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Ethereum – Wikipedia

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions. Ether is a token whose blockchain is generated by the Ethereum platform.Ether can be transferred between accounts and used to compensate ...

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Ethereum - Wikipedia

Ethereum Bounty Program

Our bug bounty program spans end-to-end: from soundness of protocols (such as the blockchain consensus model, the wire and p2p protocols, proof of work, etc) and protocol/implementation compliance to network security and consensus integrity. Classical client security as well as security of cryptographic primitives are also part of the program. When in doubt, send an email to bounty@ethereum.org and ask us.

Here is some guidance on what we are typically interested in hearing about:

Geth is an Ethereum client written in Go. Areas that typically are in scope are:

Some areas of Geth are experimental, and not yet enabled by default. Yes, these are also included, but the Impact of issues in the areas below will be counted as low.

The LES (light clients) parts of Geth are twofold: server and client. For LES, we are interested in

Swarm is not yet production ready, and has very limited bounty scope. We are always interested in RCE-types of vulnerabilities, but not (yet) DoS via swarm protocols.

Whisper is also not yet production ready, and has very limited bounty scope.

EthereumJ EthereumJ is a pure-Java implementation of the Ethereum protocol, and the basis of Harmony a full Ethereum client. EthereumJ/Harmony is not included in the bounty program, since there are still too many known issues, and not a full mainnet client yet.

Aleth is an impementation of an Ethereum node in C++. This client is included, but any issues found will have rather low Impact rating since its not commonly used. Typically, we would be interested in consensus or p2p DoS issues, but not so much e.g. DoS via RPC attacks.

Py-evm is a python implementation of the Ethereum Virtual Machine, and the basis for Trinity. The Trinity client is currently in an alpha release stage and is not suitable for mission critical production use cases. Both of these components are included in the bounty scope, but any issues reported will have a lowered Impact since there are already known issues and they are not considered production release.

This category includes:

Here is an example of a submitted Solidity bug.

Solidity does not hold security guarantees regarding compilation of untrusted input and we do not issue rewards for crashes of the solc compiler on maliciously generated data.

Mist is a Dapp browser that connects users to the blockchain. The scope of bounty submissions includes, but are not limited to:

Privilege escalation issues.

Flaws breaking into the victims filesystem.

Flaws compromising any information outside each website scope (e.g. localStorage leaks, cross-website interaction).

Flaws affecting Mist that were already made publicly available by the vendors (e.g. Electron, Chromium, v8) may or may not be accepted by us.

The Vyper language is a new, experimental programming language for the EVM. It is still beta software, and as such is not expected to be bug-free.

Vyper is included in the bug bounty, but due to it still being under development, the Impact of bugs found will be downgraded accordingly.

Typical bugs that could qualify are:

As with Solidity, crashes of the Vyper compiler in the face of malicious input is not included in the bounty program.

LLL is not included in the bug bounty.

Pyethereum is a legacy Ethereum implementation, and the basis for the Pyethapp python client implementation. Both of these are now deprecated, in favour of py-evm/Trinity, and not not in scope of the bounty program.

This category includes:

Here is an example of a bug in the initial ENS registrar that would have allowed people to bid during the reveal period, thus affecting the legitimacy of auction results.

Clients not developed by the Ethereum Foundation would typically not be covered by the bounty program. For Parity, please visit their bounty program.

ERC20 contract bugs are typically not included in the bounty scope. However, we can help reach out to affected parties, such as authors or exchanges in such cases.

Our infrastructure; such as webpages, dns, email etc, are not part of the bounty-scope.

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Ethereum Bounty Program

Cryptocurrency News: Vitalik Buterin Doesn’t Care About Bitcoin ETFs

Cryptocurrency News
While headline numbers look devastating this week, investors might take some solace in knowing that cryptocurrencies found their bottom at roughly $189.8 billion in market cap—that was the low point. Since then, investors put more than $20.0 billion back into the market.

During the rout, Ethereum broke below $300.00 and XRP fell below $0.30, marking yearly lows for both tokens. The same was true down the list of the top 100 biggest cryptos.

Altcoins took the brunt of the hit. BTC Dominance, which reveals how tightly investment is concentrated in Bitcoin, rose from 42.62% to 53.27% in just one month, showing that investors either fled altcoins at higher.

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Cryptocurrency News: Vitalik Buterin Doesn’t Care About Bitcoin ETFs

Cryptocurrency News: Bitcoin ETFs, Andreessen Horowitz, and Contradictions in Crypto

Cryptocurrency News
This was a bloody week for cryptocurrencies. Everything was covered in red, from Ethereum (ETH) on down to the Basic Attention Token (BAT).

Some investors claim it was inevitable. Others say that price manipulation is to blame.

We think the answers are more complicated than either side has to offer, because our research reveals deep contradictions between the price of cryptos and the underlying development of blockchain projects.

For instance, a leading venture capital (VC) firm launched a $300.0-million crypto investment fund, yet liquidity continues to dry up in crypto markets.

Another example is the U.S. Securities and Exchange Commission's.

The post Cryptocurrency News: Bitcoin ETFs, Andreessen Horowitz, and Contradictions in Crypto appeared first on Profit Confidential.

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Cryptocurrency News: Bitcoin ETFs, Andreessen Horowitz, and Contradictions in Crypto

Cryptocurrency News: This Week on Bitfinex, Tether, Coinbase, & More

Cryptocurrency News
On the whole, cryptocurrency prices are down from our previous report on cryptos, with the market slipping on news of an exchange being hacked and a report about Bitcoin manipulation.

However, there have been two bright spots: 1) an official from the U.S. Securities and Exchange Commission (SEC) said that Ethereum is not a security, and 2) Coinbase is expanding its selection of tokens.

Let's start with the good news.
SEC Says ETH Is Not a Security
Investors have some reason to cheer this week. A high-ranking SEC official told attendees of the Yahoo! All Markets Summit: Crypto that Ethereum and Bitcoin are not.

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Cryptocurrency News: This Week on Bitfinex, Tether, Coinbase, & More

Ethereum Won’t Fail: Joseph Lubin – ccn.com

Its no secret Ethereum was among the hardest hit coins during the crypto winter after a tough year of regulatory uncertainty surrounding security tokens and ICOs. If anyone should seem worried, it would be blockchain pioneer Joseph Lubin, whose company ConsenSys is an incubator for Ethereum projects. Yet, he couldnt appear further from losing sleep. Lubin was featured as the Interactive Keynote speaker at SXSW 2019, where he shared his zen vibe with a live audience, saying:

Ethereum is not going away. Its not going to fail. It will remain very significant. *

Increasingly, there are reasons to be optimistic about the Ethereums future. Most recently SEC Chairman Jay Clayton seemingly agreed that digital assets might not be securities based on the Howey framework. ConsenSys is intimately associated with the Ethereum protocol. It has 85 Ethereum blockchain protocol engineers busy building day in and day out.

ConsenSys projects and tools are focused on Ethereum because its the only game in town, really, said Lubin.

The way he sees the world, ConsenSys is more dependent on a decentralized ecosystem succeeding than it is any one project. Wed probably give up ifa decentralized World Wide Web never materialized, said Lubin, pointing to decentralized bandwidth, identity, and lots of other interoperating decentralized protocols.

