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Ethereum Byzantium Mining

Byzantium Hard Fork Activates On Ethereum Network

Byzantium Hard Fork Activates On Ethereum Network

Byzantium Hard Fork Activates on Ethereum Network Join our community of 10 000 traders on Hacked.com for just $39 per month. Ethereums Byzantium hard fork went into effect Monday morning, initiating the first phase of the platforms latest protocol upgrade. The Byzantium fork is considered to be the first half of Metropolis, a protocol upgrade that has been planned since 2015. It introduces nine ethereum improvement protocols (EIPs) designed to enhance the networks privacy, scalability, and security. The second phase Constantinople does not yet have an official release date but is tentatively scheduled for 2018. At 5:22 UTC, block 4,370,000 was mined, officially activating Byzantium. This was the fifth time the Ethereum network has undergone a hard fork, the ethereum price has appreciated more than 3,000% since the networks last hard fork , which occurred in November 2016. Consequently, there was much more at stake market cap-wise than at any previous hard fork. Hard fork celebration! pic.twitter.com/mL1ZyJOYeA Vitalik Buterin (@VitalikButerin) October 16, 2017 Developers cheered Byzantiums activation, and the celebration was particularly satisfying considering the obstacles the community had to overcome during the days immediately preceding the fork. Most notably, testers were still finding software bugs as recently as October 14, leading to calls to postpone the hard fork.Moreover, although this fork was not contentious, there were fears that some miners would continue to mine on the old blockchain, potentially leading to a blockchain split and creating a new currency. Nevertheless, the hard fork was activated as planned, and so far the transition appears to have been successful. At the time of writing, average block times had fallen below 20 seconds, and the network Continue reading >>

Are You Ready For Byzantium?

Are You Ready For Byzantium?

On Monday 16th October we will probably witness the first part of the anticipated multicomponent update Metropolis for Ethereum , calledByzantium. Whilst the four hard forks of Ethereum has already happened, the first part of Metropolis will happen in few days . The hard fork wont lead to further division of Ethereum (we already have ETH and ETC) but the aim is to make the platform agiler and easier to operate. Byzantium, the first upgrade, will be enforced at block 4,370,000 . For Constantinople update we will have to wait until 2018. We wanted to quickly analyze what will happen on Monday and what the effects might be. According to Ethereum core devs, the second leading cryptocurrency by market cap needed significant updates. The main vision behind the hard forks is to enable upgrades to Ethereum platforms. Byzantium, the first update, will bring three main changes: The first main upgrade is to implement zk-SNARKs or zero-knowledge proofs that will enable users to perform transactions under bigger anonymity. This will additionally relieve programmers from smart contract maintenance. Another feature is to increase security across the network through masking. Last major thing that will come with the update is the increased difficulty of Ether mining. This is because the Ethereum is shifting from proof-of-work to proof-of-stake. The original update launch date was scheduled on October 9, however, Vitalik Buterin suggested that there is no rush to implement updates. The additional time will allow core dev team to adopt the hard fork successfully and conduct further tests. The testing phase shows that everything is going smoothly at the moment, despite a spamming attack on Byzantium testnet . For miners, the biggest incoming change is the experimental shift from proof-of- Continue reading >>

Ethereum Mining After The Byzantium Hard Fork Have Profits Up

Ethereum Mining After The Byzantium Hard Fork Have Profits Up

Ethereum Mining After The Byzantium Hard Fork Have Profits Up Ethereum Mining After The Byzantium Hard Fork Have Profits Up Posted by Nathan Kirsch | Tue, Oct 17, 2017 - 10:23 AM The Ethereum network began a planned hard fork at block number 4,370,000 yesterday and it appears that the Byzantium hard fork has been a smooth transition so far ( check the status ). Miners are having some fun as they are seeing thatsome blocks are being mined in as little as 1 second while others are taking almost a minute during the transition time we are currently in. Over the past month we have averaged about 30 seconds seconds per block and with the fork adjustments that has dropped down to just over 14 seconds! The ETH rewards for a mined block has been cut from 5 ETH to 3 ETH to combat inflation, but miners are seeing about a 30-40% increase in profit with the hard fork changes! MyCryptoBuddy is showing that a single AMD Radeon RX 480 was getting $0.94 in profit per day on October 16th and just 24 hours later that card is now bringing in $1.37 per day. That is a 40% increase in profit thanks to the difficulty being readjusted lower and the lower block times! The Byzantium hard fork hasnt brought us back to the $4+ dollar days we experienced back in May 2017, but well take it! A single AMD Radeon RX 480/580 video card will bring in about $42.50 per month after power. You can actually buy AMD Radeon RX 580 video cards now with prices starting out at just $279.99 shipped for the 8GB model or $259.99 shipped for the 4GB model. ETH should go Proof of Stake (PoS) long before 4GB cards go obsolete, but who knows about other alt coins that might become more profitable to mine in the months and years to come. You are looking at just over 6 months to get you GPU investment back at current price Continue reading >>

