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Ethereum Protocol

What Is Ethereum Casper Protocol? Crash Course

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 >>

Trends For Ethereum Blockchain Developers And Protocols

Trends For Ethereum Blockchain Developers And Protocols

Trends For Ethereum Blockchain Developers and Protocols Returning from the wonderful ETHWaterloo hackathon, I was fortunate enough to observe some interesting trends around developers in the Ethereum Blockchain ecosystem. It was an interesting realization that despite our desire to build Web 2.0 like applications (cf. Google, Facebook, Air BnB) in the blockchain world, we are still building the protocols and piping to the decentralized world. 0xchange.me and Congruence both built on 0xProtocol What it meant by this is, great token offering projects are building protocols NOT products in the decentralized world currently. Such protocols are open-source, much like IMAP, POP, HTTP, and allow technologists and entrepreneurs to build on-top of them with their own products and ideas. Protocol contracts are in a way public infrastructure, giving rise to the notion of multi-front ended experiences. Developers can create a 0x exchange however they wish, but are all using the same underlying 0x Protocol. This is much like how it is possible to use a GMail or Outlook client overtop the same mail protocol. From a protocol creator point of view, this means in order to be successful it is paramount to focus on designing an effective and open mechanism for others to build on. Meanwhile, the protocol creator need not focus as heavily on the product side. From the developer point of view, this multi-frontend contract framework provides clarity to this currently vague notion of an open and public contract. Really at its core its just an open protocol like TCP/IP, HTTP and many others. Just like how we build different websites and apps on HTTP, we build different DApps on different protocols. 2. Successful Protocols Bake In Developer Incentives and Profit Opportunities I am quite found o Continue reading >>

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 >>

A Prehistory Of The Ethereum Protocol

A Prehistory Of The Ethereum Protocol

Although the ideas behind the current Ethereum protocol have largely been stable for two years, Ethereum did not emerge all at once, in its current conception and fully formed. Before the blockchain has launched, the protocol went through a number of significant evolutions and design decisions. The purpose of this article will be to go through the various evolutions that the protocol went through from start to launch; the countless work that was done on the implementations of the protocol such as Geth, cppethereum, pyethereum, and EthereumJ, as well as the history of applications and businesses in the Ethereum ecosystem, is deliberately out of scope. Also out of scope is the history of Casper and sharding research. While we can certainly make more blog posts talking about all of the various ideas Vlad, Gavin, myself and others came up with, and discarded, including proof of proof of work, hub-and-spoke chains, hypercubes , shadow chains (arguably a precursor to Plasma ), chain fibers , and various iterations of Casper , as well as Vlads rapidly evolving thoughts on reasoning about incentives of actors in consensus protocols and properties thereof, this would also be far too complex a story to go through in one post, so we will leave it out for now. Let us first begin with the very earliest version of what would eventually become Ethereum, back when it was not even called Ethereum. When I was visiting Israel in October 2013, I spent quite a bit of time with the Mastercoin team, and even suggested a few features for them. After spending a couple of times thinking about what they were doing, I sent the team a proposal to make their protocol more generalized and support more types of contracts without adding an equally large and complex set of features: Notice that this is Continue reading >>

How Ethereum's Casper Protocol Will Address Problems With Proof Of Stake

How Ethereum's Casper Protocol Will Address Problems With Proof Of Stake

How Ethereum's Casper Protocol Will Address Problems With Proof Of Stake Bitcoin and Ethereum both currently operate under a Proof of Work protocol. Ethereum is moving from Proof of Work towards Proof of Stake under its new Casper protocol. Despite its many benefits, the drawbacks of Proof of Stake have prevented its widespread adoption. Casper aims to solve Proof of Stake's drawbacks, resulting in an improvement over existing Proof of Work and Proof of Stake protocols. The updated protocol improves the long term outlook of Ethereum's valuation. An overarching problem that cryptocurrencies must address is called the Byzantine General's Problem . The Byzantine General's Problem essentially simplifies down to: How do you prevent data from being corrupted or falsified in a network where there are nodes that have economic incentive to lie about the data? In application to cryptocurrency, the problem boils down to preventing attackers from lying about a coin's ledger, given the economic incentive of doing so. We need a way to form consensus on the ledger because anyone can create a block, while we only want a unique chain, so we want a way to decide which block to trust. The two main schools of thought to solving the Byzantine General's Problem are Proof of Work (PoW) and Proof of Stake (PoS). Explicitly, a "proof of work" is a piece of data which is difficult (costly, time-consuming) to produce but easy for others to verify and which satisfies certain requirements. Producing a proof of work can be a random process with low probability so that a lot of trial and error is required on average before a valid proof of work is generated. Currently Bitcoin, Ethereum, and the vast majority of other cryptocurrencies utilize some form of proof of work. PoW (referring to the protocol Continue reading >>

