The Only Thing That Will Save $150m In Locked Ethereum Is A Hard Fork
The Only Thing That Will Save $150M In Locked Ethereum Is a Hard Fork Parity Technologies lays out a potential fix. A month after a critical code vulnerability let a random person lock up roughly $150 million worth of other peoples digital money, the company responsible for the flaw finally has a suggestion for how to get that money back. Unfortunately, not everybodys going to like it. In a blog post on Monday , Parity Technologies announced that the only way to rescue the fundswhich are currently locked away in nonfunctional digital walletsis with a protocol change to the Ethereum network itself. The only way to do this, the company states, is with a maneuver known as a hard fork that essentially creates a new version of Ethereum with a new set of rules that allow the funds to be recovered. Read More: The Ethereum Hard Fork Spawned a Shaky Rebellion If the funds are provably locked and it can be reasonably assumed this was not in the intention of the user, we believe that a change to the Ethereum rule set to unblock such funds would be desirable by the community as a whole, Parity co-founder Jutta Steiner wrote Motherboard in an emailed statement. A hard fork to rescue funds has been accomplished before in 2016, after a hacker allegedly stole roughly $50 million from an Ethereum project. The move provoked an uproar from people who believe that a blockchains sole virtue is that it can never be edited, and creating a new version that essentially changes the blockchains history betrays the technologys core values . Lingering resentment could make another emergency hard fork rescue a non-starter, but Steiner told me that Parity simply wants the fixes to be included in the next scheduled hard fork upgrade to the Etherum network. It is correct that the funds cannot be relea Continue reading >>
Will The Ethereum Metropolis Hard Fork Result In Another New Currency?
The topic of a hard fork in any cryptocurrency ecosystem is always met with a bit of criticism and confusion. Ever since the Ethereum hard forked to solve The DAO issue, there have been two currencies. When Metropolis is released, Ethereum will see another hard fork. This should not lead to a third iteration of Ethereum being created per se, although there is always a small possibility. METROPOLIS HARD FORK SHOULD NOT WARRANT NEW CURRENCY A lot of people are seemingly confused as to why Ethereum and Ethereum Classic came to be two different currencies. That is rather simple to explain, though. The Ethereum ecosystem has seen a total of five different hard forks so far. While that number is quite high, all of these interventions were needed, in the minds of the developers. One of these hard forks was created to solve The DAOs stolen funds issue, which did not sit well with everyone in the community. As a result of that hard fork, not all of the miners switched over to the blockchain supporting this fork. Instead, a small percentage of sash power kept mining the blockchain that existed before this fork was introduced, resulting in new coins being created on that chain. Since they could not be called ether coins, they rebranded the chain to Ethereum Classic. The new currency on that chain is known as ETC, and can be traded across many different exchanges around the world. Some people are growing concerned the upcoming Metropolis hard fork could result in yet another Ethereum currency being created. While that is certainly possible on paper, it seems highly unlikely in reality. The reason why Ethereum Classic exists is due to a difference in ideology regarding The DAO bailout. Some people felt it was wrong to do this, and they branched off from the Ethereum network. That d Continue reading >>
What Will Happen To My Ethereum In My Wallet When Ethereum Hard Forks?
What will happen to my Ethereum in my wallet when Ethereum hard forks? The Ethereum has undergone a planned hard fork atblock number 4.37mil (4,370,000), which occurred onMonday, October 16, 2017. The Metropolis hard fork was a planned and highly awaited hard fork which contained some major upgrades for the Ethereum network. Since this hard fork was planned, and non-contentious, there should be no chain split and there is nothing you need to do to prepare as it will go by largely unnoticed by many who are not in-tune with the technical back-end of Ethereum. The purpose of Metropolis is to address scalability, privacy and safety. This hard fork will take place in two separate phases, Byzantium and Constantinople and will prepare the way for the future planned hard fork called "Serenity" which will allow for POW and POS. The "Byzantium" portion of the fork includes: zk-SNARKs or in plain English Zero-Knowledge proofs, increasing anonymity of transactions. Easier programming of smart-contracts with a gas adjustment for bill setting. Better security through 'masking' allowing users to determine addresses which they hold the private key. A mining adjustment called a 'difficulty-bomb' making mining exponentially more difficult. So what should you do to prepare for the upcoming hard-forks? In short, nothing; Exodus will take care of everything for users. However, like with any fork users should be cautious for 24 hours around the fork and not move ETH or ERC20 assets. The Ethereum and ERC20 tokens in your Exodus wallet are safe and will continue to function as they have in the past. Continue reading >>
Will Ethereum Fork To Save The Investors Again?
