While Ethereum Is On Something Now

While Ethereum Is On Something Now

The weekend is a perfect opportunity to rest from instant news and deep into essentials. Say, to review a collection of our recent materials related to Ethereum technology:

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Bitcoin SV Hard Fork To 2 GB Blocks Will Force Centralization, Say Critics

Bitcoin Cash spin-off, Bitcoin SV (BSV), is preparing to stage its own hard fork to allow for giant blocks of transactions weighing in at up to 2 gigabytes. Bitcoin SV: Blockchain Reorgs ‘Original Feature’ On July 24, the altcoin known as Bitcoin Satoshi’s Vision will carry out a protocol upgrade dubbed ‘Quasar.’ According to a press release stated on July 17, among the changes resulting from the upgrade will be the realization of one of BSV’s key goals: exponentially increasing the size of blocks.  This, proponents of the token claim, is an essential step in order to preserve the longevity of the blockchain and ensure it attracts miners.  “For mining to remain profitable, miners need to earn more in transaction fees from each block to compensate for the lower block reward subsidy. This is only possible on BSV,” Jimmy Nguyen, founder of the pro-BSV Bitcoin Association, commented. BSV blocks currently involve a hard cap of 128 megabytes. After Quasar, a higher 512MB optional cap is expected, which developers have called the “consensus cap.” The new hard cap will be 2GB. As Bitcoinist reported, BSV has caused near constant controversy since it split off from Bitcoin Cash in November last year.  Weak security credentials facilitated issues such as blockchain reorganization attacks, which undermined the effectiveness of the network, while data suggested overall usage and mining activity were suboptimal. A report last week even alleged that 96% of BSV transactions come from a weather app, of all things. Calvin Ayre, owner of the Bitcoin SV-focused news outlet Coingeek, described the technical problems as a benefit. “Don’t be fooled by trolls on the necessary significance of reorgs and orphan blocks….they are an original feature not a bug,” he wrote on social media this week. Pricing Out Miners? With even bigger blocks, critics now argue that the technical problems will only grow, as the added expense for node operators will conversely make participating in the network an option for richer miners only. The result, they say, will be more centralization – an issue which already plagues BSV. “There are people who think this can work and it’s a good idea,” What Bitcoin Did podcast host Peter McCormack summarized on Twitter, in a tongue-in-cheek appraisal of Quasar. BSV nonetheless staged a comeback in anticipation of its upgrade, rising as high as $336 in the past week.  Meanwhile, the separate legal debacle involving BSV’s de facto leader and self-confessed ‘creator’ of Bitcoin itself, Craig Wright, rumbles on. Involving a steadily-increasing list of participants, Wright is attempting to prove Bitcoin is his property, suing anyone who cares to disagree with him.  His former business partner’s estate is simultaneously suing him for $6 billion in Bitcoin which they allege he stole several years ago.  What do you think about Bitcoin SV’s hard fork? Let us know in the comments below! Images via Shutterstock The post Bitcoin SV Hard Fork To 2 GB Blocks Will Force Centralization, Say Critics appeared first on Bitcoinist.com.
Bitcoinist

Ethereum Developers May Implement EIP-2025 in The Next Hard Fork

The Ethereum team is reportedly considering EIP-2025 as an enhancement during Istanbul. This move has already cause considerable controversy among developers because of the corresponding increase in inflation rate. Accordingly, the proposal has sparked both debate and backlash from a contingent of developers. 4/ The EIP process is supposed to be a purely technical process. Consider it a technical review of the proposed standard for soundness and viability. There is no capacity or capability for handling things like politics or measuring social contention.— Andrew (@cyber_hokie) March 31, 2019 The information from the Ethereum core notes for the Ethereum Improvement Proposals (EIP) shows the same. An EIP provides information to the Ethereum community. Needless to say, blockchain platforms like Ethereum are open-source and community participation is a core part of the platform. In such a scenario, the criterion for rewards allocation is certainly a bone of contention. This is why the proposal has caught the attention of many developers. The document for plans outlined proposals to create more ether per block for a period of 18 months. As a result, this will increase flow to a funding organization. The end result is fueling development of the Ethereum ecosystem. Essentially, EIP-2025 proposes 0.0055 ETH` per block for 18 months as a developer block reward reserved for funding Ethereum1.X development. This move will increase the block rewards within the stipulated time frame. To the core developers, the increased liquidity in the form of block reward can be a good thing for spurring more innovation. Needless to say, not everyone shares this opinion. Reaction from Developers Developers were quick to jump on this information. Unsurprisingly, most of them had a negative reaction to the implication of such a move. The person who really brought it all to attention is Gnosis product researcher Eric Conner. This is because he was first to break the fact that EIP-2025 is seriously in consideration as an EIP for Istanbul. Conner contends that the move is absurd and the community should not allow it to happen. Reading through the latest Ethereum Core Dev call notes and it appears that EIP-2025 is being seriously considered as an EIP for Istanbul.EIP-2025 adds 0.044 ETH per block for 3,100,000 blocks to go to a dev fund. That’s 136,400 ETH. Absolutely absurd! This cannot happen.— Eric Conner (@econoar) July 22, 2019 Similarly, Spankchain CEO Ameen Soleimani took the same approach. Ameen, who runs a funding mechanism called Moloch DAO sided with the detractors of this development. This is because he believes that increasing the block rewards for this purpose will weaken the appearance of Ethereum as a store of value. I oppose EIP 2025 to fund Eth 1.x from new block rewards. https://t.co/fczE7J6TF5 https://t.co/Gq3FhFSbJa— Ameen Soleimani 👹 (@ameensol) July 22, 2019 Other critical voices are: Ryan Adams, founder of crypto investment company Mythos Capital, David Hoffman, chief of operations at RealT Platform and Anthony Sassano who is with marketing for SetProtocol. They joined the voices in opposition to the increase in block rewards. Moreover, Andrew Redden, CTO at Groundhog Pay terms the whole development as “The disaster of EIP-2025.” The Reason for Opposition In general, most of the community developers are concerned with who gets the rewards and who manages what those rewards are used for. In the proposed EIP-2025, the platform will see extra rewards produced for 18 months and then stop. This would mean that the extra funds instead of going to miners would go to a separate organization. As such, there are legitimate concerns as to transparency in block reward distribution. Even James Hancock, who put forward the proposal, does not provide an answer to this problem saying he ‘’do not profess to know the best way to organize these funds,” James suggests the creation of DAO to distribute the funds to the right projects, which only has to be transparent. Regardless, he has rightfully created an important debate. This participation by the community will ultimately shape the decision making of the development team. The post Ethereum Developers May Implement EIP-2025 in The Next Hard Fork appeared first on Ethereum World News.
Ethereum World News

This Bitcoin Hard Fork Is up Over 100% YTD & Still Looks Very Bullish

While the limelight continues to shine on bitcoin, there are other crypto tokens that might also deserve your attention. One, in particular, is Bitcoin Gold. The bitcoin hard fork climbed as high as $32.54 on June 26 before succumbing to profit-taking. At that point, the cryptocurrency was up by over 154 percent for the year. […] The post This Bitcoin Hard Fork Is up Over 100% YTD & Still Looks Very Bullish appeared first on CCN Markets
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