Welcome to /EthTrader, a 100% community driven sub. Here you can discuss Ethereum news, memes, investing, trading, miscellaneous market-related subjects and other relevant technology. Tags: ETH, BTC, Bitcoin, Augur, REP, DGD, ICN, MRK, MKR, GNT, DApp, Turing Complete, java script, how much money, time and money, new virtual currency, contractual dispute resolution, current market cap, core value proposition, CASPER, PoS, PoW, blockchain, Poloniex, GDAX, Coinbase, Vitalik Buterin, gas, fork
Vitalik dropped a bombshell on us when said that "high fees make Ethereum less secure". I explored what that means, why it's true, and what it means for the future of blockchains
The source of this is: https://twitter.com/VitalikButerin/status/1285593115672358912 And in particular, he links to: https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf I am: an Ethereum entrepreneur working full time on https://flowerpatch.app, an indie game When I first read that tweet, I was really surprised. We've been thinking since the start of Bitcoin that fees would gradually become the long-term thing that sustains miners. We were told that paying miners = security for the network Overview: The btc whitepaper explained that the block rewards would go down, slowly over time. Ethereum is modeled on this concept too, though has no fixed cap. Then: big blocks are good, because big blocks = more fees. However, looking back at this idea now, we see that there was a fair bit of hand-waving in this transition, and a new scalability problem becomes clear:
Up until recently, blocks have basically always had the same value per block. It turns out that this was a very important game theory assumption!
As fees begin to dominate the miners' revenue, we enter into a world where some blocks are very valuable, and some blocks not so much
An additional problem, especially in Bitcoin, is the "exponential time variance" in block mining. Sometimes, there's just no blocks for an hour
Miners always have the option to "fork" a blockchain. As we start to have high variance in the value of blocks, it becomes much more logical to try to fork valuable blocks instead of building on top of them. The paper states this as: "it becomes attractive to fork a “wealthy” block to “steal” the rewards therein". You can incentivize other miners to "join in" on your theft-fork by not taking all of fee revenue (i.e. not including all the transactions), leaving some for others that wish to follow you into the dark world. The paper provides an illustration: https://i.imgur.com/I2K9QDd.jpg
The paper also outlines several other "bad actor" strategies that miners can use. Increasingly, as blocks become irregular, and more "evil" strategies start to creep in, this actually opens the door to further bad actors, and collusion
One key quote from the paper: "Without a block reward, immediately after a block is found there is zero expected reward for mining but nonzero electricity cost, making it unprofitable for any miner to mine." — this leads to another class of game theory issues, where miners have no reason to start mining until transactions start to pile up, but still have to pay electricity fees. The world has changed since the btc whitepaper: various schemes for mining multiple currencies at once, or quickly switching to alternate networks, become available. Miners may choose to switch off their equipment, or switch networks for a while, instead of waiting for transactions to pile up. They call this phenomenon "mining gaps"
Impact on Bitcoin security. If any of the deviant mining strategies we explore were to be deployed, the impact on Bitcoin’s security would be serious. At best, the block chain will have a significant fraction of stale or orphaned blocks due to constant forks, making 51% attacks much easier and increasing the transaction confirmation time. At worst, consensus will break down due to block withholding or increasingly aggressive undercutting.