Of course, the elephant in the room was the ETH price, which since plummeting has been stuck in a rut and unable to break out of a pretty narrow range. Lubin, however, was with Vitalik Buterin from almost the beginning and has seen market cycles come and go. He is playing the long game.

Since the start of the ecosystem and since 2009, weve seen many incredible rises in the price of these tokens followed by very significant corrections. So the most significant correction took us back one year, which was 5,000-times more valuable than when ETH was initially launched. In that context, its not so horrifying.

When times are good in the market, it brings attention to the ecosystem. Technologists and entrepreneurs are busy building. There is way more activity in our ecosystem now than a year or 18 months ago, said Lubin. Fewer people pay attention to the price of the token. But maybe thats not such a bad thing because theres a far greater increase in the number of people building things such as privacy and confidentiality systems, scalability solutions, and ETH 2.0.

Lubin sees nothing but blue skies ahead for Ethereum.

Before Ethereum can reach its wide-scale adoption, it needs to scale. Currently, it can complete between 14 and 27 transactions per second (TPS), the latter of which reflects tiny transactions. Technologies such as Plasma are Layer 2 technologies that will bolster Ethereums scalability and make the blockchain much more useful. With Layer 2 technologies, smart contracts on Ethereum can run off-chain.

Ethereum 2.0 is comingwe have eight teams building it, said Lubin, adding that theyre in phase 0 of four phases. This base layer upon which we continue to build Layer 2 scalability solutions is going to expand by at least 1,000-fold over the next 18-24 months from now. It will keep expanding after that.

As for the broader blockchain movement, he is similarly bullish. Lubin, who is a Princeton grad, pointed to the size of the global economy, which is $80 trillion.

When the blockchain fully ramifies and in 10-20 years the economy will probably be 10x as large. The blockchain will probably be the majority part of that; in dollar terms, a lot, he said.

Lubin is confident about the potential of the blockchain across sectors of the economy. There isnt an industry out there that doesnt need trust and agreements, which are what the blockchain provides. Developers can build platforms that facilitate collaboration over competition. It reflects a paradigm shift from the way that the world works today.

*Lubins quotes are a rough translation of a live-streamed event.

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Ethereum Won't Fail: Joseph Lubin - ccn.com

Ethereum (ETH) Price Starts Fresh Increase: Bitcoin Leading …

Ethereum price is gaining traction versus the US Dollar, but it is struggling against bitcoin. ETH is likely to climb higher in the near term, but it may struggle near $164-165.

Yesterday, we saw a fresh downside correction in Ethereum price from the $163-164 zone against the US Dollar. The ETH/USD pair corrected lower and broke the $160 support level. However, the 50% Fib retracement level of the upward move from the $150 low to $163 high acted as a support. Besides, the $156 level and the 100 hourly simple moving average also prevented losses. There was a false spike, but the price quickly bounced back above $158.

More importantly, yesterdays highlighted declining channel was breached with resistance near the $158 level on the hourly chart of ETH/USD. The pair broke the 50% Fib retracement level of the recent decline from the $163 high to $154 swing low. As a result, the price is now trading with a positive bias above $158. An immediate resistance is near the $160 level. It coincides with the 61.8% Fib retracement level of the recent decline from the $163 high to $154 swing low. If there is an upside break above the $160 resistance, the price is likely to climb towards the $163-164 zone.

On the downside, the main support is near the $156 level and the 100 hourly SMA. If there is a proper close below the 100 hourly SMA, the price may decline towards the $154 or $150 support levels. Bitcoin price is currently up more than 3%, but it seems like ETH price is struggling to gain pace above the $160 and $161 resistance levels.

Looking at the chart, Ethereum price is currently placed in a positive zone above $158, but it must gain traction above $160. The next stop for the bulls could be near $164 or $165. If there are further gains, there are chances of a sharp rally towards the $170 or $172 resistance level.

Hourly MACD The MACD for ETH/USD is currently gaining momentum in the bullish zone, with positive signs.

Hourly RSI The RSI for ETH/USD is now placed well above the 50 level, with a bullish angle.

Major Support Level $156

Major Resistance Level $164

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Ethereum (ETH) Price Starts Fresh Increase: Bitcoin Leading ...

Bitcoin Booming As Ethereum, Ripple’s XRP, EOS And Litecoin …

Bitcoin as a whole is now worth$100 billion for the first time this year as the cryptocurrency market continues its bull run that began in early April, spurring on ethereum, Ripple's XRP, litecoin, bitcoin cash, and EOS.

The bitcoin price has begun moving towards the psychological $6,000 mark after hovering around $5,500 for the last few weeks, with the overall cryptocurrency market adding an eye-watering $40 billion to its value since early April, according to CoinMarketCap, which tracks most major cryptocurrencies.

The bitcoin price surge follows a report that suggeststhe bitcoin pricehas already bottomedfor this market cycle and is now going to resume its march higher.

The bitcoin price has been climbing steadilysince the beginning of April.

"We continue to believe the bottom is in," analysts Delphi Digital, a digital asset research firm, wrote in a report out yesterday. "The one year+ holder rate during the potential December bottom is within 1% of the one year+ holder rate during the previous cycle's bottom in January of 2015.

"Minimal selling coming from long-term holders throughout the consolidation period over the past few months. In fact, we've actually begun to see a very slight uptick among long term holders, which is consistent with the trend after the previous cycle bottomed."

The bitcoin price is up some 7% over the last 24 hour trading period, while litecoin, which has been rising for months ahead of a scheduled having later this year, is leading the market, up almost 8%.

Bitcoin cash, ethereum, Ripple's XRP and EOS have all climbed between two andseven percent over the last day's trading.

Elsewhere,Grayscale Investments,the world's largestcryptocurrency asset manager,has launched a campaign to try to convince investors to drop their gold holdings in exchange for bitcoin, arguing "bitcoin will become the store-of-value for our digital age."

The bitcoin price has jumped higher of the last 24 hours.

Bitcoin and the wider cryptocurrency market's uptick comes as the industry is reeling from the news that tether, the worlds most popular stablecoin, is not backed one-to-one with cash, as had previously been thought. Tether has, however, managed to maintain its price following the revelations.

Bitcoin is, though, trading at a$300 premium on the Bitfinex cryptocurrency exchange, now over $6,000 per bitcoin, amid speculation investors are exiting the tether stablecoin, which shares management with Bitfinex.

"What the actual price is and whats being used to translate to bitcoin is part of the issue,"said Bloomberg Intelligence analyst Mike McGlone. "People on Bitfinex are getting out of tether, off the exchange and whats the first thing youre going to buy if you dont want too much broad crypto exposure? Bitcoin."

Meanwhile, bitcoin dominance, a measure of bitcoin's worth compared to the rest of the cryptocurrency market, has risen to its highest level so far this year, rising to above 55% after almost dipping under 50% just a few weeks ago.

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Bitcoin Booming As Ethereum, Ripple's XRP, EOS And Litecoin ...

Ethereum Price Analysis: ETH Corrects But More Upsides Likely …

Ethereum price is currently correcting recent gains against the US Dollar. ETH remains nicely supported on dips near the $133 and $132 support levels in the near term.

