There is no official date announced yet. Just cautiously optimistic devs and community hoping for mid-June for various reasons Testing is still ongoing, the merge will not be shipped until developpers are fully confident that nothing will go wrong. I suggest bookmarking wenmerge. Nope, your a idiot. They will delay it like they always have in the past. Some useless sementics first: there is no official date announced yet, and there never was. A lot is different today.
All the necessary steps to lead to the merge are done. Until the merge is done, nothing else gets done. PoS is literally running as we speak in the form of the Beacon Chain since December Withdrawals will come in the first hard fork following the merge, likely months after.
Assuming a mass sell-off event, everyone is in that queue, limited at a rate of valitors per day. Everyone unstaking would literally take over a year. There are thousands of people waiting in line to stake right now. Something catastrophic could go wrong, yet people have been staking and locking up their ETH for over a year despite this risk and despite the ETH being locked until an unknown floating date. The merge will bring excitement and volatility and possibly a sell-the-news dip, who knows.
Proof of Work is easy to conceptualize and implement, Proof of. Especially when back in it was mostly a theoretical concept still being researched, with some blockchain implementing some version of it. There were several fundamental problems with PoS that needed to be overcome from a research perspective before thinking about implementing it.
There is no one-size-fits-all for Proof of Stake. Nah, this is really just a ploy to screw over the miners one last time after years of hard work PoS has been the eventual goal since day 1 , everyone mining was always aware that it would end one day.
There is no rugpull or unfairness going on here. Economic factors trump any kind of miner-blockchain loyalty. Miners can also be holders of the coin, and users of the blockchain. Nothing prevents them from holding their rewards and becoming stakers too. There is nothing magical about computing hashes over and over until you land on one that fits arbitrary requirements. I mean, you could have a proof of work blockchain where the work is done by solving sudoku puzzles and it would work exactly the same: NP-complete problem, hard to compute one way but easy to verify a solution once one has been found.
A thousand validators doing it at the same time get penalized much more heavily. Unfortunately we live in a world of high wealth inequality. Passive interest on your deposit though? Printing money out of thin air? Illiquidity — From the moment you deposit, your capital is locked up, queued up until your validator is active, then when you withdraw there is yet another queue before getting it back.
This basically means that all those costs above will get priced by the market itself. Which is outpaced by EIP burn as long as gas fees are at least 23 gwei. No update to the monetary policy has ever increased supply inflation. Low inflation rate specifically dis inflation has been the goal since day 1. Whales have all the money needed to take over and change the rules and slash honest stakers No. Ethereum has no on-chain governance of any kind for this reason.
The reason for such a high number is it has to fall in a technical sweetspot. In a nutshell, it has to be low enough to be accessible and have enough validators to secure the chain, but high enough to not have too many validators and bloat the chain with overhead. And having a fixed amount for each validator reduces a lot of the complexity by having each validator weighted exactly the same in the distributed randomness process of who gets to produce each block.
Earlier math from even suggested over ETH minimum. Thankfully, just like. And because of the quadratic penalties mentioned above, I believe decentralized staking operations will outperform the centralized ones on the long run. I go into more details on this here for those interested. Only time will tell. To achieve that, prioritizing decentralization is key.
Which is something I mainly just see in Bitcoin and Ethereum, despite the widely different philosophies. But plz be polite. Tags: ethereum eth web3 full ethereum node ethereum chain size erc20 ether geth mist erc20token. Ethereum clients currently store GB of historical data that is unnecessary to validate the chain.
That number is growing at a rate of around GB per year. In both cases, clients request historical data over the p2p network to develop their view of the chain. The trust model has generally been to trust the genesis state and verify everything else - either fully verifying or light verifying with PoW checks. Proof-of-stake changes this. This is essentially a block in the canonical chain that we trust with the same level of trust conveyed onto the genesis block in PoW.
The WS checkpoint allows clients to skip the bootstrapping step of requesting historical data over the p2p network. This sounds like a regression in security. So what sync mode should you run to get a full Ethereum blockchain with all necessary security? Both Parity and Geth offer options which synchronize a full node starting at the genesis block and executing all transactions. The modes are:. When running the full node described above, you are able to rebuild any historical information you want using just your node.