How this affects Ethereum:
Ethereum has, like Bitcoin, been slowly reducing its block rewards
Today, as Vitalik said, we had fees make up 40-50% of the block rewards
This actually introduces a new scalability issue — if we increase the blocksize by 4, even if the network could handle that, we could have a situation where fees make up 200% of the block reward (50% x 4). This would start to seriously undercut Ethereum's security, as the tweet alluded
This issue is not purely hypothetical, but could really happen, if fees hit a sustained 100-300Gwei — on today's eth1 network! Even without extra blockspace! We could start seeing these mining strategies appearing soon
How we fix this:
As Vitalik mentioned, EIP-1559 does largely solve this issue. That's all the reason we need to include this EIP. Burning fees is the key to fixing the game theory. But if nothing else, you can achieve a 0% inflation rate while still issuing block rewards, as long as enough eth is burned
ETH2 is not susceptible to these issues, because mining rewards are shared, rather than adversarial. The years of game theory research were worth it
What happens with Bitcoin: Well, this probably won't be an issue for quite a while, because BTC's rewards will only slowly dwindle over the next 100 years. However, they have a strict policy around this. BTC was always meant to have a totally fixed cap, and that's a big part of their "digital gold" narrative. What happens if the price of BTC tanks while the network is at capacity and has high fee revenue? They could start seeing issues pretty soon, especially with the abundance of other coins using the same mining hardware. There's already a fair bit of miners that jump between BTC/BCH/BSV based on profitability, so the "mining gaps" we discussed earlier could become more prevalent
Ethereum (ETH) API | The Third Party Blockchain Data Service Platform - Tokenview Block Explorer
What is ETH API?
When blockchain developers develop Ethereum applications, in addition to using their own nodes, they can also use the Ethereum API provided by a third party. The Ethereum API provided by Tokenview obtains Ethereum block information, performs broadcast transactions, and queries addresses and transaction details. Although everyone can build an Ethereum node, for enterprises, the node operation and construction itself also requires higher server and labor costs. Choosing the Ethereum API for development will eliminate the above costs and allow SMEs to install lightly. Enter the battlefield and directly develop products such as the Ethereum wallet.
The data supported by the Ethereum API includes:
Get the QR code of Ethereum collection.
General information about the pending transaction in Ethereum.
Obtain the transaction history list of the address through the abbreviation and address of Ethereum.
Obtain the block header information of the block through the public chain abbreviation and block height or block HASH.
Basic information of Ethereum: name, abbreviation, LOGO, circulation, total issuance, latest price (USD), market value, trading volume, fluctuations, etc.
For more support content, please refer to the API documentation, please click API documentation.
How to obtain third-party Ethereum API?
Hundreds of companies and institutions have chosen Tokenview API for blockchain development, eliminating the cost of building and operating and maintaining nodes by themselves. Tokenview API has a complete variety and stable interface. The enterprise version supports 300 calls per minute, which can basically meet the development needs of small and medium-sized enterprises. The advanced customization version supports higher frequency calls and customized services of various data interfaces, which is very suitable for the development of blockchain-related products such as wallets.
EtherBlockchain.io - Ethereum Blockchain Explorer & Decentralized Exchange
Dear Ethereum Community, Today, it is with great pride and hopefulness, I announce the launch of EtherBlockchain.io, an “Ethereum Community Site”. EtherBlockchain.io is still in development so we ask that you please bear with and support us as we continue to build. EtherBlockchain.io is a site that will both strengthen and nurture the very core of the Ethereum ecosystem. A site that will support both new users and ongoing users alike. A site that will help to fill a major void in our ecosystem. A site we can all be proud of. The Problem The Ethereum Blockchain is positioned to change the very foundation of the internet and all of humanity. However, currently, Ethereum Blockchain users both new and old must find transactional information, network data, current news, FAQs, services, blockchain applications, social interaction and basic learning information scattered across the internet amongst many different websites. To effectively learn, interact with the technology and connect to the community, users must visit Blockchain Explorer sites, cryptocurrency exchanges, Reddit communities, YouTube channels, news/blog sites and more. This is a major roadblock for new users and also leaves the current community without the nucleus/campfire/gathering point needed to both maintain and continually foster new user growth. If you’ve ever tried to help a friend or family member learn about, get Ether, or safely invest in this new technology then you know first hand what I am speaking about. The Solution We are building EtherBlockchain.io to become an all-inclusive Ethereum website featuring: Decentralized Token Exchange Full Featured Ethereum Blockchain Explorer Current & Historical Blockchain News & Videos Ethereum Token Market Data New User On-Boarding/FAQs Community Social Interaction User Account Services User Reputation Verified User Accounts A site that will provide the highest level of Ethereum Blockchain Information, News, Tools, Services and Social