Ethereums Scalability Plans To Push Past Theirlimits
Ethereums scalability plans to push past theirlimits The announcement by Vitalik Buterin on November 2 at Devcon3 regarding his modest proposal for Ethereums future was timely and exciting. Ethereum, being a blockchain, has been enduring a problem common to all blockchains the size of the database underlying the blockchain grows without bounds, and in direct proportion to the number of people using the blockchain. What this translates to is major overhead and challenges that are getting worse over time for the underlying infrastructure needed to run Ethereum. For example, the Ethereum database has grown over the last few years from being under a gigabyte to tens of gigabytes today and it appears to be growing on an exponential trajectory. This is clearly not sustainable. The key technology Vitalik believes is the solution is sharding, a term borrowed from database technology, where the data is sharded and the network is partitioned. Briefly, sharding consists of three steps: Break up the data into small chunks (also called shards) Partition the network into subnetworks (Bluzelle calls each a swarm. Vitalik calls each a universe) While there are many aspects to Vitaliks announcement, this particular one is interesting, because, if properly executed, it will enable Ethereum to scale well past the size limits it is facing now. The execution specifics of how the subnetworks will intercommunicate remains a subject that undoubtably Vitalik is actively working on. The Bluzelle database was architected from the get-go to employ three key technologies, one of which is database sharding. Bluzelle accomplishes massive scalability by sharding all database data and then ensuring shards get properly stored into Bluzelles own flavour of network partitions swarms. A Bluzelle swarm is Continue reading >>
Mining Theory - What Is Gas Limit In Ethereum? - Bitcoin Stack Exchange
What is the function of Gas Limit parameter in Ethereum?Is it involved in mining or something else? In Ethereum, gas is a measure of computational effort. To each operation, a fixed amount of gas is assigned (e.g. adding two numbers costs 3 gas, calculating a hash costs 30 gas, sending a transaction costs 21000 gas ). Since computation is expensive (mind that it has to be done by every full node in the network), excessive consumption of gas needs to be discouraged. Therefore, each unit of gas must be paid for (in Ether) by the sender of the transaction that triggered the computation. Unfortunately, it is often not easy and in general even impossible to know in advance how much gas a transaction will need eventually. Therefore, transactions have a gas limit field to specify the maximum amount of gas the sender is willing to buy. If the gas used exceeds this limit during execution, processing is stopped. The sender still has to pay for the performed computation, but they are protected from running completely out of funds. The transaction gas limit also protects full nodes from attackers, who could, without a gas limit, make them execute effective infinity loops. If such a transaction would take longer than one block to process, it could never be included in a block, and, thus, the attacker wouldn't need to pay for it.  Additionally, blocks, too, have a field called gas limit. It defines the maximum amount of gas all transactions in the whole block combined are allowed to consume. Similar to the maximum block size in Bitcoin (measured in bytes), its purpose is to keep block propagation and processing time low, thereby allowing for a sufficiently decentralized network. In contrast to Bitcoin, it is however not a constant. Instead, miners have the option to increase o Continue reading >>
Solidity - Limitations Of Ethereum Block Chain In Terms Of Contract Size - Ethereum Stack Exchange
Limitations of ethereum block chain in terms of contract size I have a contract that stores some basic data about a person. It has about 4-5 variables. Each of these contracts is associated with a name. Say I want to search for a Person smart contract that belongs to Varun, then I can call every single contract, and query whether the it has that name stored or not. Now this is very in-efficient so instead I want to have a CentralRegistry contract in which I can keep a basic mapping of the name vs the address of the contract it belongs to. Every time a new contract is created, the name and address corresponding to it is appending to the mapping in the CentralRegistry contract. If I have 10,000,000 Person contracts, is there any issue is storing a mapping that has 10million registry. Note each append to the mapping will be done in a separate transaction, and it will be probably