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Will Ethereum Split

History Repeated? Confidence High Ethereum Will Avoid Blockchain Split

History Repeated? Confidence High Ethereum Will Avoid Blockchain Split

History Repeated? Confidence High Ethereum Will Avoid Blockchain Split Oct 13, 2017 at 10:00 UTC|UpdatedOct 16, 2017 at 10:01 UTC "There is no reason to believe that this one will be controversial." Just days away from making one of its biggest-ever upgrades, confidence is high among ethereum supporters that the world's second-largest blockchain will avoid past mistakes and successfully navigate a coming change to its codebase, projected for Sunday night. "I expect that nothing will happen,"Ethereum Foundation developer and designer Alex Van de Sande told CoinDesk. "Nothing happened with previous hard forks, except for one." Packing together a series of upgrades designed to make ethereum lighter, faster and more private, the update, called Byzantium, will be enacted at block 4,370,000 on the ethereum blockchain.Yet, it's how the change will be enacted - using a hard fork - that has some mindful of possible issues. A common (yet sometimes controversial ) strategy for upgrading blockchains, ethereum has gone through three hard forks without complication . Still, the memory of the fork that didn't go to plan is still top of mind. Last summer, an emergency hard forksaw a contingent of the community continue mining on the old blockchain, creating a new asset, ethereum classic. In the aftermath, some users and companies lost funds, while ethereum was suddenly faced with a competing alternative in the market. That said, most users and developers are embracing this particular hard fork, in part, because it aims to execute changes that have been etchedinto ethereum's roadmap since the protocol launched in 2015. When contacted, developers largely agreed with this outlook, expressing excitement by the changes to be included in the upgrade. Stephen King, the principal and co-found Continue reading >>

Commentary: The Crypto Community Is Splitting In Twoand Thats A Good Thing

Commentary: The Crypto Community Is Splitting In Twoand Thats A Good Thing

If the discussions outside the meetings of the World Economic Forum (WEF) at Davos last week were any indication, the recent crypto-chaos may finally be subsiding. The fog of frenzied cryptocurrency trading looks like it may soon dissipate, leaving markets and society with more of the good thats resulted from its foundational technologyfrictionless, secure, and efficient virtualized transaction settlementsand less of the badhighly speculative cryptocurrency trading. There were two tribes of passionate cryptonistas on the Davos Promenade: the monetary renegades and the transaction settlers. These tribes represent the two dominant species of the cryptocurrency ecosystem: the blockchain (the most prominent secure distributed ledger, or public transaction database) and Bitcoin (the most prominent virtual currency). Fortunately, based on my experience at Davos, it appears that the settlers are gaining the upper hand. The renegades, inspired by 200708 financial crisis, dont trust central banks and fiat money; they want a new global currency with limited supply. They want to settle all kinds of transactions denominated in their favorite cryptocurrencies on secure distributed ledgers (DL). The settlers, by contrast, are prioritizing the speed, reliability, and security of cloud-based, virtual ledgers. They generally dont have a preference on whether transactions use fiat or crypto money. Satoshi Nakamoto, the unknown creator (or creators) of Bitcoin and blockchain, would probably be classified as a renegade. But even Nakamoto realized that their bitcoin would be worthless funny money unless it could be used to buy goods and services in the real economy, so they created the blockchain as a secure way to transact. Nakamoto brilliantly crowd-sourced the massive computing power ne Continue reading >>

Ethereum Vs Ethereum Classic: The Ethereum Split

Ethereum Vs Ethereum Classic: The Ethereum Split

Ethereum vs Ethereum Classic: The Ethereum Split The 2016 story of the Ethereum split and Ethereum vs Ethereum Classicis a very interesting and important story to hear. This is because some people thought it was a great idea, while others hated it! This easy to follow guide will start with an explanation of why the split happened and how it created a completely new blockchain and cryptocurrency called Ethereum Classic. I will then explain how the two blockchains are different and how each of their currencies have performed in terms of price since the split. Once you have read my Ethereum vs Ethereum Classic guide from start to finish, you will be able to decide for yourself which one you prefer! Either as an investor or as a user. So, what are you waiting for? Lets go and find out exactly what happened in the Ethereum split! 6 Ethereum vs Ethereum Classic: Conclusion Ethereum vs Ethereum Classic: How It All Started Ethereum, released in 2015 after being created by Vitalik Buterin in 2014, created blockchain possibilities far beyond just financial transactions. Unlike Bitcoin, which is only suitable for transferring funds, Ethereum allows people to create something called smart contracts. A smart contract allows two or more people to enter an agreement, without needing a third party. Basically, imagine you wanted to automatically send your friend some funds on their birthday every year. Yes, you could just do it yourself by walking into your local bank, but how cool would it be to set up a smart contract so that you can send it automatically without the need for a bank? This is only a very small part of what smart contracts can do; the possibilities they unlock are endless. Smart contracts can be created for just about anything. Rent, insurance, gaming, voting, investme Continue reading >>

