Metropolis news

The 3rd stage of the Ethereum upgrade which includes introduction of zk-snarks, early PoS and account abstraction.

World latest news

Is Ethereum Being Sabotaged?

With much of Metropolis finished, save for one or two complicated features, a decision was made in 2017 to split the upgrade into Byzantium and Constantinople. Byzantium went into effect... The post Is Ethereum Being Sabotaged? appeared first on Trustnodes.
Trustnodes

Ethereum Constantinople Fork | What You Need to Know

If you’ve been following along with Ethereum’s progress you’ll know that the worlds second most popular blockchain will soon be transitioning from proof of work to proof of stake. The final outcome will be a protocol known as Casper. To guide that process, network-wide updates are consistently taking place. Ethereum has four major upgrades planned as part of its roadmap and they can be tracked as follows. Frontier went live in July 2015. Homestead, in March of 2016. Metropolis is currently being implemented with codename Constantinople as its second step. The last one to arrive on the scene will be Serenity. Ethereum team lead Péter Szilágyi anticipates the hard fork to take place on block #7080000 around the 16th of January. #Ethereum Constantinople mainnet hard fork scheduled for block #7080000, estimated around the 16th of January, 2019! — Péter Szilágyi (@peter_szilagyi) December 7, 2018 Ethereum Improvement Proposals As part of Ethereum’s improvement process, proposals are regularly suggested by the core developers. These will improve the overall functionality of the blockchain as Ethereum moves ever closer to Casper. The community has approved the following five EIP’s for the Constantinople upgrade. Each EIP links to the technical details if that’s up your alley. EIP 145 – Bitwise shifting instructions in EVM   Introduces native bitwise shifting in the Ethereum Virtual Machine. This will allow developers to make some operations more efficient thereby saving on gas fees. EIP 1014 – Skinny CREATE2  This will allow users to interact with addresses that haven’t been created yet on the blockchain. This deals with state channels which will allow Ethereum to better scale in the future. EIP 1052 – EXTCODEHASH opcode  Allows smart contracts to check the code of other smart contracts more efficiently (ie. less processing power). Again, the network will require less gas to perform these checks. EIP 1234 – Constantinople Difficulty Bomb Delay and Block Reward Adjustment  Ok, this is the big one. EIP 1234 proposes a delay to the difficulty bomb for approximately 12 months. Sounds cool but what is a difficulty bomb? Currently, the developers have built increased mining difficulty into the Ethereum algorithm to force miners to eventually switch over from proof of work to proof of stake. That’s a problem because Casper isn’t ready yet and users still need the security of the miners in the meantime. The other more controversial change is a reduction in mining rewards from three Ether per block down to two. That’s a pretty substantial loss in mining profits and investors will be keeping a close eye on how this will affect hash rates and the overall security of the network going forward. EIP 1283 – Net gas metering for SSTORE without dirty maps  Another efficiency upgrade allowing several actions to be taken on each transaction similar to how EOS currently implements multi-level transactions. How Do You Get on to the New Blockchain? Major upgrades result in hard forks of the Ethereum blockchain. That process splits the chain in two which has caused some issues in the past. Fortunately, the community has reached consensus on this one and everyone will be moving to the new chain. If you’re simply a coin holder then you don’t need to do anything. Exchanges, services, and node providers should be doing this on your behalf so the effect will be minimal for most users. Be aware though that some of these services may pause deposits and withdrawals of Ether during the changeover. If, on the other hand, you’re running an Ethereum node you’ll need to update to the latest software.  Onwards and Upwards Ethereum continues to improve with each update. The Constantinople fork is not particularly groundbreaking though is making good strides towards improving the overall efficiency of the network. If you’re a miner, you’ll want to upgrade as soon as changes go live. May the fork be with you! The post Ethereum Constantinople Fork | What You Need to Know appeared first on CoinCentral.
Coin Central

Top Cryptocurrencies Fall Just Before Constantinople Hard Fork

CoinSpeaker Top Cryptocurrencies Fall Just Before Constantinople Hard Fork On January 12, prior to the three percent drop in the Bitcoin price, a cryptocurrency trader with an online alias “Hsaka” said that Bitcoin was showing a sign of weakness based on its performance from January 11 to 12. At the time, the trader tweeted: “Some thoughts. The first wick below the range low led to a tap of the range high. The second one (this current one) has failed to reach that high as of now. Sign of weakness in my opinion.” Since then, Bitcoin has fallen through key support at $3,600 and hit an intraday, and yearly low of $3,545 a few hours ago. BTC is currently trading at the bottom of its range, down 2% on the day at $3,590 says CoinMarketCap. Analysts are predicting further losses over the coming months and the 2019 rally is now officially over. As usual Ethereum has been hit harder with a 5% dump back to $116 before it made an attempt at recovery to $119. Since its high of $160 ETH has dumped over 25% and it seems that even Constantinople can’t rescue it at the moment. The gap between XRP in second is now almost a billion dollars again as the Ripple token recovered much quicker and is only posting a 2% loss on the day. End of Ethereum Mining as we Know It As we already wrote, Ethereum is preparing for its next milestone – Constantinople hard fork. The launch is planned in four stages: Frontier (beta stage to develop and test dapps), Homestead (to stabilize the platform), Metropolis (ongoing) and Serenity (upcoming). However, it seems that now it is showing pre-fork jitters. As of this Jan. 14 writing, the Constantinople hard fork is only 15,000 blocks away, with fork deployment scheduled at block 7.08 million. Since this is a hard fork, even in the best case scenario, there will be two competing Ethereum blockchains for a period of time. Ethereum (ETH) developers have explicitly stated that Proof of Work (PoW) will eventually be abandoned in order to make way for Proof of Stake (PoS), which would end Ethereum mining as we know it. Other major cryptocurrencies such as, EOS, Bitcoin Cash (BCH), Ethereum Classic (ETC) were performing even worse than Bitcoin. Total market capitalization plunged over 4% in a third dump a few hours ago but has since recovered to $119 billion. It has just hit the lowest level of 2019 and is less than $20 billion away from 2018’s low. Chances of recovering now are very slim and the most likely direction for crypto markets to go next is down. However, this is still well above the $100 billion level we saw in mid-December during the worst of the bear market. This is kind of strange market behavior given upcoming Hard Fork (January 16th) and Bakkt launch (most likely January 24-28). Just for a reminder, the year began with ICE’s Bakkt platform announcement that they have raised a whopping $182 million worth funds from 12 high profile partners and investors. However, it seems that we’ll have to wait some more for Bakkt to get its Bitcoin futures contract approved. A new report claims that the CFTC’s decision-making process has been progressing slow and now it is likely to go live only in February 2019. What Waits for Investors? Constantinople fork that is scheduled for January 2019 is said to be the largest upgrade for the network. According to a well-known cryptocurrency expert Alex Krüger, Constantinople upgrade could greatly affect ETH. On his Twitter account he wrote: 1/ #Ethereum's Constantinople fork is coming on block 7080000, around January 16, 2019. Constantinople will reduce the block rewards from 3 to 2, decreasing new $ETH supply accordingly. On the long run, this is decidedly bullish. https://t.co/4bbgAHMz7Z — Alex Krüger 🇦🇷 (@Crypto_Macro) December 24, 2018 The cryptocurrency market may recover in a lower price range as large buy walls prevent bears from pushing the market below key support levels. However, in the next few days, wild volatility is generally expected, and based on the performance of the dominant cryptocurrencies, the majority of digital assets in the global market could become vulnerable to short-term drops. Top Cryptocurrencies Fall Just Before Constantinople Hard Fork
Coinspeaker