This past week, Ethereum price started a strong upward move from the $128 swing low against the US Dollar. The ETH/USD pair broke the $134 and $135 resistance levels to move into a positive zone. There was also a close above the $136 level and the 55 simple moving average (4-hours). The price gained traction above the $139-140 resistance area and climbed above the $145 level. A new monthly high was formed near $147 before the price started a downside correction.

It declined below the $142 and $140 support level. There was a break below the 50% Fib retracement level of the last wave from the $128 low to $147 high. However, there are many supports on the downside near the $136 and $133 levels. The price is currently consolidating above $136 and the 61.8% Fib retracement level of the last wave from the $128 low to $147 high. There is also a crucial bullish trend line in place with support at $133 on the 4-hours chart.

The trend line support near $133 is importance since it coincides with the 55 simple moving average (4-hours). If there is a downside break below $133 and $132, the price could move into a bearish zone. The next key support is near the $128 swing low. On the upside, the price must settle above the $139-140 resistance zone to gain bullish momentum. The next main resistances are $144 and $147.

Looking at the chart, Ethereum price clearly corrected most of its recent gains and traded below the $140 support. However, there are many key supports on the downside above $132. Therefore, there are high chances of a fresh upward move in ETH as long as it is trading above the $132 support. If buyers fail to hold $132, the price could slide towards $128 or $125.

4 hours MACD The MACD for ETH/USD is currently flat in the bearish zone, with a few positive signs.

4 hours RSI (Relative Strength Index) The RSI for ETH/USD is currently flat near the 50 level.

Key Support Levels $136, followed by the $133 zone.

Key Resistance Levels $140 and $144.

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Ethereum Price Analysis: ETH Corrects But More Upsides Likely ...

Ethereum Price Analysis: ETH Primed For Additional Losses …

Ethereum price moved into a bearish zone, with a close below $133 against the US Dollar. ETH may continue to move down and it could even revisit the $122 swing low in the near term.

This past week, there was a decent upward move above $130 in Ethereum price against the US Dollar. The ETH/USD pair even broke the $135 resistance and revisited the $140 barrier. However, buyers failed once again to clear the $140 resistance. As a result, there was a fresh decline and the price traded below the $138 and $136 support levels. There was even a close below the $135 level and the 55 simple moving average (4-hours).

During the slide, the price broke the 50% Fib retracement level of the last wave from the $122 low to $140 high. Moreover, there was a break below a connecting bullish trend line with support at $133 on the 4-hours chart. The pair even broke the $130 level and traded close to the $127 level. The 76.4% Fib retracement level of the last wave from the $122 low to $140 high is also near the $127 level. If there is an upside correction, the $133 level and the 55 simple moving average (4-hours) are likely to act as resistances.

Above the 55 simple moving average (4-hours), there is a key bearish trend line formed with resistance at $136. Therefore, the price is likely to struggle near the $133 and $136 levels in the near term. The main resistance remains $140, above which the price could test $148. On the downside, the $127 level is an initial support. If there are more losses, the price is likely to break the $125 level.

Looking at the chart, Ethereum price is back in a bearish zone and it could revisit the $122 swing low. If there is an upside correction, the price could struggle to clear the $136 resistance level. The overall bias remains bearish as long as the price is below $136 and $140.

4 hours MACD The MACD for ETH/USD is gaining momentum in the bearish zone, with a strong downturn.

4 hours RSI (Relative Strength Index) The RSI for ETH/USD is currently well below the 40 level.

Key Support Levels $125, followed by the $122 zone.

Key Resistance Levels $133 and $136.

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Ethereum Price Analysis: ETH Primed For Additional Losses ...

Ethereum (ETH) Price Starts Much Awaited Rebound To $170

Ethereum price started a decent rebound versus the US Dollar and bitcoin. ETH is now placed nicely above $158 and it may continue to rise towards the $170 resistance area.

Yesterday, there was a decent upward move in Ethereum price above the $154 and $155 resistances against the US Dollar. The ETH/USD pair even settled above the $155 level and the 100 hourly simple moving average. The pair gained bullish momentum and even broke the $158 resistance and the $159 swing high. It opened the doors for more gains above the $160 level and the 1.236 Fib extension level of the last drop from the $159 high to $150 swing low.

The price traded towards the $165 level and formed a swing high near $163. At the moment, the price is correcting lower towards $160. An immediate support is near $160 and the 23.6% Fib retracement level of the recent wave from the $150 swing low to $163 high. Moreover, there is a connecting bullish trend line in place with support near $158 on the hourly chart of ETH/USD. If there is a break below the trend line, the price could test the $156 support level. The 50% Fib retracement level of the recent wave from the $150 swing low to $163 high is near the $156 level.

Besides, the 100 hourly SMA is also close to the $156 support to prevent losses. On the upside, an initial resistance is near the $163 high. The next key resistance is near the $165 level, above which the price could start a strong wave towards the $170 and $172 levels.

Looking at the chart, Ethereum price clearly recovered nicely above the $160 resistance level. In the short term, there might be a downside correction, but dips remain well supported on the downside near the $160, $158 and $156 levels. Overall, the price is likely to extend gains above the $163 swing high as long as it is trading above the $158 support level.

Hourly MACD The MACD for ETH/USD is now placed nicely in the bullish zone.

Hourly RSI The RSI for ETH/USD jumped above the 60 level and is currently above 70.

Major Support Level $158

Major Resistance Level $165

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Ethereum (ETH) Price Starts Much Awaited Rebound To $170

Ethereum – Wikipedia

blockchain platform with programmable transactions

The Ethereum Project's logo, first used in 2014

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.

Ether is a token whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed.[3] Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.[4] The virtual machine's instruction set, in contrast to others like Bitcoin Script, is thought to be Turing-complete. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.[4]

Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014.[4]

In 2016, as a result of the exploitation of a flaw in The DAO project's smart contract software, and subsequent theft of $50 million worth of ether,[5] Ethereum was split into two separate blockchains the new separate version became Ethereum (ETH) with the theft reversed,[6] and the original continued as Ethereum Classic (ETC).[7][8]

Vitalik Buterin picked the name Ethereum after browsing Wikipedia articles about elements and science fiction, when he found the name, noting, "I immediately realized that I liked it better than all of the other alternatives that I had seen; I suppose it was the fact that sounded nice and it had the word 'ether', referring to the hypothetical invisible medium that permeates the universe and allows light to travel."[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 building decentralized applications.[11][12] Buterin had argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed development of a new platform with a more general scripting language.[4]:88

Ethereum was announced at the North American Bitcoin Conference in Miami, in January, 2014.[9] During the same time as the conference, a group of people rented a house in Miami Gavin Wood, Charles Hoskinson, and Anthony Di Iorio, a Torontonian who financed the project.[9] Di Iorio invited friend Joseph Lubin, who invited reporter Morgen Peck, to bear witness.[9] Six months later the founders met again in a house in Zug Switzerland, where Buterin told the founders that the project would proceed as a non-profit. Hoskinson left the project at that time.[9]

Ethereum was officially with an unusually long list of founders. Anthony Di Iorio wrote "Ethereum was founded by Vitalik Buterin, Myself, Charles Hoskinson, Mihai Alisie, & Amir Chetrit (the initial 5) in December 2013. Joseph Lubin, Gavin Wood, & Jeffrey Wilke were added in early 2014 as founders." Formal development of the Ethereum software project began in early 2014 through a Swiss company, Ethereum Switzerland GmbH (EthSuisse).[13][14]The basic idea of putting executable smart contracts in the blockchain needed to be specified before the software could be implemented; this work was done by Gavin Wood, then chief technology officer, in the Ethereum Yellow Paper that specified the Ethereum Virtual Machine.[15][16]Subsequently, a Swiss non-profit foundation, the Ethereum Foundation (Stiftung Ethereum), was created as well. Development was funded by an online public crowdsale during JulyAugust 2014, with the participants buying the Ethereum value token (ether) with another digital currency, bitcoin.