Demystifying Ethereum: Beyond Byzantium

Demystifying Ethereum: Beyond Byzantium

Ethereum recently completed the first phase of its two-part upgrade Metropolis. Named Byzantium, this hard fork was aimed at improving security and performance. While the first part didnt bring about any drastic changes and the network didnt experience any major hiccups, lets have a look at what lies ahead. Are we going to face an energy crisis? Is this how the world is going to end? Also read:Demystifying Ethereum: So Much More Than Just Money Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates: The second part of Metropolis, Constantinople, is expected to bring about some rather drastic changes, the star of the show being Casper. Casper is a whole new, reimagined way of achieving consensus. With the introduction of Casper, Ethereum is all set to replace the traditional proof-of-work (POW) algorithm with proof-of-stake (POS). To understand it better, lets do some jargon busting first. So, here we go. Proof-of-stake is a new method of achieving consensus by betting. Each node that wants to earn profit by participating in adding blocks to the blockchain and ensuring the validity of transactions needs to place a bet to do so. This method is all set to replace the traditional miners, who currently need to solve complex mathematical problems for the same purpose. With proof of stake, each participant will place a bet on which blocks are valid and should be added to the blockchain. So, if most of the participants bet on the same block, they all gain some reward and others lose the bet they placed on incorrect blocks. This is an elegant way of ensuring security. While this is just an overview of the POS method, the underlying math is rather complex and makes it really difficult for any attackers to perform a 51 percent attack 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 >>

Ethereum Byzantium - Crypto Mining Blog

Ethereum Byzantium - Crypto Mining Blog

All About BTC, LTC, ETH mining as well as other alternative crypto currencies Ethereums Byzantium Hard Fork is Happening Tomorrow The Ethereum (ETH) network will be undergoing a planned hard fork at block number 4.37 Million (4,370,000), which will likely occur between 12:00 UTC and 13:00 UTC on Monday, October 16, 2017. Ethereum users should update to the latest version of the Ethereum wallet/Mist if they are using it as well as any of the Ethereum clients Geth, Parity or Harmony prior to the hard fork in order to be ready. Ethereum websites and mobile applications that allow you to store ether and/or make transactions are running their own Ethereum client infrastructure to facilitate their services and they should be doing the update as well in order to support he hard fork as well. A hard fork is a change to the underlying Ethereum protocol, creating new rules to improve the system. The protocol changes are activated at a specific block number. All Ethereum clients need to upgrade, otherwise they will be stuck on an incompatible chain following the old rules. Metropolis is a planned Ethereum development phase that includes two hard forks: Byzantium and Constantinople. Byzantium is occurring at block number 4.37M (the hard fork happening tomorrow), while the second part Constantinople does not currently have a release date, but is expected to happen some time in 2018. Update: The hardfork has been successful, the new block reward is 3 ETH (down from 5), but also the effective block time and difficulty have pretty much halved, so in the end miners should still be able to get a better profit at the moment compared to before the fork. Continue reading >>

Ethereum Updated - Moving To Byzantium | Genesis Mining

Ethereum Updated - Moving To Byzantium | Genesis Mining

One of the most interesting things about the Ethereum Blockchain , is that its core software allows developers to create Smart Contracts which are run in computers around the world. And just like your tablet, smartphone or laptop need to be updated every once in awhile, so does the Ethereum software. At first there was only Metropolis, the code name used to describe Ethereums next big update which was supposed to bring better scalability, privacy and robustness to the network. Delays in its development process and unexpected hacks to the network forced the development team to split the Metropolis update into two phases: Byzantium and Constantinople. While the launch date for Constantinople has not yet been defined, Byzantium was set to be launched through a hard fork triggered with the arrival of block 4,370,000 . This happened last 16th of October at 05:22 +UTC. Unlike the SegWit drama back in August which resulted Bitcoins hard fork and the creation of Bitcoin Cash, Ethereums Byzantium update went smoothly and without major events. Byzantium is a mostly under-the-hood update, meaning that end users will notice close to nothing when using their Ether in their day to day transactions. Through the implementation of 9 Ethereum Improvement Protocols (EPIs) , the Ethereum Foundation is taking its blockchain to a whole new level. Byzantium focuses on three things: giving developers new tools to develop better smart contracts, giving miners a better ecosystem in which to carry out their activities and lastly, laying the groundwork for the Constantinople update. Smart contract developers which have updated to Byzantium now have four new opcodes designed for the Ethereum Virtual Machine which should ease their development activities. Moreover, theyve been treated to precompile 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 >>

