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Ethereum Hard Fork 2017

Ethereum Hard Fork. Whats Going Tohappen?

Ethereum Hard Fork. Whats Going Tohappen?

Developing Blockchain & Smart Contracts PoC and MVP for ICO startups and established companies Ethereum Hard Fork. Whats Going ToHappen? Recently I have received many questions about the Ethereum hard fork: what will happen with all the ERC20 tokens, which basically are smart contracts deployed to Ethereum. Therefore, I decided to perform a quick research and cover this topic as we are getting closer to Metropolis update, everyone should be informed and understand what will happen. Blockchain miners run the software to maintain the network, confirm transactions and earn mining fees. The software is being maintained and developed by the Network core developers and community. The main incentive for miners is profit, however, developers are seeking fast and effective network. This incentive mismatch is hard to align. Miners select which software to run. Therefore, we have issues when developers propose solutions which reduce mining profits and part of the miners disagree with changes. At a certain time, we have a fork, where half of the miners run one piece of software and other half operate with another software. This leads us to having two separate chains from a certain block and this results in having a chain split. Source: The bitcoin has experienced a hard fork and a chain split lately. That lead to Bitcoin and Bitcoin Cash. The chain split occurred because the miners have been divided into two parts and one side did not want to use the new proposed software. The result is that both networks are being maintained by miners. From a bitcoin owner perspective, your coins are available on both chains and you can start interacting with both networks. The Bitcoin chain split resulted in having the new cryptocurrency with a third size market cap. Due to high load on the netw Continue reading >>

Ethereum Client Update Sets Byzantium Hard Fork Date - Coindesk

Ethereum Client Update Sets Byzantium Hard Fork Date - Coindesk

Ethereum Client Update Sets Byzantium Hard Fork Date Ethereum's most popular client has upgraded its code to enforce the upcoming Byzantium upgrade set for later this month. The code from Go Ethereum (Geth) officially enshrines the hard fork for block number 4,370,000, a time previously established by developers during an ethereum core team discussion on September 22. With the Geth release, the network moves closer to implementing the first of two parts in the wider Metropolis upgrade. The addition of the code to Geth is notable because it greatly increases the likelihood that the upgrade will happen at that time. Geth, which is maintained by developers employed by the Ethereum Foundation (the Swiss nonprofit that manages development on ethereum more broadly), accounts for roughly 69 percent of all ethereum nodes, according to data from Ethernodes.org . If the block time remains consistent between now and then, the hard fork which will make previous versions incompatible with the wider ethereum network following the upgrade trigger will officially occur on October 17. Anyone running a ethereum node with Geth is requested to update their software to "ensure a smooth transition," the code release states . In a reddit post accompanying the release, ethereum developer Peter Szilgyi advised node operators to update their software at least a week prior to the mainnet launch. Other clients, such as Mist, will issue updates in the coming dates,Szilgyi predicted. "Please give yourselves ample time to switch to the 1.7.x series (1.7.1 specifically for Byzantium) before the hard fork to avoid any surprises as the series does contain non-trivial database optimizations ([it] also gives us time to fix anything if something doesn't work as it should)," he commented . The code release Continue reading >>

Op Ed: Why Ethereums Hard Fork Will Cause Problems In The Coming Year

Op Ed: Why Ethereums Hard Fork Will Cause Problems In The Coming Year

Op Ed: Why Ethereums Hard Fork Will Cause Problems in the Coming Year After the embarrassing failure of the DAO in 2016, the Ethereum Foundation moved quickly to address the problem by implementing a hard fork. On July 20, 2016, the new code went into effect, reversing transactions that allowed a hacker to bleed $50 million out of the $150 million venture fund in the wee hours of June 17. That DAO hard fork was not popular, but it was effective. The majority of miners moved over to the new chain, and the DAO funds went into a new smart contract, so the original investors could safely withdraw their funds. To be clear, the Ethereum network itself was not hacked, just the DAO smart contract. The hacker took advantage of a loophole in the contract code, written in the JavaScript-like language Solidity. But while the hard fork was an expedient solution to a pressing problem, how the decision-making was handled has long-term consequences for Ethereum. When the hacker drained the account, she/he put the funds in a child DAO. To extend the mandatory hold on those funds before the hacker could cash out, on June 24, the Ethereum Foundation incented miners to soft fork by releasing Geth version 1.4.8, code-named DAO Wars. However, the soft fork was abandoned because of the risk of a denial-of-service attack . The Foundation then began work on a hard fork to reverse the DOA transactions. Unlike a soft fork, a hard fork is a radical change in the protocol that all stakeholders in a blockchain need to agree upon to implement. Not everyone agreed with reversing the DAO funds. Many vehemently opposed it. Yet, as events unfolded, it became clear that Ethereum had no structure in place for settling these differences no official forum for discussing the events, and no official voting me Continue reading >>

