Lightning Network For Ethereum? Eth Surges As Casper Approaches
In using this website you are deemed to have read and agreed to the following terms and conditions: The following terminology applies to these Terms and Conditions, Privacy Statement and Disclaimer Notice and any or all Agreements: "Client", You and Your refers to you, the person accessing this website and accepting the Companys terms and conditions. "The Company", Ourselves, We and "Us", refers to our Company. Party, Parties, or Us, refers to both the Client and ourselves, or either the Client or ourselves. All terms refer to the offer, acceptance and consideration of payment necessary to undertake the process of our assistance to the Client in the most appropriate manner, whether by formal meetings of a fixed duration, or any other means, for the express purpose of meeting the Clients needs in respect of provision of the Companys stated services/products, in accordance with and subject to, prevailing English Law. Any use of the above terminology or other words in the singular, plural, capitalisation and/or he/she or they, are taken as interchangeable and therefore as referring to same. We are committed to protecting your privacy. Authorized employees within the company on a need to know basis only use any information collected from individual customers. We constantly review our systems and data to ensure the best possible service to our customers. Parliament has created specific offences for unauthorised actions against computer systems and data. We will investigate any such actions with a view to prosecuting and/or taking civil proceedings to recover damages against those responsible. We are registered under the Data Protection Act 1998 and as such, any information concerning the Client and their respective Client Records may be passed to third parties. However, Cli Continue reading >>
Ethereum's Scalability Concerns Buoy Alternative Platforms - Bitcoinist.com
Ethereum may have emerged to be the dominant platform for the development of decentralized applications (dapps). However, issues concerning its scalability are starting to prompt developers to consider alternative platforms. Several notable projects have already moved on from Ethereum, choosing the likes of NEO and Stellar as their new platforms of choice. The market also seems to be getting excited by the emergence of these blockchains. Established trading platforms like eToro are now starting to support NEO due to the tokens strong showing in light of the massive crypto market correction this February. Stellar was also kept afloat by these new partnerships. Increased adoption would only help further their respective standings in the crypto space. This, however, should not take away from Ethereums accomplishments so far. The platform has been instrumental in ushering more participants in crypto activities. Many blockchain startups used the platform to conduct their token sales over the past year. It is also still currently the most popular blockchain and smart contract development platform. According to the State of Dapps, there are now over 1,090 dapps built on it. Ether, the networks token, sits behind Bitcoin as the second largest cryptocurrency with a market capitalization of over $91 billion. Usage is also on the rise especially now that more projects are gaining traction. The Ethereum blockchain already topped 160 million total transactions this February which is quite the feat since the blockchain has only been live since mid-2015. In comparison, Bitcoins blockchain has only recently reached 300 million total transactions even if it has already been around for nearly a decade. Ethereums popularity isnt without tradeoffs. As usage increases, the more scalability Continue reading >>
Lightning Network For Ethereum? Eth Surges As Casper Approaches
Lightning Network For Ethereum? ETH Surges as Casper Approaches Lightning Network For Ethereum? ETH Surges as Casper Approaches As Bitcoin calms down after its latest roller-coaster ride, Ethereum has soared to unprecedented heights. The coin briefly peaked at just over $900 on January 2nd, and appears to be heading back up and beyond following a brief dip at the time of press. 