Ethereum Infighting Spurs Blockchain Split Concerns

Ethereum Infighting Spurs Blockchain Split Concerns

Ethereum Infighting Spurs Blockchain Split Concerns Apr 25, 2018 at 03:00 UTC|UpdatedApr 26, 2018 at 08:02 UTC UPDATE: Since publication, major ethereum community members have expressed an interest in working to find solutions that would avoid an inability to reach consensus. These include principal players ParityTech , and key community members Golem Project and developer Peter Szilagyi , whose statements are linked. Ethereum appears to be at a notable crossroads on technical direction. At least, that was the mood at a meeting of top ethereum developers late last week where a discussion on a controversial code proposal called EIP 999 led some to speculate the scenario is now a possibility. Indeed, it's nowbelieved the proposal, which which seeks a technical fix that would return $264 million in lost funds, is so contentious, some users may chose to defect to a new version of the code. Those in favor of the proposal point to the frequent losses of ether due to buggy contracts, arguing that the platform should ensure against such avoidable mistakes. But on the other side, many warn that editing code after deployment could damage not only the security but also the integrity of the platform. "It's clear no matter where you stand that the issue is contentious enough that if [EIP 999] goes forward and implements then it will generate a contentious hard fork," developer of ethereum's Mist browser Alex Van de Sande, said during the dev meeting on April 20. "It's unavoidable that it will create a split," he continued. Still, it's important to note the size and influence of its backers. Spearheading the code change, for instance, is Parity Technologies, the ethereum software company behind the wallet that was impacted by the fund freeze. Founded by ethereum co-founder Dr. Gavin Continue reading >>

Ethereum - Wikipedia

Ethereum - Wikipedia

This article has multiple issues. Please help improve it or discuss these issues on the talk page . This article relies too much on references to primary sources . Please improve this by adding secondary or tertiary sources . Some of this article's listed sources may not be reliable . Please help this article by looking for better, more reliable sources. Unreliable citations may be challenged or deleted. The Ethereum Project's logo, first used in 2014 Ethereum is an open-source , public, blockchain -based distributed computing platform featuring smart contract (scripting) functionality. [2] It provides a decentralized Turing-complete virtual machine , the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. [3] "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network. [2] [4] Ethereum was proposed in late 2013 by Vitalik Buterin , a cryptocurrency researcher and programmer. Development was funded by an online crowdsale between July and August 2014. [5] The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale. [6] This accounts for approximately 13 percent of the total circulating supply. In 2016, as a result of the collapse of The DAO project, Ethereum was forked into two separate blockchains - the new forked version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC). [7] [8] [9] Ethereum was initially described in a white paper by Vitalik Buterin , [10] a programmer involved with Bitcoin Magazine , in late 2013 with a goal of buildin Continue reading >>

Ethereum Expected To Split Again In October

Ethereum Expected To Split Again In October

Ethereum Expected to Split Again in October So far this year, we've already seen Bitcoin split into two and form Bitcoin Cash. Now Ethereum, another popular cryptocurrency that also uses blockchain technology, is expected to spliton October 17. In Ethereum's last update during 2016, thesplit created Ethereum Classic . Ethereum now has a market cap of $27.8 billion as it heads toward its October split. Ethereum, of course, is not alone in its momentum. Ryan Radloff, head of investor relations at XBT Provider explains that we are seeing that the crypto-asset space beyond Bitcoin is maturing very fast and that some "investable contenders" are emerging, even if fledgling. "That said, we believe in the next 18 months, a handful of the crypto-assets currently in the topten by market cap will also begin to demonstrate enough market depth and breadth to attract large institutional investors like Bitcoin has attracted over the last 12 months," said Radloff. Ripple and Litecoin, among others, are getting set for primetime on the cryptocurrency stage. Of course, Ethereum iscurrently the prince to Bitcoin's king. Part what helps it is the easy analog of Ethereum to another beloved commodity -- in a similar fashion that Bitcoin has a real world comparison. Radloff explains that while his group may asses a portfolio allocation of Bitcoin, similarly to that of gold, they look at Ether differently: similarly to oil. "Since ether is required to operate the Ethereum virtual machine (EVM) - ether is referred to as the 'fuel' to the EVM engine - our long term approach to valuation looks similar to that of assessing a traditional commodity such as oil - we begin by modeling utility growth of the EVM and thus future consumption of ether," said Radloff. Radloff explains his current long term Continue reading >>

