restore the 513,774 ETH frozen in the Parity multi-sig library since last fall has been rejected. A week-long vote on a proposal in regards to the Parity hack wallet reversal, which proposed to restore a disabled contract to unfreeze 587 wallets holding 513,774.16 Ethereum (ETH), equal to around $360 mln at todays prices , has ended with a majority no vote today, April 24. In November of last year, a Parity user accidentally killed the Parity multisig library by activating a vulnerability to become the owner of the library, and then self-destructing it. Prior to that, the library had been fixed and re-deployed with the vulnerability after Parity was hacked of around 150,000 ETH in July 2017. In response to the accidental freezure of the ETH funds, Parity wrote in a blog post that they are working on Ethereum Improvement Proposals (EIP) that could propose ways to unblock the funds. EIP-999 presented on April 4 and written in regards to the frozen ETH suggests restoring the WalletLibrary by a patched version to allow the owners of the dependent multi-signature wallets regain access to their assets. EIP-999 received 330 no votes, 300 yes votes, and 9 dont care. Voting was a coin vote, which in this case allowed those with the dead, affected wallets to be able to vote with the ETH in those wallets just by signing the message, according to a Reddit post by user x_ETHeREAL_x. Before the vote was over, x_ETHeREAL_x posted that the reason "yes" is winning has nothing to do with community sentiment It is Parity, the original ethereum foundation members now part of parity, and even their own self-destructed wallet voting. Do not be fooled -- this has nothing to do with "community" Continue reading >>

Developers Think Ethereum Blockchain Fork Might Just Happen

Developers Think Ethereum Blockchain Fork Might Just Happen

Developers Think Ethereum Blockchain Fork Might Just Happen Blockchain / Breaking News / Crypto.IQ / Ethereum In light of the recent situation in the world of the Ethereum blockchain, it is becoming more and more likely that the worlds second largest cryptocurrency might see a hard fork some time soon.This is something that even the top developers of the Ethereum blockchain network are contemplating. Last week saw a meeting take place amongst the top dogs of the Ethereum blockchain network where they were discussing one of the proposed Ethereum improvement protocols called EIP-999. There was talk about how that proposed change could result in the hard fork, which will make two competing cryptocurrencies from the current Ethereum blockchain network.Premise Behind EIP-999There has been a loss of over $260 million in Ether due to the treachery of a buggy nature in the code. The Ethereum improvement protocol came in light of this issue. Actually, It was not as much the fault of the code itself, but that of the owners of those funds, which resulted in the activation of the self destruct coding. Whether or not to make changes to the code in order to make a recovery of those lost funds is the matter in question and the premise behind the proposed EIP-999. There is a high chance that because of that debate, the difference of opinion will result in some users on the Ethereum blockchain network split apart from the main network.Everybody who wants the proposal to go ahead and take place are of the opinion that the loss of so many Ether tokens is a result of buggy coding and the platform should be taking measures to ensure that such a big loss of funds does not happen. Those who are contending the implementation of EIP-999 on the Ethereum blockchain network are saying that making Continue reading >>

Bitcoin Wallet Blockchain Size Ethereum Affected Bitcoin Split

Bitcoin Wallet Blockchain Size Ethereum Affected Bitcoin Split

Bitcoin Wallet Blockchain Size Ethereum Affected Bitcoin Split Is it safe to use this apps for the segwit, mycelium and paper wallet from bitaddress. While the Bitcoin Mining Laptops Ethereum Casper Launch Date blockchain is a decentralized network with consensus voting, the platform was designed and is still overseen by the core developers who make up the Ethereum Foundation, including Ethereum co-creator Vitalik Buterin. Segwit2X currently still has the support of the vast majority of the Bitcoin network which, in essence, makes it a software update as long as the consensus of nodes upgrades to it. Miners The people who operate expensive computers that confirm Bitcoin transactions. So, if your software is not compatible or if you fail to meet or invalidate any of the consensus rules baked into the Bitcoin code base, then the network would ignore your transaction. Still, the firm might support both Segwit2x and Bitcoin Cash in the future. Get Our Best Gtx 780 Mining Profitability Most Profitable Tokens To Mine Assuming Bitcoin forks and splits into two coins, BTC and BTU, then the price of each of these coins will probably be worth a lot less than the current price. More From Rob First Look: How Bitcoin Wallet Blockchain Size Ethereum Affected Bitcoin Split you envision a hard fork taking List Of Trusted Auto Bitcoin Miner Getting Started Ethereum with the possibility of a chain split? This can create an issue since blocks are created on average every 10 minutes. Most programs you use today are controlled by a single entity. Mar 15, at This experiment seemed to work, and it put a great deal of pressure on exchanges and wallet providers to support Bitcoin Cash, whereas a new altcoin would largely just be ignored. Forks are a part of most open source software protocols Continue reading >>