Ethereum Q&A: How do smart contracts work?

How do smart contracts in Ethereum work? How are operations conducted without middlemen? Do smart contracts work with external inputs or real-world events? Can we make sure that oracles are not corrupted? These questions are from the MOOC 10.6 session, which took place on October 11th 2018. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop Note: Apologies for the colour glitch towards the end of the video. RELATED: The Lion and the Shark: Divergent Evolution in Cryptocurrency - https://youtu.be/d0x6CtD8iq4 Investing in Education instead of Speculation - https://youtu.be/6uXAbJQoZlE Ethereum, ICOs, and Rocket Science - https://youtu.be/OWI5-AVndgk Slush17 Panel: Farewell to Centralised Data - https://youtu.be/ul0aGzF-v5c Blockchain vs. Bullshit: Thoughts On The Future of Money - https://youtu.be/SMEOKDVXlUo Why I'm writing 'Mastering Ethereum' - https://youtu.be/So6WERp7vLY What is Metropolis? - https://youtu.be/nmGu2mCpm90 Smart contract platforms - https://youtu.be/XU8Bc5oxneE Smart contracts, sidechains, and the Lightning Network - https://youtu.be/wfxticQHvaw Impact of smart contracts on law and accounting - https://youtu.be/K-TRzuPwJCc Key management and inheritance - https://youtu.be/W3XADagE6P8 The legality of smart contracts - https://youtu.be/eKfnmxSmVF0 Smart contracts and law ambiguity - https://youtu.be/V4VVnWY4lIM Gas and resource allocation - https://youtu.be/HwUJIGlHFes Intrinsic vs. extrinsic assets - https://youtu.be/KDtfFNZy9xg Altcoins and specialisation - https://youtu.be/b_Yhr8h6xnA Ether, ICOs, and securities - https://youtu.be/guBNLSsnAiA Unstoppable code - https://youtu.be/AQx3E3F8Kz4 Airdrop coins and privacy implications - https://youtu.be/JHRnqJJ0rhc Initial coin offerings (ICOs) - https://youtu.be/Q5R8KuxV4A0 The token ICO explosion - https://youtu.be/vdaW8NtJXuQ 'Coin' and 'token' terminology - https://youtu.be/WjWkttUkm58 ICOs and responsible investment - https://youtu.be/C8UdbvrWyvg ICOs and financial regulation - https://youtu.be/Plu_WX3Gs8E ICOs, disruption, and self-regulation - https://youtu.be/yfjgcI8xX3A Scams, gambling, and regulation - https://youtu.be/fTI88YrN1UE ICOs and pyramid schemes - https://youtu.be/8HYWWP1QU7Q Directed acyclic graphs (DAGs) and IOTA - https://youtu.be/lfgMnbb5JeM Scaling and "Satoshi's vision" - https://youtu.be/Ub2LoTcYV54 "Blockchain, not Bitcoin " - https://youtu.be/r2f0HlaRdgo Reflections on the last five years - https://youtu.be/NoCi64uaFT0 Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin. Follow on Twitter: @aantonop https://twitter.com/aantonop Website: https://antonopoulos.com/ He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos! MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9 Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/ THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ Translations of THE INTERNET OF MONEY: Spanish, 'Internet del Dinero' (v1) - https://amzn.to/2yoaTTq French, 'L'internet de l'argent' (v1) - https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390 Russian, 'Интернет денег' (v1) - https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg Vietnamese, 'Internet Của Tiền Tệ' (v1) - https://alphabooks.vn/khi-tien-len-mang MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK Music: "Unbounded" by Orfan (https://www.facebook.com/Orfan/) Outro Graphics: Phneep (http://www.phneep.com/) Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
Aantonop

ETH Constantinople Fork Gains 19 Crypto Exchanges Support for All 4 Stages (Frontier, Homestead, Metropolis and Serenity)

The Ethereum Constantinople hard fork is expected soon. The hard fork will take place in four stages. There are the Frontier, Homestead, Metropolis, and Serenity. The Constantinople hard fork should have taken place around August 2018. However, it was postponed to January 2019 after various errors were found in the program during testing. The hard fork is now expected to take place between January 14-18 when block number 7080000 has been mined. The Exact Date The exact date of the hard fork has not been decided. However, it is most likely that it will occur on January 16. The average block time now stands at 15 seconds. At the current block 7035939, it means there are 44,061 blocks lefts. When calculations are done, it shows there are about five days left. Exchanges That Will Support It Thus far, 19 exchanges globally have announced they will support the fork. Huobi and OKEx were amongst the first to announce they would support it. The management team and OKEx noted that the exchange would take snapshots of all accounts starting on block 7,080,000. Huobi has also asked its traders to deposit ETH tokens in the platforms since it will help to manage any technical issues that arise. CEOX.IO, based in London, announced that the company was adjusting its system to support the hard fork. Just before the upgrade, the exchange will not allow any withdrawals or deposits in ETH. This will ensure that funds are secure. After the upgrade, all ETH holders can resume trade. Bittrex, based in the US, has announced similar measures. Benefits Of The Upgrade The upcoming hard fork has received a lot of praise for achieving consensus in the Ethereum community. However, there might also be other hard forks that developers and other members of the community might wish to make unique upgrades. In case this happens, Binance has requested developers to contact them. Other Exchanges Offering Support OKCoin has also said they will support the upgrade. This is also true on IDAX, which has asked users to deposit coins into IDAX. Koinex an Indian exchange stated that they would support the hard fork via a tweet. Bitmart also confirmed they would support the hard fork. Users will need to deposit their ETH with them. Cryptopia, based in New Zealand, will also support this fork. Many other exchanges have announced their support for the upgrade. The other exchanges that will support the upgrade are Bibox and Hotbit based in China, EtherFlyer, a decentralized exchange, BitForex, WazirX, based in India, and the Exodus Wallet. Others are the Singapore exchange ABCC, Thai-based TOK, Indodax, based in India, and Catex, the mining platform. In December 2018, ETH was the third biggest coin by market cap. This was after it was edged out by Ripple’s XRP. This was also a time of intense bear market conditions. ETH was trading at $83 around December 15. However, it has since recovered and is trading at $134.84.
Bitcoin Exchange Guide

