#Ethereum Ethereum 1x Upgrade: All you need to know Published 3 months ago on November 29, 2018 By Layla Harding Share Tweet A large number of researchers and developers have started to discuss the proposed upgrade to Ethereum known as Ethereum 1x. The code changes are still not confirmed but developers from all around the world are suggesting their different proposals in order to improve the usability of Ethereum- the world’s third-largest blockchain. The code is predicted to be created and accepted by the ethereum network users by June 2019. Afri Schoedon, the manager for Parity Ethereum client had suggested implementing the upgrade on a separate blockchain of its own but other prominent developers and managers have suggested activating the changes to the existing blockchain network. Ethereum 2.0 which was in the news lately after the Ethereum Dev Con this year which is being called as ‘Serenity’ by Vitalik Buterin, has a long roadmap and the production of Ethereum 2.0 will probably start in 2020 because of the new design specifications that will take time to be activated. Ethereum 1x Ethereum 1x sounds quite contentious at the moment but according to the Afri Schoedon, the first aim is the discussion of the ideas with the stakeholders so that the contentious word comes out of the picture. Ethereum 1x was in a discussion in a closed room during the Devcon4 conference but some prominent community members were not satisfied as they believed that the discussion will be more satisfied with the involvement of the general public. Therefore the first open meeting is planned for today i.e. 30th November at 14:00 UTC. Groups for the advancement of Ethereum 1x In the minutes of the meeting published by Dan Heyman, the program director of Pegasys, an Ethereum Blockchain development group it is mentioned that currently there around 4 groups working on the advancement of Ethereum 1x. Alexey Akhunov, the leader of one of the groups is working for the introduction of “storage rent” on the ethereum platform. The storage rent’s purpose is to keep a check on the growth of all the applications and accounts being operated on the ethereum blockchain network. The larger the ethereum applications and accounts grow, the longer it takes for the new systems joining the ethereum blockchain network to download and maintain the copies of all the data. As the data on the ethereum blockchain has been increasing rapidly over the years, a proposal to charge a fee for the users who store their smart contract data on the blockchain has been made in order to ensure the accessibility of the network for all the users. Another contradictory proposal is to move parts of the data on the smart contract off the blockchain which will eventually put the responsibility of storing the data on the developers of different ethereum dapps. This mechanism is called the “stateless clients“. However, some developers have raised the concern as to how dapp developers will be able to share and update the off chain data. The second group involved in the advancement of Ethereum 1x is exploring the possibilities of archiving the old data stored on the blockchain in a bid for relieving the pressure of the growing ethereum state. The Simulation Group, the third group is analyzing the problems which occur on the blockchain due to the block size increase. A few studies have been made in accordance to analyze how blocks propagate through the blockchain network and what will happen when the gas limit is raised. The fourth group is working on decreasing the cost of deployment of a smart contract. According to the fourth team, this would balance out the increase of cost for smart contract storage as proposed by “Rent One”. Ethereum developers have put forward eWASM, a new virtual machine that processes smart contract code which will create “precompiles” comfortably. “Precomplies” are smart contract operations optimized to run on the ethereum blockchain for a particular fee or gas. Currently, there are only a few “precomplies” running on the blockchain but the deamd is increasing. Afri Schoedon, the parity ethereum client manager also mentioned that as there are only a few developers in the core development team of Ethereum, it will be very difficult to implement the high demand of “Precomplies” as they won’t be able to focus on other things then. Deciding the gas cost for a particulat smart contract operation is also very difficult. Once the contruction process of Precompiles gets earlier, then the team plans to open eWASM for all developers. All things considered, until the point when that future is acknowledged, etheruem 1x is imagined to support what Afri Schoedon calls as “out of the box” solutions. Related Topics:ethETH 1xETH 2.0EthereumEthereum 1xEthereum 2.0Ethereum AnalysisEthereum communityEthereum Dappsethereum newsethereum priceEthereum SerenityEthereum updateEthereum updatesEthereum upgradeSerenityvitalik buterin Up Next Bitcoin Price Crash: Where are we heading? Don't Miss Bitcoin Cash ABC Price Analysis: BCHABC will rise or fall? Continue Reading You may like Ethereum Price Analysis: ETH strong enough for $200? Ethereum Price Analysis: ETH ready to fall down? Ethereum Price Analysis: ETH ready for a bull run? Ethereum Price Analysis: ETH going to $130? Ethereum Price Analysis: Will ETH get bitten by selllers? Ethereum Price Analysis: ETH going to fall below $100? Click to comment Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #Ethereum Why Ethereum has no future Published 4 weeks ago on January 22, 2019 By Joyce Lang During its starting days, Ethereum used to be one of the most popular platforms in crypto space. It has a huge number of users and was on peek in the related field. However, technology evolved with time, new alternative projects in the crypto space emerged with more features. The competition began between several similar projects. Since the features of Ethereum were not up to the latest expectation and imaginations in the blockchain technology, people started moving away from this platform. There are various limitations of this platform which lead us to predict that Ethereum has no future at all. Let us have a glance at the factors which enable us to think of a dark future for Ethereum. 