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Ethereum Total Block Size

Ethereum: How To Become A Blockchain Developer

Ethereum: How To Become A Blockchain Developer

Learn how to work with Ethereum, the cryptocurrency for Smart Contracts, a revolutionary technology, home of the cryptokittens, and BTC's main competitor. The CryptoKitties is a Smart Contract that allows users to collect or buy and breed digital cats. If you would like to become a Blockchain developer, sooner or later, you will work with Ethereum. It is the second-largest cryptocurrency at the moment. According to coinmarketcap, its market capital is half the size of Bitcoin and twice the size of Ripple, the third-largest cryptocurrency. Ethereum, like Bitcoin, is a Blockchain solution that provides sharing coins' features. So, why did it become so popular? All the small differences between Ethereum and the first cryptocurrency make it so popular the smart contracts, quickly mined blocks and low fees. Like Bitcoin, Ethereum is a Blockchain solution. The general functional principle is the same currency owners can exchange the funds by sending the transactions which are broadcasted with the decentralized Blockchain. But a couple of differences make Ethereum so special Every block in mined in approximately 10 minutes in Bitcoin. In Ethereum, it happens 4-5 times per minute. Thus, making microtransactions, ordering pizza, or paying for goods does not require one to wait for 10 minutes until the transaction receives the first confirmation. In Bitcoin, the block size is currently specified at 1MB. The Ethereum block size is calculated in a totally different way and depends on the complexity of transactions included in this block. Every block can have a complexity of around 8,000,029 Gas. Every transaction has its own complexity called the Gas and calculated from the code, smart contracts, and information that the transaction includes. Lets say that a single, basic transact Continue reading >>

What Is The Block Size Limit

What Is The Block Size Limit

If you've been in crypto for a while, you've heard of the block size and the everlasting debate that surrounds it. This debate has plagued the community for years and it has pretty much torn it apart into two groups: Those in favor of a blocksize increase and those against it. But maybe you haven't been around long enough to know what the block size and the block size limit mean and why it's so heavily debated in the crypto sphere. The block size issue is much more than just a curiosity or technicality and it could indeed define the future of Bitcoin as a mainstream currency. So, what is the block size and why does it matter? Why are there groups that defend the block size limit while others push for an immediate increase? As you most likely know, Bitcoin is a blockchain-based cryptocurrency. All the transactions that take place within the network are recorded on this blockchain, a public ledger that can be seen by anyone but changed by no one. This ledger is made up of blocks that fit together cryptographically (hence the name, blockchain). When a user makes a transaction, said transaction is included in the block that is being mined at the time, and will later be confirmed by the blocks that follow it. The more blocks there are on top of your transaction, the safer it is to assume it is immutable. Transactions, at its most basic level, are made up of data which is usually composed of the information regarding the transaction itself. This data, like any other, takes up space on the block it is included. Currently, each block on the Bitcoin blockchain is able to contain 1mb of data, meaning that the block size of bitcoin is 1 megabyte. This means that there is a limit to how many transactions can fit in Bitcoin's blocks, according to the data contained in said transact Continue reading >>

The Mystery Behind Blocktime

The Mystery Behind Blocktime

Identity Evangelist, Author, Blogger, Developer, Blockchain Enthusiast, Senior Director of Security Architecture at WSO2, Apache WS Committer, Axis PMC Member Block time defines the time it takes to mine a block. Both in bitcoin blockchain and ethereum blockchain, there is an expected block time, and an average block time. In bitcoin, the expected block time is 10 minutes, while in ethereum it is between 10 to 19 seconds. Both bitcoin and ethereum, at the time of this writing use a proof of work based distributed consensus algorithm (ethereum is planned to move to a proof of stake based algorithm with its serenity release). The expected block time is set at a constant value to make sure, miners cannot impact the security of the network by adding more computational power. The average block time of the network is evaluated after n number of blocks, and if it is great than the expected block time, then the difficulty level of the proof of work algorithm will be reduced, and if it is less than the expected block time then the difficulty level will be increased. Thats the core design principle behind block time, but you will see as we proceed, how bitcoin and ethereum differentiate themselves from each other. The level of difficulty varies with the time, as per the following formula. It tries to evaluate the speed of the mining network and find out how much it deviates from the expected level. The expectation is to mine a block in 10 minutes. For example, if the average speed of mining the last 2016 blocks is 8 minutes then the new difficulty factor will be greater than one, so the current difficulty level will be increased. In case the average is above 10 minutes, then the factor will be less than 1 and the difficulty level will be decreased for the next 2016 blocks. The d Continue reading >>

Why Is Ethereum Different To Bitcoin?