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

CoinSpeaker Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide The second update of Metropolis hard fork, called the Constantinople hard fork, should have been finalized on 13th of August 2018, tested for two months and released by the second week of October. Yet, the fork got postponed to January 2019 after developers detected mistakes in its program during the testing period. According to the sources, the Ethereum Constantinople hard fork is now set to happen between January 14-18th once block number 7080000 is mined. Currently, the date is not precisely set, but the sources suggest, that Constantinople will most likely activate on Wednesday, Jan 16th, probably around 7 am UTC with a block 7080000. The current average block time is around 15 seconds and today we are in a block number 7035939, so there are 44 061 blocks to go. The preliminary calculations show that there are around 5 days left until we reach the mentioned block (7035939/7080000). However, this will make a job a bit harder for many of the exchanges that announced their support of the Fork. For now there is 19 exchanges that officially confirmed support. Major cryptocurrency exchanges OKEx and Huobi among the first announced their intention to support the upcoming Ethereum (ETH) Constantinople hard fork. OKEx’s management team noted that the exchange would be taking a snapshot of all its accounts at block height 7,080,000. Huobi advised traders to deposit their ETH tokens into the platform as it will help them to manage all technical issues related to the network upgrade. London based crypto exchange CEX.IO announced that at the moment the company is making the necessary technical adjustments that will be able to enable the support need for the Constantinople upgrade. Just before the upgrade takes place, the CEX.IO will be stopping all the deposits and withdraws that are made in ETH. It is just to ensure that the customer’s funds are kept secure, but once the upgrade is completed all the ETH holders will be able to quickly resume with their trading of the coins on the exchanges just as before, but now on a better working system. The same goes for the US-based cryptocurrency exchange Bittrex that confirmed finishing all the preparations required to get ready for Constantinople hard fork. They tweeted: Update: @BittrexExchange has completed the Ethereum (ETH) Constantinople hard fork upgrade scheduled for block 7,080,000. — Bittrex (@BittrexExchange) January 8, 2019 Binance asked holders of ETH to allow sufficient time for deposits to be processed in full before the aforementioned block height is achieved. The exchange went on to assure traders that they will handle all technical requirements related to the event. The Constantinople hard fork has been lauded for achieving consensus across the Ethereum community. However, there is a slim chance that their might be other hard forks as developers and other Ethereum community members wish to carry out their own versions upgrading the Ethereum network. Binance has therefore added the following information in case of such outcomes: “Should there be any other hard forks or airdrops during the Constantinople hard fork period, we invite these respective project teams to contact us at airdrop@binance.com for further discussion.” OKCoin also confirmed their support advising their clients to deposit their Ethereum tokens into OKCoin as they will be handling all the technical requirements for the hard fork. Similar goes for IDAX that also recommended clients to deposit Ethereum tokens into IDAX. A popular Indian cryptocurrency exchange Koinex stated that the company will be also supporting the much-discussed Ethereum [ETH] Constantinople hard fork. Koinex had tweeted: Announcement: We will be supporting the upcoming Ethereum Constantinople Hard Fork. The Hard Fork will take place when the block height is at 7,080,000 and the estimated date of the fork is 16th January 2019. Stay tuned for further updates. — Koinex (@koinexindia) January 5, 2019 BitMart also confirmed their support for the upcoming Fork. Similar to other exchanges they are asking their clients to leave sufficient time for deposits to be processed in full prior to the block height. One of the last joined exchanges is New Zealand-based exchange Cryptopia who also announced their support on their official Twitter account saying: Cryptopia is pleased to announce support for the upcoming Ethereum (ETH) Constantinople Hard Fork. Find out what you need to know here: https://t.co/2ghPkdkAmc pic.twitter.com/RUqYwzqhxe — Cryptopia Exchange (@Cryptopia_NZ) January 10, 2019 The rest of the exchanges that announced their support (and we, at CoinSpeaker, will try to keep the list updated as possible) are Chinese digital exchanges Bibox and Hotbit, decentralized exchange EtherFlyer, crypto exchange BitForex, Indian crypto exchange WazirX and multi crypto wallet Exodus Wallet. Also, support comes from transaction mining exchange platform Catex, Indian platform Indodax, Thai crypto exchange TOK and Singaporean crypto exchange ABCC. Mid December last year found ETH in the number 3 spot according to market capitalization. This was after XRP edged out the King of Smart Contracts from the number 2 slot as the bear market accelerated with BTC trading at $3,200 on the 15th of December. At the same time, ETH was trading at around $83. At the time of writing ETH was trading at $134.84 with market capitalization of $14,063,336,619. Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide
Coinspeaker