2017 was a year of eye-popping growth for the cryptocurrency markets at large, and the rise of Ethereum was undoubtedly one of the most significant parts of the crypto journey throughout the year. According to Ethereums official blog, transactional volume on the ETH blockchain has more than doubled within the last several months. The network has reportedly processed an average of ten transactions per second for periods lasting as long as a few days. While ten tx/second may not seem to be much compared to the 24,000 tx/second capabilities of the Visa network, its more than double the average Bitcoins 4 tx/second. Ethereum also reported that the number of accounts created per day passed 100,000 as well as an increase of nodes (computers that uphold a blockchains network) despite rising system requirements. While much of Ethereums rise throughout the year can be contributed to the blossoming era of ICOs and several regulatory measures that legitimized Ethereum as legal tender in several countries throughout the world, the most recent rise could be attributed to the approaching Casper software update that will improve security and scalability on the Ethereum network. Although Bitcoins scalability issues have received quite a bit more publicity than Ethereums, implementing a scalability solution for the Ethereum network has become an increasingly urgent task as the network supports a growing number o Continue reading >>
Vulnerable? Ethereum's Casper Tech Takes Criticism At Curacao Event
Vulnerable? Ethereum's Casper Tech Takes Criticism at Curacao Event Mar 2, 2018 at 20:00 UTC|UpdatedMar 4, 2018 at 12:22 UTC Is ethereum's biggest future upgrade "fundamentally vulnerable?" That was the claim put forward by distributed systems expert and founding VMware researcher Dahlia Malkhi on Friday, who used those exact words to describe ethereum's Casper protocol at Financial Cryptography 2018 in Curacao. During a keynote presentation, Malkhi's covered blockchain through the lens of a long-studied area of computer science that explores how nodes come to agreement. Still, it was her critical remarks on Casper, an upgrade that has promised to introduce a better, greener algorithm for the ethereum blockchain, that perhaps drew the most notice. Unlike bitcoin's pioneering proof-of-work system whereby miners expend real electricity and energy to verify blocks of transactions,proof-of-stake offers a kind of virtual mining, where the coins themselves are locked up (like capital in physical miners) and then perform computations. As such, proponents say proof-of-stake will have the same theoretical benefit to the system, without real-world power costs and environmental issues. But while the idea's opposition has been just as fierce,Malkhi's comments mark perhaps the first time a renownedcomputer science researcher has weighed in on the debate. "I think proof-of-stake is fundamentally vulnerable. You're giving authority to a group to call the shots [...] In my opinion, it's giving power to people who have lots of money. Yet, she softened the blow, adding that she believes Casper has led to "interesting" research that's fueled growing interest and innovation in the field of distributed systems. As someone who's been studying distributed systems for years, Malkhi's biggest Continue reading >>
Ethereum Blockchain's Future With Casper And Constantinople
Ethereum Blockchain's Future With Casper And Constantinople From Casper to Constantinople and from staking to sharding, Ethereums next set of upgrades are poised to change the platform like never before. As blockchain and cryptocurrency finally make their foray into wider public awareness, core comprehension of those technologies will begin to spread faster and farther and the hype surrounding them will begin to crescendo. Decentralized systems are by nature dependent upon the network they are comprised of, so when you use the technology, you become part of growing and improving that infrastructure. As Cornell University's Emin Gn Sirer told ETHNews: "What matters, first and foremost, is a healthy community ready to evolve the underlying technology according to scientific findings, and Ethereum has that going for it in spades." So what should the Ethereum ecosystem expect moving forward into 2018 and beyond? Speaking from Taipei late last November, Vitalik Buterin outlined a new development roadmap for what he calls "Ethereum 2.0." "There isn't really a precise conception of what goes into Ethereum 2.0 and what doesn't," said the blockchain's co-founder. "Ethereum isn't a product that gets released by a company ... This is more like something that's going to end up slowly evolving over time. Even still, though, there are very major changes to Ethereum's architecture that we do expect will come over the next few years." Buterin went on to explain, "There's generally three major categories of problems that I just keep talking about every year and the reason why I keep talking about them every year is because they are big problems and they are very important problems." Although there is a significant amount of work to be done by the Ethereum Foundation and the ecosystem a Continue reading >>
What Is The Ethereum Casper Protocol?