Will Ethereum Fork To Save The Investors Again? Shivam Chawla 0 Comments ethereum , parity A critical bug in the popular Ethereum wallet Parity has left 500,000($150 Million) Ether frozen. As soon as the news came out, everyone has turned their attention to the Ethereum foundation of whether it will Hard Fork again to save its investors or will it just let it go this time. On July 20, parity wallet released a new wallet to fix a previous wallet vulnerability that was responsible for the theft of $30 Million. This wallet introduced another bug in the code which allowed someone else controlling Parity Wallets Library contract. After the user was in control of the wallet, he sent the commands kill and destroy to the librarys contract which wiped out the entire contract code and all subsequent contracts using this library became unusable. This has made an estimated $150 Million worth of Ethereum unmovable. In 2016, the infamous DAO(Decentralized Autonomous Organization), a smart contract that was meant to operate like a decentralized venture fund, was announced. DAO was able raise $150 Million by a total of 11,000 investors. DAO was meant to be backbone of Ethereum and a validation of its technology. But everything went wrong and someone managed to withdraw Ethereum from DAOs smart contract. It wasnt a hack but a bug in DAOs code. While it was against the principles of immutability to reverse any transaction on a blockchain, Ethereum took the decision to reverse it. Ethereum decided to fork and move all the hacked funds to a new smart contract which was later used to reimburse the investors. This also marked the end of DAO. During the DAO fiasco, the market cap of Ethereum was around $1 billion but now Ethereum has come way beyond and its current market cap is $28 billion. 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 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 >>
Where Will Ether Go Next? Will It Surpass Ripple After The Upcoming Proposed Hard Fork?
Hard Fork Ahead: Will Ether Sustain Its Lead Over Ripple Amidst Plunging Cryptocurrency Prices? The price of Ether plunged further today to trade at $975. This second largest cryptocurrency is not alone in the downward trend, the widespread cryptocurrency crash has affected almost all cryptocurrencies in the market. But this isnt the only reason why Ethers price is experiencing a sharp drop. The upcoming hard fork could also be affecting its value. Anton Mitrohkin, CFO and Co-founder of Descrow , says, The price of Ether is influenced by the expected hard fork onJanuary 19. In general, after this date, you can expect a rebound in the price of Ether. Then it will be possible to judge the real value of these crypto-currencies and their place in the world ranking. Days after Ethereums market capitalization surpassed that of Ripple on the coin market, the cryptocurrency traded at an all time high price of $1375 on January 10, having surpassed the $1000 mark the weekend before. Though the currencys price has experienced ups and downs since last weeks all time high, it traded safely above the $1000 mark until today when its price dropped to $975 on CoinMarketCap.com . But even with this drop, Ether continues to enjoy a positive outlook from industry players. Jameel Shariff, CEO at P2PS , says, Ethers intrinsic value is much more than its current market cap although Ether has run up quite a bit. We can expect Ether to go beyond $1750 in the next few weeks due to the growing prominence of the smart contracts usage in all the ICOs & beyond. But not everyone sees a bright future for Ether, some players in the industry hold a different view based on previous performance of Ethereums blockchain network. Ether is obviously very much overestimated and in the near future the price sh Continue reading >>
When Will Ethereum Mining End?
In August of this year (2017), Vitalik Buterin, creator of Ethereum , released the implementation guide for the first version of Casper. As a hybrid proof-of-stake (PoS)/proof-of-work (PoW) algorithm, Casper v1 is going to decrease (and eventually end) the profitability for Ethereum miners . The release date is estimated to be sometime in 2018 as part of the Constantinople hard fork and theres a lot to learn before this happens: Casper is a PoS algorithm thats projected to be released on the Ethereum network sometime in 2018. Beginning as a hybrid with the current PoW algorithm, the first version of Casper will only use a PoS consensus to validate every 100th block, called checkpoints. Once a checkpoint is validated, theres no way to go back and use a chain without it. Even if 99% of miners support a chain that doesnt include a checkpoint block, all clients in the network will still continue to use the one with the checkpoints. This removes a lot of the power that miners currently have. The Ethereum community hypothesizes that the switch to PoS will help with the scaling issues that the network is currently facing. The algorithm should enable new blocks to be created more quickly while allowing the network to scale more efficiently through sharding. Sharding is a horizontal partitioning of a large database into smaller and more easily managed parts. Beyond that, PoS algorithms also use less energy to run the network, reduce centralization, and make 51% attacks more difficult. With the upcoming hard fork, there could potentially be three forks of Ethereum: And, if youre a miner, you may be thinking, No big deal, Ill just continue to mine and give support to the Ethereum PoW fork. The Ethereum developers have stated that theyll be releasing what they call the difficulty Continue reading >>
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 >>
How Does The Ethereum Fork The 19th Of January Work? Do I Double My Money If I Have Ethereum? - Quora