Ethereum 2.0 — The Road To Constantinople And Beyond

Ethereum 2.0 — The Road To Constantinople And BeyondThe next system wide upgrade for the Ethereum network called Constantinople will be implemented in 2019 (originally set for 2018). It is also called as “Ethereum 2.0” or the “New Ethereum”, software version 3.5, part of the release called Metropolis. There is a lot on the line with the success of the Ethereum project, and these are the upgrades to scale the network. The Constantinople upgrade is scheduled for block #7080000. There will actually be three forks in the beginning of 2019 and this includes Constantinople. The two other forks are “hard forks”, meaning they will create a new cryptocurrency. These are Classic Vision and Ethereum Nowa. ETH holders should get an equivalent of those coins in their digital wallet after the fork, if supported by the wallet or digital exchange.You can keep track of the block number on Etherscan.ioProblems “On The Block”The main problem of blockchains for commercial general purpose use is scaling. Bitcoin can do a maximum of 3–7 transactions per second. Ethereum can do upwards from 15–30 transactions per second. That is not enough when compared to mainstream finance institutions. According to Visa their VisaNet can process 150 million transactions every day and is capable of handling more than 24,000 transactions per second. The Ethereum network will need to find the balance of the “blockchain trilemma” of scalability, security and decentralization.The “failures” of Ethereum are not really failures, like what some critics would say. Ethereum is still a work in progress, so it has not yet failed. Many are basing Ethereum’s failure on the market price, but there is really a strong disconnect between the speculated prices and the technical developments behind it. What will determine the project’s success are the upcoming upgrades to the network. If they will finally deliver what Ethereum’s developers have proposed, then this will be a breakthrough. The theoretical concepts in scaling Ethereum are about to be tested and we are going to see this in the coming months.The 5 EIP ProposalsThere will be 5 main EIP (Ethereum Improvement Proposal) introduced in Ethereum 2.0.#1. EIP 145: This introduces bitwise shifting, as EVM opcodes. This more efficient way of coding can reduce the cost of gas and number of instructions required.#2. EIP 1052: Optimization of large scale code execution.#3. EIP 1283: This is based on EIP 1087 and introduces a pricing method for storage to developers.#4. EIP 1014: This is Vitalik Buterin’s upgrade proposal for a scaling solution that is based on state channels and “off-chain” transactions.#5. EIP 1234: This reduces the block mining reward from 3 ETH down to 2 ETH. This will also delay the “difficulty bomb” for 12 months.Ethereum is being developed as a platform for DApp (Decentralized Applications) which are going to provide an ecosystem for smart contracts. This is Vitalik’s vision of programmable money that was not possible in the original Bitcoin protocol. The problem with Ethereum’s network speed has been a limiting factor to DApp developers. It is further compounded by fees and lack of commercial applications being developed. People are using ETH to transfer value and the only major DApp prior to 2019 has been CryptoKitties.CryptoKitties, a popular DApp on the Ethereum network (Source: cryptoKitties.co)In order for Ethereum to succeed as a cryptocurrency, it needs both liquidity and utility. People have to spend ETH and businesses have to accept it as a form of payment. One reason many companies are thinking twice about ETH is the slow speed of the network. Payments are processed much faster by current electronic payment systems that are not cryptocurrency, so blockchains are not faster by default. What makes a blockchain based payment system ideal though is the instant transfer of value as a peer-to-peer electronic payment system that is cryptographically secured.In late 2018 there had a been a lot of FUD regarding Ethereum. This led to a loss of confidence among holders and we saw how prices fell sharply. In the beginning of 2019 ETH has seen a rally as prices went from a low of $83 to $150 (as of January 2, 2019). Now you may have read EIP 1234 is going to reduce the block reward for ETH. The block rewards will be decreased from 3 to 2, which will decrease new ETH supply. In the long run, analysts are looking at this as a bullish trend. That is some good news after plenty of negativity in the latter part of 2018.The Road AheadA visual graph of my view on the Ethereum roadmap.Constantinople will be a significant start on the Ethereum roadmap for 2019. The upgrades will introduce the Casper protocol that will transition Ethereum from PoW (Proof-of-Work) to PoS(Proof-of-Stake). This will not immediately replace PoW, but rather we are going to see a hybrid system with both running at the same time. This will allow miners time to move from PoW to PoS with a delay on the difficulty bomb. Once activated, the PoW mining in Ethereum will become more difficult in order to shift incentives toward PoS.Ethereum developers will then move towards a “Beacon Chain”. This is meant to be a coordination layer with the existing main network and the new features of the network, but has not yet been built. This will bring a PoS blockchain to the Ethereum network as the new consensus protocol. One thing the Beacon Chain was designed to manage is a new feature for Ethereum scaling called “sharding”.Sharding will split the network into independent groups of nodes called shards. This will split the network load so that the main network will not have to bear the load of all transactions. Instead shards will redistribute the computing load of the Ethereum network to allow it to scale. The downside to this however is network security because it can also lead to attacks on each shard. This is why the implementation is very crucial for maintaining that balance of security with decentralization and scalability. It is also important to keep the shards coordinated, as function of the Beacon Chain, in order to maintain the state of the blockchain’s consistency.Also in the works is optimizing the code for the EVM (Ethereum Virtual Machine) as specified in EIP 145 and 1052. The optimization introduces us to bitwise shifting, which is meant to improve network efficiency. Bitwise shifting is like a shortcut in bytecode that doesn’t rely on complex arithmetic operations. That will allow faster processing of decentralized applications. As we have seen in the past, when a lot of users are on the Ethereum network it can easily slow to a crawl. Optimization in code will allow more efficient use of computing resources. That in turn can also save developers and users on the costs of computing on the Ethereum network.Replacing the EVM with the eWASM aka “Ethereum Flavored WebAssembly” is also a part of the plan. One of the reasons why this is advantageous is due to faster code execution of smart contracts. EVM uses 256 byte word sizes which is not efficient in real world applications. WASM is also being used in other cryptocurrency projects like EOS and Cardano.For developers, a revamped gas price structure is welcomed. EIP 1283 will implement better costs for smart contracts. This will be done by breaking down the contract changes that have been written in Ethereum’s memory storage. Since this does not affect any state changes on the blockchain, no gas is spent thus cutting costs for developers.There are other proposals for scaling the Ethereum network, called Layer 2 or “off-chain” solutions. We have Plasma, a Layer 2 solution that is based on smart contracts implemented on child chains. There is also Raiden, which is the Lightning Network equivalent of Ethereum. These solutions are being designed to work with the Ethereum framework. Should these prove capable, then it will be great for investors as well.Proof-of-Work has provided blockchains with security. With “off-chain” solutions, there will be more responsibility on the user since they no longer have the consensus mechanism the main network provides. Since the shift is toward Proof-of-Stake, it will now require good faith among block validators by locking an amount of ETH (their stake). Should they have malicious intentions, the ETH they staked will be lost so this is sort of like a deposit of their trust in a trustless system.The perfect use case for ETH “off-chain” solutions are for micro-transactions, like buying a cup of coffee. (Photo Credit Vicente Tabora Photography)In other related news, there have been talks about Ethereum futures contracts. Institutional investors would bring a boost to the Ethereum ecosystem, but regulators are reviewing just how digital assets like ETH are different from BTC. It is a question of whether these assets are a security or commodity. Once that has been determined then there should be clarity.If the Ethereum project successfully implements these upgrade features, then Serenity comes next. That is another name for Ethereum’s next release and this time it will run on a purely PoS consensus protocol. These are all part of what will make Ethereum a faster decentralized computing platform. Implementing it is the important step. Hopefully this won’t be the “Fall of Constantinople” because that would be the failure of Ethereum. Success or a favorable outcome leads us to the road from Constantinople to Serenity. Not so fast quite yet, there is still a long way to go.Note: Constantinople is expected to be implemented on 1/16/2019 at block #7080000.Ethereum 2.0 — The Road To Constantinople And Beyond was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Ethereum Q&A: Smart contracts and law ambiguity