written by Jonnie Emsley February 7, 2018 The term Casper has been popping up lately in the Ethereum community like a whack-a-mole. Youll even see it hitting headlines alongside ETHs recent 30% spike in value , with punters explaining the upwards explosion as sheer anticipation of what Casper will do for Ethereum. With the successful launch of the Casper Testnet on the last day of 2017, excitement in the Ethereum community is gathering the momentum of a runaway freight train. Still, while everyone revs up for a Casper-supercharged world computer, its release date is as elusive and mysterious as a poltergeist, with Ethereums developers loosely announcing it will occur some time this year. But before we get ahead of ourselves, lets break it down and have a look at Ethereums ghostly counterpart. Casper is a hard fork of Ethereum that solves many of the underlying issues holding the cryptocurrency back from mass adoption. At its core, Casper aims to enhance Ethereums security and reduce the risk of centralization, while eliminating the financially and environmentally unsustainable practice of mining. Casper marks a shift to the Proof-of-Stake protocol, but it will start out as a hybrid with the current Proof-of-Work . In practice, this means that the PoS will only be used every 100th block. All details are exceedingly vague at this stage, but the eventual outcome of Casper could result in three versions (forks) of Ethereum: PoS, PoW, and Classic. As we count down to the Casper fork, Ethereum miners are starting to bite their nails. Why? It is highly probable that the transition to PoS will mark the end of Ethereum mining, as ETHs developers plan to detonate a difficulty bomb on the PoW fork when they release Casper. The bomb is a piece of Ethereum code that by design makes Continue reading >>
Introducing Casper "the Friendly Ghost" - Ethereum Blog
Hi everyone Vlad here. Ive been working on the analysis and specification of proof-of-stake blockchain architecture since September 2014. While Vitalik and I havent agreed on all of the details of the spec, we do have consensus on many properties of the proof-of-stake protocol that will likely be implemented for the Serenity release! It is called Casper the friendly ghost because it is an adaptation of some of the principles of the GHOST (Greedy Heaviest-Observed Sub-Tree) protocol for proof-of-work consensus to proof-of-stake. This blog post (my first one!) shares properties that are likely to be true of Caspers implementation in the Serenity release. Formal verification and simulation of Caspers properties is under way, and will be published eventually in the meantime, please enjoy this high-level, informal discussion! : ) Security-deposit based security and authentication Casper is a security-deposit based economic consensus protocol. This means that nodes, so called bonded validators, have to place a security deposit (an action we call bonding) in order to serve the consensus by producing blocks. The protocols direct control of these security deposits is the primary way in which Casper affects the incentives of validators. Specifically, if a validator produces anything that Casper considers invalid, their deposit are forfeited along with the privilege of participating in the consensus process. The use of security deposits addresses the nothing at stake problem; that behaving badlyis not expensive. There is something at stake, and bonded validatorswho misbehave in an objectively verifiable mannerwill lose it. Very notably, a validators signature is only economically meaningful so long as that validator currently has a deposit. This means that clients can only rely o Continue reading >>
How Does Ethereum's Casper Proof-of-stake Protocol Work?
How does Ethereum's Casper proof-of-stake protocol work? Casper is a security deposit based economic consensus protocol. It is intended to replace the current Proof-of-Work algorithm used by Ethereum. Why are they creating a new Proof-of-Stake(PoS) protocol? The Ethereum developers want to address the flaws with the existing PoS protocols. The main reason they are developing this algorithm is the "nothing at stake problem." The idea behind it is that validators are not being punished if they start forking the chain for their own gains. With the existing protocols if the chain splits the validators will not get fined if they continue validating blocks on both chains. Why would they do that? It is a simple backup plan. If you mine on both chains, you are likely going to gain more money/tokens/coins from that. What Casper does is that it forces validators to deposit a certain amount of tokens and these tokens would serve as collateral. If you do not play by the rules, you will lose your money. Secondly, Casper introduces a new consensus rule where validators bet on the future outcome of the blockchain. The bets are placed from the provided deposits. The math behind all of this ensures that the highest bet on the future outcome will be the actual outcome. If a validator bets with high probability on a different outcome he/she will lose their deposit. Casper is a cooperative consensus algorithm where in order to get maximum revenue as a validator you need 100% of all validators to be online or follow the same rules. As a validator, it is in your best interest to play by the rules. Continue reading >>
