The Dao, The Hack, The Soft Fork And The Hard Fork
The DAO, The Hack, The Soft Fork and The Hard Fork We'll try to briefly cover: how and why The DAO was created, how The DAO was exploited, how the soft fork failed miserably, and why everyone was relievedit did so, and how the hard fork lead to a split community and the creation of Ethereum Classic . Part 1 - The DAO - Venture fund evolution The Decentralized Autonomous Organization (known as The DAO)wasmeant to operate like a venture capital fund for the crypto anddecentralizedspace. The lack of a centralized authority reduced costs and in theory provides morecontroland accessto the investors. At the beginning of May 2016, a few members of theEthereum community announced the inception of The DAO , which was also known as Genesis DAO.It was built as a smart contracton the Ethereumblockchain. Thecodingframework was developed open sourceby the Slock.it team butitwas deployed under "The DAO" name by members of the Ethereum community. The DAO had a creation period during which anyone was allowed to send Ether to a special wallet address in exchange for DAO tokens on a 1-100 scale. The creation period was an unforeseen success as it managed to gather 12.7 Ether (worth around $150M at the time), making it thebiggest crowdfund ever. At some point, when Ether was trading at $20, the total Ether from The DAO was worth over $250 million. The DAO wasa complex Smart Contract with many featuresand it should have allowed companiesto make proposals for funding. Once a proposal waswhite-listedbyone of the curators , the DAO token holders (aka DAO investors)would then need to vote on the proposal. If the proposal got a 20% quorum the requested funds would bereleasedintothewhite-listedcontractor's wallet address.Theteam of curators that couldwhite-listaddresses was put in place in order Continue reading >>
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 >>
Hard Fork Definition | Investopedia
As it relates to blockchain technology,a hard fork (or sometimes hardfork) is a radicalchange to theprotocol that makes previously invalid blocks/transactions valid (or vice-versa), and as such requires all nodes or users to upgrade to the latest version of the protocol software. Put differently, a hard fork is apermanent divergence from the previous version of the blockchain , and nodes running previous versions will no longer be accepted by the newest version. This essentially creates a fork in the blockchain, one path which follows the new, upgraded blockchain, and one path which continues along the old path. Generally, after a short period of time, those on the old chain will realize that their version of the blockchain is outdated or irrelevant and quickly upgrade to the latest version. A hard fork can be implemented to correct important security risks found in older versions of the software, to add new functionality, or to reverse transactions (as in the case with the hard fork to reverse the hack on the DAO (decentralized autonomous organization) in the Ethereum blockchain). A hard fork involves splitting the path of a blockchain by invalidating transactions confirmed by nodes that have not been upgraded to the new version of the protocol software. Following the hack on the DAO, the Ethereumcommunity almost unanimously voted in favor of a hard fork in order to roll back transactionsthat siphoned off tens of millions of dollars worth of digital currency by an anonymous hacker. The hard fork also allowed DAO token holders to get their ether funds returned to them. The proposal did not exactly unwind the networks transaction history. Rather, it relocated the funds tied to The DAO to a newly created smart contract with the single purpose of letting the original owne Continue reading >>
Ethereum Hard Fork Coming Soon
The Etherzero (ETZ) project will try to improve the future of the cryptocurrency. We have already seen many Bitcoin forks but still any fork for Ethereum. There have been announced two Ethereum fork but they had some issues with its fork height, resulting in many changes over time. This way many users lost their trust regarding the upcoming changes. However, a new Ethereum hard fork called EtherZero is trying to improve the situation. The EtherZero fork will take place on January 19, 2018, GMT 19:00 and will feature the following characteristics: Allocation: Total supply is approximately 116 million ETZ Reserve 20 million ETZ for subsequent development Newly increased: approximately 6 million ETZ per year (almost 5% inflation and declining every year) At the moment, EtherZero team includes 20 people from many different countries. Also, they are collaborating with many famous Indian and East European DAPP development workshops. The majority of the teams members are professional DAPP developers as well. What kind of Innovation does the team have to offer? The team hopes to bring a new kind of a master node system. Their idea is to stabilize and improve the market value of ETZ. They are aiming to get ETZs market value at 10% of the Ethereum in a short period. In addition, the master node will benefit more cash users. They are expecting the initial access node to be 10,000 ETZ. The distribution will be 45% to the master nodes, 45% of the rewards to the miners, and 10% to the self-governing communities. In the case EtherZero made its market price up to 10% of the Ethereum, the cryptocurrency price would reach 70 US dollars per unit, at least theoretically. The deployment of the ETZ chain is developer friendly and can be completed after a few changes. It is based on the DAPP Continue reading >>