done over several months. It is preferred if you can post separate questions instead of combining your questions into one. That way, it helps the people answering your question and also others hunting for at least one of your questions. Thanks! Rando Jan 6 '17 at 13:11 Store your CentralRegistry look up data as mapping. mapping can practically store unlimited amount of data without slowing down . Blockchain size growth should not be an issue for mere 10 million entries and current node softwares handle it easily. Alternative make the look up data available using Events like Event PersonAdded(string indexed name). Indexed event parameters have native lookup in Ethereum JSON-RPC API, however events look up API is not exposed to smart contracts themselves. More about events . Events in smart contracts can be listened to by web3.js. However this requires me to have the contract's address before adding Continue reading >>
Ethereum Not Having A Supply Cap Is Not Such A Big Deal
Bitcoin Development Should Not Hinge On Contributors' Identities Ethereum Not Having A Supply Cap Is Not Such A Big Deal Although the Ethereum ecosystem is attracting a lot of positive attention, some questions still linger. For example, there is no supply cap on the ETH tokens, which leads to constant inflation. Switching to proof-of-take would reduce that inflation, but there wouldnt be a concrete supply cap per se. This is one question a lot of investors should think about. Unlike Bitcoin , with its 21 million coin cap, Ethereum has no particular currency supply limit. That may seem after unusual, but in the world of cryptocurrency, that is not uncommon. At the same time, this brings up the question how the value of individual ETH tokens should be calculated. After all, with no fixed supply, these tokens may as well be worth next to zero. According to a Reddit post , the number of issued ETH is linked to the value of a single token. In a way, this means the more tokens are created, the less valuable they become. Such a principle exists in traditional finance as well when central banks print more money. In this case, however, that value is decided by the free market. Some people may wonder what would happen if a rogue developer would try and double the supply overnight. While it is unlikely this will happen, it is a genuine question. Without the majority of network miners approving this change, it will not go through. Moreover, new Ethereum clients would need to be developed to accommodate this change. Even though there is no fixed supply cap for Ethereum right now, there are certain limits. The number of coins added per year varies a bit and is currently roughly 20% of the supply cap. That number can go down, assuming there will be a block reward halving in the futu Continue reading >>
Gas - Is There A Limit For Transaction Size? - Ethereum Stack Exchange
Is there a theoretical limit for transaction data size when you send a transaction to Ethereum network? Wow this is such an interesting question! TL;DR: the transaction size limit, at the time of writing, is about 780kB (about 3 million gas). But read on. There is no direct or fixed limit neither for transaction sizes nor for block sizes. This is a strength of the Etherem network, it does scale. That does not mean that there are no limits. There is the block gas limit of currently 3,141,592 gas which can be spent maximum per block. That means, in theory you could create a single transaction which consumes all the gas of a single block. Let's try to send 256kB random data with a contract: That would consume almost 9 million gas, which is not available currently. Mist tries to create the transaction but it will be invalid. Let's try to create something close to the gas limit, 44,444 random bytes: That transaction went through, here is an explorer link . Hash: I0207 11:47:14.558908 eth/api.go:946] Tx(0x25e54394ab4e5f17d6e1240c02c1a6c4bb675ef9471f1105b006988f5fe5aec1) to: 0xfcae7970392f510a985a7eaccd3820b7759d65d9 Actual Transaction Cost: 151.59 Finney (0.15159 Ether) So, I just added 44kB to the blockchain in block 967163 . And now the scaling magic of Ethereum starts to kick in. In block 967164 the network reacts to the high gas consumption and increases the block gas limit to 3,142,967! So, if there is a continuos request in high gas consumption, the gas limit can be increased by plus/minus 1/1024 which is around 0.09%. See yellow paper equations 40-42 . In short, limit: yes, at the time of writing about 780kB for a tx full of zero bytes, or 46kB for a tx full of non-zero bytes. Fixed limits (like in Bitcoin): no. As of 12/08/2017, the gas limit as detailed on EthStats. Continue reading >>
Is There A Limit To The Supply Of Ethereum?
