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Ethereum Forks Mining

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 >>

Ethereum Not To Fork Against Asic Mining

Ethereum Not To Fork Against Asic Mining

Vitalik Buterin opposed suggestions that Ethereum needs a hardfork in order to make the network ASIC resistant as Monero did. The threat of centralization is negligible. Ethereum developers discussed the forthcoming release of Bitmain ASIC miners and concluded that there is now need to upgrade the network via hardfork, since they do not consider this threat to be serious, Trustnodes reports . This is not bitcoin, miners are not in control, if they get evil, well just speed up Caspers development, Vitalik Buterin said. According to him, ASIC mining is only 2.5 times more efficient than existing GPU miners. If there is a real threat, Ethereum, of course, can change the algorithm, but it will slow down other developments, explained Buterin, so he is inclined to consider such a decision as not optimal. China-based Bitmain, the world's largest producer of ASIC miners, began selling equipment for Ethereum mining. ASIC miner Antminer E3 works with the Ethash algorithm, which is used in the Ethereum cryptocurrency. Casper FFG, an update for Ethereum, which will make it possible to implement the hybrid consensus mechanism (Proof of Work (PoW) / Proof of Stake (PoS)), is in the second stage of testing. Geth and Parity customers may soon start integrating it, Buterin said, stressing the importance of their early inclusion in the process. Currently, the Casper FFG is undergoing an audit and verification process, however, if a need to oppose ASIC threat arises, this stage may be shortened in order to implement the update as soon as possible, he added. The verification process started in mid-March and will take about five and a half months, said Danny. Nick Johnson, another Ethereum developer, said that the current situation does not justify an urgent fork, and that necessary upgrad Continue reading >>

Ethereum Asics Are Here: What The New Miners Mean And What's Next

Ethereum Asics Are Here: What The New Miners Mean And What's Next

Ethereum ASICs Are Here: What the New Miners Mean and What's Next Apr 3, 2018 at 22:04 UTC|UpdatedApr 5, 2018 at 07:03 UTC That's the question circulating Tuesday in the wake of news that Bitmain, the China-based maker of hardware specialized for cryptocurrency software, had developed a new "ASIC" mining chip designed specifically to process ethereum transactions and claim the protocol's rewards. Bitmain confirmed the release of its Antminer E3 chips, which will retail for $800, in a tweet that broke what had been weeks of speculation that it would soon launch such a product, one that ran counter to statements from company officials to CoinDesk even hours before. Still, for ethereum's developers and users, the news wasn't exactly a surprise - it had long been theorized, even in creator Vitalik Buterin's earliest blog posts, that no algorithm for managing mining rewards would remain immune to ASICs forever. Over time, Buterin's argument was that innovations would prevail, try as developers might to keep their code optimized for general-purpose computers. Yet, ethereum developers have been quietly building defenses for this future, long promoting design choices intended to protect the blockchain against hardware meant to consolidate rewards in the hands of companies or individuals capable of operating at scale. As such, some have even gone so far as to propose further changes following the day's news. Such a step, a radical reworking of the software to render the new hardware unusable, might seem extreme if that weren't becoming the norm among cryptocurrencies. Already, monero and siacoin, two smaller cryptocurrencies, are taking steps to propose a change to its software that would effectively block efforts by Bitmain to grow its business there. As for the impact on ethe Continue reading >>

Ethereum Hard Fork Could Brick Upcoming Ethereum Asic Miners

Ethereum Hard Fork Could Brick Upcoming Ethereum Asic Miners

Ethereum hard fork could BRICK upcoming Ethereum ASIC miners An upcoming hard fork for Etheruem would affectively BRICK upcoming ASIC miners Comment | Email to a Friend | Font Size: A A The entire Ethereum mining bubble could pop with the arrival of Ethereum ASIC miners , so during the Ethereum Improvement Proposal (EIP) #958 on Github on March 30, Ethereum developer Piper Merriam talked about the idea of a hard fork in the Etheruem protocol, a move that would invalidate ETH ASICs. This is a reaction to the news that Bitmain is working on the world's first Ethereum ASIC miner , with the Chinese ASIC manufacturer close to the release of its Ethereum ASIC miner. The Ethereum White Paper itself said that the ETH protocol itself features a two-fold resistance to mining centralization, something ETH ASICs would definitely usher in. The first line of defense for the Ethereum algorithm is that it requires miners to return the hash for data that has been "randomly selected" from the transactions in the next block. Then you have to consider that "Ethereum contracts can include any kind of computation, an Ethereum ASIC would essentially be an ASIC for general computation - ie. a better CPU". Ethereum founder Vitalik Buterin explains that the second defence for Ethereum from ASICs is to "poison the well", which is "ultimately an adaptive human solution rather than a technical one". This would see the ASICs more commonly used, conventional miners can then introduce "a large number of contracts into the Blockchain specifically designed to stymie certain ASICs". Effectively bricking Ethereum ASIC miners. In a recent poll that Ethereu mdeveloper Vlad Zamfir posted on Twitter asking if his followers would "support a hard fork that obsoletes ETH ASICs?" with 57% supporting the ETH hard Continue reading >>

