Tag: hard fork

    Ethereum 2.0 Pre-Release Published on GitHub

    ETH 2.0 Mainnet Files Are Here 👀

    Ethereum Development Team Unveils First Pre-Release of Ethereum Testnet 2.0.

    January 31st on GitHub was published version 0.1 of the zero phase of the future version of the platform. According to the developers, it is «relatively complete and fairly stable». They also pointed out that subsequent changes will happen in the dev branch and will be merged with master only at release time.

    The Ethereum 2.0 network assumes the implementation of the final stage of the existing project roadmap. Serenity provides for the transition of cryptocurrency to the proof-of-stake (PoS) algorithm, as well as solving fundamental problems: scalability, complex economy and security. Vitalik Buterin in his comments to the release noted that this is the basis for the hybrid model Casper.

    Ethereum 2.0 Pre-Release Published on GitHub

    Testnet is called Gorli and will be used to test Sharding – solutions of the second level, providing for the creation of a set «shards» for separate processing of transactions and transferring only totals to the main blockchain. This will significantly increase the network bandwidth and scalability of Ethereum..

    However, prior to the implementation of Serenity, team the current third phase of the Metropolis platform is to be completed. This will happen immediately after the Constantinople hard fork, which was postponed at the last moment due to the discovered vulnerability of one of the innovations. Its activation is now assigned to block 7 280 00, which should be created on February 27, 2019.

    text: Ivan Malichenko, photo: Getty Images

    Ethereum 2.0 Pre-Release Published on GitHub
    Ethereum 2.0 Pre-Release Published on GitHub

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    Ethereum Upgrade Will Reduce Miner Rewards By 33%

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    This New Ethereum Upgrade Will Set ETH to CRUSH Bitcoin

    Ethereum is testing a network upgrade that includes code optimizations, improved scaling, pricing, data handling, and reduced miner rewards to 2 ETH.

    On August 31, the development of the new Constantinople system-wide update package was completed, which is actually a hard fork. It consists of five Ethereum Improvement Proposals (EIP). Most of them are aimed at improving the quality of the platform and helping developers of smart contracts and applications, but for ordinary users they will be almost imperceptible.

    However, the most controversial EIP 1234 will have a huge impact on the economic component of the ecosystem. This proposal provides for a decrease in the reward for miners for closing a block from 3 to 2 ETH. In addition to reducing the profitability of mining by 33%, it is planned to gradually increase the complexity of mining, which is planned to be extended for a year..

    These steps are taken in order to prepare the platform for the transition to a consensus algorithm (PoS). The miners' community reacted extremely negatively to this decision of the developers, but investors and experts believe that the update will increase the rate of ether and at the same time slow down the process of its depreciation due to unlimited emission.

    Ethereum Upgrade Will Reduce Miner Rewards By 33%

    The preliminary release date is called October 8, but the testing and revision process may be delayed. Therefore, the hard fork can be postponed to November or even further. Those who do not support the update will continue to work in the old blockchain of the project..

    Bitcoin optimizers also recently introduced a unique submarine swaps technology that allows direct transactions of various cryptocurrencies through the Lightning Network.

    text: Ivan Malichenko, photo: Branko Stancevic / Unsplash

    Ethereum Upgrade Will Reduce Miner Rewards By 33%
    Ethereum Upgrade Will Reduce Miner Rewards By 33%

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    Ethereum hard fork postponed due to discovered vulnerability

    New Ethereum Critical Bug? Programmer explains.

    Ethereum developers reported delay Constantinople hard fork due to a discovered reentrancy vulnerability in the security system, potentially allowing a reentrancy attack using smart contracts.

    The presence of a critical error in the code of a planned change (EIP 1283), which reduces transaction costs for some operations, was reported by the audit company Chain Security. The loophole potentially allowed an attacker to steal cryptocurrency from smart contracts on the network by repeatedly requesting funds and transmitting false data about the fraudster’s actual ETH balance. Therefore, the developers decided to postpone the implementation of the system-wide update and hold a meeting on Friday to discuss further actions and agree on a new date..

    Moving to Constantinople was supposed to take place on January 16 at block 7 080 000, so some clients on the network have already been updated. In order to avoid an inconsistent hard fork, emergency fixes have been released to postpone the changes. Users can also simply downgrade the client, but the developers do not recommend doing this, so as not to create a mess. Those who do not start the node or otherwise do not participate in the network do not need to do anything.

    The project team has already contacted exchanges, mining pools, cryptocurrency wallets and other groups collaborating with the Ethereum network..

    Ethereum hard fork postponed due to discovered vulnerability

    Lane Rettig, a member of the Ethereum core, considers Constantinople to be the most intense and controversial of all hard forks in the entire history of the project, and some developers have even suggested calling the changes a less controversial term. «renewal». The crypto community advised the team to test the code ahead of time, rather than on the eve of launch, as EIP 1283 was available for research for a year..

    Due to the increased activity of hackers, companies began to spend more money and time on improving security systems, as well as more often integrating the blockchain. According to Gemalto research In 2018, the use of this technology to protect the IoT doubled.

    text: Ivan Malichenko, photo: mrcoinpedia, unsplash

    Ethereum hard fork postponed due to discovered vulnerability

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