Interaction. A site that will create partnerships with the community, to both serve and strengthen the community. A site built with great UI/UX to stimulate mass adoption as an utmost priority. And most importantly, a trusted site that you can refer to a friend or loved one as a resource to find the support needed to learn, use and greatly benefit from blockchain technology. As we all know, the Ethereum ecosystem is currently at a very pivotal juncture. We are faced with overcoming scalability issues. We must develop applications that improve and break legacy trust points. We must build the bridges that will allow accessibility of the masses to our technology. This process will take time and many projects, both large and small, will not survive. To fulfill our mission, and to put it very frankly, We Need Your Support. I now openly ask for the support of the Ethereum community members and the greater blockchain ecosystem. Who isEtherBlockchain.io?Who am I and why should you support us? The Ethereum community is and has always been very special amongst blockchain communities. It is the true core of this community, both long time and new members alike, that have joined together in establishing a culture of inclusion and respect. It is this core of the community that supported each other early on and continues to build and push the Ethereum ecosystem forward today. It is this core community that I hope to reach and draw support from the most. I am reddit.comusafootballer, a long time core member of the Ethereum community. One thing that has always warmed my heart about blockchain communities is the practice of telling each other our stories of how we first got introduced to blockchain technology. I think it’s fascinating to hear each other's stories. It’s also important for us to learn the tipping point moments that lead to gaining new members of the community. In that spirit, I will briefly share my story. I first heard about Bitcoin in the summer of 2011 when a friend explained it to me as “money to buy drugs on the Internet”. Well… since I wasn't in the market of purchasing drugs on the Internet, I didn't give it a second thought (Yes, I missed out on less than $1 Bitcoin). It was then in the fall of 2013 that Bitcoin hit my radar once again when Wired.com posted an article about Bitcoin. Bitcoin had gone from $20 to $1300 in less than a year and this time I took a second look. I immediately read the Bitcoin white paper and I instantly “got it”. I fully understood Bitcoin as digital cash. More importantly I understood it as an alternative to the legacy financial systems. It was then January of 2014, I had a couple months of Bitcoin knowledge under my belt, I was totally hooked on the technology, I hadn’t purchased any Bitcoin yet, but I was consuming every bit of information about Bitcoin that I could find. The Miami Bitcoin Conference was being held and I can remember very vividly that I was literally just waiting around for videos to pop-up on YouTube so I could watch some of the presentations. I was feenin’ and ironically Bitcoin content had become my “drugs on the internet”. This video was posted that day (later reposted by the EF) and it has changed my life forever. This is the video of u/vbuterin presenting Ethereum to the public for the first time. I was one of the first 15 or 20 to click on the link. I watched this video and my head absolutely exploded. I can only describe it as like being in the room the first time Thomas Edison presented electricity! And… if up to that point there’s only been oil and candles to create light… you immediate know this will change everything. I knew at that moment the Ethereum project would be one of the most important projects in the history of mankind. Again, Thank you u/vbuterin for your vision, your courage and your leadership. It was good timing that I had a full understanding of Bitcoin, it was certainly important that I have a bigger interest and appreciation of the technology over price speculation and I was also very fortunate that I’ve been a serial entrepreneur all my life. These things help me to clearly see the Ethereum Blockchain vision, the greater promise of the technology and the courage and focus to take action. I am 100% committed to the Ethereum project, committed to this community and committed to developing open, decentralized, trust-less services and applications for the benefit of all mankind. I, like many others in the core of this community have been here for a very long time supporting, contributing and building. I ask you for your support so that we all can continue our missions. A member of the community: I’ve been a member of the community on reddit since day one (I’ve been building a lot and don’t post as much these days). DAI - I was at the first Maker community meeting w u/Rune https://www.reddit.com/ethereum/comments/332fxh/stablecoin_and_edollar_weekly_hangout_tomorrow/ The Dao - I was very supportive of the fork https://www.reddit.com/ethereum/comments/4q9ewf/ethereums_dao_wars_soft_fork_is_a_potential_dos/d4r8060/?context=3 https://www.reddit.com/ethereum/comments/4pd63n/why_ethereum_should_fork/d4k1akc/?context=3 Gnosis ICO - I speak up for greater good https://www.reddit.com/ethtradecomments/66a40l/we_are_the_gnosis_team_ask_us_anything/dggysrk/?context=3 Ether Under $1 - I’m an original HODLer https://www.reddit.com/ethtradecomments/3gerll/anyone_else_think_a_000255_btc_pricing_for_ethectxiobi/?context=3 I supported the Ethereum project in the pre-sale. I mined with a computer on the Olympic test net and I mined with a rig from my home for the first 2 years of the main network going live in July 2015. I’ve been working on EtherBlockchain.io for 3+ years (Myself and now a team of 8 Rock Star Developers). Here’s how you can support us:
If you like our site, please tell your friends and family about us.