How Ethereum Works - Coindesk

How Ethereum Works - Coindesk

CoinDesk Launches 2017 Year in Review Opinion and Analysis Series Now that we've covered what ethereum is, let's dive deeper into how the platform functions under the hood. Consider the online notebook application described in " What is Ethereum? " Using ethereum, the appdoesn't require one entityto store and control its data. To accomplish this, ethereum borrows heavily from bitcoin's protocol and its blockchain design, but tweaks it to support applications beyond money. Ethereum aims to abstract away bitcoin's design, however, so that developers can create applications or agreements that have additional steps, new rules of ownership, alternative transaction formats or different ways to transfer state. The goal of ethereum's 'Turing-complete' programming language is to allow developers to write more programs in which blockchain transactions could govern and automate specific outcomes. This flexibility is perhaps ethereum's primary innovation, as explained in the guide " How Ethereum Smart Contracts Work ". The structure of the ethereum blockchain is very similar to bitcoin's, in that it is a shared record of the entire transaction history. Every node on the network stores a copy of this history. The big difference withethereum is that its nodes store the most recent state of each smart contract, in addition to all of the ether transactions. (This is much more complicated than described, but the text below should help you get your feet wet.) For each ethereum application, the network needs to keep track of the 'state', or the current information of all of these applications, including each user's balance, all the smart contract code and where it's all stored. Bitcoin uses unspent transaction outputs to track who has how muchbitcoin. While it sounds more complex, the id Continue reading >>

Review Of The 6 Major Blockchain Protocols

Review Of The 6 Major Blockchain Protocols

Review of the 6 Major Blockchain Protocols Since 2008, when the term bitcoin was coined by Satoshi Nakamoto as a novel electronic and completely peer-to-peer cash system free of trusted third party , the interest in the bitcoin and blockchain technology has increased. Recognizing it as a revolutionizing technology across the industries, especially in banking and finance, in terms of transactions and their privacy and security, researchers are not leaving any stone unturned to come up with exotic protocols with each passing day and each is the newer, advancer and better protocol than the previous. In continuation to the blockchain series on TheBlockchainAcademy.com , I have included 6 major blockchain protocols, so as to embrace the technology and increase awareness among investors and end users of blockchain. The starting of the bitcoin dates back to November 2008, when a thesis had been posted by Nakamoto on a US mailing list where the cryptographers share or exchange information. The thesis titled Bitcoin: A peer-to-peer electronic cash system , presented the following characteristics of this protocol: Enables transaction directly with no need of any trusted third party Decreases credit cost in minor casual transactions Bitcoins are virtual currency, also called cryptocurrency . These are distributed while exploring the value in the data managed by software. The start of 2016 witnessed the issuance of around 15.26 million BTC, equivalent to around 7 billion US Dollars . Major technologies that make Bitcoin include hash, digital signature, public-key cryptography , P2P and Proof of Work. This blend has developed a mechanism that prevents duplication of payments and data falsification, additioinally a mechanism that prevents malicious users, which are critical for the Continue reading >>

Ethereum Project

Ethereum Project

You are responsible for your own computer security. If your machine is compromised you will lose your ether, access to any contracts and possibly more. You are responsible for your own actions. If you mess something up or break any laws while using this software, it's your fault, and your fault only. You are responsible for your own karma. Don't be a jerk and respect the rights of others. What goes around comes around. The user expressly knows and agrees that the user is using the Ethereum platform at the users sole risk. The user acknowledges that the user has an adequate understanding of the risks, usage and intricacies of cryptographic tokens and blockchain-based open source software, eth platform and ethereum The user acknowledges and agrees that, to the fullest extent permitted by any applicable law, the disclaimers of liability contained herein apply to any and all damages or injury whatsoever caused by or related to risks of, use of, or inability to use, ethereum or the Ethereum platform under any cause or action whatsoever of any kind in any jurisdiction, including, without limitation, actions for breach of warranty, breach of contract or tort (including negligence) and that neither Stiftung Ethereum (i.e. Ethereum Foundation) nor Ethereum team shall be liable for any indirect, incidental, special, exemplary or consequential damages, including for loss of profits, goodwill or data that occurs as a result. Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for certain types of damages. Therefore, some of the above limitations in this section may not apply to a user. In particular, nothing in these terms shall affect the statutory rights of any user or exclude injury arising from any willful misconduct Continue reading >>