Ethereum Just Had A Hard Fork And Ether Prices Are Rising - Here's What Happened And Why

Ethereum Just Had A Hard Fork And Ether Prices Are Rising - Here's What Happened And Why

Ethereum just had a hard fork and ether prices are rising - here's what happened and why I am a journalist for City A.M. reporting on the Industrials sector, including oil and gas, mining, defence, energy and utilities. I also write about the Pharmaceuticals sector. What's a hard fork and why did it happen? (Source: Getty) Early this morning, the second-largest cryptocurrency by market capitalisation completed a so-called hard fork. Even if investors were paying attention to bitcoin back in August when it was rocked by its very own hard fork , questions are likely emerging about what all of this means for ethereum and its ether token. Will a new token be created? Will the price rocket or tank? Here are all your questions answered. Read more: As bitcoin surges, Coutts warns of a "gold rush" Unlike bitcoin, which was specifically created as a decentralised means of payment and an alternative to fiat currencies, ether is the token that fuels the ethereum blockchain, and it is technically not a medium of exchange, according to Matt Newton, market analyst at eToro. While bitcoin disrupts payment services and online banking, ethereum aims to be a "world computer" that uses a blockchain to replace internet third parties, which store data in clouds and servers. Read more: Bitcoin explained: What is it? Why did its price rise? What's next? Once you break through the industry jargon, the move is essentially a software upgrade to improve the speed and security of the ethereum blockchain. Iqbal Gandham, managing director at eToro UK, likened the ethereum hard fork to a Microsoft software upgrade implemented to make a series of changes to the platform. The upgrade was first called Metropolis when it was introduced back in 2015. After some delays it was broken into two parts - Byzan Continue reading >>

What Will Happen To My Ethereum In My Wallet When Ethereum Hard Forks?

What Will Happen To My Ethereum In My Wallet When Ethereum Hard Forks?

What will happen to my Ethereum in my wallet when Ethereum hard forks? The Ethereum has undergone a planned hard fork atblock number 4.37mil (4,370,000), which occurred onMonday, October 16, 2017. The Metropolis hard fork was a planned and highly awaited hard fork which contained some major upgrades for the Ethereum network. Since this hard fork was planned, and non-contentious, there should be no chain split and there is nothing you need to do to prepare as it will go by largely unnoticed by many who are not in-tune with the technical back-end of Ethereum. The purpose of Metropolis is to address scalability, privacy and safety. This hard fork will take place in two separate phases, Byzantium and Constantinople and will prepare the way for the future planned hard fork called "Serenity" which will allow for POW and POS. The "Byzantium" portion of the fork includes: zk-SNARKs or in plain English Zero-Knowledge proofs, increasing anonymity of transactions. Easier programming of smart-contracts with a gas adjustment for bill setting. Better security through 'masking' allowing users to determine addresses which they hold the private key. A mining adjustment called a 'difficulty-bomb' making mining exponentially more difficult. So what should you do to prepare for the upcoming hard-forks? In short, nothing; Exodus will take care of everything for users. However, like with any fork users should be cautious for 24 hours around the fork and not move ETH or ERC20 assets. The Ethereum and ERC20 tokens in your Exodus wallet are safe and will continue to function as they have in the past. Continue reading >>

Ethereum's Hard Fork Is Coming | Hacked.com

Ethereum's Hard Fork Is Coming | Hacked.com

// -- Discuss and ask questions in our community on Workplace . Ethereums core development team is optimistic that clients will upgrade their software uniformly, ensuring there is no unintended splits. Clients are required to make all the necessary changes accompanying Byzantium to ensure the upgrade is completed in unison. The blockchains most popular client, Go Ethereum (Geth), has already undergone the upgrade. Hacked reported last month that, under protocol EIP 649 , ether blocks will be mined ten seconds faster than they are currently. To safeguard the integrity of the token, the new protocol will also lower the reward miners receive per block to 3 ETH from 5 ETH. // -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- // Hard fork testing began last month on Ropsten, Ethereums simulation environment. The test included a trial of several Ethereum Improvement Protocols (EIPs) that will be introduced in the upcoming hard fork. The development team met over the weekend to discuss the upcoming hard fork, and generally agreed that everything is on track. No other meetings are scheduled before Oct. 16. A high-profile fork involving bitcoin occurred over the summer, giving rise to Bitcoin Cash (BCH). More than two months later, Bitcoin Cash remains highly volatile. Ether has gained momentum over the weekend, with prices hovering near one-month highs. Prices are currently trending north of $311 for a total market capitalization for $29.6 billion. Ethereum is the worlds No. 2 cryptocurrency by market cap. Ether has gained nearly 3,600% since the start of January, when one token was valued in the single digits. The asset peaked above $400 in June before approaching that level agai Continue reading >>