Parity Has No Intention To Split Ethereum Over $320 Million In Frozen Eth

Parity Has No Intention To Split Ethereum Over $320 Million In Frozen Eth

Parity Has No Intention to Split Ethereum over $320 Million in Frozen ETH Join our community of 10 000 traders on Hacked.com for just $39 per month. Parity Technologies has no intention to split the Ethereum chain over a dispute involving more than $320 million worth of ETH that has been frozen for months due to a bug in a multi-signature wallet smart contract library, the company said in a statement. In the statement , which was attributed to Parity co-founders Jutta Steiner and Gavin Wood, the company stated in no uncertain terms that it has no intention to split the Ethereum blockchain much as the network fractured into Ethereum and Ethereum Classic in 2016 to recover the lost funds. Let us make clear: we have no intention to split the Ethereum chain. We plan to continue to work with the community to find a path forward. We have all dedicated a great deal of time and effort to developing the Ethereum ecosystem, and have no intention of harming what we have helped build. Nevertheless, Parity continues to promote a recovery process for the ~513,000 ETH that has been inaccessible since last year, when a software bug allowed an external user to self-destruct a wallet library contract that was referenced by nearly 600 multi-signature wallets. More than half of those funds belong to the Web3 Foundation, which was founded by Gavin Wood, who along with his involvement with Parity is also Ethereums former chief technology officer. All of us at Parity Technologies are deeply sorry to the users who remain unable to access their ether as a result of a bug in our code. We have been in constant conversation with affected projects and believe that those in the community who have stuck ether, either through the wallet freeze or, for example, issues such as those listed in EIP-156, Continue reading >>

An Ethereum Classic Fork Snapshot Is Coming Next Week

An Ethereum Classic Fork Snapshot Is Coming Next Week

An Ethereum Classic Fork Snapshot Is Coming Next Week Next week the ethereum classic (ETC) community is expecting to receive coins from a snapshot fork called callisto (CLO). The clone will be an exact copy of the ETC chain up until block 5,500,000 and ETC holders will receive a 1:1 ratio of CLO coins. Also Read: China Censors Cryptocurrency Ads on Search Engines and Social Media The First High Profile Hard Fork Is About to Get Forked The funny thing about ethereum classic is that it was one of the first high profile blockchain splits and ethereum (ETH) holders received a 1:1 ratio of ETC after the hard fork at block 1,920,000. The fork was caused by members of the Ethereum community because they rejected the idea to bail out the DAO , an ETH application that lost $150Mn that year. Some individuals firmly believe that ETC is the one true Ethereum network. Callisto, however, is not quite like the ETC hard fork as its a snapshot much like bitcoin gold, bitcoin diamond, and the other clones that appeared over the past year. Callisto Developers Believe CLO Will Have Better Smart Contract Security Essentially CLO coins will share the same history as the existing ETC chain but from block 5,500,000 and forward the network will be its own. The cloning is expected to happen next week sometime on or after March 2. The reason behind the snapshot is because CLO developers believe there are issues regarding ETCs smart contract design. According to the CLO white paper ETC is susceptible to smart contract hacks much like the DAO platform. The CLO developers plan to create a Official Smart-contract Auditing Department of CLO & ETC, so one could assume the snapshot may be considered an extension of the ETC community. The main goal of callisto is to research and develop a reference impl Continue reading >>

