Ethereum 10 unknown facts about Vitalik Buterin Published 7 months ago on July 2, 2018 By Coinnounce - Coin Announcements Share Tweet Revealing some of the unturned stones from Buterin’s life Ethereum is the second most successful cryptocurrency after Bitcoin. Ethereum has a very different spectrum of application due to the precise reason that it is merely a decentralized programming platform and not a cryptocurrency, unlike Bitcoin. It is nothing but a platform that can be used to develop decentralized applications, also known as Dapps. To execute various functions within Ethereum, it’s currency Ether is considered as its gas. The mastermind behind this amazing Technology is the child prodigy, Vitalik Buterin. Born in 1994, Chief scientist and founder of Ethereum project was a blessed one. Although skinny and a bit geeky in his looks, one must not be carried away by his appearance. The nerdy look carries a lot of headspaces within. The Ethereum Blockchain even supports the usage of smart contracts, which was introduced by another famous computer scientist, Nick Szabo. The smart contract, if understood in a deeper sense can effectively eliminate intermediaries and can also enforce a particular agreement on two or more parties. All the conditions of a particular agreement are converted in the form of code which can then be used to enforce it on real-world objects. For an instance, if someone needs to buy an apartment from someone, then he can make use of smart contract where both the parties can eliminate the broker. Only when the buyer has deposited the required amount in the escrow account of the smart contract, the ownership of the apartment will be transferred to him. However, the second most popular discussed names in the cryptocurrency space after Satoshi Nakamoto is undoubted of Buterin Vitalik’s. Let’s uncover some of the concealed facts about the child prodigy. As a child, Vitalik Buterin showed amazing skills in maths as well as programming and was regarded as a square peg in the round hole. He had this amazing ability to compute 3 digit calculations, twice as fast as any other normal child. He was considered to be an autistic person and hence was weak at social interactions. One of the bizarre stories from his childhood reveals that once he had consumed a complete lemon along with its skin. At the age of 6, when his parents moved to Canada from Russia, in his school he was categorized as a gifted student and some rumors even suggest that he learned to speak Mandarin fluently within a couple of months. He was introduced to Bitcoin through his father at a tender age of 17, in Feb 2011. He initiated writing for a Bitcoin forum posts during his University days and charged almost 5 bitcoins per article. He was completely inspired by the idea when he went to a Bitcoin meetup in San Jose, California. In the year 2012 along with Mihai Alisie, he co-founded Bitcoin magazine which is deemed to be one of the most successful in its field until now. In the year 2013, his passion for writing Bitcoin articles turned out to become his full-time profession when he dropped out from the University of Waterloo. He himself was very pessimistic about his Ethereum project and had expected at least five of the cryptographic experts to come forward and put forth, before him, the most obvious flaws in his idea. In June 2017, rumors plummeted the internet that the Ethereum co-founder, Buterin had died in a car accident. The hoax had a major adverse impact on the Ethereum prices at that time. His support, as well as enthusiasm for crypto, proves that he is a great supporter of decentralization. He mentions torrents as an example and explains how it has been free from the government censorship from the past 15 years due to the sole reason of its decentralization. It has no single point of failure and the government can’t just stop it, on their own will and wish. He interestingly explains that when there is no one to steer a particular ship, then the travelers can get the advantage of cheaper cruise travels. The cryptocurrencies are the ultimate form of democracy where the whole power is vested among the people. The currencies are made by the people, of the people, and for the people itself. He praises big companies like Microsoft and JP Morgan that have understood the potential of this amazing technology and have come forward for its research and further development. Related Topics:0xab5801a7d398351b8be11c439e05c5b3259aec9bvitalik buterinvitalik buterin alienvitalik buterin blogvitalik buterin emailvitalik buterin ethereumvitalik buterin fortunevitalik buterin instagramvitalik buterin linkedinvitalik buterin net worth 2018vitalik buterin projectsvitalik buterin twittervitalik buterin wikivitalik buterin worthvitalik buterin youtube Up Next Top cryptocurrency hardware wallets for Ripple Don't Miss Cardano Price Analysis ADA/USD Continue Reading You may like Ethereum hard fork vulnerability: Constantinople delayed yet again. Vitalik Buterin calls Bitcoin SV a dumpster fire Ethereum 1x Upgrade: All you need to know Ethereum 2.0 Serenity: All you need to know Ethereum Updates: Proof of Stake, Zero Proof Prototype, JP Morgan and more Vitalik Buterin Back on Track: Not quitting Ethereum 12 Comments 12 Comments Pingback: 10 unknown facts about Vitalik Buterin – The Coinage Times Pingback: What is Zilliqa? 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Published 3 hours ago on January 16, 2019 By Layla Harding Ethereum’s Constantinople hard fork after ChainSecurity, a smart contract auditing firm has found a major vulnerability in one of the objectives of the upgrade. ChainSecurity said yesterday that EIP 1283, which was one of the planned changes is vulnerable to attacks as it can provide hackers a loophole in the smart contract code to take over the user’s funds. As a result, the ethereum developers, the client developers as well as all other projects have agreed to delay the Constantinople hard fork for the time being till the issue is evaluated and resolved. The next date for the Constantinople hard fork shall be decided on 18th of January during the Ethereum dev call which would include people such as Vitalik Buterin, Nick Johnson, Hudson Jameson, Evan Van Ness, Afri Schoedon and others. The ethereum developers have decided to delay the Constantinople hard fork for now as according to them the issue might take longer to be resolved. The Constantinople hard fork was earlier planned to be executed on 17th January at around 04:00 UTC. Constantinople Vulnerability: According to Joanes Espanol, the CTO of Amberdata, the vulnerability found in the EIP 1283 is known as Reentrancy Attack. The following attack