Why Is Ethereum Different To Bitcoin?

Ethereum differs from Bitcoin in 7 main ways: 1. In Ethereum the block time is set to 14 to 15 seconds compared to Bitcoins 10 minutes. This allows for faster transaction times. Ethereum does this by using the Ghost protocol. 2. Ethereum has a slightly different economic model than Bitcoin Bitcoin block rewards halve every 4 years whilst Ethereum releases the same amount of Ether each year ad infinitum. 3. Ethereum has a different method for costing transactions depending on their computational complexity, bandwidth use and storage needs. Bitcoin transactions compete equally with each other. This is called Gas in Ethereum and is limited per block whilst in Bitcoin, it is limited by the block size. 4. Ethereum has its own Turing complete internal code... a Turing-complete code means that given enough computing power and enough time... anything can be calculated. With Bitcoin, there is not this form of flexibility. 5. Ethereum was crowd funded whilst Bitcoin was released and early miners own most of the coins that will ever be mined. With Ethereum 50% of the coins will be owned by miners in year five . 6. Ethereum discourages centralised pool mining through its Ghost protocol rewarding stale blocks. There is no advantage to being in a pool in terms of block propagation. Continue reading >>

What Is Ethereums Block Size? : Ethereum

What Is Ethereums Block Size? : Ethereum

Welcome to r/Ethereum , the front page of the Web 3. No inappropriate behavior. This includes, but is not limited to: personal attacks, threats of violence, gossip, slurs of any kind, posting people's private information. Keep price discussion and market talk, memes & exchanges to subreddits such as /r/ethtrader Keep plain ICO advertisements to subreddits such as r/ethinvestor . Keep mining discussion to subreddits such as /r/EtherMining . No creating multiple accounts to get around Reddit rules. English language only. Please provide accurate translations where appropriate. Posts and comments must be made from an account at least 10 days old with a minimum of 20 comment karma. Exceptions may be made on a discretionary basis. Continue reading >>

Satoshis Best Kept Secret: Why Is There A 1 Mb Limit To Bitcoin Block Size

Satoshis Best Kept Secret: Why Is There A 1 Mb Limit To Bitcoin Block Size

Satoshis Best Kept Secret: Why is There a 1 MB Limit to Bitcoin Block Size Bitcoins scaling crisis was one of several things Satoshi and earlier Bitcoiners never anticipated. Heres how that 1 MB blocksize limit got put there. Anybody familiar with Bitcoin is aware of the vexing problem caused by the 1 MB blocksize limit and the controversy that arose over how to scale the network. Its probably worthwhile to look back on how that limit came to exist, in hopes that future crises can be averted by a solid understanding of the past . In 2010, when the blocksize limit was introduced, Bitcoin was radically different than today. Theymos, administrator of both the Bitcointalk forum and /r/bitcoin subreddit, said, among other things : "No one anticipated pool mining, so we considered all miners to be full nodes and almost all full nodes to be miners. I didn't anticipate ASICs, which cause too much mining centralization. SPV is weaker than I thought. In reality, without the vast majority of the economy running full nodes, miners have every incentive to collude to break the network's rules in their favor. The fee market doesn't actually work as I described and as Satoshi intended for economic reasons that take a few paragraphs to explain." It seems that late in 2010, Satoshi realized there had to be a maximum block size, otherwise some miners might produce bigger blocks than other miners were willing to accept, and the chain could split. Therefore, Satoshi inserted a 1 MB limit into the code. Yes, Satoshi kept this change a secret until the patch was deployed, and apparently asked those who discovered the code on their own to keep quiet . He likely kept things quiet to minimize the chances that an attacker would figure out how to use an unlimited blocksize to DOS the network. Sat Continue reading >>