There is often much confusion around if a state pruned Ethereum node above is a full node and the answer is yes. Pruning ancient state is fine as it is not necessary to most users. If you are looking to run a block explorer or do deep analysis on the blockchain, then you could run an archive node with no pruning so you don't have to always recompute the pruned state.
Also, it can be used to create smart contracts. Smart contracts work in such a way that when a specific set of predefined rules is satisfied, a given output takes place. The Bitcoin vs. Ethereum argument has been garnering more attention these days. Bitcoin has become a very popular and well-known cryptocurrency around the world. It also has the highest market cap among all the cryptocurrencies available right now.
On the other side, however, is Ethereum. Ethereum did not have the revolutionary effect that Bitcoin did, but its creator learned from Bitcoin and produced more functionalities based on the concepts of Bitcoin. It is the second-most-valuable cryptocurrency on the market right now. Bitcoin was the first cryptocurrency to be created; as mentioned, it was released in by Satoshi Nakamoto. It is not known if this is a person or group of people, or if the person or people are alive or dead.
Ethereum, as noted above, was released in by a researcher and programmer named Vitalik Buterin. He used the concepts of blockchain and Bitcoin and improved upon the platform, providing a lot more functionality. Buterin created the Ethereum platform for distributed applications and smart contracts.
Bitcoin enables peer-to-peer transactions. Ethereum enables peer-to-peer transactions as well, but it also provides a platform for creating and building smart contracts and distributed applications. A smart contract allows users to exchange just about anything of value: shares, money, real estate, and so on.
In Bitcoin, miners can validate transactions with the method known as proof of work. This is the same case for Ethereum. With proof of work, miners around the world try to solve a complicated mathematical puzzle to be the first one to add a block to the blockchain. Ethereum, however, is working on moving to a different form of transaction validation known as proof of stake. With proof of stake, a person can mine or validate transactions in a block based on how many coins he owns. The more coins a person holds, the more mining power he will have.
In Bitcoin, every time a miner adds a block to the blockchain, he is rewarded with 6. In Etherium a miner, or validator, receives a value of 3 ether every time a block is added to the blockchain, and the reward will never be halved. The transaction fees in Bitcoin are entirely optional. On the other hand, you must provide some amount of ether for your transaction to be successful on Ethereum.
The ether you offer will get converted into a unit called gas. This gas drives the computation that allows your transaction to be added to the blockchain. As for the average amount of time it takes to add a block to the blockchain, in Bitcoin it takes 10 minutes. In Ethereum, it takes only about 12 to 15 seconds.
Hashing algorithms are how these systems can maintain their privacy and ensure security. Bitcoin uses a hashing algorithm known as SHA Ethereum uses a cryptographic algorithm called Ethash. Bitcoin has over 18 million bitcoins currently in existence, and Ethereum has million ether. This has a lot to do with the fact that it takes a lot less time for a block to be added to Ethereum than to Bitcoin.
The current block size is 1, kilobytes for Bitcoin and 94 kilobytes for Ethereum. It is listed under the code ETH and traded on cryptocurrency exchanges. It is also used to pay for transaction fees and computational services on the Ethereum network. Price volatility on any single exchange can exceed the volatility on Ether token prices more generally.
The ERC standard protocol is a technical standard for smart contracts on Ethereum. It defines a set of rules to be followed in the creation of new tokens on the blockchain, allowing for exchanges and wallets to better more seamlessly integrate new tokens that follow the standard. Most major tokens on the Ethereum blockchain are ERC compliant. It is sandboxed and also completely isolated from the network, filesystem or other processes of the host computer system.
Every Ethereum node in the network runs an EVM implementation and executes the same instructions. Smart contracts are deterministic exchange mechanisms controlled by digital means that can carry out the direct transaction of value between untrusted agents. They can be used to facilitate, verify, and enforce the negotiation or performance of procedural instructions and potentially circumvent censorship, collusion, and counter-party risk.