While there was early praise for the technical innovations of Ethereum, questions were also raised about its security and scalability.[11]

In March 2017, various blockchain start-ups, research groups, and Fortune 500 companies announced the creation of the Enterprise Ethereum Alliance (EEA) with 30 founding members.[17] By May, the nonprofit organization had 116 enterprise membersincluding ConsenSys, CME Group, Cornell University's research group, Toyota Research Institute, Samsung SDS, Microsoft, Intel, J. P. Morgan, Cooley LLP, Merck KGaA, DTCC, Deloitte, Accenture, Banco Santander, BNY Mellon, ING, and National Bank of Canada.[18][19][20] By July 2017, there were over 150 members in the alliance, including recent additions MasterCard, Cisco Systems, Sberbank and Scotiabank.[21][22]

Legend:

Old version

Older version, still supported

Latest version

Latest preview version

Future release

Several codenamed prototypes of the Ethereum platform were developed by the Foundation, as part of their Proof-of-Concept series, prior to the official launch of the Frontier network. "Olympic" was the last of these prototypes, and public beta pre-release.

The Olympic network provided users with a bug bounty of 25,000 ether for stress testing the limits of the Ethereum blockchain. "Frontier" marked the tentative experimental release of the Ethereum platform in July 2015.[23]

Since the initial launch, Ethereum has undergone several planned protocol upgrades, which are important changes affecting the underlying functionality and/or incentive structures of the platform.

[24][25]

Protocol upgrades are accomplished by means of a soft fork of the open source code base.

"Homestead" was the first to be considered stable. It included improvements to transaction processing, gas pricing, and security; and the soft fork[citation needed] occurred on 31 July 2015.[4]:87

The "Metropolis Part 1: Byzantium" soft[citation needed] fork took effect on 16 October 2017, and included changes to reduce the complexity of the EVM and provide more flexibility for smart contract developers.[25] Byzantium also added supports for zk-SNARKs (from Zcash), with the first zk-SNARK transaction occurring on testnet on September 19, 2017.[citation needed]

The "Metropolis Part 2: Constantinople" hard fork, and the simultaneous "St. Petersburg" network upgrade, occurred at block number 7,280,000 on February 28, 2019.[26]

In 2016 a decentralized autonomous organization called The DAO, a set of smart contracts developed on the platform, raised a record US$150 million in a crowdsale to fund the project.[27] The DAO was exploited in June when US$50 million in ether were taken by an unknown hacker.[28][29] The event sparked a debate in the crypto-community about whether Ethereum should perform a contentious "hard fork" to reappropriate the affected funds.[30] As a result of the dispute, the network split in two. Ethereum (the subject of this article) continued on the forked blockchain, while Ethereum Classic continued on the original blockchain.[31] The hard fork created a rivalry between the two networks.

After the hard fork related to The DAO, Ethereum subsequently forked twice in the fourth quarter of 2016 to deal with other attacks. By the end of November 2016, Ethereum had increased its DDoS protection, de-bloated the blockchain, and thwarted further spam attacks by hackers.

As with other cryptocurrencies, the validity of each ether is provided by a blockchain, which is a continuously growing list of records, called blocks, which are linked and secured using cryptography.[32][33] By design, the blockchain is inherently resistant to modification of the data. It is an open, distributed ledger that records transactions between two parties efficiently and in a verifiable and permanent way.[34] Unlike Bitcoin, Ethereum operates using accounts and balances in a manner called state transitions. This does not rely upon unspent transaction outputs (UTXOs). State denotes the current balances of all accounts and extra data. State is not stored on the blockchain, it is stored in a separate Merkle Patricia tree. A cryptocurrency wallet stores the public and private "keys" or "addresses" which can be used to receive or spend ether. These can be generated through BIP 39 style mnemonics for a BIP 32 "HD Wallet". In Ethereum, this is unnecessary as it does not operate in a UTXO scheme. With the private key, it is possible to write in the blockchain, effectively making an ether transaction.

To send ether to an account, you need the Keccak-256 hash of the public key of that account. Ether accounts are pseudonymous in that they are not linked to individual persons, but rather to one or more specific addresses.

Ether is a fundamental token for operation of Ethereum, which thereby provides a public distributed ledger for transactions. It is used to pay for gas, a unit of computation used in transactions and other state transitions. Mistakenly, this currency is also referred to as Ethereum.

It is listed under the ticker symbol ETH and traded on cryptocurrency exchanges, and the Greek uppercase Xi character () is generally used for its currency symbol. It is also used to pay for transaction fees and computational services on the Ethereum network.[35]

Ethereum addresses are composed of the prefix "0x", a common identifier for hexadecimal, concatenated with the rightmost 20 bytes of the Keccak-256 hash (big endian) of the ECDSA public key. In hexadecimal, 2 digits represents a byte, meaning addresses contain 40 hexadecimal digits. An example of an Ethereum address is 0xb794F5eA0ba39494cE839613fffBA74279579268. Contract addresses are in the same format, however they are determined by sender and creation transaction nonce.[36] User accounts are indistinguishable from contract accounts given only an address for each and no blockchain data. Any valid Keccak-256 hash put into the described format is valid, even if it does not correspond to an account with a private key or a contract. This is unlike Bitcoin, which uses base58check to ensure that addresses are properly typed.

Ethereum is different from Bitcoin (the cryptocurrency with the largest market capitalization as of June 2018) in several aspects:

The total supply of ether was 100 million as of June 2018. In 2017, mining generated 9.2 million new ether, corresponding to a 10% increase in its total supply. Casper FFG and CBC are expected to reduce the inflation rate to between 0.5% to 2%. There is no currently implemented hard cap on the total supply of ETH.[citation needed]

Ether can be traded by regular currency brokers, cryptocurrency exchanges, as well as many online cryptocurrency wallets.[37]

The Ethereum Virtual Machine (EVM) is the runtime environment for smart contracts in Ethereum. It is a 256-bit register stack, designed to run the same code exactly as intended. It is the fundamental consensus mechanism for Ethereum. The formal definition of the EVM is specified in the Ethereum Yellow Paper.[36][38] On February 1, 2018, there were 27,500 nodes in the main Ethereum network.[39] Ethereum Virtual Machines have been implemented in C++, Go, Haskell, Java, JavaScript, Python, Ruby, Rust, Elixir and WebAssembly (currently under development).

Ethereum's smart contracts are based on different computer languages, which developers use to program their own functionalities. Smart contracts are high-level programming abstractions that are compiled down to EVM bytecode and deployed to the Ethereum blockchain for execution. They can be written in Solidity (a language library with similarities to C and JavaScript), Serpent (similar to Python, but deprecated), LLL (a low-level Lisp-like language), and Mutan (Go-based, but deprecated). There is also a research-oriented language under development called Vyper (a strongly-typed Python-derived decidable language).