Ethereum (eth) Vs. Ethereum Classic (etc): Etc Looks To Match Eth With Elaborate Roadmap

Ethereum (eth) Vs. Ethereum Classic (etc): Etc Looks To Match Eth With Elaborate Roadmap

Ethereum (ETH) vs. Ethereum Classic (ETC): ETC looks to match ETH with Elaborate Roadmap The DAO Attack that resulted in the Ethereum hard fork may be a receding event, but its significance continues/ will continue to be felt for a long time to come. The reason is that, its that attack that led to the split of Ethereum blockchain into two. The newer chain became Ethereum (ETH) while the old chain, those that didnt favour any changes to the code renamed to Ethereum Classic (ETC). The two coins didnt just take different paths, the original chain remained backward incompatible. The implication is that it cannot implement any of the updates and upgrades done on the ETH platform. For example, ETH is shifting to a proof of stake algorithm, but ETC will remain a proof of work coin. To compound matters, most of the major figures in the Ethereum community (including Vitalik Buterin and Gavin Wood) moved on to the new chain. The resulting disagreement over the often quoted ethical and ideological differences meant that there has been some kind of bad blood between the two communities. It doesnt help to note that ETH has gone on to become the 2nd best cryptocurrency behind Bitcoin in market capitalization. Conversely, ETC is ranked 17th on coinmarketcap.com. 2018 Plans: Ethereum Classic looks to match ETH in Smart Contracts Vitalik Buterin has put forward a proposal to have ETH supply capped at about 120 million coins. This is in line with the view that an infinite supply may hurt the value of the coin in the future. While this proposal still has to be adopted by the community, it represents an interesting angle to how ETH may shape in terms of value. Aside from this, it will be interesting to see how Ethereum handles its monetary policy. This takes on an interesting angle as the Continue reading >>

Ethereum Vs Ethereum Classic: The Ethereum Split

Ethereum Vs Ethereum Classic: The Ethereum Split

Ethereum vs Ethereum Classic: The Ethereum Split The 2016 story of the Ethereum split and Ethereum vs Ethereum Classicis a very interesting and important story to hear. This is because some people thought it was a great idea, while others hated it! This easy to follow guide will start with an explanation of why the split happened and how it created a completely new blockchain and cryptocurrency called Ethereum Classic. I will then explain how the two blockchains are different and how each of their currencies have performed in terms of price since the split. Once you have read my Ethereum vs Ethereum Classic guide from start to finish, you will be able to decide for yourself which one you prefer! Either as an investor or as a user. So, what are you waiting for? Lets go and find out exactly what happened in the Ethereum split! 6 Ethereum vs Ethereum Classic: Conclusion Ethereum vs Ethereum Classic: How It All Started Ethereum, released in 2015 after being created by Vitalik Buterin in 2014, created blockchain possibilities far beyond just financial transactions. Unlike Bitcoin, which is only suitable for transferring funds, Ethereum allows people to create something called smart contracts. A smart contract allows two or more people to enter an agreement, without needing a third party. Basically, imagine you wanted to automatically send your friend some funds on their birthday every year. Yes, you could just do it yourself by walking into your local bank, but how cool would it be to set up a smart contract so that you can send it automatically without the need for a bank? This is only a very small part of what smart contracts can do; the possibilities they unlock are endless. Smart contracts can be created for just about anything. Rent, insurance, gaming, voting, investme Continue reading >>

Parity Says No Intention To Split Ethereum Over Fund Recovery - Coindesk

Parity Says No Intention To Split Ethereum Over Fund Recovery - Coindesk

Apr 26, 2018 at 09:00 UTC|UpdatedApr 26, 2018 at 11:51 UTC Parity Technologies issued a statement Thursday stating it has no plans to move forward with a code change that would result in an ethereum blockchain split. Named EIP-999, the contentious code change would recover the $264 million lost due to a code fault in Parity wallets in November 2017. Signed by co-founder of the company Gavin Wood and co-founder and CEO Jutta Steiner, the statement emphasizes that the company has "no intention to split the ethereum chain," but rather, plans to "work with the community to find a path forward." "We have all dedicated a great deal of time and effort to developing the ethereum ecosystem and have no intention of harming what we have helped build." Part of an ongoing debate on the fund recovery,EIP-999 has been a point of division within the ethereum community, with developers warning that the polarized sentiment could result in a split. Speaking in the statement, Parity said it is "deeply sorry" to the users that lost money as a result of bugs, continuing that it believes that those who have lost money, do "have a case for attempting to recover the property." Disagreement as to whether funds lost due to bugs onethereum should be recovered has been ongoing for several months. Last week, developer Alex Van de Sande warned in a developer meeting if the current recovery attempt was implemented, "it will generate a contentious hard fork." Speaking in the statement, Parity said that the company has implemented more robust security practices since the fund freeze last year, including an improved development process for smart contracts, and a partnership with auditing firm Trail of Bits. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalist Continue reading >>

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