How does the Ethereum fork the 19th of January work? Do I double my money if I have Ethereum? Why is the Nintendo Switch so popular on Amazon? Designed to go wherever you do. Transform your home console into a portable system in a snap. Answered Jan 1, 2018 Author has 667 answers and 2.7m answer views The Ethereum hard fork which is scheduled to take place on January 19th is the EtherZero (ETZ) hard fork. EtherZero is a hardfork that plans to introduce masternodes to its blockchain, the total coin supply will be 116 Million and the hard fork will occur at around 19:00 - 21:00 GMT. Your Ethereum holdings will not double but you will receive free EtherZero instead. If you hold your Ether in EtherZero compatible wallets you will receive EtherZero at a 1:1 ratio so for example if you hold one Ether you will then recieve one EtherZero. Wallets that allow you to control the private keys usually support hard forks by default. Ledger Nano S - A hardware wallet that supports Ethereum as well as hundreds of other different cryptocurrencies and stores coins offline with BIP encryption. Ledger Blue - Like the Nano S but with a larger color screen and additional data protection. If you want free EtherZero Tokens you just need to hold your Ether in ETZ supported wallets (or wallets that give you control of the private key), that also goes for all cryptocurrency hard forks that result in a chain split. 29.8k Views View Upvoters Not for Reproduction Answered Jan 1, 2018 Author has 151 answers and 71k answer views You will not double your current inventory of Ethereum. Instead, youll retain the amount of Ethereum you own and also get, on top of that, an equal amount of Ether Zero, which is the coin of the new fork. Make sure you move your Ethereum to a compatible wallet before the fork 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 >>
Beginner's Guide To Ethereum Casper Hardfork: What You Need To Know
The Casper updates mission is straightforward, then: to shift ether from being a PoW coin to a Proof-of-Stake (PoS) coin . As opposed to the PoW consensus protocol, the PoS protocol achieves consensus through stakerssometimes referred to as minters, toowho stake their coins by locking them down in specialized wallets . With these stakers at work, mining will become redundant, meaning the Ethereum network post-Casper will rely on stakers and staking pools instead of miners for its operability. And, like miners, stakers will be rewarded for their service to the network. Minters will receive an annual dividend of ether (collected from network fees), so staking would be a lucrative endeavor for those with enough coins. Naturally, then, the more ETH you stake, the larger your annual dividends will be. For now, Ethereums developers havent arrived at a hard number for the amount of ETH that will be required to stake. What they have confirmed, though, is that the number will likely start out higher before gradually being brought considerably lower. For instance, Ethereum founder Vitalik Buterin has recently thrown around a guesstimate of needing approximately 1,000 ETH to be one of the networks inaugural stakers. He said that number could be dropped down to as low as 10 ETH over time. Whatever the number ends up being, users will still be able to band together and create staking pools, just like there are robust mining pools in the Bitcoin and Ethereum communities today. Youll simply pitch your desired amount of ether in, lock in down with your peers, and rake in the dividends together (to be shared proportionally, of course). Well, the Casper update is certainly a team effort, but its inarguable that top Ethereum researcher Vlad Zamfir has been at the vanguard of the updates Continue reading >>
Ethereum Security Lead: Hard Fork Required To Release Frozen Parity Funds - Coindesk
Ethereum Security Lead: Hard Fork Required to Release Frozen Parity Funds A resolution has yet to be found for yesterday's Parity hack which saw up to $150 million frozen across the ethereum platform. However, speaking to CoinDesk, Martin Holst Swende, head of security for the Ethereum Foundation, confirmed that a hard fork of the ethereum blockchain will be required to free up the funds. "There's unfortunately no way to recreate the code without a hard fork. Any solution which makes the locked funds accessible requires a hard fork." This means that ethereum would needto undergo an emergency upgrade, akin to The DAO blockchain rewrite that occurred last year, should it want users to be able to reclaim the lost millions. A sudden upgrade of this type is a highly contentious issue, as it would not be limited to Parity alone, but would need to occur universally across the ethereum platform. Yesterday, a smart contract developer claiming to be new to ethereum, " accidentally " deleted the code library that corresponds to the affected Parity wallets, rendering the software useless. Parity developer Afri Schoedon told CoinDesk "there is no easy fix" for the exploit, and developers are currently working towards proposals to release the frozen funds. Holst Swende said that, to date, the primary difficulties surrounding the fix "are more of a political than technical nature."The security lead has already proposed a potential fix, which would involve recreating the Parity code without the wallet exploit, he told CoinDesk, adding, "I'd like to see this spearheaded by the affected parties, not the foundation." UK-based Parity Technologies, which develops the wallet, is separate to the Ethereum Foundation, the non-profit behind Geth, the most popular ethereum client. Going forward, 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 >>
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 >>