Why is "smart contract" a confusing term? Are smart contracts legally enforceable if people don't understand how they are executed? Could we make human-readable smart contracts, reconciling the ambiguity of real-world law vs. code law? Note: Apologies for the weird discoloration in the beginning of the video. I am not sure what caused it. These questions are from the MOOC 10.6 session, which took place on October 11th 2018. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop RELATED: The Lion and the Shark: Divergent Evolution in Cryptocurrency - https://youtu.be/d0x6CtD8iq4 Investing in Education instead of Speculation - https://youtu.be/6uXAbJQoZlE Ethereum, ICOs, and Rocket Science - https://youtu.be/OWI5-AVndgk Slush17 Panel: Farewell to Centralised Data - https://youtu.be/ul0aGzF-v5c Blockchain vs. Bullshit: Thoughts On The Future of Money - https://youtu.be/SMEOKDVXlUo Why I'm writing 'Mastering Ethereum' - https://youtu.be/So6WERp7vLY What is Metropolis? - https://youtu.be/nmGu2mCpm90 Smart contract platforms - https://youtu.be/XU8Bc5oxneE Smart contracts, sidechains, and the Lightning Network - https://youtu.be/wfxticQHvaw Impact of smart contracts on law and accounting - https://youtu.be/K-TRzuPwJCc Key management and inheritance - https://youtu.be/W3XADagE6P8 The legality of smart contracts - https://youtu.be/eKfnmxSmVF0 Gas and resource allocation - https://youtu.be/HwUJIGlHFes Intrinsic vs. extrinsic assets - https://youtu.be/KDtfFNZy9xg Altcoins and specialisation - https://youtu.be/b_Yhr8h6xnA Ether, ICOs, and securities - https://youtu.be/guBNLSsnAiA Unstoppable code - https://youtu.be/AQx3E3F8Kz4 Airdrop coins and privacy implications - https://youtu.be/JHRnqJJ0rhc Initial coin offerings (ICOs) - https://youtu.be/Q5R8KuxV4A0 The token ICO explosion - https://youtu.be/vdaW8NtJXuQ 'Coin' and 'token' terminology - https://youtu.be/WjWkttUkm58 ICOs and responsible investment - https://youtu.be/C8UdbvrWyvg ICOs and financial regulation - https://youtu.be/Plu_WX3Gs8E ICOs, disruption, and self-regulation - https://youtu.be/yfjgcI8xX3A Scams, gambling, and regulation - https://youtu.be/fTI88YrN1UE ICOs and pyramid schemes - https://youtu.be/8HYWWP1QU7Q Directed acyclic graphs (DAGs) and IOTA - https://youtu.be/lfgMnbb5JeM Scaling and "Satoshi's vision" - https://youtu.be/Ub2LoTcYV54 "Blockchain, not Bitcoin " - https://youtu.be/r2f0HlaRdgo Reflections on the last five years - https://youtu.be/NoCi64uaFT0 Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin. Follow on Twitter: @aantonop https://twitter.com/aantonop Website: https://antonopoulos.com/ He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos! MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9 Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/ THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ Translations of THE INTERNET OF MONEY: Spanish, 'Internet del Dinero' (v1) - https://amzn.to/2yoaTTq French, 'L'internet de l'argent' (v1) - https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390 Russian, 'Интернет денег' (v1) - https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg Vietnamese, 'Internet Của Tiền Tệ' (v1) - https://alphabooks.vn/khi-tien-len-mang MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK Music: "Unbounded" by Orfan (https://www.facebook.com/Orfan/) Outro Graphics: Phneep (http://www.phneep.com/) Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
Aantonop