allows the hacker or attacker to reenter the identical function multiple times in the absence of the user knowing about the state of affairs. Under the Reentrancy attack, the hacker or the attack could withdraw the user’s funds forever. According to ChainSecurity, the storage operations on the ethereum network is currently costing 5000 gas which exceeds the 2300 gas which is sent while calling a contract using ‘send’ or ‘transfer’ function. After Constantinople is implemented dirty storage operations will start to cost 200 gas and the attacker contract can then use 2300 gas stipend to control the endangered contract’s variable. This is the second time that the Ethereum hard fork Constantinople is being delayed. Previously, it was scheduled to be launched last year but was delayed due to issues with the Ropsten testnet. Continue Reading #Ethereum Ethereum is centralized: 2 mining pools control more than 50% hashrate Published 1 week ago on January 7, 2019 By Layla Harding Ethereum, the 2nd top cryptocurrency by market capitalization is turning centralized with just two of the Ethereum mining pools: Ethermine and SparkPool controlling more than 52% of the total network hashrate. Source: BTC.com: Ethereum Pool’s Distribution Ethermine controls around 28% of the total network hash rate while SparkPool controls more than 24% of the total hash rate. Apart from these NanoPool, F2Pool and MiningPoolHub control around 13.5%, 11% and 6% of the network hash rate simultaneously. Apart from the major mining pools just around 17% of the Ethereum network hash rate is controlled by others. Bitcoin is way more decentralized In comparison to Bitcoin Cash and Ethereum as the top two mining pools of bitcoin: BTC.com and Antpool control just around 29% of the total network hashrate. Continue Reading #Ethereum Ethereum Hard Fork: Constantinople Explained, Beware of Scams. Published 1 week ago on January 6, 2019 By Layla Harding Ethereum is having the Constantinople hard fork on 16th January and the first thing to note is that it is a hard fork so there will be a new Ethereum blockchain but its really important to point out that this is not a contentious fork. When we earlier had the Ethereum classic and Ethereum split, there was a serious disagreement on different concepts and we had two camps who went their own separate ways over that conflict. Constantinople: A Non-Contentious Fork Now with the current Ethereum hard fork, it’s not contentious, the assumptions are that the miners will be switching to the new chain, all of the current smart contracts on the current Ethereum blockchain will be replicated on the new chain. This is really about an upgrade to the Ethereum blockchain overall and not some kind of split between the community. Due to the upgrades to the Ethereum blockchain being so significant, this is why they require a hard fork. There are some major changes that are going to take place and because of that, they need to do a hard fork. Whenever there is a hard fork, there can be a new coin created but Constantinople is an upgrade so a split is not a very probable outcome. Now there is the potential that at the 11th hour, some big mining pool could decide that they don’t like them and they want to go to their own separate direction and make a new coin. That’s possible but most likely there will be no new coins produced. Currently, Ethereum is in an absolute critical transition phase. The transition phase is either going to make or break Ethereum in the long term. That is, of course, the move from Proof of Work to Proof of Stake. The Constantinople upgrade is a part of that upgrade. If Ethereum wants to stay the preeminent leader in the Dapp world they have to scale. We do have the layer 2 scaling solutions but the new upgrade is going to make Ethereum cheaper and faster and at the same time it will be decreasing the reward for mining down from three Ethereum a block to two Ethereum a block. What will happen to your ERC20 tokens during the Constantinople upgrade? ERC20 tokens are a form of smart contracts running on the Ethereum blockchain. So they will migrate to the new chain with everything else. So there is absolutely no need to do anything. In fact, the new Ethereum improvements are going to make your ERC20 and ERC721 tokens require less gas. Constantinople is helping to Optimize State Channels: Another important part of the Constantinople upgrade will be helping to optimize state channels. So we could actually really see the second layer solutions taking off in a big way. The hard fork is going to help make that process even easier. ASIC Resistance: Not included in Constantinople An important thing to know that is not being included in the Constantinople hard fork even though it is being discussed at the moment is ASIC Resistance. There has been a proposal put forward to make progressive proof of work that would eventually block Asics, which are giant mining boxes or specific computers for mining cryptocurrencies. Previously, Ethereum was only mineable using a graphics card but Asics have changed the game and substantially a lot of home miners or smaller miners are very upset about these changes and do want to see the ASIC Resistance brought in but this is not going to be happening during the current hard fork. If you are an Ethereum Miner: If you are an Ethereum miner are you are mining via a pool, the pool operators will be updating the software, so again you don’t need to do anything. Beware of Scams! Kindly beware of scams. There is already something going around called the Ethereum Nova which is basically fishing for people’s private keys and stealing money. Just remember that you don’t have to do anything specific for the Constantinople hard fork. Don’t put your private keys anywhere, there’s not going to be any free airdrop or any free tokens. These sites that you see claiming to be alternate forks are going to be nothing but scammers. So you really don’t need to do anything except to avoid giving these people your private keys so they can steal your money. Be careful! What if your Ethereum or tokens are on an exchange: Although you should never be storing your cryptocurrencies on an exchange as an exchange is not a safe deposit box, it is a marketplace. But if you are running trades, you can actually leave your cryptocurrencies on the exchange and they are going to be fine as all major exchanges have already come out saying that they are supporting the hard fork and they will be running the upgrade so again you don’t need to do anything. What are your thoughts on the Constantinople hard fork? Tell us in the comments section below. 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