Charts: Determining The Ideal Block Size For Bitcoin

Charts: Determining The Ideal Block Size For Bitcoin

Charts: Determining the Ideal Block Size for Bitcoin Mar 24, 2017 at 18:35 UTC|UpdatedMar 26, 2017 at 10:17 UTC Willy Woo is an entrepreneur, investor, trader and cryptocurrency enthusiast. In this guest piece , Woo weighs in on the block size, analyzing the charts to offer a novel take on bitcoin's big debate. Ultimately, he finds that there's little evidence to suggest current network congestion is a fatal flaw. Bitcoin has been operating for eight years, from the early days when we only saw a few transactions in each block, through to today, where blocks are crammed packed and congestion is the norm. One benefit of seeing congestion this early in bitcoin's life is we get a great set of data of the network under load. In this study, we'll take a look at bitcoin's transactional data to see if it points to an ideal block size (if there even is such a thing). The chart above shows the transactions per second on the bitcoin network over time. It's a log graph that shows exponential growth as straight lines, where the bubbles denote the size of bitcoin's mempool (think of it as a kind of storagetankthat temporarily holds transactions before they are processed). Despite users complaining that the blocks are now crammed full, and that the network overloading, this graph tells a surprising story.While we see by Q4 of 2016, the mempool swelling to take up peak loads, the network catches up off-peak. The network is keeping up with exponential demand. Yes, we are seeing congestion, but no, we are not yet turning away any significant transaction volume due to this congestion. If this was true, we'd see this as a downwards arc on our log graph instead of our straight line. But that's not to say wearen't very close to the limits soon and our arc away from a straight line will like Continue reading >>

Accounts, Transactions, Gas, And Block Gas Limits In Ethereum

Accounts, Transactions, Gas, And Block Gas Limits In Ethereum

Accounts, Transactions, Gas, and Block Gas Limits in Ethereum This article is meant to help people understand some of the basic mechanics behind accounts, transactions, gas, and the role miners play in setting the block size in Ethereum. Corrections are welcome :) There are two types of accounts in Ethereum can send transactions (ether transfer or trigger contract code), code execution is triggered by transactions or messages (calls) received from other contracts. when executed - perform operations of arbitrary complexity (Turing completeness) - manipulate its own persistent storage, i.e. can have its own permanent state - can call other contracts All action on the Ethereum block chain is set in motion by transactions fired from accounts. Every time a contract account receives a transaction, its code is executed as instructed by the input parameters sent as part of the transaction. The contract code is executed by the Ethereum Virtual Machine on each node participating in the network as part of their verification of new blocks. The term transaction is used in Ethereum to refer to the signed data package that stores a message to be sent from an externally owned account to another account on the blockchain. a signature identifying the sender and proving their intention to send the message via the blockchain to the recipient, VALUE field - The amount of wei to transfer from the sender to the recipient, an optional data field, which can contain the message sent to a contract, a GASLIMIT value, representing the maximum number of computational steps the transaction execution is allowed to take, a GASPRICE value, representing the fee the sender is willing to pay for gas. One unit of gas corresponds to the execution of one atomic instruction, i.e. a computational step. Contrac Continue reading >>

The Ethereum-blockchain Size Will Not Exceed 1tb Anytime Soon.

The Ethereum-blockchain Size Will Not Exceed 1tb Anytime Soon.

The Ethereum-blockchain size will not exceed 1TB anytime soon. Before diving into this article, please read the two disclosures about my involvement (1,2) and the one on data accuracy (3) at the bottom of the article. At least once a month someone posts a chart on r/ethereum predicting the blockchain size of Ethereum will soon exceed 1 TB. I want to take that chance to clean up with some stories around the Ethereum-blockchain size in this article and try to explain why this chart is technically correct, but not the full picture. Let's have a look at this chart first. It shows the complete data directory size of an Ethereum node (red), Geth in this case, and a Bitcoin node (blue), probably Bitcoin-Core , plotted over time. While the Bitcoin graph is moving slightly upwards in a seemingly linear inclination, the Ethereum graph reminds the reader of an exponential growing slope. On Blocks, Block-History, States, and State-History Users accusing Ethereum of blockchain-bloat are not far off with their assumptions. But actually, not the chain is bloated but the Ethereum state. I want to examine some terminology from the Whitepaper before proceeding. Block. A bundle of transactions which, after proper execution, update the state. Each transaction-bundling block gets a number, has some difficulty, and contains the most recent state. State. The state is made up of all initialized Ethereum accounts. At the time of writing, there are around 12 million known accounts and contracts growing at a rate of roughly 100k new accounts per day . Block-History. A chain of all historical blocks, starting at the genesis block up to the latest best block, also known as the blockchain. State-History. The state of each historical block makes up the state history. I will get into the details on t Continue reading >>