Etherzero - A Revolutionary Ethereum Hard Fork, Forking On 19th Jan 2018
EtherZero - A Revolutionary Ethereum Hard Fork, Forking on 19th Jan 2018 Also a Ethereum hard fork, what difference would EtherZero make? Also a Ethereum hard fork, what difference would EtherZero make? Although there are many bitcoin fork outside, there are only few Ethereum fork on the way. The two already announced Ethereum fork had some trouble with its fork height and changes several time, which lead to a result that many trade platform trust has been lost. However, this time, a new Ethereum hard fork, EtherZero, wish to change the current situation , it may become the most successful Ethereum hard fork that the history has ever had. So now lets find out together what the EtherZero really is and what on earth outstanding charateristics they have: Allocation: Total supply is about 116 million ETZ Reserve 20 million ETZ for subsequent development Newly increased: about 6 million ETZ per year (about 5% inflation and declining year by year) Currently EtherZero team is made up by 20 people, these people are from different country, also we are cooperating with many famous DAPP development workshops from India and East Europe, most of our team member are professional DAPP developers, although we are not famous for now, the techniques are no questioning here. 0 TX fee, meet any requirement of DAPP s development, arrangement and operation; Payment instantly, is suitable for more trade scene; Two layer network system high scalability, Allow DAPP to be used by mainstream people. You may be curious about the masternode sytem, here is a more specific explanation of it: Our idea is to improve and stabilize the market value of ETZ, and we are trying to get ETZ's market value at 10% of the Ethereum in the short term. The masternode can benefit more cash users. We expect the initi Continue reading >>
$35 Million Refund? Developer Appeals To Ethereum For Hack Reversal
$35 Million Refund? Developer Appeals to Ethereum for Hack Reversal Feb 28, 2018 at 05:01 UTC|UpdatedMar 1, 2018 at 09:10 UTC On November 24, 2015, James Levy received 40,000 ether from the Ethereum Foundation. Worth roughly $35,000 at the time (and nearly $35 million today), the grant was an award for Levy's efforts to create an early smart contracting tool, and one of many meant to encourage work on what was then another nascent cryptocurrency in a sea of alternatives. But three weeks later, the grant was gone, drained from his wallet in what might be the largest hack of a single wallet in the history of the ethereum platform. The result of a weak passphrase, Levy has been silent on the matter ever since. But now, in order to fund a new venture called TapTrust, Levy is appealing to the hacker to return the funds, and failing that, he's turning to the community to implement what would entail a system-wide software upgrade, or hard fork , to do so. Such an upgrade would rely on EIP 867 , a proposal to standardize the process of recovering funds on the platform, one that has been a point of conflict for ethereum developers. At times heated, the discussion around the proposal is tilting toward blocking all attempts for the EIP to proceed. Former EIP editor Yoichi Hirai even stepped down from his post as a result, citing legal concerns that could ensue from allowing the proposal to develop. And with the developer community in an uproar, the proposal has been frozen in place as the process for accepting code changes gets considered more intently. As a co-author of EIP 867, Levy has found himself in the eye of the storm as developers expose concerns about the proposal - everything from lamenting ethereum's governance structure as it relates to system-wide catastrophes to pr Continue reading >>
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.  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.  "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.   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.  The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale.  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).    Ethereum was initially described in a white paper by Vitalik Buterin ,  a programmer involved with Bitcoin Magazine , in late 2013 with a goal of buildin Continue reading >>
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 >>
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 >>
What Is The Byzantium Hard Fork In Ethereum?