Is there a limit to the supply of Ethereum? Quote from Vitalik Buterin, Ethereum Foundation: So here is a thought. Currently, because of the PoW ice age, the block time is scheduled to start increasing in mid-2017, and past around 2019 the increase is going to grow exponentially. The mining reward does NOT increase proportionately. Hence, there is already an exponential slowdown in the growth of the ETH supply built into the protocol; my script shows: Block 3000000, approx ETH supply 87962556, time '2017-01-16 00:38:33.067775' blocktime 14.86 Block 3500000, approx ETH supply 90612556, time '2017-04-11 18:09:34.273529' blocktime 15.27 Block 4000000, approx ETH supply 93262556, time '2017-08-15 18:20:24.642729' blocktime 30.01 Block 4500000, approx ETH supply 95912556, time '2018-11-03 05:55:48.912370' blocktime 136.71 Block 5000000, approx ETH supply 98562556, time '2025-10-02 11:47:30.658317' blocktime 835.81 Block 5500000, approx ETH supply 101212556, time '2128-03-20 09:14:16.483692' blocktime 17183.83 Block 6000000, approx ETH supply 103862556, time '5189-09-26 20:57:59.367004' blocktime 520901.19 Hence, in the foreseeable future, the supply will not go far above 100 million. Ice age is a term used to describe the difficulty increase in the network(also called difficulty bomb). With time the mining difficulty increases exponentially and will bring the network to a halt. The idea behind this is to motivate the developers to move to Proof of Stake and give them a time limit to implement the new protocol before the network stops. Slower network = longer block times = less ETH rewards Continue reading >>
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 >>
What Is Gas? Gas & Transaction Fees | Myetherwallet Help & Support
When you hear gas, the person is either talking about: The total cost of a transaction (the "TX fee") is the Gas Limit * Gas Price. Typically, if someone just says "Gas", they are talking about the "Gas Limit". You can think of the gas limit like the amount of liters/gallons/units of gas for a car. You can think of the gas price as the cost of that liter/gallon/unit of gas. With a car, it's $2.50 (price) per gallon (unit). With Ethereum, it's 20 GWEI (price) per gas (unit). 21000 units of gas at 20 GWEI = 0.00042 ETH. Therefore, the total TX fee will be 0.00042 Ether. Sending tokens will typically take ~50000 gas to ~100000 gas, so the total TX fee increases to 0.001 ETH - 0.002 ETH. You can use our tool to calculate GWEI <-> WEI <-> USD here , which can be helpful when you want to know your TX fee in ETH, rather than GWEI. The gas limit is called the limit because it's the maximum amount of units of gas you are willing to spend on a transaction. This avoids situations where there is an error somewhere in the contract, and you spend 1 ETH....10 ETH....1000 ETH..... going in circles but arriving no where. However, the units of gas necessary for a transaction are already defined by how much code is executed on the blockchain. If you do not want to spend as much on gas, lowering the gas limit won't help much. You must include enough gas to cover the computational resources you use or your transaction will fail due to an Out of Gas Error. All unused gas is refunded to you at the end of a transaction. So if you go to MyEtherWallet, send 1 ETH to our donation address ( ? ), and use a gas limit of 400000 you will receive 400000 - 21000* back. However, if you were sending 1 ETH to a contract and your transaction to the contract fails (say, the Token Creation Period is already Continue reading >>
Ethereum Price Analysis - Dapp Testing Network Limits
Ethereum Price Analysis - Dapp testing network limits Josh Olszewicz , 04 Dec 2017 - Ethereum , Opinion , Price Analysis Ethereum ( ETH ) underwent a tumultuous week following a breach of all time highs, and now currently carries a market cap of US$43.8 billion with US$819 million trade volume over the past 24 hours. ETH continues to have more transactions per day than all other cryptocurrencies, excluding Ripple. It is important to note that what constitutes a transaction on various blockchains, such as ETH,Bitcoin ( BTC ), and Ripples ( XRP ), can be vastly different. BTC has 4.5x or more average transaction value per transaction compared to ETH. A new decentralized application called CryptoKitties, where you can buy, sell, breed, and collect virtual cats has taken the ETH blockchain by storm.The Genesis Kitty sold for $117,00 USD and about 17 have sold for over $10,000. You can track the marketplace . The app is so popular that it has caused a significant backlog of transactions and has highlighted issues of scaling on the network. Vitalik is very aware of the