#Ethereum 2100 Ethereum accidentally sent as fee: Mining Pool returns half Published 2 weeks ago on March 11, 2019 By Nadja Eriksson Share Tweet A user had accidentally sent 2100 Ethereum as a transaction fee which was verified by Sparkpool. According to Sparkpool, they on 25th February, they received an email claiming that the user had mistakenly sent 2100 Ethereum as mining fee on 19th February which was more than $300,000. What happened next? Sparkpool was generous enough to reply to the email asking the user to verify himself as the owner of the ethereum account from which the transaction was made. Sparkpool asked the user to send 0.022517 ETH on the mining pool’s ethereum address from the same address (0x587ecf600d304f831201c30ea0845118dd57516e) from which the transaction was made. According to what Sparkpool asked him to do, the user sent the same amount of ETH (0.022517) to Sparkpool’s address on the same day to confirm his identity as the owner of the address. After confirmation, Sparkpool negotiated on the term that they are going to keep half of the amount of ETH i.e. 1050 ETH for the pool miners and the rest half they are going to return to the user. The user sent another transaction to Sparkpool’s address to confirm the negotiation made by Sparkpool. This transaction was worth 0.666 ETH and also contained a coded paragraph in which the user thanked Sparkpool and their miners for helping them and that they are willing to share 1050 ETH with the miners after which Sparkpool returned 1050 ETH to the user. Related Topics:BlockchainethETH miningEthereumethereum feeethereum miningethereum mining feesEthereum mining poolminingSparkPoolSparkpool mining Up Next Ethereum is not a Security: SEC Chairman confirms Commission Staff Analysis Don't Miss Stellar Surging, Now on Number 8: What’s the reason? XLM Price Analysis Continue Reading Advertisement You may like ETH Price Analysis: Has Ethereum turned bearish? 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Required fields are marked *Comment Name * Email * Website #Ethereum Ethereum is not a Security: SEC Chairman confirms Commission Staff Analysis Published 1 week ago on March 12, 2019 By Layla Harding Jay Clayton, the Chairman of the SEC and an American attorney gave confirmation on the Commission Staff’s Analysis that said that cryptocurrencies such as Ethereum are not securities. Ethereum like tokens are not securities: The SEC chairman has responded to a letter signed which was signed by Tedd Budd and several other colleagues after asking that whether the policy that would put forward last year by William Hinman, the director of the Divison of Corporate Finance should be regarded as the policy of the SEC or just a judgment of the Securities and Exchange Commission’s staff. Jay Clayton responded to the letter by stating that he agrees to the statements of William Hinman that was made during the June 2018 speech that concern the digital tokens or cryptocurrencies. He said that he agrees that if a digital token is offered as security is not fixed (static). It might be offered first as security as it might meet the definition of an instrument contract, however, the position might change over time if the digital token is offered in a manner that does not represent that definition anymore. He agreed with William Hinman’s clarification about how the digital token might not represent the definition of an instrument contract. The response letter by SEC Chairman Jay Clayton: Continue Reading #Ethereum Fall of Ethereum Mining Rewards: What has Constantinople hard fork changed? Published 2 weeks ago on March 10, 2019 By Ruchi Ramaswamy After continuous delays, Ethereum, at last, went through the long-awaited Constantinople Hard Fork which apart from increasing the energy efficiency of Ethereum mining, also reduced the Ethereum mining reward from 3 ETH to 2 ETH. Ethereum Difficulty Bomb: Ethereum network currently runs by Ethereum mining which involves a lot of miners approving the transactions on the blockchain. However, the future motive of Ethereum is to shift from the current Proof-of-work model to a Proof-of-stake model which does not involve mining. In order to stop the miners from backing out in case of a fork, Ethereum has included a ‘difficulty bomb’ which is a tool that will allow the ethereum mining difficulty to rise massively and discourage the miners so that they automatically shift over to the new Proof-of-stake model. Are Miners interested in Proof-of-stake model? It is quite obvious that ethereum miners are not interested in the proof-of-stake. However, the investors have been patiently waiting for ethereum to turn into a Proof-of-stake model from a long time as this would lead to the reduction in the inflation rate of Ethereum and eventually the price might rise. Let’s look at the charts and see how the difficulty, block time and hashrate has been affected by Ethereum’s Constantinople hard fork: Average Ethereum Mining Difficulty: Source: Coinwarz.com The average Ethereum mining difficulty chart shows that due to the hardfork that happened on the 1st of March, the difficulty has tremendously decreased which indicates