What Is The Ethereum Ice Age?
Ethereum is currently a Proof of Work cryptocurrency, meaning that computational power is needed, not only to produce new coinsbut to process transactions and to keep the entire ecosystem moving. In order to ensure the system is scalable and decentralized, Ethereum plans to move to a Proof of Stake protocol where a lot lesscomputational power is required and miners can earn rewards according to their balance. The Ethereum Foundation is still working on the Proof of Stake protocol, Casper. Since Casper is not finished and it's not contained in the release version of Ethereum a hard-fork might be required to implement this change. An hard-fork creates an incompatibility between the previous version and the latest, there is always the possibility to create a "split" that result in two blockchains, like Ethereum Classic , did on the 1920000th block, after the hard-fork to refund The DAO token holders took place . In order to ensure such event doesn't take place (although it did already) and to give themselves a time-frame to finish Casper (making the community aware of the introduction of a hard fork within that time-frame), a Difficulty Time Bomb, is also known as Ice Age was implemented in Ethereum. The Ethereum Ice Age is a difficulty adjustment scheme that was put in place to ensure that everyone has an incentive to move to the new blockchain once the hard-fork is implemented. It was introduced on the 7th of September (2015-09-07), about 11 months ago and it's programmed to raise difficulty exponentially. It's impossible for miners to keep up with the increase of difficulty which would raise block time and it would make the blockchain freeze, hencethe name Ice Age. The key part is the calculation for the increase in difficulty is Math.pow(2,Math.floor(block.number / 10 Continue reading >>
Chandler Guo: Vitalik Made Huge Mistake In Changing Ethereum Blockchain
Chandler Guo: Vitalik Made Huge Mistake In Changing Ethereum Blockchain Ethereum Classic (ETC), regardless of what you may think of it, is not going away anytime soon.While it is no longer steadily rising, it has the hash power and marketcap toensure enough people have an interest in keeping the thing going, and maybe even help it thrive. What the hacker got away with is immaterial at this point. Early on, things didnt seem so secure. Most of the Ethereum community: miners, merchants and exchanges, seemed on board with the hardfork. Immediately after, media outlets called the fork a resounding success. Then, seemingly out of nowhere, Ethereum Classic emerged. That is a bit of a misnomer. Classic never really emerged from anywhere. As the unmodified chain, it would be more accurate to say Core emerged from Classic. But Classic didnt have the support, or critically, the hashing power to gain much attention. After a few Reddit announcements and a post literally titled a Declaration of Independence , it caught the ire of Ethereum Core supporters. Chandler Guo, a well-known Ethereum Miner and an angel investor in cryptocurrency startups, initially pledged an attack on Ethereum Classic. Armed with nearly 100GH/s of hashing power, Guo promised a 51% attack on the rebellious chain. That resulted in increased attention from the media and public for Ethereum Classic. Those who opposed a censored blockchain moved to support it and its network power soared. Soon after, Guo abandoned his support for Ethereum Core and announced that his hashing power (now over 100GH/s) would instead be used to support the unmodified chain. What isunclear iswhy. Why did he plan to attack Ethereum Classic and why did he change his mind? We caught up with Guo, and put these questions to him. Guo is Chi 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? 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 >>
What To Mine After Ethereums Pos: World's First Bitcoin Mining Pool Adds Zcash Support
What to Mine After Ethereums PoS: World's First Bitcoin Mining Pool Adds Zcash Support The development team behind the anonymous cryptocurrency Zcash revealed that Slush Pool, the worlds first Bitcoin mining pool, has added support for Zcash. Zooko Wilcox, the CEO of Zerocoin Electric Coin Company (ZECC), the development team behind the anonymous cryptocurrency Zcash, revealed that Slush Pool, the worlds first Bitcoin mining pool, added support for Zcash. In a public statement, Slush Pool announced : We have introduced support for Zcash mining today. That is quite a huge step for us, as we have focused solely on Bitcoin and merged mining so far. It took us many months to develop and thoroughly test our