Ethereum Byzantium: 5 Things You Should Know

Ethereum Byzantium: 5 Things You Should Know

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

What To Expect From The Byzantium Hard Fork

What To Expect From The Byzantium Hard Fork

What To Expect From The Byzantium Hard Fork A reminder to Etherians one and all; the Byzantium hard fork is around the corner. Fast approaching is the impending Byzantium hard fork, set to take place at block number 4,370,000 on the Ethereum mainnet. While Hudson Jameson had previously substantiated to ETHNews that the aforementioned block is expected to be confirmed on or around October 17, a recent update from the Ethereum Foundation more accurately indicates that the planned hard fork will happen between 12:00 UTC and 13:00 UTC, Monday, October 16, 2017, at which point, a number of so-named Byzantium Ethereum Improvement Protocols (EIPs) will be implemented . The Byzantium fork will be the fifth to occur on the Ethereum blockchain and is expected to be adopted without much trouble, given its long history of public facing development. As the first phase of the Metropolis upgrade to be rolled out, Byzantium will improve gas expenditures and network speed, resolve issues with executable distributed code contracts, and (of note to miners) delay the Ice Age difficulty bomb by 18 months while reducing the block rewards to three Ether in a bid to ween the ecosystem away from proof-of-work. It is a scenario in which miners are likely to see a slightly higher payout since blocks will be confirmed faster but at a diminished reward. Who will this upgrade affect most? In the short run, every Ethereum client needs to adopt the Byzantium EIPs for the fork to go smoothly. On October 11, Parity released an update that included a critical consensus-relevant fix pursuant to the fork. Miners and platforms utilizing disparate programming languages that interface with the blockchain must adopt the EIPs to maintain compatibility. The Foundation recommends that users download the latest v Continue reading >>

Byzantium For Ethereum: The Puzzle For The Miners?

Byzantium For Ethereum: The Puzzle For The Miners?

Byzantium is a security update and the first half of the Metropolis hard bifurcation in the Ethereum network. The difficulty grows for Ethereum with Byzantium A dispute between some developers of ethereum and miners continues to be made about the details of an upcoming upgrade designed to improve the functionality of the network. The discussion, which has been underway since July, currently refers to an ethereum improvement protocol, EIP 649, designed to reduce the time it takes to mine a block of transactions, a process for which miners are rewarded with the creation of a new block ethereum, the crypt native currency of the platform. The time to generate a block will increase to 30 seconds. This will start the beginning of what is called the Ice Age Ethereum. The key to the dispute is that after the migration, dubbed Byzantium, the blocks would be extracted in about 10 seconds less than they are today. However, to ensure that this does not undervalue the value of ethereum, currently valued at about $ 300, the code patch also reduces the reward that miners receive per block of 5 ethereums ($ 1,200) to 3 ethereums ($ 840 ). Going back, the change can be seen as a response to a lengthy controversial code in the ethereum protocol called the difficulty pump. An increase in difficulty is pre-configured in the Ethereum protocol. The difficulty pump is designed to make blocks consistently and in less time being more efficient. But while the code is intended to encourage miners to switch to a different chain in the case of a fork, critics fear that, combined with the decline in the bounty on the block, it could have the opposite effect. As change will affect in different ways, it is difficult to get all stakeholders to join with the same idea. Some commentators have gone as fa Continue reading >>