that the decrease in ethereum mining rewards is in relation to the ethereum mining difficulty. Average Block Time of the Ethereum Network: Source: Etherscan.io After the Constantinople hard fork, the block time of the ethereum network was also reduced from more than 19 seconds before the hard fork to around 13 seconds after the hard fork which is around 30% decrease. The chart shows that the reduction in the ethereum mining rewards also lowered down the block time apart from lowering the ethereum mining difficulty. As both the ethereum mining rewards as well as the block time has decreased, the Constantinople hard fork has not affected the ethereum miners much because as the ethereum mining rewards have decreased so the miners are paid less per block, however, the block time has also decreased which means that the miners can now mine more blocks in less time which compensates their mining rewards. Average Hashrate of the Ethereum Network: Source: Etherscan.io The chart shows that after the Constantinople hard fork, The Ethereum Network hashrate hasn’t changed. However, this is not what was being expected by everyone. As the mining difficulty and block time would drop after the hard fork, it was expected that the hashrate would increase drastically as because the performance should be more in case the ethereum mining difficulty is less. Why the Hashrate remained unchanged? One of the reasons for the unchanged hashrate could be the increase in the price of Ethereum after the Constantinople hard fork. This led to the miners having bullish predictions about the price of ethereum although the mining rewards decreased. Continue Reading #Etherdelta Can Metamask Be Hacked? Published 2 weeks ago on March 5, 2019 By Joyce Lang ‘Metamask is probably the most convenient and popular way to interact with dapps on the Ethereum network.’ MetaMask can be used for all ERC-20 tokens and ETH. For many dapps, as long as you are logged in to your MetaMask account, you can access the dapps automatically through your browser. If you are logged in to your MetaMask account, an attacker can view your portfolio address, balances, chips and transaction history – information that can be used to generate phishing attacks. With the help of blockchain searchers such as Etherscan or ETHplorer, you can use your wallet address to find out the details of the transactions you are making. Importantly, MetaMask works on patches to solve such shortcomings to ensure that users can use them with popular Ethereum client without any security problems. On September 24, 2017, a malicious code injection allowed a hacker to steal private keys from multiple victim’s wallets and then manually empty their wallets. When you use EtherDelta, you “trust” the private key of your wallet ( which can give everyone the opportunity to withdraw money from your wallet ) to your browser session, and you “trust” your money in the smart deal EtherDelta. ‘Someone could inject a code into the real EtherDelta that “sniffs” the private keys of a browser session, giving them unlimited access to your wallet.’ Moving your private key from MetaMask to MyEtherWallet allows you to view your ether portfolio ( including tokens ), which then allows you to move your tokens elsewhere, such as an exchange where you can exchange them. Metamask is your “Hot Wallet” Metamask is another hot wallet where the computer you access is connected to the internet. If in case a hacker has connected to your computer some way, you should log into your metamask portfolio by entering your password as long as you have set your password. Hot wallets are used when connected via the internet, which means that it is remotely accessible by hackers and keys can be stolen. Paul Bouchon, a MetaMask developer, admits: “there is a huge mistake, because each page on which a user browses, has access to all his transaction history and much other relevant information. While MetaMask has solved a privacy problem, announcing a new mobile wallet could open up another. Since MetaMask users do not operate their node, Infura must interact with the Ethereum blockchain. Metamask is stored in the user’s browser, not on remote servers. Your browser will not have access to your private codes, but it can collect information about when and how you use the application. When using MetaMask, use only one tab at a time to trade and block the portfolio when you do not use it. For beginners, it’s a great introduction to the blockchain because you’ll use a browser that you’ll feel comfortable with. A dApp that is often used with MetaMask is MyEtherWallet, another one is Blockonix. Although MyEtherWallet is a portfolio that functions as MetaMask, it also serves as a complete node. The metamask was created as a single light bag that allowed users to interact with the Ethereum blockchain without being a complete node. Although MetaMask does not have access to your information, the browser you use will do so. If you decide to use MyEtherWallet or other dApps like Blockonix, we recommend that you should use it with a hardware wallet rather than a web wallet like Metamask. 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