Zcash mining system. We have already successfully mined over 20 blocks during the private testing stage and we are hungry for more. In its blog post entitled 5 Reasons to Mine Zcash with Slush Pool, Slush Pool outlined five major reasons why miners should be interested in mining Zcash. One of the reasons listed by the Slush Pool team was Advanced Account Security. In October of 2016, Trezor reaffirmed the importance of Universal Second Factor (U2F) and its advantages over applications such as Googles Authenticator that is built on top of a 2FA implementation called a Time-based One-time password. While the TOTP method utilized by Google and its widely utilized application Google Authenticator is simple to implement, the Trezor development team revealed that it has severe weaknesses and inconveniences. Mostly, the disadvantages of TOTP are related to security issues that may arise due to the lack of back up and the maintenance of backup codes online. Any file, data or server that is connected to the Internet and brought online can be vulnerable to attacks and security bre Continue reading >>
Ethereum's 2017 Roadmap: Flexibility, Pow To Pos, Improving Ecosystem
Ethereum's 2017 Roadmap: Flexibility, PoW to PoS, Improving Ecosystem Ethereum has been one of the best performing digital assets this year, due to the Ethereum Foundations smart partnerships strategy. Ethereum has been one of the best performing digital assets this year, due to the Ethereum Foundations smart partnerships strategy of introducing the network to a large pool of large-scale commercial operations and organizations. On March 13, Cointelegraph reported that Ethereum reached its all-time high price of $30 as a result of the formation of the Enterprise Ethereum Alliance and the involvement of some of the most valuable companies in the world, including Microsoft, JP Morgan and IBM. Since then, Ethereum price has already surpassed $50 in a period of weeks, surging by 60 percent since hitting its previous all-time high price only 15 days ago. In fact, on March 17, Ethereum price reached $54. Recognizing the rapid growth of Ethereum in terms of market cap and development community, Hudson Jameson, and a member of the Ethereum Foundation, shared the roadmap of Ethereum for the year 2017. Over the past two years, Ethereum developers and its foundation focused on increasing flexibility and functionality of the Ethereum network. In its first release called Frontier, the Ethereum Foundation allowed developers and businesses to test the Ethereum network and its adaptability to real-life applications. Then, the Homestead release was introduced in March 2016 for commercial companies and large-scale projects to utilize the Ethereum network for building production-ready platforms. This is the period wherein major corporations including IBM officially started the development of Ethereum-based applications and platforms. The current version of Ethereum is a more evolved versi Continue reading >>
If Ethereum Switch To Pos,how Do/should I Prepare The Mining Machine?
Sir, We are developing a application using Ethereum. For now,we use test environment.But in the future,We will build up a private chain for formal environment. If Ethereum switch to POS from POW,how do I build the mining machine? I am afraid that if I prepare mining machines now,these machine will be useless when Ethereum switch to POS. How do I plan the infrastructure? Thanks! Barkely The main public Ethereum chain currently uses Proof of Work (mining). The details of Ethereum's Proof of Stake implementation have not yet been finalized, so it's not yet possible to describe exactly what you will need to "mine" it, but it will probably require a machine with good security, good uptime and a reliable network connection. However, this probably isn't relevant to you: If you are running a private chain, you are not limited to the system being used by the main public Ethereum chain. Proof of Work is usually unsuitable for private chains, because the cumulative hashpower of the participants is likely to be low, so it would be easy for a single participant to turn on a lot more hashpower and take over the chain. Proof of Stake may well be unsuitable as well. For private networks with known participants it is often better to use a Proof of Authority system. There is an implementation in Parity , and one is currently under development for Geth . There are also other systems like ErisDB that use the Ethereum Virtual Machine, so code you write for the public Ethereum chain will also work with those. Continue reading >>
When Will Ethereum Mining End?
