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How did Ethereum get its name?

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Going through an anecdote of Vitalik Buterin to find out the reason for his project name to be Ethereum. How did Ethereum get its name?

Going through an anecdote of Vitalik Buterin to find out the reason for his project name to be Ethereum

Opening remarks

If Bitcoin can be considered the world’s first global shared accounting ledger then Ethereum can be considered the world’s first shared computing system. It is the second most valuable cryptocurrency in today’s market is because of its widespread application and development of decentralized applications (DApps) and smart contracts. A smart contract is a precise methodology which is applied in almost any Initial Coin Offering where the tokens are released to the users once the investment is completed.

 

The origins

In 2013, Ethereum was founded by Vitalik Buterin, with the intention of providing a template to all the programmers and developers around the world to facilitate the creation of decentralized applications. A decentralized application uses nothing but small pieces of automatically executing codes known as smart contracts which in turn uses the cryptocurrency of the network. Born in 1994 buterin was exceptionally well at mathematics and programming in his earlier days itself.  However, a number of abnormal incidences are related to his life.

Today the number of decentralized applications is more than ever and the transactions executed on those applications sometimes seem to clog the Ethereum network itself. Weak at social interaction Buterin was introduced to cryptocurrencies through his father. He realized the potential of the decentralized technology and cited the amazing 15 years of constant getaways, by Torrent from the government censorship due to its decentralized behavior.

Vitalik Buterin along with Mihai Alisie had also co-founded Bitcoin magazine in 2012, which is considered to be one of the most reliable sources for news articles in the cryptocurrency space. In the year 2013, he dropped out from his University of Waterloo to convert his passion into a full-time profession.

In January 2014 when the team members publicly announced the network there were only 4 members rigorously working on the project. They were Vitalik Buterin, Mihai Alisie, Charles Hoskinson, and Anthony Di Iorio. In July 2015, with 11.9 million Ether coins, the whole network was launched.

 

How did it get the name?

Once, as geeky Buterin, was scrolling through a list of science fiction elements on Wikipedia he came across the word Ethereum. That was when his heart skipped a beat and decided to name his project as Ethereum. Surprisingly, the subset, Ether refers to an invisible hypothetical medium which seems to cover the entire universe and allows light to pass through it. The tetrahedron which is the symbol used for the Ethereum network is also regarded as the most stable and strong form of dimensions in nature. However, it is difficult to state whether this is a mere coincidence or the outcome of the mastermind plans of Buterin. Nevertheless, everything seems to be going in resonance with each other.

 

Advance features of the network

The decentralized Turing complete virtual machine known as Ethereum Virtual Machine is capable of running smart contracts on international nodes with much easiness. A Gas which is also known as the powerHouse of Ethereum is nothing but an internal measuring unit of a transaction. The gas value of a transaction is decided by the sender. On the other hand, the miners look for gas values to prioritize the transactions for verification. Higher the gas value of a transaction, faster it gets verified. Sometimes due to increased traffic, there is a lot of competition between the senders, and unknowingly increasing the transaction fee.

 

Changing Paths

The original Ethereum network was split into Ethereum (new) and Ethereum Classic (original) due to a DAO hack in 2016. In order to prevent the further loss of Ether, the community had to implement a hard fork. Many people, unhappy with the decision stayed loyal to the original Blockchain, Ethereum Classic, while a majority of the key people on the network switched to the Ethereum network. It is less probable that any updates are released on the Ethereum Classic network because all the key developers are on the new Ethereum network. As the hard fork doesn’t support backward compatibility, Ethereum Classic users can’t enjoy the updates of the new Ethereum network.

 

Closing words

Not a single thing can be predictable in this highly volatile cryptocurrency market. So it would be preferred for us to stay safe from all kinds of irregularities and fluctuations in the outside world.

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Ethereum hard fork vulnerability: Constantinople delayed yet again.

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Ethereum Constantinople hard fork after ChainSecurity, smart contract auditing firm has found a major vulnerability in one of the objectives of the upgrade.

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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Ethereum is centralized: 2 mining pools control more than 50% hashrate

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Ethereum is turning centralized with just two of the Ethereum mining pools: Ethermine and SparkPool controlling more than 52% of the total network hashrate.

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.

ethereum-mining-chart

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.

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Ethereum Hard Fork: Constantinople Explained, Beware of Scams.

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Ethereum is having the Constantinople hard fork on 16th January. Ethereum Nova is basically fishing for people's private keys and stealing money.

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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