Ethereums Casper Update Comes Under Scrutiny From Tech Wizard In Curcao
Ethereums Casper Update Comes Under Scrutiny from Tech Wizard in Curcao Casper, one of Ethereum most anticipated updates is all set to be launched in 2018 but is it fundamentally vulnerable? Well, at least thats what distributed systems expert and founding VMware researcher Dahlia Malkhi had to say when asked about the update at the Financial Cryptography 2018 being held in Curacao and further went on to promise a better algorithm for the Ethereum blockchain. I think proof-of-stake is fundamentally vulnerable. Youre giving authority to a group to call the shots  In my opinion, its giving power to people who have lots of money. Havent heard the Casper update yet? Currently, Ethereum works on a proof of work protocol and is looking to switch to the proof of stake protocol with the Casper update which makes mining cost and energy efficient and rewards current Ethereum holders. While Malkhi isnt the first person to criticize the PoS protocol, her being the first to speak up from the world of computer science and research is definitely a setback. Yup, she did look to point the positives from the update by stating that Casper could be the start of the huge change in the field of distributed networks but was it only to soften the blow? Wondering why Malkhi has been so vocal about her criticism of the Pos system? It comes to 2 major attributes, safety, and liveness. Revealing about her talk with lead Casper author, Vlad Zamfir who believes the protocol is useful due to its liveness, Malkhi disagrees. According to her, the vulnerabilities in Casper like blockchain products leaves little to no utility even if live. She further went on to state that the idea lacks academic research thus important assumptions made during the development and implementation could be nullified. Als Continue reading >>
First Impressions Of Ethereums Casperproof Of Stake(pos)
Vitalik Buterin and Virgil Griffith have introduced a proof of stake-based finality system capable of overlaying an existing proof of work (PoW) blockchain. In their paper , entitled Casper the Friendly Finality Gadget, Buterin and Griffith explain that the first version of Casper (within Ethereum) could take on the form of a hybrid PoW/PoS system. The first available release of the alpha Casper Friendly Finality Gadget (FFG) testnet, built on pyethereum, achieves this. This hybrid PoW/PoS vision, albeit with only 14 listed nodes at the time of writing, can be observed on the following Ethereum Network Status Site . Installing Casper FFG on Ubuntu 16.04LTS Thankfully, the process of installing Casper FFG on Ubuntu as documented here  is relatively straight forward. This succinct installation process is thanks to the docker approach provided by Karl Floersch . Participating in the validation PoSprocess At present, my most significant hurdle to running a validating Casper FFG testnet node is not brought about by the installation process or commands. It is brought about by the fact that a validating Casper FFG node, on the testnet, must provide a minimum deposit of 1, 500 Casper FFG testnet ETH in order to participate in the validation process. As we mentioned previously, Casper FFG is a hybrid PoW/PoS system and therefore the Casper FFG node is able to be run in mining mode. The following gist contains a list of commands for mining Casper FFG testnet ETH using Ubuntu 16.04LTS. The following gist contains a list of commands for checking Casper FFG testnet ETH account balance (during/after mining). Of course, whilst mining is an option, it would be ideal if participants willing to try out the alpha Casper FFG testnet could have immediate access to the required Continue reading >>
Ethereum Price: What The Casper Update Means For Ethereum
Ethereum price: What the Casper update means for Ethereum Ethereum is on a charge right now after the first testnet of a major update was released. Here's what it means. Ethereum , while many believe is the future of the internet, in its current form still has problems handling capacity, relies on miners for proof of work and is quickly becoming more expensive for transactions. List of exchanges that allow you to buy Ethereum In December, the increasingly popular Ethereum-based game CryptoKitties brought in so much traffic that it completely overwhelmed the Ethereum network for 24 hours. There are several improvements on the roadmap to eventually bring Ethereum to the point where it can handle as many transactions per second as the Visa network, decentralised and at a cheaper price. The first of these is known as the Casper update, and its initial test network was just released, which is why Ethereum's price has been going through the roof. Casper, once it's integrated will turn Ethereum from a Proof of Work platform into a Proof of Stake, which will make everything much faster and cheaper as it continues to grow. Currently, the Proof of Work system Ethereum uses means miners are needed to solve complex algorithms to support consensus and keep the network running. In the Proof of Stake world, these miners will be replaced by "Stakers". These Stakers will stake their coins in special wallets, and be paid dividends from network fees based on how much ETH they stake. Stakers will need to have a minimum amount of ETH before they can take part in the consensus. It's not sure yet how much ETH will be needed, however Ethereum founder Vitalik Buterin has said it could be around 1,000 to begin with. The biggest change which will come from this is that it will make Ethereum mine Continue reading >>