What Is the Byzantium Hard Fork In Ethereum? By Rakesh Sharma | Updated March 7, 2018 6:20 AM EST How Coinfloor's Bitcoin Futures Differ from CME, CBOE Last year, ethereums cryptocurrency, ether, skyrocketed. (See also: Ethereum'sPrice Increases After Hard Fork Implementation .)Part of the reason for this was the promise of smart contracts on its blockchain. Ether investors are envisioning a future where smart contracts become the standard way to transact for multiple industries. In their enthusiasm for that future, however, the same investors tend to forget that ethereum is still a nascent technology. Its blockchain went live less than three years ago, on July 30th 2015, and is still a work in progress. As such, ether has yet to scale its processing and transaction power. The Byzantium hard fork is an update to ethereums blockchain that was implemented in October 2017 at block 4,370,000. It consisted of nine Ethereum Improvement Protocols (EIPs) designed to improve ethereums privacy, scalability and security attributes. (See also: Why The EthereumDAO Is Revolutionary .) Per ethereums roadmap, four live releases of its network are planned. The first one was called Frontier and released in July 2015. It was considered a beta release for developers to experiment and develop decentralized apps. The second one was called Homestead, and was released in March 2016 to stabilize the platform. The third one, called Metropolis live release,consists of two parts andis the most significant one so far because it represents a significant evolution of ethereum into mass acceptability because of the nature of its changes. (See also: Metropolis Hard Fork Rolled Out .)The Byzantium hard fork was part of the Metropolis live release. The fourth and final upgrade to ethereums network is ca Continue reading >>
E-chat Can Conduct Ethereum Hardfork After The Ico
e-Chat can conduct Ethereum Hardfork after the ICO Bitcoinist.net January 31, 2018 5:30 pm Hardforks in the Bitcoin system dont surprise anyone anymore, but the Ethereum fork, carried out simultaneously with the ICO conducted by the e-Chat team is really something revolutionary for the entire crypto-community. The thing is that the project has long outgrown the limits of the usual blockchain-based messenger and transformed into an interesting, self-developing start-up. The e-Chat team decided to transform the messenger into a multi-functional platform where any participant or business can create their applications based on the e-Chat platform, as well as create their own tokens to pay for services provided both inside the application and outside it. A wide range of services will be available, from a taxi to a babysitter in the neighborhood. Similar functionality exists in the WeChat application, but the degree of protection in it leaves much to be desired, and all payments are possible only in fiat currency. At the moment, the only competitor to the e-Chat project may be Telegram , which launches the ICO in March 2018, but it will happen only in March, and the guys are conducting ICO already now. Ethereum e-Chat fork, can be held in early March. Making such an uncompromising step, the team of e-Chat mobile blockchain platform has 3 goals: instant attraction of a large number of new users and developers to the platform. The situation is not standard since the futures trading of the ECHT coin will soon be launched on some crypto-exchanges, which will provide a benchmark for traders. All issues of converting ERC-20 tokens into fork coins will be determined by the voting of investors. The approach of the team that appeared on the ICO with an already running application is Continue reading >>
Ethereum ($eth) - Etherzero Hard Fork - Coin Calendar
Fork height: 4936270 - Block time: Jan 19th 2018 GMT 19:00-21:00 Fork height: 4936270 Block time: Jan 19th 2018 GMT 19:00-21:00 I have my ETH on a Nano s, so how do I collect the ETZ tokens? Amazingly there appears to be little info available on this. Hello ! if I have eth in Jaxx wllet, its ok to get ETZ. do I have to do something else or will they automatically enter? If I bought the ETZ, the ones I bought the spoils went in automatically? How much ETZ will I get for an ETH. Thanks in advance Hello ! if I have eth in Jaxx wllet, its ok to get ETZ. Do I have to do something else or will they automatically enter? If I bought the ETZ, the ones I bought the spoils went in automatically? How much ETZ will I get for an ETH. Thanks in advance You need to have the ETH on a personal wallet (Ledger Nano, Trezor, KeepKey, MyEtherWallet etc.) otherwise the exchange will receive the ETZ. You can do this temporary and then receive the ETZ on the ETZ blockchain/or wallet. Also dont keep your crypto on an exchange for a long period of time. First of all, no white paper (link says coming soon, been like that forever). Why are you buying something you have no clue. Second of all, its unclear if this is an ICO with new tokens being issued (there is a link to buy into it) or if its a fork (you get ethzero for eth 1:1) or both. If its both, then people buying in get 200 ethzero for 1 eth. People not buying in get 1:1 for their eth. 200 times more for buying it? Smells like scam. Buying in was to enforce support to integrate the ETZ to exchanges. Exchanges ask money and tokens to be placed. Therefor funds need to be collected. So far 500k has been raised. There are no new tokens since its just a copy of the ETH blockchain, so on the new blockchain the main token is ETZ instead of ETH. How Continue reading >>
Is Ethereum About To Explode, Considering The Upcoming Hard Fork On The 18th Of January?