Tech Golden Boy: Stewart Butterfield

Canadian-born entrepreneur and his backstory — a timeline of events before Slack’s IPO announcement.Slack — you have maybe heard of it. It’s heralded as an “email killer” and has changed the way employees communicate in the workplace. Behind it is Canadian serial-entrepreneur Stewart Butterfield, a British Colombia native with an unlikely origin story.45 years ago, little Dharma Jeremy Butterfield was born in a commune out of a small fishing town called Lund in BC. His parents were hippies, and for the first three years of his life, he lived in a log cabin in the backwoods with no running water. In a U-turn fashion, his parents moved the family to Victoria and young Dharma found himself in a bustling metropolis at age 5. His parents gifted the toddler a computer which was rare at the time as if they knew his calling before him or the world even knew or understood the power of the Internet. When he turned 12, Dharma officially changed his name to Stewart Butterfield, set aside computers, and spent his teen years exploring other interests.At the height of the tech bubble, Stewart threw up his hands and quit.It was at university, studying philosophy, that Stewart got a shell account using the school’s mainframe and discovered the Internet. While contemplating a Ph.D. in philosophy, he noticed the growing tech hub as it was on the cusp of the dot-com bubble. Seeing the fun the tech folks were having, he abandoned his schooling and joined a web design company. The optimism quickly petered as Stewart realized the chaos behind the hype. Companies lacked a clear product and management meetings frequently ended in screaming matches. At the height of the tech bubble, Stewart threw up his hands and quit. He thought he was walking away from $10 million in equity by settling with a $35,000 forced buyout. Two weeks later, he saw the bubble burst. At that moment, he knew he had to trust his gut and work for himself.Not long after in 2002, Stewart alongside his partner Caterina Fake and a couple other friends set out to build a company. Investors had gone into hibernation, making it nearly impossible to raise any money for a tech startup. Inheritances, savings, all went into the company. Stewart scraped together additional money from parents, friends, and government grants. Funding was so tight that only one employee who had kids, was receiving a paycheck. It wasn’t until a bout of food poisoning in New York that the original idea for Flickr, the photo-sharing site, came to Stewart. Though the team had been trying to build a video game, they were desperate to pay rent. Flickr used some of the existing technology they’d already created and offered a shorter development cycle. So as all founding stories go, they pivoted.By the end of fall 2004, Flickr was the “thing.”Following some initial traction among top bloggers, Stewart managed to convince Reid Hoffman (Founder of LinkedIn) and Esther Dyson, perhaps the best-known angel investor at the time to put money in. Soon, Flickr was growing at one percent a day, which compounded, meant the company was doubling each month. By the end of fall 2004, Flickr was the “thing.” The 9-person company started charging money for their service and was close to break-even. It was clear that Flickr was on a high growth trajectory. This caught the attention of Yahoo, a public company as well as other potential purchasers and investors.Unfortunately, the VC landscape was much different then and hardly anyone was doing partial liquidations at the time to allow founders the option to keep growing their company. Although Accel Ventures offered $5 million, it was under unattractive terms including a high liquidation preference, strong anti-dilution provisions, and poor treatment of original and outside investors. In March 2005, it was announced that Yahoo would purchase Flickr for $30 million, making Flickr one of the only Internet exits at the time.Following the highly publicized purchase, Stewart experienced yet again, the pain of working for someone else. Yahoo was then a 10,000-person company with all the bureaucracy and office politics to go along with its burgeoning size. In the 18 months following the acquisition, Flickr users rebelled against Yahoo, claiming the parent company had ruined the product they once loved. When asked why he chose to sell, Stewart pointed out that the mentality then was much different from the mentality now. Present-day Silicon Valley pushes for founders to take the company as far as they can, to build a unicorn, but in 2005 people had forgotten what a tech exit even looked like. Stewart’s investors suggested taking the money to build whatever he wanted to next. Stewart agreed.The sale of Flickr not only changed the startup ecosystem but also changed the way Stewart approached building a new business. Money began pouring into VC funds and because it wasn’t feasible to simply invest in quadruple the number of companies, firms started writing bigger checks. Given Stewart’s track record and experience, he instantly raised $17.5 million to tackle the video game company he’d originally planned to build.The gaming company was called Glitch and had grown to 100,000 players. Average revenue was $80 per user and while it would have been impressive for a lifestyle business, Stewart knew that Glitch couldn’t justify the $17.5 million in venture backing. With $5 million left in the bank, Stewart shut down the company and offered employees generous severance packages and glowing letters of recommendations. Though he tried to preserve relationships, he recalls having to tell a new employee who’d just relocated his entire family across the country, that he no longer had a job. It was painful and humiliating.The experience with Glitch was in stark contrast with Flickr. Flickr had been started in desperation with barely any funding while Glitch enjoyed attention and faith from investors. Stewart admitted that the gaming company was simply not a billion-dollar idea. The internal chat that developed within the employees at Glitch, however, caught Stewart’s attention. After taking the holidays off to regroup, he directed his efforts to build Slack. He made one goal: Slack wasn’t going to raise any money unless it got a billion-dollar valuation. Stewart realized that valuations were completely arbitrary and relied on market sentiments. Since Slack was well capitalized from Stewart’s previous successes, the company wouldn’t go out of business as it waited to gain more traction, attract press, and grow into a higher valuation. Stewart wanted the unicorn status as a signal to reassure customers and employees of Slack’s endurance.Since Slack’s rapid rise to stardom, Stewart has fielded dozens of acquisitions offers from tech behemoths. When asked why he would refuse a $50 billion-dollar exit, he answers says:“We’re doing well. We have $300 million in the bank and we’ve been growing 5% a week for 70 straight weeks. 98% of people who have ever paid for Slack are still paying for it. We’ll never have an opportunity like this again.”Part of his decision admittedly is his negative experience with Flickr’s purchase. While an acquisition may be off the table, Stewart has remained open to taking the company public. It comes as no surprise then, that Slack has announced Goldman Sachs as its lead underwriter for a planned IPO in 2019. At this point, Stewart points out that he’d be making more money than he’d ever need with any outcome. All he’s focused on is taking Slack as far as he can.Tech Golden Boy: Stewart Butterfield was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Ethereum Upgrade to Happen in January, Platform At A Crossroads

The Ethereum development team has announced that the Constantinople update, which is the next step in the platform’s roadmap, is ready for release. The update will involve a hard fork that will take place at block 7,080,000, and is expected on January 16th. Ethereum prices have surged on the news, moving up more than ten percent. The Constantinople update is the second phase of Metropolis, the third step on the Ethereum roadmap. Among its components is an upgrade to simplify off-chain transactions, which will better enable scaling. Constantinople will also delay the so-called “difficulty bomb,” which is a previously added algorithm modification designed to force miners to adopt the future proof-of-stake consensus method planned for later next year. There are a number of other additions as well, which will pave the way for the final phase of Ethereum’s roadmap, named Serenity. The Ethereum development team intended to implement Constantinople in October, but was delayed due to a glitch in the consensus mechanism. The team has made it clear that the matter is now resolved. The Constantinople update is good news for Ethereum, which more than ever is struggling to maintain its status as the dominant dApp platform. The dApp field is becoming crowded with platforms that are as advanced, if not more so, than Ethereum. These include Cardano, Tron, Stellar, EOS, and NEM, just to name a few. Many of these competitors not only challenge Ethereum in the technical realm, but they are gaining support in corporate, financial, and political spheres. Thus, for Ethereum to hold its position as leader of the pack, it will have to prove that it can outperform these newer rivals. To its credit, Ethereum still has the largest development team of any blockchain system. It also has the overwhelming majority of developed applications and tokens. Its founder, Vitalik Buterin, is the best known figure in the crypto space, and is universally hailed as a visionary talent. Perhaps most significantly, Ethereum enjoys the benefit of “first mover” status among all altcoins.  It is not surprising that investors and traders are concerned about Ethereum’s long-term hegemony among other altcoins. Like most cryptocurrencies, it has declined in value dramatically this year, from a high of $1,400 in late January to under $100 today. A rebound is likely, yet other platforms could very well pass Ethereum in adoption, and market value, when the turnaround begins. Already Ripple has passed it as the second most valuable coin by market cap, and Ethereum’s value of the total crypto space has fallen to below ten percent for the first time in two years. It is thus easy to see why Ethereum’s future is tied to Constantinople’s success. There is presently little discord among the Ethereum community, and the hard fork is likely to proceed without issue. Also, despite the growing competition, Ethereum is in a very strong position to gain widespread adoption. Nevertheless, its challenges represent the dynamic, and rapidly evolving status of the blockchain revolution.
Crypto-News.net

Ethereum’s New Issuance Reduction Upgrade Date Set for 16th January

Ethereum developers have agreed to a set date for the Metropolis Constantinople upgrade which is now “scheduled for block #7,080,000, estimated around the 16th of January, 2019,” according to Péter Szilágyi,... The post Ethereum’s New Issuance Reduction Upgrade Date Set for 16th January appeared first on Trustnodes.
Trustnodes