Etherzero Team Cancels Plans To Hard Fork Ethereum

Etherzero Team Cancels Plans To Hard Fork Ethereum

In the world of cryptocurrency, hard forks are seemingly the new altcoins. More specifically, a lot of developers want to hard fork existing currencies rather than build their own coins from scratch. In the case of Ethereum, one of those hard forkswas known as EtherZero. However, this fork has been canceled due to a lack of community support and big trading platforms. Its a very interesting decision, although few people will mind that the fork will not happen after all. It is evident that Bitcoinwas subject to quite a few hard fork attempts in 2017. Bitcoin Cash and Bitcoin Gold are perhaps the most notorious ones, even though Bitcoin Gold is very different from both Bitcoinand Bitcoin Cash. It is evident that this way of creating currencies will affect altcoins in the future as well. While the concept of taking existing code and turning it into anew project is not uncommon, it seems developers are far too keen on creating hard forks and airdrops right now. Thats not a favorable course of action by any means, as most of these hard forks serve no purpose whatsoever. The first altcoin to have receivedsuch hard forks/airdrops is Ethereum. Given Ethereums position in the world of cryptocurrency, that is not entirely surprising. It is evident that people like whatthis project has to offer andwish to make a quick buck from introducing so-called hard forks. Moving away from the original codebase for no apparent reason usually means the new fork is just a money grab which serves no real purpose. This is very different from how Ethereum Classic was created, as this currency exists due to ideological differences between parts of the Ethereum community regarding the bailout of The DAO. The first major Ethereum hard fork which was set to occur in 2018 is EtherZero . Although most Continue reading >>

Byzantium Hf Announcement

Byzantium Hf Announcement

The Ethereum network will be undergoing a planned hard fork atblock number 4.37mil (4,370,000), which will likely occur between 12:00 UTC and 13:00 UTC onMonday, October 16, 2017. The Ropsten test network underwent a hard fork on September 19th (UTC) at block number 1.7mil (1,700,000). A countdown timer can be seen at . Download the latest version of your Ethereum client: What if I am using a web or mobile Ethereum wallet like MyEtherWallet or Jaxx? 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. If you use a third-party web-based or mobile Ethereum wallet, your wallet provider may need to update for the hard fork. It is recommended that you check with them to see what actions they are taking to update for the hard fork and if they are asking their users to take other steps. 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. What happens if I do not participate in the hard fork? If you are using an Ethereum client that is not updated for the upcoming hard fork, your client will sync to the pre-fork blockchain once the fork occurs. You will be stuck on an incompatible chain following the old rules, without replay protection against the main network. Old clients will be able to construct transactions, but will not be able to see the effects of those transactions. What is Metropolis, Byzantium, and Constantinople? Metropolis is a planned Ethereum development phase that includes two hard forks: Byzantium and Constan Continue reading >>

Ethereum Security Lead: Hard Fork Required To Release Frozen Parity Funds - Coindesk

Ethereum Security Lead: Hard Fork Required To Release Frozen Parity Funds - Coindesk

Ethereum Security Lead: Hard Fork Required to Release Frozen Parity Funds A resolution has yet to be found for yesterday's Parity hack which saw up to $150 million frozen across the ethereum platform. However, speaking to CoinDesk, Martin Holst Swende, head of security for the Ethereum Foundation, confirmed that a hard fork of the ethereum blockchain will be required to free up the funds. "There's unfortunately no way to recreate the code without a hard fork. Any solution which makes the locked funds accessible requires a hard fork." This means that ethereum would needto undergo an emergency upgrade, akin to The DAO blockchain rewrite that occurred last year, should it want users to be able to reclaim the lost millions. A sudden upgrade of this type is a highly contentious issue, as it would not be limited to Parity alone, but would need to occur universally across the ethereum platform. Yesterday, a smart contract developer claiming to be new to ethereum, " accidentally " deleted the code library that corresponds to the affected Parity wallets, rendering the software useless. Parity developer Afri Schoedon told CoinDesk "there is no easy fix" for the exploit, and developers are currently working towards proposals to release the frozen funds. Holst Swende said that, to date, the primary difficulties surrounding the fix "are more of a political than technical nature."The security lead has already proposed a potential fix, which would involve recreating the Parity code without the wallet exploit, he told CoinDesk, adding, "I'd like to see this spearheaded by the affected parties, not the foundation." UK-based Parity Technologies, which develops the wallet, is separate to the Ethereum Foundation, the non-profit behind Geth, the most popular ethereum client. Going forward, Continue reading >>