Bitmains Asic For Ethereum Mining Is Here, Some In Community Considering A Hard Fork To Render The Rig Obsolete

Bitmains Asic For Ethereum Mining Is Here, Some In Community Considering A Hard Fork To Render The Rig Obsolete

Bitmains ASIC for Ethereum Mining Is Here, Some in Community Considering a Hard Fork to Render the Rig Obsolete Thomas Delahunty | April 4, 2018 | 12:45 am Bitmains ASIC for Ethereum Mining Is Here, Some in Community Considering a Hard Fork to Render the Rig Obsolete Thomas Delahunty | April 4, 2018 | 12:45 am Following reports in March, Chinese mining rig manufacturer Bitmain has officially announced the release of the Antminer E3, an application specific integrated circuit (ASIC) engineered for mining Ethereum. These new ASIC miners should alleviate some of the pressure that the graphics processing unit (GPU) market currently faces, but many in the cryptosphere fear that the move will drastically increase mining centralization. At the beginning of last year when Ethereum was on the up, the GPU market started to feel the brunt of the excitement, and by mid-year GPU priceshad begun to spiral out of control. To date, gamers across the globe are still feeling the Ethereum effect, with graphics cards selling for far more than MSRP if they are even able to be found at all. It used to be possible to mine Bitcoin with home PCs, but these days its very difficult to turn a profit. This is primarily because the Bitcoin mining market is now dominated by ASIC miners, which are engineered to do one thing: mine Bitcoin. These specialized devices are more powerful, and significantly more efficient at mining than graphics cards and CPUs. Ethereum was intended to be ASIC-resistant because it relies heavily on fast memory; traditional ASIC miners feature powerful processors that can crunch the numbers, but not much in the way of memory. Bitmain has not yet revealed the full details of the Antminer E3, so its not clear how the company solved this problem. However, the specifications tha 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 Community Considers Hard Fork To Combat Bitmains Asic Miner

Ethereum Community Considers Hard Fork To Combat Bitmains Asic Miner

Ethereum Community Considers Hard Fork To Combat Bitmains ASIC Miner Share on Facebook Share on Twitter Share on Telegram Share on LinkedIn The battle of hardware vs. software has broken out in the world of cryptocurrencies. Just after Bitmain announced the release of an ASIC miner for an ASIC-Proof Ethereum , the Ethereum community proposed a hard fork to limit the ASICs effectiveness. Ethereum is currently the premier altcoin and one of the first blockchains to enable smart contracts. A robust architecture, robust developer community, along with strong institutional support have made Ethereum a leading cryptocurrency. However, when a story was leaked announcing that Bitmain was manufacturing an ASIC designed exclusively for ETHASH (Ethereums consensus algorithm) the reaction was evident. Yesterday, The rumors were confirmed by Bitmain: We are pleased to announce the Antminer E3, world's most powerful and efficient EtHash ASIC miner. Ordering limit of one miner per user and not available in China. Bitmain seems to care little about the philosophy behind Ethereum and appears to value profits at the expense of the security of the network. This attitude has not meshed well with the developers. Many leaders in the cryptocurrency space are finding ways to avoid the effects of centralization stemming from ASICs and large-scale mining. Related Story: Bitmains Rumored F3 Miner Potentially Disruptive to Ethereum The first ones to combat large-scale mining were the developers of Monero and Siacoin who announced a series of hard forks to make mining impossible with the ASICS advertised by Bitmain. The Ethereum community is taking a similar approach. The community is considering forking Ethereum to make it ASIC-proof even though there is a significant change planned for this year Continue reading >>