Parity Says No Intention To Split Ethereum Over Fund Recovery - Coindesk

Parity Says No Intention To Split Ethereum Over Fund Recovery - Coindesk

Apr 26, 2018 at 09:00 UTC|UpdatedApr 26, 2018 at 11:51 UTC Parity Technologies issued a statement Thursday stating it has no plans to move forward with a code change that would result in an ethereum blockchain split. Named EIP-999, the contentious code change would recover the $264 million lost due to a code fault in Parity wallets in November 2017. Signed by co-founder of the company Gavin Wood and co-founder and CEO Jutta Steiner, the statement emphasizes that the company has "no intention to split the ethereum chain," but rather, plans to "work with the community to find a path forward." "We have all dedicated a great deal of time and effort to developing the ethereum ecosystem and have no intention of harming what we have helped build." Part of an ongoing debate on the fund recovery,EIP-999 has been a point of division within the ethereum community, with developers warning that the polarized sentiment could result in a split. Speaking in the statement, Parity said it is "deeply sorry" to the users that lost money as a result of bugs, continuing that it believes that those who have lost money, do "have a case for attempting to recover the property." Disagreement as to whether funds lost due to bugs onethereum should be recovered has been ongoing for several months. Last week, developer Alex Van de Sande warned in a developer meeting if the current recovery attempt was implemented, "it will generate a contentious hard fork." Speaking in the statement, Parity said that the company has implemented more robust security practices since the fund freeze last year, including an improved development process for smart contracts, and a partnership with auditing firm Trail of Bits. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalist Continue reading >>

Understanding The Upcoming Ethereum Hard Fork

Understanding The Upcoming Ethereum Hard Fork

Understanding the Upcoming Ethereum Hard Fork As cryptocurrencies mature, they go through a protocol change that requires all users to upgrade. This is what's expected with Ethereum's upcoming hard fork. As cryptocurrencies like Ethereum mature and become more mainstream in the investment arena, it is important to understand the meaning of "hard fork" and"split." That knowledge is especially timely, given that Ethereum is expected to go through a hard fork on October 17 . Earlier this year, we saw Bitcoin split and form Bitcoin Cash which was huge news and a historical event in cryptocurrency world. Now without confusing you too much, in the case of Ethereum, it's important to note: not all hard forks lead to splits, but all splits happen by hard forks. The hard fork expected with Ethereum later this fall is not contentious and is not expected to lead to a split, according experts. New cryptocurrencies usually occur when there's a signal for a new hard fork but there's no consensus -- so a significant enough portion of nodes and miners continue to mine the old chain, thereby introducing a situation with two currencies. For example with Ethereum, we have Ethereum (ETH) and Ethereum Classic (ETC). According to a source, the debate with the latest Ethereum fork is not really significant enough to say with 100% confidence that a new cryptocurrency will come from this, but for now, it's looming in the background. When does a hard fork occur? A hard fork is a protocol change that requires all users to upgrade , because it is not backwards compatible, meaning older iterations would not work as the blockchain advances. So if the protocol change is backwards compatible, it can be implemented as a soft fork. When it comes to most major Ethereal upgrades, they are done as hard fo Continue reading >>

Ethereum Hard Fork. Whats Going Tohappen?

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 >>

Avoid Evil Twins: Every Ethereum App Pays The Price Of A Chainsplit

Avoid Evil Twins: Every Ethereum App Pays The Price Of A Chainsplit

Avoid Evil Twins: every ethereum app pays the price of a chainsplit Parity has recently proposed an EIP to recover funds lost on the accidental destruction of a multisig library, which held hundreds of millions of dollars at current value by multiple teams. There are many debates rehashing the same arguments of the DAO hard fork , about immutability, precedent and moral hazards. Id like to present a new side by talking what has changed between now and 2016 in the ethereum platform: a lot of new tokens and a new understanding about forks. The first, most important is that forks are not only possible but can be profitable. Saying this now might be obvious, but there were many people who believed, back in 2016 that once a chain split, one of the sides would eventually die out, as economic and social incentives were worked against coexistence. Actually the opposite happened: ETC/ETH: started at less than 0.5%, to almost 30% then back to less than 10% in a fewmonths Coin media sites have an incentive to discuss any new fork of a coin, as long as it has any sort of narrative behind it on why it makes more sense Even if someone doesnt believe in the narrative, if they believe that someone will believe it enough to buy it allows speculation (specially if you already had the coin for free) Theres an incentive for smaller exchanges to be the first to list a controversial new coin as it attract users and more fee mining cost will always adjust to profitability eventually (in ethereum classic it happened in a matter of days) The smaller the coin is, the higher upside potential to speculators. If you model two coins as prediction market on which will succeed, the main coin dropping from 99.5% of certainity to 95% might be a slight drop, but its a 10x increase in price for those who Continue reading >>

Another Ethereum Hard Fork?