Smart contracts can be public, which opens up the possibility to prove functionality, e.g. self-contained provably fair casinos.[40]

One issue related to using smart contracts on a public blockchain is that bugs, including security holes, are visible to all but cannot be fixed quickly.[41] One example of this is the 17 June 2016 attack on The DAO, which could not be quickly stopped or reversed.[28]

There is ongoing research on how to use formal verification to express and prove non-trivial properties. A Microsoft Research report noted that writing solid smart contracts can be extremely difficult in practice, using The DAO hack to illustrate this problem. The report discussed tools that Microsoft had developed for verifying contracts, and noted that a large-scale analysis of published contracts is likely to uncover widespread vulnerabilities. The report also stated that it is possible to verify the equivalence of a Solidity program and the EVM code.[42]

Ethereum is written in Turing complete language, which currently includes seven different programming languages.[43] Developers use the language to create and publish applications which they know will run inside Ethereum.[44][45] It's a cumbersome system, but that's not deterring developers from writing Ethereum programs.[46]

Ethereum blockchain applications are usually referred to as DApps (decentralized application), since they are based on the decentralized Ethereum Virtual Machine, and its smart contracts.[47] Many uses have been proposed for Ethereum platform, including ones that are impossible or unfeasible.[48][35] Use case proposals have included finance, the internet-of-things, farm-to-table produce, electricity sourcing and pricing, and sports betting. Ethereum is (as of 2017) the leading blockchain platform for initial coin offering projects, with over 50% market share.

As of January 2018, there are more than 250 live DApps, with hundreds more under development. Some application examples include: digital signature algorithms, securitized tokens, digital rights management, crowdfunding, prediction markets, remittance, online gambling, social media platforms, financial exchanges and identity systems.

Ethereum-based customized software and networks, independent from the public Ethereum chain, are being tested by enterprise software companies.[49] Interested parties include Microsoft, IBM, JPMorgan Chase,[35][50] Deloitte,[51] R3,[52] Innovate UK (cross-border payments prototype).[53] Barclays, UBS and Credit Suisse are experimenting with Ethereum blockchain to automate Markets in Financial Instruments Directive (MiFID) II requirements.

Ethereum-based permissioned blockchain variants are used and being investigated for various projects.

In Ethereum all smart contracts are stored publicly on every node of the blockchain, which has costs.[58] Being a blockchain means it issecure by designand is an example of a distributed computing system with highByzantine fault tolerance. The downside is that performance issues arise in that every node is calculating all the smart contracts in real time, resulting in lower speeds.[58] As of January 2016, the Ethereum protocol could process about 25 transactions per second.[58] In comparison, the Visa payment platform processes 45,000 payments per second leading some to question the scalability of Ethereum.[59] On 19 December 2016, Ethereum exceeded one million transactions in a single day for the first time.[60]

Ethereum's blockchain uses Merkle trees, for security reasons, to improve scalability, and to optimize transaction hashing.[64] As with any Merkle tree implementation, it allows for storage savings, set membership proofs (called "Merkle proofs"), and light client synchronization. The Ethereum network has at times faced congestion problems, for example, congestion occurred during late 2017 in relation to Cryptokitties.[65]

On Social Governance

Our governance is inherently social, people who are more connected in the community have more power, a kind of soft power.

Vlad Zamfir, Ethereum Core Developer, "The New Yorker"[9]

In October 2015,[66] a development governance was proposed as Ethereum Improvement Proposal, aka EIP, standardized on EIP-1.[67] The core development group and community were to gain consensus by a process regulated EIP. A few notable decisions were made in the process of EIP, such as EIP-160 (EXP cost increase caused by Spurious Dragon Hardfork)[68] and EIP-20 (ERC-20 Token Standard).[69] In January 2018, the EIP process was finalized and published as EIP-1 status turned "active".[66]

Izabella Kaminska, the editor of FT Alphaville, has pointed out that criminals are using Ethereum to run Ponzi schemes and other forms of investment fraud.[70] The article was based on a paper from the University of Cagliari, which placed the number of Ethereum smart contracts which facilitate Ponzi schemes at nearly 10% of 1384 smart contracts examined. However, it also estimated that only 0.05% of the transactions on the network were related to such contracts.[71]

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Ethereum | BTCMANAGER

According to a Bloomberg report published April 18, 2019, Binance, the worlds largest cryptocurrency exchange by reported volume, has launched its own blockchain called Binance Chain to encourage crypto startups to issue their tokens directly on the trading platform. Taking the Ethereum Bull by the Horns Binance is unarguably one...

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What is Ethereum? The Most Comprehensive Beginners Guide

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Cryptocurrency News: This Week on Bitfinex, Tether, Coinbase, & More

Cryptocurrency News
On the whole, cryptocurrency prices are down from our previous report on cryptos, with the market slipping on news of an exchange being hacked and a report about Bitcoin manipulation.

However, there have been two bright spots: 1) an official from the U.S. Securities and Exchange Commission (SEC) said that Ethereum is not a security, and 2) Coinbase is expanding its selection of tokens.

Let's start with the good news.
SEC Says ETH Is Not a Security
Investors have some reason to cheer this week. A high-ranking SEC official told attendees of the Yahoo! All Markets Summit: Crypto that Ethereum and Bitcoin are not.

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Cryptocurrency News: Vitalik Buterin Doesn’t Care About Bitcoin ETFs

Cryptocurrency News
While headline numbers look devastating this week, investors might take some solace in knowing that cryptocurrencies found their bottom at roughly $189.8 billion in market cap—that was the low point. Since then, investors put more than $20.0 billion back into the market.

During the rout, Ethereum broke below $300.00 and XRP fell below $0.30, marking yearly lows for both tokens. The same was true down the list of the top 100 biggest cryptos.

Altcoins took the brunt of the hit. BTC Dominance, which reveals how tightly investment is concentrated in Bitcoin, rose from 42.62% to 53.27% in just one month, showing that investors either fled altcoins at higher.

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Cryptocurrency News: Bitcoin ETFs, Andreessen Horowitz, and Contradictions in Crypto

Cryptocurrency News
This was a bloody week for cryptocurrencies. Everything was covered in red, from Ethereum (ETH) on down to the Basic Attention Token (BAT).

Some investors claim it was inevitable. Others say that price manipulation is to blame.

We think the answers are more complicated than either side has to offer, because our research reveals deep contradictions between the price of cryptos and the underlying development of blockchain projects.

For instance, a leading venture capital (VC) firm launched a $300.0-million crypto investment fund, yet liquidity continues to dry up in crypto markets.

Another example is the U.S. Securities and Exchange Commission's.

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Ethereum – Official Site

SECURITY WARNINGS

You are responsible for your own computer security. If your machine is compromised you will lose your ether, access to any contracts and possibly more.

You are responsible for your own actions. If you mess something up or break any laws while using this software, it's your fault, and your fault only.

You are responsible for your own karma. Don't be a jerk and respect the rights of others. What goes around comes around.