Ethereum Worth Millions Of Dollars Gets Locked Up | Fortune

Ethereum Worth Millions Of Dollars Gets Locked Up | Fortune

An Ethereum hard fork may be in the future. Thats after a user of digital currency wallet Parity, which many use to store their Ethereum, effectively froze millions of dollars worth of the cryptocurrency on Tuesdayapparently by accident. The user accidentally triggered a flaw with an update to Paritys multi-signature wallets, according to the open-sourced wallet maker , which cut off all access to the funds they contained. This means that currently no funds can be moved out of the multi-sig wallets, Parity warned. We very much regret that yesterdays incident has caused a great deal of stress and confusion amongst our users and the community as a whole, especially with all the speculation surrounding the issue. Although its unclear how much has been cordoned off, early estimates from investors and cryptocurrency watchers put it between $150 million to $280 million. Update: To the best of our knowledge the funds are frozen & can't be moved anywhere. The total ETH circulating social media is speculative. Parity Technologies (@ParityTech) November 7, 2017 The Parity flaw, which affects versions of the wallets deployed after July 20, allowed the user to take control of a smart contract that included coded transaction instructions for multiple wallets. After making himself the owner of the contract, the user deactivated itthereby cutting off access to the ether within. (To reduce the burden on computers, Ethereum users usually deactivate the contract once theyre done with it, or self-destruct it.) The only way to re-activate the smart contract is to perform a hard fork that effectively reverses the work, wrote Patrick McCorry, a cryptocurrency researcher at University College London. Hard forks effectively create a new version of a cryptocurrency when a faction of users refu Continue reading >>

Ethereum Announces Metropolis Hard Fork Coming Late September

Ethereum Announces Metropolis Hard Fork Coming Late September

Ethereum Announces Metropolis Hard Fork Coming Late September The Ethereum Developer team has just released word that the Metropolis hard fork is set to occur in late September of this year. With all the hubbub about Bitcoin and Bitcoin Cash in the news, Ethereum has been overlooked by some. However, the Ethereum Developer team has just released word that the Metropolis hard fork is set to occur in late September of this year. The hard fork has been widely anticipated after the Ethereum road map for 2017 was released earlier this year. The map indicated that the coming release would contain some major upgrades for the platform. The announcement earlier in the year indicated a three to six-month window for release, and late September is right on the cusp of a full six months. While the timing is later than many had hoped, the news is a welcome encouragement for those seeking Ethereum upgrades. The new hard fork should enable some significant upgrades. First, increasing anonymity will come with new zk-SNARKs, or Zero-knowledge proofs. Users will be able to perform anonymous transactions at higher levels than in the past. Second, programming and smart contracts will be made far easier with the new upgrade, relieving some of the pressure on current programmers. Gas will also be adjusted for bill settling. Third, masking for security enthusiasts will allow users to determine the address for which they have a private key. This will increase security on the network, even against quantum computer hacking. Finally, the upgrade includes a Difficulty-Bomb intended to make mining exponentially more difficult. The bomb is designed to be an intermediate step in the transition from proof-of-work (PoW) to proof-of-stake (PoS) on the network. This has often been referred to as the Ethe Continue reading >>

Hours To Go: How To Watch Ethereum's Fork As It Happens - Coindesk

Hours To Go: How To Watch Ethereum's Fork As It Happens - Coindesk

Hours to Go: How to Watch Ethereum's Fork as It Happens With $30 billion on the line, all eyes are likely to be on ethereum tomorrow as it seeks to navigate one of its biggest-ever updates. Will all software users upgrade to the updated blockchain? Or will anew, competing token be created? That's exactly what the market is watching and waiting to see when etheruem hitsblock 4,370,000, scheduled to occur tomorrow at around 6:00 UTC at press time. The first part of a larger, multi-part upgrade, the so-called "Byzantium" code will make the blockchain lighter and faster, paving the way for better decentralized applications (dapps), while also enhancing network privacy. New features aside, however, ethereum developers are mostly optimistic about the upgrade. Although developers on the most popular clients have had to iron out a pair of bugs in the days leading up to change, there's confidence that the upgrade will be smooth. New and seasoned investors won't likely want to take others' word for it, however. So, if you're eager to see for yourself, here's how to monitor the update in real time: Adding uncertainty to hard forks is their reliance on block numbers as a way to signal upgrades. Simply put, rather than have everyone change their software at a specific time, users rely on the numbered blocks in the blockchain itself as a means of coordinating. Because of this, no one knows exactly when the hard fork will take place. Yet, that doesn't mean there's no way to keep an eye out. To track when this block number will be hit, Singapore-based smart contract company CodeTract has released a fork countdown , showing how many blocks remain and roughly, how much time is left until the fork occurs. By current projections, the hard fork looks like it will execute on early Monday. O Continue reading >>