Another Ethereum Hard Fork?

By Amrit Mirchandani access_time 2 months ago chat_bubble_outline 1 A split might be underway soon for the second most popular cryptocurrency in the world today, Ethereum. According to sources, a meeting of top Ethereum developers last week discussed proposals which might end up splitting Ethereum. The main course of the split is due to a proposed code called EIP-999 which seeks to fix a technical issue. This technical issue if solved could return $264 million worth of Ether to owners which were lost due to a bug in the code. However many still think that editing the code after deployment could lead to damaged security and an effect on the integrity of the platform. Ethereums Mist browsers developer Alex Van de Sande said- Its clear no matter where you stand that the issue is contentious enough that if it goes forward and implements then it will generate a contentious hard fork, Hence Van de Sande believes a split might take place as a result. Dr. Gavin Wood, Ethereum co-founder in 2015 is behind the code change through his Ethereum software company called Parity Technologies. Parity Technologies as of now is being used by one-third of the Ethereum platform making it the second most popular Ethereum software. Afri Schoedon, communications officer of Parity, is all for the implementation of EIP-999. He said- For me, the most logical step to take is just to implement EIP-999, and I dont see what waiting another four weeks to conclude would benefit, However, Geth which is the leading Ethereum software as of now disagreed with EIP-999 being implemented as it will create a contentious split. Pter Szilgyi, the lead developer of Geth, said- Were talking about exactly the same networks and were basically starting a tribalism war. I dont think well reach a consensus. It is a ba Continue reading >>

What Is Ethereum Classic

What Is Ethereum Classic

This guide was created with the purpose of answering any question user may have regarding Ethereum Classic (ETC) . In order to understand why and how ETC has come into existence, it's important to understand the events that lead to its creation: The DAO hack and the hard-fork. If you haven't followed these events, click here to read a brief summary. Ethereum Classic is not a new cryptocurrency, but instead a split from an existing cryptocurrency, Ethereum. Both blockchains are identical in every way up until block 1920000 where the hard-fork to refund The DAO token holders was implemented, meaning that all the balances, wallets, and transactions that happened on Ethereum until the hard-fork are still valid on the Ethereum Classic Blockchain. After the hard-fork, the blockchains were split in two and act individually. Ethereum Classic still offers the same features as Ethereum, such as the creation and deployment of smart contract and Decentralized applications, and has all the same specifications, such as average block time, size and reward. Part 2- Why was Ethereum Classic created The Hard-fork has been a controversial subject, that has split literally split the Ethereum community in two. Both sides have made some valid points regarding their position on the hard-fork debate. Users that did not support the hard fork point out that Code is law - the original statement of The DAO terms and conditions should stand under any circumstances Things that happen on the blockchain are immutable and they should never changeregardlessof whatthe outcome is There is aslipperyslope and once you modify / censor for onecourse/reason there is not a lot to keep you from doing it for other contracts The decision to return the money is short sighted and you might reduce the value of ETH d Continue reading >>

Ethereum Fork: Step-by-step Guide To Safely Splitting Your Eth/etc

Ethereum Fork: Step-by-step Guide To Safely Splitting Your Eth/etc

Recently the Ethereum network successfully forked it's protocol so as to return the compromised funds taken from the DAO smart contract and return them to DAO token holders. While there was a healthy amount of debate and disagreement, eventually most of the Ethereum network switched to the hard fork. However those strongly against the hard fork have decided to maintain the pre-fork chain and reject the new chain. Thus the Ethereum Classic project (ETC) was born. As of yesterday Poloniex , the largest ETH exchange, announced that they have added market support for Ethereum classic. What this means is that if you were holding ETH before the hard fork, your tokens now exist in 2 separate realities: ETH and ETC. Markets exist for both so you are free to hedge your bets on whichever version of the chain you think will be successful. You can essentially sell all of your ETC while maintaining all of your ETH, or vice-versa. The problem is that separating your tokens on each chain carries risk. Specifically something called a replay attack . A number of solutions have been proposed and this post aims to walk you through one such method. While I make no guarantees for this method, I can confirm that I have used this method successfully using 5+ accounts. I'll be making use of smart contracts which you need to trust for this procedure, but I'll give a brief explanation of how they work. Continue reading >>

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