The following Terms and Conditions (Terms) govern the use of the Ethereum open source software platform (Ethereum Platform). Prior to any use of the Ethereum Platform, the User confirms to understand and expressly agrees to all of the Terms. All capitalized terms in this agreement will be given the same effect and meaning as in the Terms. The group of developers and other personnel that is now, or will be, employed by, or contracted with, Stiftung Ethereum (Stiftung Ethereum) is termed the Ethereum Team. The Platform will be developed by persons and entities who support Ethereum, including both volunteers and developers who are paid by nonprofit entities interested in supporting the Ethereum Platform.

The user acknowledges the following serious risks to any use the Ethereum Platform and ETH and expressly agrees to neither hold Ethereum Stiftung nor the Ethereum Team liable should any of the following risks occur:

The Ethereum Platform and ETH could be impacted by one or more regulatory inquiries or regulatory actions, which could impede or limit the ability of Stiftung Ethereum to continue to develop the Ethereum Platform, or which could impede or limit the ability of a User to use Ethereum Platform or ETH.

It is possible that alternative Ethereum-based networks could be established, which utilize the same open source source code and open source protocol underlying the Ethereum Platform. The Ethereum network may compete with these alternative Ethereum-based networks, which could potentially negatively impact the Ethereum Platform and ETH.

It is possible that the Ethereum Platform will not be used by a large number of external businesses, individuals, and other organizations and that there will be limited public interest in the creation and development of distributed applications. Such a lack of interest could impact the development of the Ethereum Platform and potential uses of ETH. It cannot predict the success of its own development efforts or the efforts of other third parties.

The User recognizes that the Ethereum Platform is under development and may undergo significant changes before release. The User acknowledges that any expectations regarding the form and functionality of the Ethereum Platform held by the User may not be met upon release of the Ethereum Platform, for any number of reasons including a change in the design and implementation plans and execution of the implementation of the Ethereum Platform.

The Ethereum Platform rests on open-source software, and there is a risk that the Ethereum Stiftung or the Ethereum Team, or other third parties not directly affiliated with the Stiftung Ethereum, may introduce weaknesses or bugs into the core infrastructural elements of the Ethereum Platform causing the system to lose ETH stored in one or more User accounts or other accounts or lose sums of other valued tokens issued on the Ethereum Platform.

Cryptography is an art, not a science. And the state of the art can advance over time. Advances in code cracking, or technical advances such as the development of quantum computers, could present risks to cryptocurrencies and the Ethereum Platform, which could result in the theft or loss of ETH. To the extent possible, Stiftung Ethereum intends to update the protocol underlying the Ethereum Platform to account for any advances in cryptography and to incorporate additional security measures, but it cannot predict the future of cryptography or guarantee that any security updates will be made in a timely or successful manner.

As with other cryptocurrencies, the blockchain used for the Ethereum Platform is susceptible to mining attacks, including but not limited to:

Any successful attacks present a risk to the Ethereum Platform, expected proper execution and sequencing of ETH transactions, and expected proper execution and sequencing of contract computations. Despite the efforts of the Ethereum Stiftung and Team, known or novel mining attacks may be successful.

If the Ethereum Platform is rapidly adopted, the demand for ETH could rise dramatically and at a pace that exceeds the rate with which ETH miners can create new ETH tokens. Under such a scenario, the entire Ethereum Platform could become destabilized, due to the increased cost of running distributed applications. In turn, this could dampen interest in the Ethereum Platform and ETH. Instability in the demand of for ETH may lead to a negative change of the economical parameters of an Ethereum based business which could result in the business being unable to continue to operate economically or to cease operation.

If the Ethereum Platform is rapidly adopted, the demand for transaction processing and distributed application computations could rise dramatically and at a pace that exceeds the rate with which ETH miners can bring online additional mining power. Under such a scenario, the entire Ethereum Platform could become destabilized, due to the increased cost of running distributed applications. In turn, this could dampen interest in the Ethereum Platform and ETH. Insufficiency of computational resources and an associated rise in the price of ETH could result in businesses being unable to acquire scarce computational resources to run their distributed applications. This would represent revenue losses to businesses or worst case, cause businesses to cease operations because such operations have become uneconomical due to distortions in the crypto-economy.

Acknowledgment, Acceptance of all Risks and Disclaimer of Warranties and LiabilitiesTHE USER EXPRESSLY KNOWS AND AGREES THAT THE USER IS USING THE Ethereum PLATFORM AT THE USERS SOLE RISK. THE USER REPRESENTS THAT THE USER HAS AN ADEQUATE UNDERSTANDING OF THE RISKS, USAGES AND INTRICACIES OF CRYPTOGRAPHIC TOKENS AND BLOCKCHAIN-BASED OPEN SOURCE SOFTWARE, ETH PLATFORM AND ETH. THE USER ACKNOWLEDGES AND AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY ANY APPLICABLE LAW, THE DISCLAIMERS OF LIABILITY CONTAINED HEREIN APPLY TO ANY AND ALL DAMAGES OR INJURY WHATSOEVER CAUSED BY OR RELATED TO RISKS OF, USE OF, OR INABILITY TO USE, ETH OR THE Ethereum PLATFORM UNDER ANY CAUSE OF ACTION WHATSOEVER OF ANY KIND IN ANY JURISDICTION, INCLUDING, WITHOUT LIMITATION, ACTIONS FOR BREACH OF WARRANTY, BREACH OF CONTRACT OR TORT (INCLUDING NEGLIGENCE) AND THAT NEITHER Stiftung Ethereum NOR ETHEREUM TEAM SHALL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, INCLUDING FOR LOSS OF PROFITS, GOODWILL OR DATA. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR CERTAIN TYPES OF DAMAGES. THEREFORE, SOME OF THE ABOVE LIMITATIONS IN THIS SECTION MAY NOT APPLY TO A USER. IN PARTICULAR, NOTHING IN THESE TERMS SHALL AFFECT THE STATUTORY RIGHTS OF ANY USER OR EXCLUDE INJURY ARISING FROM ANY WILLFUL MISCONDUCT OR FRAUD OF Stiftung Ethereum.

We recommend any groups handling large or important transactions to maintain a voluntary 24 hour waiting period on any ether deposited. In case the integrity of the network is at risk due to issues in the clients, we will endeavor to publish patches in a timely fashion to address the issues. We will endeavour to provide solutions within the voluntary 24 hour waiting period.

All disputes or claims arising out of, relating to, or in connection with the Terms, the breach thereof, or use of the Ethereum Platform shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with said Rules. All claims between the parties relating to these Terms that are capable of being resolved by arbitration, whether sounding in contract, tort, or otherwise, shall be submitted to ICC arbitration. Prior to commencing arbitration, the parties have a duty to negotiate in good faith and attempt to resolve their dispute in a manner other than by submission to ICC arbitration. The arbitration panel shall consist of one arbitrator only, unless the ICC Court of Arbitration determines that the dispute is such as to warrant three arbitrators. If the Court determines that one arbitrator is sufficient, then such arbitrator shall be Swiss resident. If the Court determines that three arbitrators are necessary, then each party shall have 30 days to nominate an arbitrator of its choice -- in the case of the Claimant, measured from receipt of notification of the ICC Courts decision to have three arbitrators; in the case of Respondent, measured from receipt of notification of Claimants nomination. All nominations must be Swiss resident. If a party fails to nominate an arbitrator, the Court will do so. The Court shall also appoint the chairman. All arbitrators shall be and remain independent of the parties involved in the arbitration. The place of arbitration shall be Zug, Switzerland. The language of the arbitration shall be English. In deciding the merits of the dispute, the tribunal shall apply the laws of Switzerland and any discovery shall be limited and shall not involve any depositions or any other examinations outside of a formal hearing. The tribunal shall not assume the powers of amiable compositeur or decide the case ex aequo et bono. In the final award, the tribunal shall fix the costs of the arbitration and decide which of the parties shall bear such costs in what proportion. Every award shall be binding on the parties. The parties undertake to carry out the award without delay and waive their right to any form of recourse against the award in so far as such waiver can validly be made.