What Is Ethereum? Ethereum Homestead 0.1 Documentation

What Is Ethereum? Ethereum Homestead 0.1 Documentation

Ethereum is an open blockchain platform that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin, no one controls or owns Ethereum it is an open-source project built by many people around the world. But unlike the Bitcoin protocol, Ethereum was designed to be adaptable and flexible. It is easy to create new applications on the Ethereum platform, and with the Homestead release, it is now safe for anyone to use those applications. Blockchain technology is the technological basis of Bitcoin, first described by its mysterious author Satoshi Nakamoto in his white paper Bitcoin: A Peer-to-Peer Electronic Cash System, published in 2008. While the use of blockchains for more general uses was already discussed in the original paper, it was not until a few years later that blockchain technology emerged as a generic term. A blockchain is a distributed computing architecture where every network node executes and records the same transactions, which are grouped into blocks. Only one block can be added at a time, and every block contains a mathematical proof that verifies that it follows in sequence from the previous block. In this way, the blockchains distributed database is kept in consensus across the whole network. Individual user interactions with the ledger (transactions) are secured by strong cryptography. Nodes that maintain and verify the network are incentivized by mathematically enforced economic incentives coded into the protocol. In Bitcoins case the distributed database is conceived of as a table of account balances, a ledger, and transactions are transfers of the bitcoin token to facilitate trustless finance between individuals. But as bitcoin began attracting greater attention from developers and technologists, novel p Continue reading >>

What Is The Ethereum Casper Protocol?

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 >>

Devp2p Protocol Spec | Ethereum Frontier Guide

Devp2p Protocol Spec | Ethereum Frontier Guide

Peer-to-peer communications between nodes running Ethereum/Whisper/&c. clients are designed to be governed by a simple wire-protocol making use of existing V technologies and standards such as RLP wherever practical. This document is intended to specify this protocol comprehensively. Vp2p nodes may connect to each other over TCP only. Peers are free to advertise and accept connections on any port(s) they wish, however, a default port on which the connection may be listened and made will be 30303. Though TCP provides a connection-oriented medium, Vp2p nodes communicate in terms of packets. These packets are formed as a 4-byte synchronisation token (0x22400891), a 4-byte "payload size", to be interpreted as a big-endian integer and finally an N-byte RLP-serialised data structure, where N is the aforementioned "payload size". To be clear, the payload size specifies the number of bytes in the packet ''following'' the first 8. There are a number of different types of payload that may be encoded within the RLP. This ''type'' is always determined by the first entry of the RLP, interpreted as an integer. Vp2p is designed to support arbitrary sub-protocols (aka capabilities) over the basic wire protocol. Each sub-protocol is given as much of the message-ID space as it needs (all such protocols must statically specify how many message IDs they require). On connection and reception of the Hello message, both peers have equivalent information about what subprotocols they share (including versions) and are able to form consensus over the composition of message ID space. Message IDs are assumed to be compact from ID 0x10 onwards (0x00-0x10 is reserved for Vp2p messages) and given to each shared (equal-version, equal name) sub-protocol in alphabetic order. Sub-protocols that are not Continue reading >>

Ethereum Wire Protocol

Ethereum Wire Protocol

Peer-to-peer communications between nodes running Ethereum clients run using the underlying Vp2p Wire Protocol . Two peers connect & say Hello and send their Status message. Status includes the Total Difficulty(TD) & hash of their best block. The client with the worst TD asks peer for full chain of just block hashes. Chain of hashes is stored in space shared by all peer connections, and used as a "work pool". While there are hashes in the chain of hashes that we don't have in our chain: Ask for N blocks from our peer using the hashes. Mark them as on their way so we don't get them from another peer. Status[+0x00: P, protocolVersion: P, networkId: P, td: P, bestHash: B_32, genesisHash: B_32] Inform a peer of its current ethereum state. This message should be sent after the initial handshake and prior to any ethereum related messages. networkId: 0=Olympic (disused), 1=Frontier (mainnet), 2=Morden (disused), 3=Ropsten (testnet), 4= Rinkeby td: Total Difficulty of the best chain. Integer, as found in block header. bestHash: The hash of the best (i.e. highest TD) known block. genesisHash: The hash of the Genesis block. NewBlockHashes[+0x01: P, hash1: B_32, hash2: B_32, ...] Specify one or more new blocks which have appeared on the network. The list may contain 256 hashes at most. To be maximally helpful, nodes should inform peers of all blocks that they may not be aware of. Including hashes that the sending peer could reasonably be considered to know (due to the fact they were previously informed of because that node has itself advertised knowledge of the hashes through NewBlockHashes) is considered Bad Form, and may reduce the reputation of the sending node. Including hashes that the sending node later refuses to honour with a proceeding GetBlocks message is considered Bad Continue reading >>

What Is Ghost Protocol In Ethereum?

What Is Ghost Protocol In Ethereum?