problem and continues to discuss scaling solutions for Ethereum. Casper, which will be used to transfer the consensus algorithm from PoW to PoS, is currently live on a testnet . Block size had decreased dramatically after a scheduled difficulty adjustment and subsequent block time reduction following the most previous hard fork. Unlike BTC, ETH has dynamic block size known as a gas limit based on the quantity of transactions. Priority is determined by the amount of gas spent on a transaction, similar to the dynamic fee structure of BTC. When there are more transactions pending, fees go up. Hash rate also hit a new all time high, while difficulty is steadily increasing. With a decrease in block reward following Continue reading >>
Ethereum: Ether, Ether Gas, Gas Limit, Gas Price & Fees [all You Need To Know To Get Into An Ico]
Ethereum: Ether, Ether Gas, Gas Limit, Gas Price & Fees [All you need to know to get into an ICO] By: Sudhir Khatwani In: Ethereum Last Updated: The other day I was preparing to participate in an ICO that required me to contribute in Ether (ETH). The ICO was on Ethereums blockchain which meant that I needed to send my Ether (ETH) to an Ethereum smart contract address. Soon after that, I figured out thatMyEtherWallet (aka MEW) is one of the best Ethereum wallets that supports smart contracts , so I started preparing my MEW for the ICO. And as I have advised you to in my DApps write-up to read and understand the ICO requirements thoroughly, I did the same and went to the official ICO website to know what was required of me. There I encountered that the ICO required a minimum recommended Gas Limit of 200000 and a Gas Price of 70Gwei which should convert into fees of 0.014 Ether (ETH) or $3.15. At that time, these terms of gas limit and gas price were alien to me. Nevertheless, I did my due diligence and successfully participated in the ICO. It was when I was doing my due diligence and researching these terms that I realized that they were all explained in a very technical way, and there was a lot of confusion around them. Moreover, its very important to understand these terms if you want to participate in an Ethereum-based ICO. Now that the ICO has concluded, I thought of introducing these terms to you in a more non-technical manner so that no one in the CoinSutra community is left behind. But before that, I think a quick recap of Ethereum, Ether, and ICOs will be helpful. Ethereum is a blockchain-based platform on which anyone with knowledge of the Solidity language can write autonomous smart contracts and also create decentralized applications (aka DApps). The official Continue reading >>
Coinbase | Coinbase Account Limits
For security, regulatory compliance, and fraud prevention, there are limits to how much digital currency can be bought and sold with your Coinbase account. These limits vary based on the payment method used, your account age, purchase history, and other factors. Note: Coinbase account limits are calculated automatically. Coinbase Support is unable to increase account limits at this time. You can view your limits and actions you can take to increase them on this page: To increase your weekly limits, you may need to complete several of the following steps which will be described on this page: Add a phone number: Provide your personal details: Provide a photo ID: Establish a purchase history by buying and selling with Coinbase: Limits are also dependent upon the age of completed purchases on your Coinbase account. We are unable to bypass this requirement. I really need higher limits. What can I do? For US customers, we suggest using a wire transfer to fund your Coinbase account. This is the best way to create a large order. Are there different limits for each linked account? Yes. Each external account linked to your Coinbase account has a different limit. For example, the limits on a linked credit card are separate from a linked bank account. Limits for each linked account are calculated separately. To increase the limit for a specific linked account, be sure to use that account to buy and sell. There is also an overall limit for your Coinbase account regardless of which payment method is used. Continue reading >>
Ethereum Max Coins Limit ?
I heard that ethereum does not have any coins limit, but i have also heard that mining will be end in about year after abandon proof of work? Can somone explain how many coins will exists in ethereum network, and if and when proof of work will be ended ? I was trying to find some informations, but only thing i have found was bitcointalk thread claims that ethereum is scam Continue reading >>
Guide To Ethereum: What Is Gas, Gas Limit And Gas Price?