Stiftung Ethereum is finally not liable for:

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Ethereum – Wikipedia

blockchain platform with programmable transactions

The Ethereum Project's logo, first used in 2014

Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions.

Ether is a token whose blockchain is generated by the Ethereum platform. Ether can be transferred between accounts and used to compensate participant mining nodes for computations performed.[3] Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.[4] The virtual machine's instruction set, in contrast to others like Bitcoin Script, is thought to be Turing-complete. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.[4]

Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014.[4]

In 2016, as a result of the exploitation of a flaw in The DAO project's smart contract software, and subsequent theft of $50 million worth of ether,[5] Ethereum was split into two separate blockchains the new separate version became Ethereum (ETH) with the theft reversed,[6] and the original continued as Ethereum Classic (ETC).[7][8]

Vitalik Buterin picked the name Ethereum after browsing Wikipedia articles about elements and science fiction, when he found the name, noting, "I immediately realized that I liked it better than all of the other alternatives that I had seen; I suppose it was the fact that sounded nice and it had the word 'ether', referring to the hypothetical invisible medium that permeates the universe and allows light to travel."[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 building decentralized applications.[11][12] Buterin had argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed development of a new platform with a more general scripting language.[4]:88

Ethereum was announced at the North American Bitcoin Conference in Miami, in January, 2014.[9] During the same time as the conference, a group of people rented a house in Miami Gavin Wood, Charles Hoskinson, and Anthony Di Iorio, a Torontonian who financed the project.[9] Di Iorio invited friend Joseph Lubin, who invited reporter Morgen Peck, to bear witness.[9] Six months later the founders met again in a house in Zug Switzerland, where Buterin told the founders that the project would proceed as a non-profit. Hoskinson left the project at that time.[9]

Ethereum was officially with an unusually long list of founders. Anthony Di Iorio wrote "Ethereum was founded by Vitalik Buterin, Myself, Charles Hoskinson, Mihai Alisie, & Amir Chetrit (the initial 5) in December 2013. Joseph Lubin, Gavin Wood, & Jeffrey Wilke were added in early 2014 as founders." Formal development of the Ethereum software project began in early 2014 through a Swiss company, Ethereum Switzerland GmbH (EthSuisse).[13][14]The basic idea of putting executable smart contracts in the blockchain needed to be specified before the software could be implemented; this work was done by Gavin Wood, then chief technology officer, in the Ethereum Yellow Paper that specified the Ethereum Virtual Machine.[15][16]Subsequently, a Swiss non-profit foundation, the Ethereum Foundation (Stiftung Ethereum), was created as well. Development was funded by an online public crowdsale during JulyAugust 2014, with the participants buying the Ethereum value token (ether) with another digital currency, bitcoin.

While there was early praise for the technical innovations of Ethereum, questions were also raised about its security and scalability.[11]

In March 2017, various blockchain start-ups, research groups, and Fortune 500 companies announced the creation of the Enterprise Ethereum Alliance (EEA) with 30 founding members.[17] By May, the nonprofit organization had 116 enterprise membersincluding ConsenSys, CME Group, Cornell University's research group, Toyota Research Institute, Samsung SDS, Microsoft, Intel, J. P. Morgan, Cooley LLP, Merck KGaA, DTCC, Deloitte, Accenture, Banco Santander, BNY Mellon, ING, and National Bank of Canada.[18][19][20] By July 2017, there were over 150 members in the alliance, including recent additions MasterCard, Cisco Systems, Sberbank and Scotiabank.[21][22]

Legend:

Old version

Older version, still supported

Latest version

Latest preview version

Future release

Several codenamed prototypes of the Ethereum platform were developed by the Foundation, as part of their Proof-of-Concept series, prior to the official launch of the Frontier network. "Olympic" was the last of these prototypes, and public beta pre-release.

The Olympic network provided users with a bug bounty of 25,000 ether for stress testing the limits of the Ethereum blockchain. "Frontier" marked the tentative experimental release of the Ethereum platform in July 2015.[23]

Since the initial launch, Ethereum has undergone several planned protocol upgrades, which are important changes affecting the underlying functionality and/or incentive structures of the platform.

[24][25]

Protocol upgrades are accomplished by means of a soft fork of the open source code base.

"Homestead" was the first to be considered stable. It included improvements to transaction processing, gas pricing, and security; and the soft fork[citation needed] occurred on 31 July 2015.[4]:87

The "Metropolis Part 1: Byzantium" soft[citation needed] fork took effect on 16 October 2017, and included changes to reduce the complexity of the EVM and provide more flexibility for smart contract developers.[25] Byzantium also added supports for zk-SNARKs (from Zcash), with the first zk-SNARK transaction occurring on testnet on September 19, 2017.[citation needed]

The "Metropolis Part 2: Constantinople" hard fork, and the simultaneous "St. Petersburg" network upgrade, occurred at block number 7,280,000 on February 28, 2019.[26]

In 2016 a decentralized autonomous organization called The DAO, a set of smart contracts developed on the platform, raised a record US$150 million in a crowdsale to fund the project.[27] The DAO was exploited in June when US$50 million in ether were taken by an unknown hacker.[28][29] The event sparked a debate in the crypto-community about whether Ethereum should perform a contentious "hard fork" to reappropriate the affected funds.[30] As a result of the dispute, the network split in two. Ethereum (the subject of this article) continued on the forked blockchain, while Ethereum Classic continued on the original blockchain.[31] The hard fork created a rivalry between the two networks.

After the hard fork related to The DAO, Ethereum subsequently forked twice in the fourth quarter of 2016 to deal with other attacks. By the end of November 2016, Ethereum had increased its DDoS protection, de-bloated the blockchain, and thwarted further spam attacks by hackers.

As with other cryptocurrencies, the validity of each ether is provided by a blockchain, which is a continuously growing list of records, called blocks, which are linked and secured using cryptography.[32][33] By design, the blockchain is inherently resistant to modification of the data. It is an open, distributed ledger that records transactions between two parties efficiently and in a verifiable and permanent way.[34] Unlike Bitcoin, Ethereum operates using accounts and balances in a manner called state transitions. This does not rely upon unspent transaction outputs (UTXOs). State denotes the current balances of all accounts and extra data. State is not stored on the blockchain, it is stored in a separate Merkle Patricia tree. A cryptocurrency wallet stores the public and private "keys" or "addresses" which can be used to receive or spend ether. These can be generated through BIP 39 style mnemonics for a BIP 32 "HD Wallet". In Ethereum, this is unnecessary as it does not operate in a UTXO scheme. With the private key, it is possible to write in the blockchain, effectively making an ether transaction.