Ethereum Hard Fork Happening Now - User Advice

Ethereum Hard Fork Happening Now - User Advice

Ethereum Hard Fork Happening Now - User Advice User advice as Byzantium activation draws near. The first half of the Ethereum Metropolis hard fork, nicknamed Byzantium , is happening on Monday at some point between 12:00 and 13:00 UTC. The fork is scheduled to take place at block number 4,370,000 . For those interested in watching the fork take place live, a countdown clock can be found here . The much anticipated hard fork contains a number of updates to the Ethereum chain including an addition of REVERT opcode, which permits error handling without consuming all gas, support for big integer modular exponentiation, support for variable length return values, and changes to the difficulty adjustment formula to take uncles into account. However, perhaps the most discussed upgrades include the successful addition of fully anonymous zero knowledge proofs (ZK-Snarks), and the delay of the difficulty bomb (nicknamed ice age) by a full year, as well as a reduction of block creation reward from five to three ether. Some have argued that the anonymity of the ZK Snark upgrade will create newfound adoption on Wall Street . Continue reading >>

The Ethereum Hard Fork: Everything You Need To Know Quartz

The Ethereum Hard Fork: Everything You Need To Know Quartz

Ethereum burst onto the virtual currency scene almost a year ago. Its similar to bitcoin, but with a key difference. In addition to supporting its own digital currency, ether, it also supports smart contracts, agreements written in computer code that execute automatically when conditions are met. Though it garnered significant attention from the start, Ethereums biggest moment came in April 2016, with a radical experiment called the Distributed Autonomous Organization, or the DAO. Created by German blockchain startup Slock.it, the DAO had an ambitious goalto build a humanless venture capital firm that would allow the investors to make all the decisions through smart contracts. There would be no leaders, no authorities. Only rules coded by humans, and executed by computer protocols. Launched on April 30th, it took off like a runaway train. By May 21, it had raised $150 million from roughly 11,000 investors, in whats considered the biggest crowdfunding effort in history. For Ethereum, the backbone of the project, it was a major vote of confidence in its nascent technology. On June 17th, someone started siphoning money out of the DAO. People were watching in real time as the money was stolenlike a live video feed of a bank robbery. By the end, the hacker, who has said that he was simply taking advantage of a technical loophole in the DAO, had amassed $50 million in ether, based on current exchange rates. While the core developers who designed and run Ethereum didnt really have anything to do with the DAO, they were left to deal with the mess. The seven of them, led by Vitalik Buterin, decided to hack the hacker . They managed to stop the theft and move the funds into another smart contract where they currently sit. But thats only a temporary stopgap: the way the code of D Continue reading >>

Ethereum Hard Fork Byzantium Launches Without A Hitch, Ether Price Up

Ethereum Hard Fork Byzantium Launches Without A Hitch, Ether Price Up

Ethereum Hard Fork Byzantium Launches Without A Hitch, Ether Price Up Ethereum completes its fifth hard fork, Byzantium, with a fraction of the fuss of Bitcoin. Ethereums (ETH) troubled but uncontentious Byzantium is officially here as the cryptocurrencys fifth hard fork. As creator Vitalik Buterin celebrated with other developers Sunday, Byzantium fought off last-minute bugs and calls for delays to have a stable issuance. Hard fork celebration! pic.twitter.com/mL1ZyJOYeA Vitalik Buterin (@VitalikButerin) October 16, 2017 The move was notable in its lack of contention, with no significant community arguments resulting from Byzantiums creation. Similarly, ETH prices remained relatively stable both before and after the forks execution, rising around $40 October 13 and maintaining new levels since. This takes ETH towards the upper end of its price spectrum, which this year saw all-time highs of around $410 and a July low of $146. Despite the frenetic growth of investment in Ethereum this year, Byzantium is part of a package of improvements to the protocol that has been in development since 2015. Known as Metropolis, its roadmap currently extends to an unknown date in 2018, when a further hard fork, Constantinople, will activate. Metropolis is a planned Ethereum development phase that includes two hard forks: Byzantium and Constantinople. Byzantium is occurring at block number 4.37mil. Constantinople does not currently have a release date, but is expected in 2018, a blog post from late last week confirms. Continue reading >>

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