Ethereum Community Considers Hard Fork To Fight Asic Miners

Ethereum Community Considers Hard Fork To Fight Asic Miners

Ethereum Community Considers Hard Fork To Fight ASIC Miners Top Ethereum devs cause online stir with talk of a hard fork in protocol to combat mining centralization. Ethereum developer Piper Merriam opened Ethereum Improvement Proposal (EIP) #958 on Github on March 30, presenting the idea of a possible hard fork in the Ethereum (ETH) protocol to invalidate ETH ASICs . Vlad Zamfir, another developer with the Ethereum Foundation, posed the same question on Twitter March 28. 57 percent of respondents voted yes. Both developers polls emerge amid rumors that the China-based ASIC manufacturer Bitmain is on the brink of shipping its first Ethash compatible ASIC miners. Ethash is the Proof-of-Work (PoW) hashing algorithm used by Ethereum and a variety of other altcoins. Buterins Ethereum White Paper suggests the protocol already has a twofold resistance to mining centralization. First, the algorithm requires miners to return the hash for data that has been randomly selected from transactions in the preceding block. Since Ethereum contracts can include any kind of computation, an Ethereum ASIC would essentially be an ASIC for general computation - ie. a better CPU. The second means of defence is to poison the well, which Vitalik characterises as ultimately an adaptive human solution rather than a technical one. If a certain type of computation becomes prevalent, then conventional miners can introduce a large number of contracts into the Blockchain specifically designed to stymie certain ASICs. As Cointelegraph reported in February, Bitmains profits outstripped the US GPU giant Nvidia in 2017. Research by Bernstein analysts estimated Bitmains profits to be between $3-4 bln for 2017, holding 70-80 percent of the market for BTC miners and ASICs. Ethereums informal poll regarding a Continue reading >>

Ethereum Mulls Hard Fork To Maintain Asic Resistance

Ethereum Mulls Hard Fork To Maintain Asic Resistance

Ethereum Mulls Hard Fork to Maintain ASIC Resistance A proposal to adopt a hard fork to maintain ASIC resistance is quickly building support among Ethereum users in response to reports that the first Ethash ASIC miners are already in production. Ethereum Improvement Proposal (EIP) 958, submitted by Ethereum developer Piper Merriam on Thursday, proposes that Ethereum take measures to maintain ASIC resistance and ensure that the networks hashrate remains decentralized. I believe it is the accepted wisdom that ASIC based mining leads to increases [in] centralization when compared to GPU mining, Merriam wrote. The proposal was sparked by recent reports that Chinese mining hardware manufacturer Bitmain has developed and is currently producing an Ethash miner that uses Application Specific Integrated Circuit (ASIC) chips. ASIC miners are vastly more efficient than GPU miners, but as Merriam noted their development tends to centralize mining hashpower into the hands of a small group of miners and mining pools, particularly since Bitmain is by far the dominant ASIC manufacturer. Since Ethereum is one of several cryptocurrencies that use the Ethash Proof-of-Work (PoW) consensus algorithm, the release of an Ethash ASIC miner promises to fundamentally alter the nature of Ethereum mining. However, since ASICs are only useful for a single purpose, they can be rendered obsolete (or bricked) by adopting a hard fork to modify the mining algorithm. Monero , for instance, recently modified its instance of the Cryptonight PoW algorithm after Bitmain released the first Cryptonight ASIC, and its developers have said that they will preemptively alter the consensus algorithm every six months to discourage manufacturers from attempting to develop Monero -compatible ASICs in the future. There Continue reading >>

Ethereum Classic Community

Ethereum Classic Community

Vitalik Buterin and The Ethereum Foundation create the first blockchain-based turing-complete smart contract platform Slock.it construct TheDAO Ethereum Contract; a security audit is completed by Dejavu TheDAO smart contract is deployed; members of the public send it value in return for DAO tokens Slock.it announce a $1.5 Million USD proposal, paid in Ether by the crowdfund, 'to guarantee the integrity of The DAO' On the last day of the crowdsale, DAO curator Vlad Zamfir calls for a moratorium on TheDAO, citing many game-theoretical security issues The crowdsale completes to become the world's largest and raising an incredible $150 Million USD Peter Vessenes publicly discloses the existence of a critical security vulnerability overlooked in many Solidiy contracts Stephan Tual publicly claims that TheDAO funds are safe despite the newly-discovered critical security flaw Ether is slowly and silently drained from TheDAO as the re-entry bug is applied The price of Ether is slashed in half as Griff Green announces that TheDAO has been hacked TheDAO's splitting mechanism gives around a month for a solution to be found that recovers the funds; Foundation and community developers race to implement a soft fork A group of 'white-hat' hackers secure 70% of TheDAO funds but protocol-level action is required to save the remaining 30% split by the hacker The Ethereum Foundation releases a 'Soft Fork' client to censor transactions coming from the hacker; mining pools vote to enable it by lowering gas limit Critical Denial of Service flaws are found in the Soft Fork implementation, miners quickly decide not to use it Many days of intense arguing goes on in the Ethereum community about the pros and cons of implementing a Hard Fork The only remaining option is a controversial Hard Fork. Continue reading >>