Up vote this post here on Reddit.
Follow us on Twitter and retweet our announcements - Here
Use our Decentralized Exchange to trade tokens - Here
Add your Ether Account to your mobile home screen. Our account pages look awesome on mobile!
If you read an article on our site that you like, share it on your social media.
How Mining Pools, Dapps, Wallets and other Blockchain apps can support us: Link your transaction url receipts to our transaction pages.
Every transaction has a Timestamp value at the time of the transaction.
Blockchain transactions (and site wide) available in 15 currencies for global accessibility.
Our transaction pages look awesome on mobile! - See Here
If you have the taken the time to read this far into my post, you absolutely are a core member of this community! Thank You Very Much for your time and we would greatly appreciate your support. A final and MOST important message to the community: The single biggest thing you can do to help us AND to help the entire Ethereum community is to stop using centralized exchanges and start using a completely decentralized exchange! Centralized exchanges are extracting value from our ecosystem, falsifying data, losing customer funds and some are flat out stealing customers funds. I don’t have to explain this any further to core of this community. We all know the problems with centralized exchanges and we all know it’s senseless to use a technology that eliminates the middleman, yet to trade tokens with each other we bypass that technology and we use a middleman. We all know we can’t allow the damage of this paradigm to continue. As a community we must build and we must support open decentralized finance applications. Now is the time to migrate away from centralized exchanges!EtherBlockchain.io/exchange and other DEXs need your support now! EtherBlockchain will be the trusted site we can all tell our friends and family to go to, to learn about blockchain technology and decentralized applications. We will teach users to hold their own keys and fully control their own digital assets. We will strengthen and nurture the core of the Ethereum ecosystem by supporting, partnering with and giving back to this community. We will build open and trust-less applications that benefit not just the few but the many. We ask you to visit our site and to support us. Please recommend us to your friends and family, if you discover things that don’t work correctly or if there’s a feature that you’d like to see us add, please tell us. Thank You All for your support! u/usafootballer
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WHAT IS ETHER CHAIN? HOW TO JOIN ETHER CHAIN COMMUNITY
In this video, BlockchainWTF's Jeremy Cogan explains how to read a receipt on a blockchain explorer. He'll cover the different capabilities of a blockchain explorer, how to read a receipt, and any ... This talk is about my experience building and using a block explorer for the Ethereum blockchain, which will provide a statistics highlight of the Ethereum blockchain and demographics of the ... How to Read an Ethereum Blockchain Explorer Receipt - Duration: 7:30. Blockchain WTF 2,873 views. 7:30. How To Sign Messages on Ethereum with Web3.js - Pt 1 - Duration: 14:42. ️In our subsequent training you will also learn all about Ethereum studio, Ethereum explorer GitHub, ether chain smart contract, all Ethereum transactions, Ethereum hashrate distribution ... Etherscan is an Ethereum Block Explorer. It is a great way to keep track of transactions on the network. It also has a lot of great information that can aid in researching a coin. Additionally, if ...