Ethereum Q&A: Light clients, EVM, and Mist

What can you do with Ethereum light clients (Metamask, MyEtherWallet, and MyCrypto)? What is the difference between the Ethereum virtual machine (EVM) and the Mist browser? These question are from the MOOC 9.7 session, which took place on March 30th 2018. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop RELATED: The Lion and the Shark: Divergent Evolution in Cryptocurrency - https://youtu.be/d0x6CtD8iq4 Investing in Education instead of Speculation - https://youtu.be/6uXAbJQoZlE Ethereum, ICOs, and Rocket Science - https://youtu.be/OWI5-AVndgk Slush17 Panel: Farewell to Centralised Data - https://youtu.be/ul0aGzF-v5c Blockchain vs. Bullshit: Thoughts On The Future of Money - https://youtu.be/SMEOKDVXlUo Why I'm writing 'Mastering Ethereum' - https://youtu.be/So6WERp7vLY What is Metropolis? - https://youtu.be/nmGu2mCpm90 Smart contract platforms - https://youtu.be/XU8Bc5oxneE Impact of smart contracts on law and accounting - https://youtu.be/K-TRzuPwJCc The legality of smart contracts - https://youtu.be/eKfnmxSmVF0 Gas and resource allocation - https://youtu.be/HwUJIGlHFes Intrinsic vs. extrinsic assets - https://youtu.be/KDtfFNZy9xg Altcoins and specialisation - https://youtu.be/b_Yhr8h6xnA Ether, ICOs, and securities - https://youtu.be/guBNLSsnAiA Unstoppable code - https://youtu.be/AQx3E3F8Kz4 Airdrop coins and privacy implications - https://youtu.be/JHRnqJJ0rhc Initial coin offerings (ICOs) - https://youtu.be/Q5R8KuxV4A0 The token ICO explosion - https://youtu.be/vdaW8NtJXuQ 'Coin' and 'token' terminology - https://youtu.be/WjWkttUkm58 ICOs and responsible investment - https://youtu.be/C8UdbvrWyvg ICOs and financial regulation - https://youtu.be/Plu_WX3Gs8E ICOs, disruption, and self-regulation - https://youtu.be/yfjgcI8xX3A Scams, gambling, and regulation - https://youtu.be/fTI88YrN1UE ICOs and pyramid schemes - https://youtu.be/8HYWWP1QU7Q Directed acyclic graphs (DAGs) and IOTA - https://youtu.be/lfgMnbb5JeM Scaling and "Satoshi's vision" - https://youtu.be/Ub2LoTcYV54 "Blockchain, not Bitcoin " - https://youtu.be/r2f0HlaRdgo Reflections on the last five years - https://youtu.be/NoCi64uaFT0 Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin. Follow on Twitter: @aantonop https://twitter.com/aantonop Website: https://antonopoulos.com/ He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. Subscribe to the channel to learn more about Bitcoin & open blockchains; click on the red bell to enable notifications about new videos! MASTERING BITCOIN, 2nd Edition: https://amzn.to/2xcdsY9 Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/ THE INTERNET OF MONEY, v1: https://amzn.to/2ykmXFs THE INTERNET OF MONEY, v2: https://amzn.to/2IIG5BJ Translations of THE INTERNET OF MONEY: Spanish, 'Internet del Dinero' (v1) - https://amzn.to/2yoaTTq French, 'L'internet de l'argent' (v1) - https://www.amazon.fr/Linternet-largent-Andreas-M-Antonopoulos/dp/2856083390 Russian, 'Интернет денег' (v1) - https://www.olbuss.ru/catalog/ekonomika-i-biznes/korporativnye-finansy-bankovskoe-delo/internet-deneg Vietnamese, 'Internet Của Tiền Tệ' (v1) - https://alphabooks.vn/khi-tien-len-mang MASTERING ETHEREUM (Q4): https://amzn.to/2xdxmlK Music: "Unbounded" by Orfan (https://www.facebook.com/Orfan/) Outro Graphics: Phneep (http://www.phneep.com/) Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
Aantonop
More news sources

Trending

Hot news

Hot world news

BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature

Brave Browser Announces BAT “Rewards” Feature On Tuesday, Brave Browser, a crypto-friendly internet application headed by the founder of Mozilla Firefox, Brendan Eich, made a surprising announcement, seemingly aiming to start of 2019 with a proverbial bang. Via a company release, conveyed through its in-house blog, the Brave and Basic Attention Token (BAT) team, which consists of Eich, coupled with an array of fintech, Silicon Valley, and crypto veterans, revealed that it would be previewing “opt-in ads in [the] desktop browser developer channel.” While this feature sounds nebulous, there’s more to this integration than meets the eye. In fact, as broken down in a PC Magazine feature article, this new advertising model will allow common Joes and Jills to earn crypto, in the form of BAT, and potentially other rewards in the feature. This new offering, dubbed Brave Rewards, will siphon 70% of earned ad revenue to users who agree to view advertisements. The remaining 30% will be paid to Brave’s war chest — a likely controversial play, but one necessary for the blockchain project’s long-term survival. Rewards will be available via Brave’s developer/test browser edition. It wasn’t exactly divulged when the innovative feature would hit the publics’ desktops, but the following GIF is how the feature will work: Looking outwards, the Brave team revealed that they expect opted-in users to earn upwards of $60 to $70 a year in the near future, with their preliminary projections predicting that $224 a year could be earned by 2020 through Brave’s in-house ecosystem. While this sounds great — an effective free $224/year for viewing ads — like all things too good to be true, there’s a catch. At the time of writing, Brave has announced support for BAT token withdrawal, as the company wants Rewards’ users to reward their favorite content creators, whether it be large new portals or Youtubers. After this feature goes live successfully, Brave intends to activate “publisher-integrated ads,” which will allow content creators to feature “private ads” on content creators’ pages through the startup’s systems. The company subsequently explained its Brave Ads offering and its applications/benefits from a top-down perspective, writing: With Brave Ads, we are reforming an online advertising system which has become invasive and unusable. Users have turned to ad blockers to reclaim their privacy from ads that track them and sometimes even infect them, and publishers are finding it increasingly difficult to earn ad revenue to sustain quality content with intermediaries that collect huge fees. It is important to reiterate that at this time, this newfangled feature is technically in its beta phase. Due to this positive news, the popular altcoin, which recently gained the support of industry powerhouse Coinbase, has posted a respectable price gain. At the time of writing, BAT is currently valued at $0.125 apiece, posting a 3% in the past 24 hours. The crypto, currently the 36th in this market’s standings, is currently outperforming Bitcoin (BTC) by 2.7%, and Ethereum (ETH) by 2.4%. Crypto Lulls: Bitcoin, Ethereum, XRP Post Barely Any Movement In the same vein of cryptocurrency prices, the broader market has posted close-to-zero movement in the past 24 hours. Per data from Coin Price Watch, BTC has found itself at $3,645 — a mere 0.58% gain over the past day. Other leading crypto assets have also posted slight gains, but have still underperformed BAT. XRP, the go-to asset for fintech upstart Ripple, is up 1.27%, as it sits just shy of the $0.33 price level at $0.3296. ETH, which recently tumbled due to the delayed Constantinople fork, has found itself up by 2%, regaining a portion of the losses incurred yesterday. While the market is trending slightly positive, some analysts expect that BTC is ready to dive. Speaking to MarketWatch, Jani Ziedens of Cracked Market claimed that BTC, if truly oversold, should be posting monumental gains right now, rather than finding itself in an extended lull. So, Ziedens added that this “lethargic base” indicates that demand is limited, “incredibly weak” even, and as such, lower crypto bottoms may be inbound. BAT Title Image Courtesy of Descryptive.com via Flickr The post BAT Outperforms Bitcoin, XRP On New Brave Browser “Rewards” Feature appeared first on Ethereum World News.
Ethereum World News