Ethereum Users Support Hard Fork To Brick Ethereum Asic Miners: Poll

Ethereum Users Support Hard Fork To Brick Ethereum Asic Miners: Poll

Ethereum Users Support Hard Fork to Brick Ethereum ASIC Miners: Poll Join our community of 10 000 traders on Hacked.com for just $39 per month. Ethereum users would support adopting a hard fork that renders Ethereum ASIC miners obsolete, a new poll shows. The poll, which was published on Twitter by Ethereum developer Vlad Zamfir, asked respondents whether they would support a hard fork that makes ASIC miners incompatible with Ethereums Proof-of-Work (PoW) Ethash mining algorithm. Would you support a hard fork that obsceletes ETH ASICs? (Just wondering, this is not a proposal) Vlad Zamfir (@VladZamfir) March 28, 2018 At the time of writing, 55 percent of the 4,904 respondents indicated that they would support a hard fork to make Ethereum ASIC miners ineffective, while just 14 percent said unequivocally that they would not support the fork. Eleven percent selected Its complicated, while the remaining 20 percent just wanted to see the results. Zamfir clarified that his poll was not in regard to a specific proposal, rather that he was just curious about the community sentiment. ASICs so named because they use Application Specific Integrated Circuit (ASIC) chips are by far the most efficient and profitable way to mine cryptocurrencies.However, unlike CPU and GPU chips, which are general purpose and thus have multitudinous applications, ASICs can only be used in a single application and can be rendered obsolete by even a small update to a cryptocurrencys mining algorithm. As CCN reported , Wall Street research firm Susquehanna revealed during a recent trip to Asia that they had confirmed that Chinese mining hardware manufacturer Bitmain had already developed an Ethereum ASIC and was preparing to begin shipping it before the end of the second quarter. To date, Ethash which is Continue reading >>

New Eip Suggests Ethereum Hard Fork For Asic Resistance

New Eip Suggests Ethereum Hard Fork For Asic Resistance

New EIP Suggests Ethereum Hard Fork For ASIC Resistance Leading Ethereum developers are currently debating whether to hard fork the blockchain in order to implement a change aimed at undercutting the effectiveness of expensive, tailor-made mining equipment. In light of reports that the Chinese tech firm Bitmain "has already developed" an Application-Specific Integrated Circuit (ASIC) designed for the purpose of mining Ether, members of the Ethereum community have begun discussing the possibility of a hard fork to alter the network's hash algorithm, potentially rendering the device useless. The hash algorithm is a feature of blockchains with proof-of-work (PoW) consensus mechanisms. To mine a block of a PoW blockchain, a miner must perform work, often described as solving a puzzle, to ascertain a string of characters that the algorithm outputs based on transactions in the current block. Well-designed ASICs can generally arrive at this value much more quickly than other types of processors and, as such, their introduction can push other processors being used for mining toward obsolescence. An influx of ASIC miners also threatens to cause miner centralization, which, among other things, can lay the groundwork for a so-called 51 percent attack, through which malicious actors can double-spend their tokens. Following a similar revelation about an ASIC tailored to the Monero network's CryptoNight hash algorithm, a hard fork of that blockchain has been scheduled . On March 29, Ethereum developer Piper Merriam opened Ethereum Improvement Proposal (EIP) #958, which seeks the community's input on whether the blockchain should fork and how it might "implement improved ASIC resistance." In the proposal, Merriam also alludes to speculation that Bitmain has already begun mining with Continue reading >>