Guide to Ethereum: What is Gas, Gas Limit and Gas Price? Smokescreen no more By Aziz, Founder of Master the Crypto No responses Home Ethereum Guide to Ethereum: What is Gas, Gas Limit and Gas Price? This article breaks down the concept of gas, gas limit and gas price, which is a central feature of the Ethereum (ETH) Blockchain and ecosystem. If youve performed a simple transfer of Ether (ETH) from one place to another or participated in an Initial Coin Offering (ICO) , then chances are youre exposed to the concept of gas in the Ethereum network. Understanding the mechanics of gas and the associated terms gas limit and gas price is a crucial element to executing your ETH transactions. But before delving into the details of gas, its important to have a basic understanding of Ethereum. (Read more: Coins, Tokens & Altcoins: Whats the Difference? ) Ethereum is a giant network consisting of a huge number of computers connected together. This large, interconnected web of computers is called the Ethereum Virtual Network (EVN) essentially a global, supercomputer where all transactions occurring in the Ethereum network are updated and recorded into each computer. Ether (ETH) is the native currency of the Ethereum blockchain and is used as the fuel for the network. ETH is not to be confused with Ethereum Classic ; the latter is a fork of the Ethereum Blockchain. Heres a guide to understanding forks, hard forks and soft forks . A revolutionary functionality of the Ethereum blockchain was the introduction of smart contracts. Smart contracts are any contracts that have been pre-programmed with a set of definitive rules and regulations that are self-executing, without the need of any intermediaries. Therefore, with any given inputs, there will be a known output. As they say: Heres si Continue reading >>
Ethereum Creator Wonders Whether His Currency Should Be Scarcer
Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Ethereum Creator Wonders Whether His Currency Should Be Scarcer In a rare interview, Vitalik Buterin frets over ether supply Notes voodoo economics of digital tokens with no limits Vitalik Buterin, the inventor of the ethereum blockchain, may have created too much of a good thing. The 23-year-oldhelped sell one of the first digital currencies in 2014 when he introduced ether to the public. Three years later hes witnessed scads of other digital currencies raise more than $3 billion in 2017 via so-called initial coin offerings. The sheer number of coins now being created has made him ponder the previously imponderable: limiting the supply of ether. Photographer: David Paul Morris/Bloomberg Im concerned a lot of these token models arent going to be sustainable,Buterin said in a rare interview last week at the Ethereum Developers Conference in Cancun, Mexico. So whats the problem? Theres a hard limit -- 21 million coins -- on the supply of bitcoin, the first successful cryptocurrency, that helps underpin its value. Buterin isnt mulling a cap like that, but hes intrigued by the idea of imposing fees on applications built atop ethereum. Those fees would destroy -- or burn, in Buterins parlance -- ether tokens over time. If the token is being burned, then you have an eco Continue reading >>
How Will Ethereum Scale?
Like other public blockchains, ethereumintends to support as many users as it can. The problem is that, today, we don't really know the limits of theplatform. Because of a hard-coded limit on computation per block, the ethereum blockchain currently supports roughly 15 transactions per second compared to, say, the 45,000 processed by Visa. This limitation of ethereum and other blockchain systems has long been the subject of discussion by developers and academics. While ethereum developers might like to highlight how the flexible smart contract platform differs from bitcoin, for example, it isn't unique in regards to scalability. As disappointing as that might sound, there's hope in proposed solutions that havent made it into the official software yet. Ethereum and bitcoin use a combination of technical tricks and incentives to ensure that they accurately record who owns what without a central authority. The problem is, its tricky to preserve this balance while also growing the number of users (especially to the point where average people can use the system to purchase coffee or run applications). That's because ethereum depends on a network of 'nodes', each of which stores the entire ethereum transaction history and the current 'state'of account balances, contracts and storage. This is obviously a cumbersome task, especially since the total number of transactions is increasing approximately every 1012 seconds with each new block. The worry is that, if developers raise the size of each block to fit more transactions, the data that a node will need to store will grow larger effectively kicking people off the network. If each node grows large enough, only a few large companies will have the resources to run them. Despite the inconvenience, running a full node is the best w Continue reading >>