Cryptopia Hacker Moves Stolen Crypto to Binance; Community Alerts CZ and Funds Are Frozen

It is clear that hackers gave themselves a place to stay in the cryptocurrency industry, which was only made more evident by a recent security breach that happened over the last few days. Cryptopia, a leading exchange in New Zealand, announced a breach that ended in a major theft on January 14th. However, unlike the unfortunate tale that many other exchanges succumb to, that is not the end of the story. The official statement notes that Cryptopia has placed itself into a maintenance mode, helping them to protect their accounts until the regulatory authorities of New Zealand provide other details. Both the High Tech Crimes Unit and the local police are pursuing investigative efforts, though they have commented that “a significant value of cryptocurrency may be involved.” At this point, the actual amount has not been released, and no substantial details have been provided. Still, that has not stopped local news portal Radionz from reporting that the loss is close to $3.6 million. A Twitter user, ShaftedTangu, seems to know where these digital assets are going. On the posts, the user said, Hey @cz_binance Binance has stolen tokens from Topia hitting it sir. Can you lock it down? https://t.co/0XllsBejUV — I Dream Of Alts (@ShaftedTangu) January 16, 2019 Through a string of additional tweets, the user continued to track the funds, as he mentioned wallet address 0x9007a0421145b06a0345d55a8c0f0327f62a2224. In another tweet, he claimed, “Currently the 0x900 wallet contains around $10 mil USD of tokens, large amounts are $PRL $2mil, $CENNZ $1.168 mil, $Denacoin $2.73 mil, $MSP $0.99 mil” Luckily, just under four hours after the original tweet, CZ Binance replied. The reply said, Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 With such a nonchalant type of reply, it is quite a victory for Cryptopia and Binance that the funds could be frozen at all. However, the victory has not been won yet, considering there is no indication of exactly who performed the hack in the first place. Cryptopia has remained silent, though they posted to their own Twitter profile, saying, “We cannot comment as this matter is now in the hands of the appropriate authorities. We will update you as soon as we can.” As a result of these issues, Zhao posted that users should keep their holdings on exchanges, rather than a hardware wallet. However, his post caused an onslaught of negative replies, with some saying that his post implied that self-storage is substantially riskier than storing on a seemingly “reputable” exchange. Zhao later retracted, saying that he was not advising investors to store funds on exchanges. In the first half of 2018 last year, there was over $731 million lost in thefts involving exchange hacks. However, none have reached the severity experienced by the 2014 Mt. Gox hack.
Bitcoin Exchange Guide

Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack

Some of the stolen cryptocurrency from yesterday’s Cryptopia hack has been sent to Binance, which has confirmed already freezing some of the funds.  Binance Freezing Funds Stolen from Cryptopia Twitter account @ShaftedTangu has alleged that some funds stolen as a result of Cryptopia’s hack have been siphoned through Binance. The amounts sent to Binance in question include roughly $7,500 in Metal (MTL) 00, $6,750 in KyberNetwork coin (KNC) 00, $7,181 OmiseGO tokens (OMG) 00, and $8,724 in EnjinCoin (ENJ) 00. All of it totals around $30,000. Changpeng Zhao, CEO at Binance – the world’s largest cryptocurrency exchange by means of traded volumes, has confirmed the allegations, reassuring that they’ve already frozen some of the funds. Zhao commented: Just checked, we were able to freeze some of the funds. I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high-risk maneuver for them. Just checked, we were able to freeze some of the funds. I don't understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It's a high risk maneuver for them. https://t.co/i0PeahLzic — CZ Binance (@cz_binance) January 16, 2019 Bitcoinist reported yesterday that Cryptopia’s security has been breached, resulting in ‘significant losses’. Police in New Zealand also confirmed. Binance Caught in the Fire Zhao’s tweet caused a reaction in crypto Twitter’s community as one user (@Crypto_Bitlord) expressed his bewilderment that Zhao referred to “social media” as a means of reporting rather than Binance’s own surveillance systems. I’m genuinely shocked stolen funds from @Cryptopia_NZ have easily passed through @binance UNDETECTED until social media flagged them. This raises some big questions. How is that possible with modern blockchain analysis? — Sir Bitlord (@Crypto_Bitlord) January 16, 2019 On the matter, Binance’s CEO said: It’s quite easy to generate a brand new address. We (and no one) recognize every transaction out there. We already have very in-depth and detailed blockchain analysis. Yet, the question remains – if a regular Twitter user has been able to detect the transaction in question, how, and more importantly – why did Binance miss it? Perhaps the better question, as posed by @Crypto_Bitlord is: So you are saying criminals can steal funds and just create a brand new address to send to before binance? In the meantime, Binance announced today the launch of their Binance Jersey fiat exchange. The platform is aimed at traders from Europe and it offers BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs. What do you think of Binance missing the transactions in question? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock The post Binance Freezes ‘Some of the Funds’ Stolen in Cryptopia Hack appeared first on Bitcoinist.com.
Bitcoinist
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.