Ethereum Hard Fork Proposed In Response To New Asic Miners

Ethereum Hard Fork Proposed In Response To New Asic Miners

Ethereum Hard Fork Proposed in Response to New ASIC Miners Ethereums pending major update Casper will already be part of a planned Ethereum hard fork titled Constantinople and is likely to occur between 2018 and 2019. In response to the news of the release of Bitmains powerful new Ethereum Miners, the Ethereum community is calling for a much sooner hard fork. On April 3rd, 2018, following extensive rumours, Bitmain released its Ethereum miner named the Antminer E3. The E3 is set to ship to buyers in July. The application-specific integrated circuit (ASIC) miner is restricted to sales of one per customer, with further restrictions on shipping to China and Taiwan. The E3 is expensive but powerful, coming in at roughly three times more cost-effective in one analysis by CryptoSlate in comparison to other similar hardware. Though the Ethereum Casper update, moving Ethereum from proof-of-work (POW) to proof-of-stake (POS) would make the E3 obsolete, there is a significant amount of mining time available before the proposed Casper update happens. The Ethereum community is concerned that large-scale Ethereum mining will reduce its decentralization, leaving too much Ether owned by mining firms and groups. The concern doesnt just originate from the E3 hitting the market. According to rumours, Bitmain has been using the E3 to mine Ethereum itself before releasing the new hardware to the public, potentially explaining a rise in Ethereum mining directly before the release of the E3. Ethereum Community Propose a Hard Fork for ASIC Resistance Developer Piper Merriam posted an Ethereum improvement proposal (EIP) as soon as rumours of the new Bitmain miner broke to discuss the potential of a hard fork to make Ethereum ASIC resistant. The discussion brought arguments for and against a h Continue reading >>

Ethereum Developers Advocate Anti-asic Fork And Hard Cap On Supply

Ethereum Developers Advocate Anti-asic Fork And Hard Cap On Supply

Ethereum Developers Advocate Anti-ASIC Fork and Hard Cap on Supply Ethereums Github has recently seen several significant proposals made for development. On April 1st, Ethereum co-founder, Vitalik Buterin, proposed the introduction of a hard fork on the supply of ETH tokens at approximately 120 million. Several days prior, developer Piper Merriam advocated that Ethereum conduct a hard fork in order to demonstrate a willingness to resist ASIC-based Ethereum mining. Also Read: Trezor to Implement Bitcoin Cash Addresses Vitalik Buterin Proposes Hard Cap on ETH Supply Ethereums co-founder has published an Ethereum Improvement Proposal (EIP) suggesting the introduction of a hard cap on the total supply of ETH at 120,204,432 exactly [twice] the amount of ETH sold in the original sale. The idea of a cap was partly floated as a joke, Vitalik Buterin said in a tweet , but he soon backpedalled and continued to discuss the matter in more depth. Vitalik states that the proposal has been made in light of the fact that issuing new coins to proof of work miners is no longer an effective way of promoting an egalitarian coin distribution or any other significant policy goal. Mr. Buterin also argues that a hard cap on supply will ensure the economic sustainability of the platform under the widest possible variety of circumstances. In order to implement the proposal, Vitalik states that During the next hard fork that alters reward distributions (likely phase 1 Casper), this proposal requires redenominating all in-protocol rewards. Vitalik adds that If for some reason this EIP is adopted at a point where it is too late to set a max cap at 120 million, it is also possible to set a higher max cap. I would recommend 144,052,828 ETH, or exactly 2x the total amount released in the genesis bloc Continue reading >>

The Dao, The Hack, The Soft Fork And The Hard Fork

The Dao, The Hack, The Soft Fork And The Hard Fork

The DAO, The Hack, The Soft Fork and The Hard Fork We'll try to briefly cover: how and why The DAO was created, how The DAO was exploited, how the soft fork failed miserably, and why everyone was relievedit did so, and how the hard fork lead to a split community and the creation of Ethereum Classic . Part 1 - The DAO - Venture fund evolution The Decentralized Autonomous Organization (known as The DAO)wasmeant to operate like a venture capital fund for the crypto anddecentralizedspace. The lack of a centralized authority reduced costs and in theory provides morecontroland accessto the investors. At the beginning of May 2016, a few members of theEthereum community announced the inception of The DAO , which was also known as Genesis DAO.It was built as a smart contracton the Ethereumblockchain. Thecodingframework was developed open sourceby the Slock.it team butitwas deployed under "The DAO" name by members of the Ethereum community. The DAO had a creation period during which anyone was allowed to send Ether to a special wallet address in exchange for DAO tokens on a 1-100 scale. The creation period was an unforeseen success as it managed to gather 12.7 Ether (worth around $150M at the time), making it thebiggest crowdfund ever. At some point, when Ether was trading at $20, the total Ether from The DAO was worth over $250 million. The DAO wasa complex Smart Contract with many featuresand it should have allowed companiesto make proposals for funding. Once a proposal waswhite-listedbyone of the curators , the DAO token holders (aka DAO investors)would then need to vote on the proposal. If the proposal got a 20% quorum the requested funds would bereleasedintothewhite-listedcontractor's wallet address.Theteam of curators that couldwhite-listaddresses was put in place in order Continue reading >>

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