Ethereum: 3 Days Left Until Byzantium And 3gb Gpus Lifespan

Ethereum: 3 Days Left Until Byzantium And 3gb Gpus Lifespan

Download Wallet! Get the latest version of Ethereum Mist Wallet Here! Ethereum: 3 Days Left until Byzantium and 3GB GPUs Lifespan According to CryptoMines , five days are left until Ethereums forks and Byzantium is released. Byzantium is one of the biggest planned updates for Ethereum and it will be one of the latest big ones before the coin switches to PoS. Byzantium aims to prepare the coin for PoS and as a result we will get some important changes, such as lowering transaction times and increase in block mining speed. The fork is expected to happen October 17th. That day, after the difficulty bomb adjustments we, miners, should experience a 23% increase in rewards. At first, Byzantium update was scheduled earlier, but due to several factors it will eventually land on block 4,370,000. Now, those of you who are mining Ethereum using 3GB GPUs might want to know that your GPUs will not become obsolete right after the update. In fact, Ethereum devs speculate that 3GB GPUs will remain fully functional for ETH mining for another 13.5months until ~12-13th November 2018. Before to continue further, please share this thanks! The math is simple. Starting from October 17th, the estimated block speed will be 14.1s. The DAG file will exceed the 3GB mark on block 6,900,000, but due to 3GB GPUs requiring about 80Mb overhead, they will become obsolete on block 6,750,000 (2.92GB). This means that 3GB GPU owners will have about 388 days left after the Byzantium update. Ethereum: 3 Days Left until Byzantium release, the fork that will raise mining rewards by 23%. From a call with Ethereum devs we now know that the release of Byzantium was delayed for about two weeks, but the update is a thing and it will eventually take place soon. Make sure your mining rigs are up and ready. Also, dev Continue reading >>

Miner Argument Continues Over Ethereum's Byzantium Economics - Coindesk

Miner Argument Continues Over Ethereum's Byzantium Economics - Coindesk

Miner Argument Continues Over Ethereum's Byzantium Economics A dispute between some ethereum developers and miners is continuing to simmer over the specifics of a coming upgrade designed to improve the network's functionality. The discussion, which has been underway since at least July, currently concerns an ethereum improvement protocol, EIP 649, intended to reduce the time it takes to "mine" a transaction block, a process for which miners are rewarded with the creation of new ether, the platform's native cryptocurrency. Key to the dispute is that,after the migration, nicknamed "Byzantium," blocks would be mined in about 10 seconds faster than they are today. But, to ensure that this does not deflate the value of ether, currently valued at around $300, the code patch also lowers the reward miners receive per block from 5 ETH ($1,200) to 3 ETH ($840). Stepping back, the change can be seen as a response to long-controversial code in the ethereum protocolcalled the difficulty bomb . An incremental increase of difficulty, pre-configured into the protocol, the difficulty bomb is designed to make blocks steadily less time-efficient to mine. But while the code is intended to incentivize miners to switch to a different chain in the case of a fork, critics fear that, combined with the decline in block reward, it could have the opposite effect. As the change will impact different stakeholders in different ways, it's hard to get everybody on board with the idea. Some commentators have gone so far as portraying the EIP as an attack on miners with the resources to mine harder blocks with greater rewards. At press time, the argument continues, though it remains unclear whether the posts represent a material number of stakeholders, and if they do, how theiracknowledgment might shift Continue reading >>

Ethereums Byzantium Update Widely Successful

Ethereums Byzantium Update Widely Successful

Ethereums Byzantium Update Widely Successful The Byzantium hard fork went live on the Ethereum mainnet without any major setbacks. Running ahead of schedule, at 10:22 pm PST on Sunday, October 15, 2017, the Byzantium fork went live at block 4,370,000. As previously covered by ETHNews , the Byzantium hard fork encompasses enhancements to the Ethereum network by integrating Ethereum Improvement Protocols designed to provide the system with a number of new benefits while weaning miners off proof-of-work consensus. Reactions to the successful update took many forms and developers weren't shy about sharing celebratory tweets: Hard fork celebration! pic.twitter.com/mL1ZyJOYeA The update was not without hiccups; one bug was identified shortly before the planned hard fork and quickly nipped in the bud by fast-acting developers, as noted by Hudson Jameson of the Ethereum Foundation: Interesting fact about geth release this morning: it took one hour from the time the bug was discovered to patch it and alert everyone Hudson Jameson [2X] (@hudsonjameson) October 14, 2017 After the upgrade, developers continued to monitor the progress of block confirmations as the difficulty adjusted. To that end, Buterin issued a status update at 5:46 am October 16: 1200 blocks into Byzantium so far so good. Difficulty almost fully readjusted, block times already back below 20s. Vitalik Buterin (@VitalikButerin) October 16, 2017 Hard forks such as the Byzantium update would not have smooth deployments, if not for the cooperation of many individuals and entities a testament to the robust community from which Ethereum continues to grow and evolve. Continue reading >>

Byzantium Hard Fork In Under 5 Minutes

Byzantium Hard Fork In Under 5 Minutes

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

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