The Ethereum-blockchain Size Will Not Exceed 1tb Anytime Soon | Hacker News

The Ethereum-blockchain Size Will Not Exceed 1tb Anytime Soon | Hacker News

That just prevents anyone except miners from messing with the state. One of the nice properties of Bitcoin is that even miners can't magic more coins into existence than allowed by the protocol or spend other people's money. You lose that a little with this kind of fast sync. It's probably worth it from a usability standpoint though. Miners could mess with very recent state, but if you download enough blocks with full state to be confident of finality for the earliest one, and verify just those transitions, you're still safe. If the incorrect blocks were published on the network, they'd be rejected by other miners, so you don't have to look far back unless (1) there's a sustained 51% attack on the whole network, or (2) you're a very juicy target and a huge miner can take over your internet connection, and you don't notice a large drop in difficulty. I'm not trolling: I have 50Mbit connection and specd out macbook - probably most powerful laptop you can expect from a user. Maybe if i tweak or use light client it would, but as a user I don't care. Yea I gave up on eth wallets as well. I just ended up dumping my coins onto coinbase and hope they don't get hacked or something... I looked into hot wallets, but so many people have theirs keys stolen somehow. Figured it was last risk to leave it on an exchange. I have a Dell laptop that I bought for ~$500 in 2014, upgraded to 16GB RAM and SSD, it holds ETH, LTC and BTC blockchain. It's constant network transfer is 4MB/s, avg. CPU usage 70%. Run Arch. What problem are you having? Is this for Bitcoin or for Ethereum? I thought the former has UTXOs and the latter has accounts. So the issue is, if you want to validate a transaction, I would have to find the block in which the input was made, and confirm all the blocks from that o Continue reading >>

What Is Ethereum? A Comprehensive Explanation - Coin Bureau

What Is Ethereum? A Comprehensive Explanation - Coin Bureau

Ethereum is currently the second most valuable crypto currency by market capitalisation. It has become the staple crypto currency for investors to hold in their portfolio. It has been said by a number of people that Ethereum can greatly change the way we think about the client server model . Many claim that is has the potential to revolutionise the way we think about all business. Ethereum has also become the de-facto crypto currency for people to take advantage of ICOs. People use the Ethereum network and tokens in order to offer their own tokens to the general public. Yet, what is Ethereum and how is it different from Bitcoin? Put simply, Ethereum is software that is running on a distributed network of computers which ensures that smaller programs (called smart contracts) are replicated and executed across the network. Given the decentralised nature of Ethereum, there is no central server or co-ordinating system. The long term goal of the Ethereum network is to create one large decentralised virtual machine. Similar to Bitcoin, Ethereum makes use of blockchain concepts to validate, store and replicate transaction data across all of the network nodes. It extends beyond this simple concept by including the computation of the smart contract codes on the network. Therefore, while Bitcoin looks to store data about the recorded transactions on the network, Ethereum takes it one step further by including the computation of the smart contract programs on the network. Before we can delve into the underlying technology that makes Ether unique, it helps to take a step back and look at what Bitcoin and Ethereum share in common. Like Bitcoin, Ethereum has a blockchain made up of all transaction blocks prior. Inside these blocks, we have information on the transactions that took p Continue reading >>

Qtums Block Size Limit Will Be Governed By Smart Contracts: Heres How

Qtums Block Size Limit Will Be Governed By Smart Contracts: Heres How

Qtums Block Size Limit Will Be Governed by Smart Contracts: Heres How Qtum is an up-and-coming smart contract platform set to launch in September of this year. Sometimes ambitiously referring to itself as Chinas Ethereum, the project recently raised $15 million in three days through a successful crowdsale or Initial Coin Offering (ICO). On a technical level, the Qtum blockchain will resemble Bitcoin, but will integrate an Ethereum-like Virtual Machine on top for smart contracting purposes. Additionally, Qtum is in the process of implementing a Decentralized Governance Protocol (DGP). This DGP will have smart contracts determine the blockchains parameter selection, like its block size limit. Jordan Earls, also known as earlz online, is the co-founder and lead developer of Qtum. We believe this will allow for Qtum to be the first self-modifiable, self-regulating and ultimately self-aware blockchain, he told Bitcoin Magazine. Any blockchain has a number of parameters. In Bitcoin, this of course includes the 1 megabyte block size limit. But it also includes the block reward (currently 12.5), the block interval time (ten minutes) and more. These and three other parameters apply to Qtum as well. But there are two basic problems with needing to have these parameters. First, they are very hard to get right, in so far as thats even possible, since different parameters benefit different use cases. And second, in a decentralized system, these parameters can be very hard to change. The core rationale and problem we had when designing this is that we will release Qtum with some initial parameters that we try to make perfect, Earls told Bitcoin Magazine. But we don't know what the ecosystem will look like one month after release, much less one year. So, we designed DGP. That way, we Continue reading >>

The Ethereum Community Demonstrates Its Strength: How Ethereum Solved Its Own Block-size Controversy