What is GHOST protocol in Ethereum? Greedy Heaviest Observed Subtree was introduced in 2013 to help prevent the way that fast block time block chain suffers from high amounts of stale blocks- blocks that were fixed to the network and verified by nodes and accepted, but eventually growing away as a longer chain achieved dominance or forking. This protocol prevents problem of centralization bias. This means, the bigger the pool and lesser the time for Ethereum miners to get ahead by producing the block on their own and gaining the next block faster. A stale block occurs when two nodes meet at the same block simultaneously. Both communicate that they found the solution to this block and send off their block for verification, including other block chains. With Bitcoin, the chances of this happening is very small when block time is ten minutes and propagation a block to 50% takes about 50% of the network profits is about twelve seconds. If you plan on your block time being less and want to reduce the likelihood for pooled mining, then GHOST protocol is definitely something to be looked into. Ethereum know stale block in block chain as Uncles. They are included in the calculation of which chain is longest or has high volume difficulties. This is solved by rewards given to stales of 87.5%. The Nephew will be rewarded 12.5%of the block rewards. A block must include a parent it must have 0 or more uncles. An uncle in Block B has to be a direct child of the kth generation ancestor from B. It cant be a relative of B. An uncle must be verified block header, and must be different to uncles from other blocks and same block. For every Uncle in block B, a miner will receive 3,125% for their coinbase and the U miner will receive 93,75% of coinbase reward. Continue reading >>

World Computer? New Protocol Could Supercharge Ethereum Blockchain

World Computer? New Protocol Could Supercharge Ethereum Blockchain

World Computer? New Protocol Could Supercharge Ethereum Blockchain Dec 1, 2017 at 09:00 UTC|UpdatedDec 4, 2017 at 10:01 UTC With scaling the center of attention in the public blockchain sector, an older but lesser known attempt to overcome the restrictions inherent in ethereum is getting a refresh. Revealed in an exclusive interview with CoinDesk, a new TrueBit protocol is being released this December, one that removes the ethereum "gas limit," which today puts an upper-bound on the number of computations the network can achieve, bringing the second largest blockchain by market capitalization closer to its oft-touted goal of becoming a "world computer." While TrueBit is one of many in-progress scaling solutions being engineered for the ethereum platform - working alongside mechanisms such as sharding, state channels and Raiden - it distinguishes itself by focusing on the computational power of the network at large, instead of just transaction speed. Geared specifically towards heavy computations, such as those video broadcasting and machine learning would require, TrueBit could resolve the fact that ethereum is still about as fast as a "smartphone from 1999," as ethereum creator Vitalik Buterin joked last year . "In short, the new scheme would be a vast simplification of the current TrueBit protocol," said Zack Lawrence, the co-founderof 1protocol , who developed the technology. And these gains all came about after speculation that someone could exploit the protocol, after an amendment to its white paper was released last month. JasonTeutsch, a mathematician and co-founder of TrueBit, framed the speculation, and the process for patching the vulnerability, with a silver lining: "When so many people have eyes on the papers, over time, you get more and more confident that Continue reading >>

Five Startups Focusing On Ethereum Show How They're Using The Protocol - Business Insider

Five Startups Focusing On Ethereum Show How They're Using The Protocol - Business Insider

Keeping track of volunteer work and other socially beneficial activities Anne Connelly, CEO at ixo FoundationBecky Peterson/Business Insider Whatit's working on: CEO Anne Connelly and her team are developing a blockchain product that lets people log and then verify their volunteer jobs, charitable activities, and socially beneficial work, such as how many trees they planted, or how many hours they tutored a child. Once their activities have been verified in the system, the blockchain record of them can be used to apply for grants and subsidies. How its system is being used: As a pilot project, ixo workedwithUNICEF tobuild an app called Amply to help teachers in South Africa take attendance. The government there subsidizes preschool for lower-income kids, but the subsidies are based on attendance. Normally, teachers have to takeroll on paper and then physically submit their roll sheets, a time-consuming process. The app allowed teachers to quickly and easily take attendance on their mobile phones instead. Theoutlook on blockchain technology:"I think it's going to be massively pervasive in a year or two," Connelly said. "Typically they say with this level of innovation it takes a lot longer to happen then we expect, but when it does, it's much more impactful." Digitizing the power grid to offer lower cost electricity Matt Walters, lead architect at GridPlusBecky Peterson/Business Insider What it'sbuilding: Lead ArchitectMatt Walters and his team are developing avirtual energy grid that will sit on top of the national energy system. Once deployed, GridPlus will sell energy to consumers at a small premium to wholesale prices. The energy will be distributed using tokens essentially, digital coins which can be saved or passed to other people if they're not used. Since tokens Continue reading >>

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