Mark Johnson , Cryptocurrency blogger, investor and enthusiast Answered 11w ago Author has 668 answers and 2.7m answer views It is possible that Ethereums price will increase after the EtherZero (ETZ) hard fork on the 19th of January, possible reasons include: Investors buying Ethereum/Ether (ETH) to increase the amount of free EtherZero they receive (ETH holders will recieve one ETZ for every ETH they own) Investors could sell the EtherZero after the hard fork and use it to buy more Ether. Due to the above reasons, Ethereums price could rise rapidly (similar to what happened with Bitcoin) and this would attract new investors who want to take advantage of the price increase. We can look at how hard forks have effected the value of Bitcoin in 2017 to help give us an idea. Bitcoin doubled in price after the Bitcoin Cash (BCH) hard fork and continued its bull run throughout the year and increased again after the Bitcoin Gold (BTG) hard fork and only slowed down after the Bitcoin SegWit2x (B2X/Bitcoin2x) hard fork was cancelled. Before the Bitcoin Cash hard fork one Bitcoin was worth about $1,600 and after the Bitcoin Cash hard fork the price for one BTC was $4000, then shortly after the Bitcoin Gold hard fork one Bitcoin was worth over $10,000. The hard fork could set off a chain of events leading to a rapid rise in Ethereums price: Investors might want to get their hands on free EtherZero Tokens, investors might then sell their EtherZero, other investors might jump in during the price rise and on top of all of that cryptocurrency is becoming more and more mainstream so a lot of newcomers might jump on the bandwagon as well. Or all of this might not happen, we can only wait and see, in my opinion Ethereum is a great investment regardless of any hard forks. 211.6k Views Vi Continue reading >>
Etherzero: What Do We Know About The New Ethereum Fork
EtherZero: What Do We Know about the New Ethereum Fork Multiple forks of Bitcoin blockchain created over last years has made it popular among the cryptocurrency community. The same trend is now happening with the second most popular network, Ethereum. According to a team of anonymous developers (who only have their names listed in the white paper), the EtherZero fork occurred on January 19, 2018, at block 4936270. However, there isnt much information available about this project. The article attempts to understand the issue by collecting all the information available till date. For the first time, the EtherZero project became known at the end of December 2017, and as it was reported then, it is a new generation of a platform for developing smart contracts created by a group of professional developers of decentralized standalone applications (DAPP). Among the main features of EtherZero are a two-level network system using the Dash master node architecture, a system of offline community management, zero commissions, instant transfers and, finally, high scalability. At the same time, nothing is said about the EtherZero hard fork on the official Ethereum website: ethereum.org, no comments are given by the network developers either. Interesting, that in the early January the post appeared in the project thread on Bitcointalk : due to the lack of support from the community and large trading platforms, the project launch is canceled. After some time this message was deleted, but the evidence of it has been preserved on the network. The project devteam says that Ethereum users will receive about 116 million ETZ tokens, where 1 ETZ is equal to one ETH. They have also set an ambitious goal to pick off 10% of Ethereum capitalization ($ 102 billion as on January 21, 2018). Also, t Continue reading >>
Return Ethereum Zero (ezt) After Ethereum Hardfork?
Return Ethereum Zero (EZT) after Ethereum HardFork? When can you withdraw the deposited ETH and BTC? ICO will end on 21th January 2018 under the roadmap. We, again, confirm that you are eligible to withdraw the deposited ETH, BTC on 22 January 2018 as the ICO ends. 2. Are you allowed to withdraw the deposited ETH, BTC without applying KYC authentication? The investors who do not buy/sell EZT will not be required KYC authentication 3. Are you returned the Ethereum Zero (ETZ) after Ethereum Hard Fork? We have recently received some concerns from investors on Hard Fork Ethereum which is effective since 19th January 2018. We would like to clarify that this is an unexpected event of ICO EZToken Roadmap. We will return ETZ to investors who have ETH balance in EZToken Account prior to 19GMT on 19th Jan2018 We now commit to return the full amount of Ethereum Zero (ETZ) for investors who have ETH balance in EZToken account prior to 19:00 GMT 19th Jan 2018. We fully understand that the amount of ETZ does not belong to us. However, the process of returning ETZ is quite complicated and it takes time for our Dev Team to build and improve the system. We will release the information and guidance to investors who wish to withdraw ETZ as soon as we accomplish the process. The process is planned to be ready on 8th February 2018 To update our latest information, please join in our Telegram Announcement: Continue reading >>