The Ethereum Community Demonstrates Its Strength: How Ethereum Solved Its Own Block-size Controversy

The Ethereum Community Demonstrates Its Strength: How Ethereum Solved Its Own Block-Size Controversy Slow transaction times, high transaction fees, and a static gas limit were plaguing the Ethereum network, leading some to wonder if this was the emergence of a rift between miners and developers. But in less than a month, the two factions worked together to raise the gas limit and avoided what could have become Ethereums own block-size stand-off. Note: This article attempts to break down a complicated issue so that readers of every technical ability can understand. However, that makes it very long. Section headers are included to help readers navigate to the parts that meet their interest/technical level. Twenty-nine days ago, Ethereum Foundation (EF) contributor and Oaken Innovations co-founder Hudson Jameson alerted the community that the recent surge in token offering (TO) popularity may lead to severe network congestion and high transaction costs over the coming weeks. In a reddit post , he explained his belief that a temporary fix miners had implemented late last year in response to a Denial of Service (DoS) attack is what was causing blocks to fill up, or reach the limit of acceptable transactions per block, requiring many users to endure long wait times and high fees to send transactions on the network. Recognizing the frustration that users unaccustomed to Ethereums evolutionary rate might have with these long wait times, he suggested that miners raise their gas limit and gas price settings to help alleviate these issues. He called for miners to re-institute a pre-DoS attack adaptive gas limit that would track a moving average of previous block use and organically grow (or shrink) to help prevent blocks from filling up. In a discussion with ETHNews, Jameson expl Continue reading >>

A Gentle Introduction To Ethereum

A Gentle Introduction To Ethereum

Ethereum builds on blockchain and cryptocurrency concepts, so if you are not familiar with these, its worth reading a gentle introduction to bitcoin and a gentle introduction to blockchain technology first. This article assumes the reader has a basic familiarity with how Bitcoin works. Ethereum is software running on a network of computers that ensures that data and small computer programs called smart contracts are replicated and processed on all the computers on the network, without a central coordinator. The vision is to create an unstoppable censorship-resistant self-sustaining decentralised world computer. The officialwebsite is Itextends the blockchain concepts from Bitcoin which validates, stores, and replicates transaction data on many computers around the world (hence the term distributed ledger). Ethereum takes this one step further, and also runs computer code equivalently on many computers around the world. What Bitcoin does for distributed data storage, Ethereum does for distributed data storage plus computations. The small computer programsbeing run are called smart contracts, and the contractsare run by participants on their machines using asort ofoperating system called a Ethereum Virtual Machine. To run Ethereum, you can download (or write yourself if you have the patience) some software called an Ethereum client. Just like BitTorrent or Bitcoin, the Ethereum client will connect over the internet to other peoples computers running similar client softwareand start downloading the Ethereum blockchain from them to catch up. It will also independently validate that each block conforms to the Ethereum rules. What does the Ethereum client software do? You can use itto: Create new transactions and smart contracts Your computer becomes a node on the network, r Continue reading >>

Ethereum: Too Complex Toscale?

Ethereum: Too Complex Toscale?

enjoys learning about blockchain technology. Can Ethereum scale beyond Bitcoin? How does the network manage high transactions numbers? How are smart-contracts burdening the network? What are the implications for blockchain Dapp developers? In this blog post, we will dive into Ethereums scalability challenges. The complexity of smart contracts can lead to large amounts of computation that the Ethereum network needs to handle. In order to limit the total amount of computation done and to provide incentives for miners, Ethereum uses a gas system. In this system any transaction that is sent costs some small amount of ether, called gas. The amount varies depending on the transaction code size and complexity. For instance, many loops in the smart-contract code increase its complexity and thus the gas consumption of a respective transaction. Unlike in Bitcoin, there is no fixed megabyte limit for the size of a block. In Ethereum, a blocks size is limited by a total gas consumption limit. For instance, in April 2016, the total gas limit amounted to 4,712,388 gas which can be spent on every block. For an average transaction size of 21,000 gas, that are needed for a default value transfer, and a target block time of 15 seconds, about 224 transactions can be placed in one block until the total gas limit is reached. Thus, about 14 transactions can be processed per second. If the gas limit per block is constantly reached within 15 seconds, the protocol reacts to the increased demand and increases the limit by a factor of 1+1/1024 each block or about 0.09%. This way, Ethereum adapts the gas limit either up or down to meet the targeted block time of 15 seconds. Thus, compared to the 10 minute block latency in Bitcoin, Ethereum enables much faster verification of transactions. Therefo Continue reading >>

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