In August of this year (2017), Vitalik Buterin, creator of Ethereum , released the implementation guide for the first version of Casper. As a hybrid proof-of-stake (PoS)/proof-of-work (PoW) algorithm, Casper v1 is going to decrease (and eventually end) the profitability for Ethereum miners . The release date is estimated to be sometime in 2018 as part of the Constantinople hard fork and theres a lot to learn before this happens: Casper is a PoS algorithm thats projected to be released on the Ethereum network sometime in 2018. Beginning as a hybrid with the current PoW algorithm, the first version of Casper will only use a PoS consensus to validate every 100th block, called checkpoints. Once a checkpoint is validated, theres no way to go back and use a chain without it. Even if 99% of miners support a chain that doesnt include a checkpoint block, all clients in the network will still continue to use the one with the checkpoints. This removes a lot of the power that miners currently have. The Ethereum community hypothesizes that the switch to PoS will help with the scaling issues that the network is currently facing. The algorithm should enable new blocks to be created more quickly while allowing the network to scale more efficiently through sharding. Sharding is a horizontal partitioning of a large database into smaller and more easily managed parts. Beyond that, PoS algorithms also use less energy to run the network, reduce centralization, and make 51% attacks more difficult. With the upcoming hard fork, there could potentially be three forks of Ethereum: And, if youre a miner, you may be thinking, No big deal, Ill just continue to mine and give support to the Ethereum PoW fork. The Ethereum developers have stated that theyll be releasing what they call the difficulty Continue reading >>
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 >>
Ethereum May Upgrade To Proof Of Stake In 2018 Says Vitalik Buterin
Ethereum May Upgrade to Proof of Stake in 2018 Says Vitalik Buterin Ethereums biggest upgrade so far may be ready as early as 2018, Vitalik Buterin, ethereums inventor, said in an interview with one of South Koreas biggest daily. We have a proof of concept for proof of stake. Going from proof of concept to actual adoption would take may be one year, he said. Vitalik further stated that he had to reduce his role in ethereum development as the team was getting bigger and others are making many of the fine and detailed decisions in protocol upgrades such as Metropolis. However, he is still leading efforts regarding the most complicated, and perhaps important, aspect for ethereum, scalability. He says : I am still leading the research effort that is working on proof of stake and sharding, but this team also is now getting bigger. He further estimates the majority of scalability issues will be resolved within 2-5 years with prototypes probably launched by 2018. Buterin says: The various scaling solutions, including sharding, plasma and various state channel systems such as Raiden and Perun, are already quite well thought out, and development has already started. Raiden is the earliest, and its developer preview release is out already. Regulations featured considerably in the interview, especially regarding ICOs, with Buterin stating that regulations might be too early and perhaps ambiguity is beneficial in some aspects as it is clearer to see who is engaging in fraud or criminal behavior. After speaking out against any banning, he says: Imposing very specific regulations is also problematic at this stage, as rules that are not well implemented can often be either easily worked around or even counterproductive, as they encourage further obfuscation. Deliberate ambiguity, so Continue reading >>
4 Answers - When Will Ethereum Change From Pow To Pos?
When will Ethereum change from POW to POS? So Vitalik, one of the founders of Ethereum, has been spending a lot of time talking about this on reddit and gitter.im . Based on his conversation, it seems that there will be a soft launch of POS in August or September (ie a hybrid between POW and POS) with the full transition happening by EOY. Vitalik has already created the POS repository to begin pushing code to prod: In addition, there is a timer built into the Ethereum code that effectively doubles the complexity of the hashing algorithm starting later this month. This will making mining much more difficult and an addition incentive to move to POW. By 2018, you can expect Ethereum to be POS. Originally Answered: Why would Ethereum change from POW to POS? Proof of Work (POW) is the current standard mode of operation set by most cryptocurrencies following the lead of Bitcoin. In this method physical hardware with high computing power is used to run an algorithmic program to get rewards. The net effect of this is that costly hardware run programs while consuming electric power and CPU cycles for unproductive work. Te network users running these programs for rewards are called miners. Proof of Stake (POS) seeks to switch from the mining process to a blockchain network supported only by users who validate transactions with no mining. This is a green and efficient method to run the network. Continue reading >>
Buterin Confirms Ethereums Pos 75 Percent Complete