In Ethereum, smart contracts are treated as autonomous scripts or stateful decentralized applications that are stored in the Ethereum blockchain for later execution by the EVM. Instructions embedded in Ethereum contracts are paid for in ether or more technically "gas" and can be implemented in a variety of Turing complete scripting languages.
As the contracts can be public, it opens up the possibility to prove functionality, e. One issue related to using smart contracts on a public blockchain is that bugs, including security holes, are visible to all but cannot be fixed quickly. There is ongoing research on how to use formal verification to express and prove non-trivial properties. A Microsoft Research report noted that writing solid smart contracts can be extremely difficult in practice, using The DAO hack to illustrate this problem.
The report discussed tools that Microsoft had developed for verifying contracts, and noted that a large-scale analysis of published contracts is likely to uncover widespread vulnerabilities. The report also stated that it is possible to verify the equivalence of a Solidity program and the EVM code.
Smart contracts are high-level programming abstractions that are compiled down to EVM bytecode and deployed to the Ethereum blockchain for execution. There is also a research-oriented language under development called Viper a strongly-typed Python-derived decidable language.
In Ethereum all smart contracts are stored publicly on every node of the blockchain, which has trade-offs. Ethereum engineers have been working on sharding the calculations, but no solution had been detailed by early As of January , the Ethereum protocol could process 25 transactions per second.
Buterin and Joseph Poon a co-author of Bitcoin's lightning network whitepaper announced in their plan to launch a scaling solution called Plasma which creates "child" blockchains to the "main" parent blockchain. The supply of Ether was projected to increase by However, a new implementation of Ethereum named "Casper" based on proof-of-stake rather than proof-of-work is expected to reduce the inflation rate to between 0.
Many uses have been proposed for Ethereum platform, including ones that are impossible or unfeasible. Use case proposals have included finance, the internet-of-things, farm-to-table produce, electricity sourcing and pricing, and sports betting. These cryptocurrency wallets support Ethereum:. Ethereum-based customized software and networks, independent from the public Ethereum chain, are being tested by enterprise software companies. In March , various blockchain start-ups, research groups, and Fortune companies announced the creation of the Enterprise Ethereum Alliance EEA with 30 founding members.
The purpose of the EEA is to coordinate the engineering of an open-source reference standard and private "permissioned" version of the Ethereum blockchain that can address the common interests of enterprises in banking, management, consulting, automotive, pharmaceutical, health, technology, mobile, entertainment, and other industries, while working with developers from the Ethereum ecosystem.
Certain members of the alliance have also indicated a desire to investigate and collaborate on hybrid architectures to potentially anchor private blockchains to the public Ethereum blockchain in the future, although concerns remain over the security, compliance, and regulations involved in bridging such permissioned and "permissionless" blockchains.
By July , there were over members in the alliance, including recent additions MasterCard, Cisco Systems, and Scotiabank. Ethereum-based permissioned blockchain variants are used and being investigated for various projects. Ethereum technology makes it possible to register any transactions with any assets on the basis of a distributed base of contracts such as blockchain, without resorting to traditional legal procedures.
This possibility is competitive in relation to the existing system of registration of transactions. According to the Economist, the technology of "smart contracts" marks a new era in financial technology. Bacchanalia technologies can be successfully combined with the remote banking services of the type provided through SMS messages. Due to its low cost, this opportunity is particularly attractive for developing countries, according to The Economist.
Smart contracts in Ethereum are presented in the form of classes that can be implemented in various languages, including visual programming and compiled to bytecode for a virtual machine Ethereum Ethereum Virtual Machine, EVM before sending it to the blockchain. The state change of the virtual machine can be recorded in the full Turing scripting language.
Unlike the scripting language in the bitcoin Protocol, EVMS support loops, so the platform uses a mechanism called gas to limit contracts that can take a long time to execute. A finance blogger on FT Alphaville has pointed out that criminals are using Ethereum to run Ponzi schemes and other forms of investment fraud.
Go, Rust, C#, C++, Java, Python. Operating system. Cross-platform.