What Is Ethereum Casper Protocol? Crash Course
What is Ethereum Casper Protocol? Crash Course Angel Investors, Startups & Blockchain developers... If you are interested in Ethereum or Cryptocurrency in general, then you must be aware of the terms proof-of-stake and Ethereum Casper. There is no running away from these terms, they are everywhere. Now because there is so much data out there, anyone interested in the topic may go through paralysis via analysis. So, in this guide, we present to you the definitive guide to Casper and how it will change Ethereum forever. What is Ethereum Casper Protocol? Crash Course Most cryptocurrencies including Bitcoin run on proof-of-work. Proof-of-work as a process has the following steps to it: The miners solve cryptographic puzzles to mine a block to add to the blockchain . This process requires an immense amount of energy and computational usage. The puzzles have been designed in a way which makes it hard and taxing on the system. When a miner solves the puzzle, they present their block to the network for verification. Verifying whether the block belongs to the chain or not is an extremely simple process. That, in essence, is what the proof-of-work system is. Solving the puzzle is difficult but checking whether the solution is actually correct or not is easy. This is the system that Bitcoin and Ethereum (till now) have been using. However, there are some fundamental flaws in the system. As it turns out, there are quite a few problems with proof-of-work. First and foremost, proof of work is an extremely inefficient process because of the sheer amount of power and energy that it eats up. People and organizations that can afford faster and more powerful ASICs usually have a better chance of mining than the others. As a result of this, bitcoin isnt as decentralized as it wants to be. Continue reading >>
What Is The Current State Of Casper?
I've been reading a bit about Casper, but I couldn't find anything recent nor any technical details about it. I know the protocol is not finished but is there any information about it? I mean more than just a high level overview as one can read in the "Introducing Casper" post on the blog Also I was wondering if they were still working on Slasher or if it had been completely forsaken? Ethnews also had a recent article about it . According to them, a profitable POS validator will need a minimum of 1000 to 4000eth just to cover their gas cost. At $200/eth that's $200k $800k invested and locked up just to participate. The irony is that POS was suppose to improve democratization but instead it ensures only the very wealthy will be able to participate. How funny, better start saving now! Continue reading >>
What Is Ethereum Casper?
Beginner's Guide To Ethereum Casper Hardfork: What You Need To Know
The Casper updates mission is straightforward, then: to shift ether from being a PoW coin to a Proof-of-Stake (PoS) coin . As opposed to the PoW consensus protocol, the PoS protocol achieves consensus through stakerssometimes referred to as minters, toowho stake their coins by locking them down in specialized wallets . With these stakers at work, mining will become redundant, meaning the Ethereum network post-Casper will rely on stakers and staking pools instead of miners for its operability. And, like miners, stakers will be rewarded for their service to the network. Minters will receive an annual dividend of ether (collected from network fees), so staking would be a lucrative endeavor for those with enough coins. Naturally, then, the more ETH you stake, the larger your annual dividends will be. For now, Ethereums developers havent arrived at a hard number for the amount of ETH that will be required to stake. What they have confirmed, though, is that the number will likely start out higher before gradually being brought considerably lower. For instance, Ethereum founder Vitalik Buterin has recently thrown around a guesstimate of needing approximately 1,000 ETH to be one of the networks inaugural stakers. He said that number could be dropped down to as low as 10 ETH over time. Whatever the number ends up being, users will still be able to band together and create staking pools, just like there are robust mining pools in the Bitcoin and Ethereum communities today. Youll simply pitch your desired amount of ether in, lock in down with your peers, and rake in the dividends together (to be shared proportionally, of course). Well, the Casper update is certainly a team effort, but its inarguable that top Ethereum researcher Vlad Zamfir has been at the vanguard of the updates Continue reading >>