At the Taipei Ethereum Meetup, Vitalik Buterin, one of the co-founders and lead developers of Ethereum , revealed that the development of a proof of stake protocol for the Ethereum network is 75 percent complete. Prior to the announcement of Buterin, in a recent interview , Ethereum Foundation member and Ethereum co-founder Hudson Jameson released the foundations official roadmap for Ethereum development in 2017. The roadmap included the foundations plans of releasing the next version of Ethereum called Metropolis in three to six months and following that update with a switch of consensus protocol from proof of work to proof of stake . Vitalik Buterin reaffirmed the Ethereum development roadmap laid out by Jameson and emphasized that Ethereum will most likely switch to a proof of stake protocol by the end of 2017. At the Taipei Ethereum Meetup, a community of over 500 members that focuses on the discussion of Ethereum and blockchain innovation, Buterin stated : We are working on a daemon that actually interacts with a Casper [smart] contract and sends transactions to it. That is the first part. The second stage is that we will write clients that are aware of Casper contracts. In regard to the development of Casper, Buterin stated that it is over three quarters completed. Since 2015, Ethereum developers actively have dug into the development of Casper and a proof of stake (PoS) protocol. PoS and proof of work (PoW) are consensus protocols that allow stakeholders or miners to come to an agreement on various issues and verify transactions on the blockchain. For instance, if the Bitcoin network is to agree upon a hard fork, miners have to signal their hash power to approve the fork. Also, in a proof of work protocol, miners have to allocate their hash power to verify and c Continue reading >>
Switching From Pow To Pos
Bumping this - i would also like to know. It seems to me that the introduction of the PoS to replace PoW will remove the requirement of GPUs, making the average home miner redundant again (similary to when ASICs took Bitcoin away from the average home miner). CASH will then be king, because to be a validator you require upfront ether to make bets to win, and when betting is involved (or "investing"), it alienates the original mining enthusiasts. And in fact, causes ethereum to be less decentralized as less home miners will be securing the network, with large companies making bets on the network. Please correct me if i'm wrong, that's just my takeaway from the blog post on Serenity/Casper. Bumping this - i would also like to know. It seems to me that the introduction of the PoS to replace PoW will remove the requirement of GPUs, making the average home miner redundant again (similary to when ASICs took Bitcoin away from the average home miner). CASH will then be king, because to be a validator you require upfront ether to make bets to win, and when betting is involved (or "investing"), it alienates the original mining enthusiasts. And in fact, causes ethereum to be less decentralized as less home miners will be securing the network, with large companies making bets on the network. Please correct me if i'm wrong, that's just my takeaway from the blog post on Serenity/Casper. I believe everything depends on how much you would require to have ethereum to become validator. It won't be much, so many home users may continue t participate. Continue reading >>
Proof Of Stake Faq Ethereum/wiki Wiki Github
See A Proof of Stake Design Philosophy for a more long-form argument. No need to consume large quantities of electricity in order to secure a blockchain (eg. it's estimated that both Bitcoin and Ethereum burn over $1 million worth of electricity and hardware costs per day as part of their consensus mechanism). Because of the lack of high electricity consumption, there is not as much need to issue as many new coins in order to motivate participants to keep participating in the network. It may theoretically even be possible to have negative net issuance, where a portion of transaction fees is "burned" and so the supply goes down over time. Proof of stake opens the door to a wider array of techniques that use game-theoretic mechanism design in order to better discourage centralized cartels from forming and, if they do form, from acting in ways that are harmful to the network (eg. like selfish mining in proof of work). Reduced centralization risks, as economies of scale are much less of an issue. $10 million of coins will get you exactly 10 times higher returns than $1 million of coins, without any additional disproportionate gains because at the higher level you can afford better mass-production equipment. Ability to use economic penalties to make various forms of 51% attacks vastly more expensive to carry out than proof of work - to paraphrase Vlad Zamfir, "it's as though your ASIC farm burned down if you participated in a 51% attack". How does proof of stake fit into traditional Byzantine fault tolerance research? There are several fundamental results from Byzantine fault tolerance research that apply to all consensus algorithms, including traditional consensus algorithms like PBFT but also any proof of stake algorithm and, with the appropriate mathematical modeling, pr 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 >>
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 >>