1. The old-fashioned concept of Ethereum Gas: In the Ethereum platform, when you initiate to buy order in perspective of the coin, you have to pay a transaction amount for the same. But the main reason is, this transaction fee is paid in Ethereum gas. Not only this fee, but the selection of transaction by the miner is also done on the basis of the gas price. You can’t pay this transaction fee along with the transaction. This is a major drawback of this platform. This process enhances a kind of dependency on the gas which may lead to conflict in the network of Ethereum. These kind of features are troublesome and lead to think of other alternatives to this platform. 2. The poor speed of transaction: Scalability has been a major concern for the crypto space for a long time. While some of the organizations have fastened their speed of transactions. While in the case of Ethereum, the no of transactions per unit time is not so good. It is not as efficient seen as other faster alternatives. Why would someone use a platform with such slow scalability if the other options have a high speed of transactions? Many trades have suffered from this disadvantage and there does not seem any improvisation in the same by Ehereum leading the traders to think of its depletion from the crypto space in future. 3. The transition from POW to POS: Ethereum is undergoing a transition from the existing consensus protocol known as proof of work (POW) to a complete new consensus protocol known as proof of stake (POS). However, some severe issues in the architecture can be caused if this change does not go smoothly. Eventually, this may lead to cause a crash of the system. And crashing in an intermediate state could lead to the security breach, loss of coins and lead to vulnerabilities to the network which any investor would never wish to. Also, some traders predict that proof of stake (POS) is a destructive algorithm for crypto space, so, even if the transition goes smoothly, there is no guarantee that using POS would lead Ethereum to be at the same level of facilities as provided by its alternatives. 4. Lack of proper documentation: When it comes to the worst quality of documentation, no other platform can beat Ethereum. It has the worst documentation among all other alternatives. Good quality of documentation helps the users to become developers. The available content on the website is outdated and not helpful at all. They don’t even match the basics requirements for development. The absence of proper documentation stops developers to enhance new technological skills to the Ethereum. 5. No option for offline transactions: Ethereum is a completely online supported platform. You require internet for using this platform. If you wouldn’t have access to the internet, eventually, you wouldn’t have access to Ethereum. While, there are alternatives who can run offline also, why people will use only online mode supported platform. 6. The high cost of writing data on storage: The cost of writing data on storage on this platform is very high which is not preferable not all. Although, any amount of data can be stored on the blockchain, due to the high cost of writing, storing process is not feasible for a very large data. However, there are alternatives available which sort out this limitation of this platform. In the world completely surrounded with large data, if there are possible options which allow writing data on a relatively low cost, obviously people will tend towards the cheaper options. Since Ethereum has no plan to reduce this cost, the future of this platform could not be said secure. 7. High Emerging Competition: Continuously, the competition is increasing in the market. The competitors are growing and noticing the limitation of current existing platforms at the micro level. They are using the latest technologies and most importantly, learning from the flaws that are still in the market and are reported to be improved by the users. They are using these shortcomings to boost their features and are coming with the products that are relatively better in term of performance, cost as well as security. Now, if Ethereum’s drawbacks and new features will be present in new alternatives, the platform will lose its audience and hence the future of Ethereum seems to be diminished and on the verge of extinction. Ethereum ruled the crypto space for a very long time. But it is facing a huge competition and severe issue in the present time. It has already lost a huge section of its users to other available alternatives in the same domain. If the platform doesn’t come with a quick and efficient solution to these issues, the days are not far when a sentence like ‘Ethereum was once used to be a platform in crypto space’ will be addressed. Surely, as per the current