To send ether to an account, you need the Keccak-256 hash of the public key of that account. Ether accounts are pseudonymous in that they are not linked to individual persons, but rather to one or more specific addresses.

Ether is a fundamental token for operation of Ethereum, which thereby provides a public distributed ledger for transactions. It is used to pay for gas, a unit of computation used in transactions and other state transitions. Mistakenly, this currency is also referred to as Ethereum.

It is listed under the ticker symbol ETH and traded on cryptocurrency exchanges, and the Greek uppercase Xi character () is generally used for its currency symbol. It is also used to pay for transaction fees and computational services on the Ethereum network.[35]

Ethereum addresses are composed of the prefix "0x", a common identifier for hexadecimal, concatenated with the rightmost 20 bytes of the Keccak-256 hash (big endian) of the ECDSA public key. In hexadecimal, 2 digits represents a byte, meaning addresses contain 40 hexadecimal digits. An example of an Ethereum address is 0xb794F5eA0ba39494cE839613fffBA74279579268. Contract addresses are in the same format, however they are determined by sender and creation transaction nonce.[36] User accounts are indistinguishable from contract accounts given only an address for each and no blockchain data. Any valid Keccak-256 hash put into the described format is valid, even if it does not correspond to an account with a private key or a contract. This is unlike Bitcoin, which uses base58check to ensure that addresses are properly typed.

Ethereum is different from Bitcoin (the cryptocurrency with the largest market capitalization as of June 2018) in several aspects:

The total supply of ether was 100 million as of June 2018. In 2017, mining generated 9.2 million new ether, corresponding to a 10% increase in its total supply. Casper FFG and CBC are expected to reduce the inflation rate to between 0.5% to 2%. There is no currently implemented hard cap on the total supply of ETH.[citation needed]

Ether can be traded by regular currency brokers, cryptocurrency exchanges, as well as many online cryptocurrency wallets.[37]

The Ethereum Virtual Machine (EVM) is the runtime environment for smart contracts in Ethereum. It is a 256-bit register stack, designed to run the same code exactly as intended. It is the fundamental consensus mechanism for Ethereum. The formal definition of the EVM is specified in the Ethereum Yellow Paper.[36][38] On February 1, 2018, there were 27,500 nodes in the main Ethereum network.[39] Ethereum Virtual Machines have been implemented in C++, Go, Haskell, Java, JavaScript, Python, Ruby, Rust, Elixir and WebAssembly (currently under development).

Ethereum's smart contracts are based on different computer languages, which developers use to program their own functionalities. Smart contracts are high-level programming abstractions that are compiled down to EVM bytecode and deployed to the Ethereum blockchain for execution. They can be written in Solidity (a language library with similarities to C and JavaScript), Serpent (similar to Python, but deprecated), LLL (a low-level Lisp-like language), and Mutan (Go-based, but deprecated). There is also a research-oriented language under development called Vyper (a strongly-typed Python-derived decidable language).

Smart contracts can be public, which opens up the possibility to prove functionality, e.g. self-contained provably fair casinos.[40]

One issue related to using smart contracts on a public blockchain is that bugs, including security holes, are visible to all but cannot be fixed quickly.[41] One example of this is the 17 June 2016 attack on The DAO, which could not be quickly stopped or reversed.[28]

There is ongoing research on how to use formal verification to express and prove non-trivial properties. A Microsoft Research report noted that writing solid smart contracts can be extremely difficult in practice, using The DAO hack to illustrate this problem. The report discussed tools that Microsoft had developed for verifying contracts, and noted that a large-scale analysis of published contracts is likely to uncover widespread vulnerabilities. The report also stated that it is possible to verify the equivalence of a Solidity program and the EVM code.[42]

Ethereum is written in Turing complete language, which currently includes seven different programming languages.[43] Developers use the language to create and publish applications which they know will run inside Ethereum.[44][45] It's a cumbersome system, but that's not deterring developers from writing Ethereum programs.[46]

Ethereum blockchain applications are usually referred to as DApps (decentralized application), since they are based on the decentralized Ethereum Virtual Machine, and its smart contracts.[47] Many uses have been proposed for Ethereum platform, including ones that are impossible or unfeasible.[48][35] Use case proposals have included finance, the internet-of-things, farm-to-table produce, electricity sourcing and pricing, and sports betting. Ethereum is (as of 2017) the leading blockchain platform for initial coin offering projects, with over 50% market share.

As of January 2018, there are more than 250 live DApps, with hundreds more under development. Some application examples include: digital signature algorithms, securitized tokens, digital rights management, crowdfunding, prediction markets, remittance, online gambling, social media platforms, financial exchanges and identity systems.

Ethereum-based customized software and networks, independent from the public Ethereum chain, are being tested by enterprise software companies.[49] Interested parties include Microsoft, IBM, JPMorgan Chase,[35][50] Deloitte,[51] R3,[52] Innovate UK (cross-border payments prototype).[53] Barclays, UBS and Credit Suisse are experimenting with Ethereum blockchain to automate Markets in Financial Instruments Directive (MiFID) II requirements.

Ethereum-based permissioned blockchain variants are used and being investigated for various projects.

In Ethereum all smart contracts are stored publicly on every node of the blockchain, which has costs.[58] Being a blockchain means it issecure by designand is an example of a distributed computing system with highByzantine fault tolerance. The downside is that performance issues arise in that every node is calculating all the smart contracts in real time, resulting in lower speeds.[58] As of January 2016, the Ethereum protocol could process about 25 transactions per second.[58] In comparison, the Visa payment platform processes 45,000 payments per second leading some to question the scalability of Ethereum.[59] On 19 December 2016, Ethereum exceeded one million transactions in a single day for the first time.[60]

Ethereum's blockchain uses Merkle trees, for security reasons, to improve scalability, and to optimize transaction hashing.[64] As with any Merkle tree implementation, it allows for storage savings, set membership proofs (called "Merkle proofs"), and light client synchronization. The Ethereum network has at times faced congestion problems, for example, congestion occurred during late 2017 in relation to Cryptokitties.[65]

On Social Governance

Our governance is inherently social, people who are more connected in the community have more power, a kind of soft power.

Vlad Zamfir, Ethereum Core Developer, "The New Yorker"[9]

In October 2015,[66] a development governance was proposed as Ethereum Improvement Proposal, aka EIP, standardized on EIP-1.[67] The core development group and community were to gain consensus by a process regulated EIP. A few notable decisions were made in the process of EIP, such as EIP-160 (EXP cost increase caused by Spurious Dragon Hardfork)[68] and EIP-20 (ERC-20 Token Standard).[69] In January 2018, the EIP process was finalized and published as EIP-1 status turned "active".[66]

Izabella Kaminska, the editor of FT Alphaville, has pointed out that criminals are using Ethereum to run Ponzi schemes and other forms of investment fraud.[70] The article was based on a paper from the University of Cagliari, which placed the number of Ethereum smart contracts which facilitate Ponzi schemes at nearly 10% of 1384 smart contracts examined. However, it also estimated that only 0.05% of the transactions on the network were related to such contracts.[71]

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Ethereum - Wikipedia

What is Ethereum? The Most Comprehensive Beginners Guide

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