scenario, the future of Ethereum looks diminishing day by day. Continue Reading #Centralization How Proof of Stake is Devastating for the Crypto Space? Published 4 weeks ago on January 21, 2019 By Nadja Eriksson The space and industry of the crypto world are undergoing a major changing phase. The world was never going nuts about this industry to this level. Crypto space has occupied a prominent place in the transaction world. Now, with the significant changes going on, significant challenges are knocking the door of crypto space. Several things need to be upgraded as per the requirement. Till some years ago, crypto space was using a consensus rule known as Proof of Work (POW). POW provided security and reliability during mining of nodes. However, there were some limitations like massive energy consumption, low accessibility of mined data, etc. which led to thinking of some other alternatives too. The new consensus protocol was named as Proof of Stake (POS). But still, the consequences of this new algorithm for mining are too destructive for crypto space. This article focusses on the factors proving how proof of stake is devastating for the crypto space: New safety and legal challenges: POS is a new consensus algorithm and has a set of new financial and business protocols for mining of crypto network, and this is no certainty that these protocols will maintain the security and trust as provided by POW. And if these challenges are avoidable, then that’s not a problem, but in case, if they are not preventable, no one in the crypto space would wish to take the risk about the security and privacy wallet and crypto account. Thus, using POS may lead to some unknown security breaches in the crypto industry. The problem of Monopoly in POS: In POS, the network is authorized and control by the stakeholders having a majority of the stake. They can control the financial as well as a professional system to a considerable extent. This leads to the problem of monopoly in the market of crypto space. The significant stakeholders can make an important decision without informing the developers, designers, financial. If the decision is in right directions, then there is no problem, but if they start to decide to fulfill their greed, this will affect all other in the network. This may lead to a centralized form of the crypto network which in some cases is preferable while non-acceptable in few cases. The problem of 51% stake: It is possible that a cluster of small and medium stakeholders join together and gather 51% of the total stake. In that case, as per POS, any stakeholder having 51% of the entire stake would be the major and control the network. These cluster of stakeholders can control those having even 49% of the total stake. Also though to gain 51% of the entire stake, a considerable amount will be needed but if by any means, it is achieved then it will become the most superior and will make rest as their slaves. And apparently, the crypto industry will not accept this kind of possible scenario. The possibility of losing ‘vote’ in the network if hacked: If your wallet is hacked and you are using POW protocol, you will only lose your coins, but your ‘value’ in the network will remain same, i.e., you will have your mining control still. But, if you are using POS and your account is hacked, then your coin would be lost as well as you would lose your value in the network too. This means you would lose your mining authorization and control over the network. This means that even though POS overcomes some drawbacks of POW, but is more prone to forget everything in case of hacking. Inefficient solution to initial distribution: Proof of Stake, in which the amount of stake a person has a very strong point, the problem of the absence of an efficient algorithm for initial distribution. In a team, how it should be determined that who will be getting the coins initially to stake them, this problem may lead to conflict among the team members which is not a good impact and sign for crypto market. This problem needs to have an optimal solution. Nothing at Stake’s problem: Ideally, if you have two forks and you want to choose the better one, you will select the better fork as per you and will continue, but in POS, the situation is not same. Here, the fork may choose all chain forks and thus may lead to a false double pace of spending without having any stake. This problem may devastate the crypto network. This type of problem was not possible in POW where the factor of computational complexity was not ignored, hence, complexed and costly chain were left but POS leads to this problem, and it is not a good sign for the future of crypto space. Conclusion: The crypto space is affected mainly by three factors: Security, Decentralization, and Scalability. And it is nearly impossible to present an efficient solution to all three at the same time. Proof of Stake, although tries to solve the problems of decentralization and scalability to some extent at together, somewhere it fails in the security. This article explains the reasons through which it can be depicted that proof of stake (POS) is devastating the crypto space and there must be alternatives or efficient solutions to accept proof of stake as the standalone consensus algorithm for the crypto market. Continue Reading #Ethereum Ethereum hard fork vulnerability: Constantinople delayed yet again. Published 1 month 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. 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