Account Functions. Binance Fan Token. Binance Earn. Binance Pool Tuturial. Crypto Derivatives. Other Topics. Binance Ethereum Mining Tutorial Mining Equipment and Environment. Please complete the following steps to set up your account:. Visit the official Binance Pool website and register for a Binance Pool account to create a mining account. Step 1: Login to the Binance Pool website: pool. If you have a Binance Exchange account, click the Log In button in the upper right corner to log in directly you can use the same account for both Binance Pool and Binance Exchange.
If not, please click the Register button in the upper right corner to complete registration. Step 3: Create a mining account. After logging in, click Account Management to create a mining account. Here, you will assign a username to the mining account.
Enter the corresponding username for the miner that will be used on that account. How to Get Mining Software. Hive OS : The ultimate mining platform that allows users to set up, mine and control processes more efficiently and hustle-free across thousands of rigs all in one place.
Everything you and your team need to keep your farm at its peak efficiency. Following the first delivery date in January , the CME requested extensive detailed trading information but several of the exchanges refused to provide it and later provided only limited data. The Commodity Futures Trading Commission then subpoenaed the data from the exchanges. State and provincial securities regulators, coordinated through the North American Securities Administrators Association , are investigating "bitcoin scams" and ICOs in 40 jurisdictions.
Academic research published in the Journal of Monetary Economics concluded that price manipulation occurred during the Mt Gox bitcoin theft and that the market remains vulnerable to manipulation. Research by John M. Griffin and Amin Shams in suggests that trading associated with increases in the amount of the Tether cryptocurrency and associated trading at the Bitfinex exchange account for about half of the price increase in bitcoin in late El Salvador officially adopted Bitcoin as legal tender, in the face of internal and international criticism, becoming the first nation to do so.
Ukraine is officially using Bitcoin to collect donations to fund the resistance against the Russian invasion. Iran announced pending regulations that would require bitcoin miners in Iran to sell bitcoin to the Central Bank of Iran , and the central bank would use it for imports. In Switzerland , the Canton of Zug accepts tax payments in bitcoin. Bitcoin, along with other cryptocurrencies, has been described as an economic bubble by at least eight Nobel Memorial Prize in Economic Sciences laureates, including Robert Shiller ,  Joseph Stiglitz ,  and Richard Thaler.
Journalists, economists, investors, and the central bank of Estonia have voiced concerns that bitcoin is a Ponzi scheme. Bitcoin wealth is highly concentrated, with 0. Bitcoin has been criticized for the amount of electricity consumed by mining. The development of intermittent renewable energy sources , such as wind power and solar power , is challenging because they cause instability in the electrical grid.
Several papers concluded that these renewable power stations could use the surplus energy to mine Bitcoin and thereby reduce curtailment , hedge electricity price risk , stabilize the grid, increase the profitability of renewable energy infrastructure, and therefore accelerate transition to sustainable energy and decrease Bitcoin's carbon footprint. Concerns about bitcoin's environmental impact relate bitcoin's energy consumption to carbon emissions.
The results of recent studies analyzing bitcoin's carbon footprint vary. Bitcoins annual e-waste is estimated to be about 30 metric tons as of May , which is comparabe to the small IT equipment waste produced by the Netherlands. One Bitcoin generates g of e-waste per transaction. The average lifespan of Bitcoin mining devices is estimated to be only 1.
The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and the media. Several news outlets have asserted that the popularity of bitcoins hinges on the ability to use them to purchase illegal goods. Bitcoin Core is free and open-source software that serves as a bitcoin node the set of which form the bitcoin network and provides a bitcoin wallet which fully verifies payments.
It is considered to be bitcoin's reference implementation. Bitcoin Core includes a transaction verification engine and connects to the bitcoin network as a full node. It does not facilitate the buying or selling of bitcoin. It allows users to generate QR codes to receive payment. The software validates the entire blockchain , which includes all bitcoin transactions ever.
This distributed ledger which has reached more than gigabytes in size as of Jan , must be downloaded or synchronized before full participation of the client may occur. It also provides access to testnet, a global testing environment that imitates the bitcoin main network using an alternative blockchain where valueless "test bitcoins" are used. Regtest or Regression Test Mode creates a private blockchain which is used as a local testing environment.
Checkpoints which have been hard coded into the client are used only to prevent Denial of Service attacks against nodes which are initially syncing the chain. For this reason the checkpoints included are only as of several years ago. This limited the maximum network capacity to about three transactions per second. A network alert system was included by Satoshi Nakamoto as a way of informing users of important news regarding bitcoin.
It had become obsolete as news on bitcoin is now widely disseminated. Bitcoin Core includes a scripting language inspired by Forth that can define transactions and specify parameters. Two stacks are used — main and alt. Looping is forbidden. Bitcoin Core uses OpenTimestamps to timestamp merge commits. The original creator of the bitcoin client has described their approach to the software's authorship as it being written first to prove to themselves that the concept of purely peer-to-peer electronic cash was valid and that a paper with solutions could be written.
The lead developer is Wladimir J. Andresen left the role of lead developer for bitcoin to work on the strategic development of its technology. A person who does this is known as a Hodler. In Charles Stross ' science fiction novel, Neptune's Brood , the universal interstellar payment system is known as "bitcoin" and operates using cryptography. Bitcoin was obscure back then, and I figured had just enough name recognition to be a useful term for an interstellar currency: it'd clue people in that it was a networked digital currency.
The documentary The Rise and Rise of Bitcoin portrays the diversity of motives behind the use of bitcoin by interviewing people who use it. These include a computer programmer and a drug dealer. Each of the eight members represented a cryptocurrency, including Bitcoin, Ethereum and Cardano. It covers studies of cryptocurrencies and related technologies, and is published by the University of Pittsburgh. Authors are also asked to include a personal bitcoin address in the first page of their papers.
From Wikipedia, the free encyclopedia. Decentralized digital currency. Issuance will permanently halt c. Number of bitcoin transactions per month, semilogarithmic plot . Number of unspent transaction outputs . See also: Bitcoin network. The chips pictured have become obsolete due to increasing difficulty. Today, bitcoin mining companies dedicate facilities to housing and operating large amounts of high-performance mining hardware.
For broader coverage of this topic, see Cryptocurrency wallet. A paper wallet with a banknote -like design. Both the private key and the address are visible in text form and as 2D barcodes. A paper wallet with the address visible for adding or checking stored funds.
The part of the page containing the private key is folded over and sealed. A brass token with a private key hidden beneath a tamper-evident security hologram. A part of the address is visible through a transparent part of the hologram. A hardware wallet peripheral which processes bitcoin payments without exposing any credentials to the computer. Main article: History of bitcoin. Bitcoin logos made by Satoshi Nakamoto in left and right depict bitcoins as gold tokens.
Further information: Crypto-anarchism. Main article: Economics of bitcoin. Annual volatility . Further information: Legality of bitcoin by country or territory. Further information: Cryptocurrency bubble and Economics of bitcoin. Main article: Environmental impact of cryptocurrencies. The start screen under Fedora.
Portals : Business and economics. Free and open-source software. The timestamp of the block is This block is unlike all other blocks in that it does not have a previous block to reference. The fact is that gold miners are rewarded for producing gold, while bitcoin miners are not rewarded for producing bitcoins; they are rewarded for their record-keeping services.
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Given the above timeline, is it fair to say that DAPP's have to wait at least 4 years before they can run their smart contracts on top of Ethereum 2. A: Hi! That article is written by an independent engineer that has been following development so it is not necessarily our 1-to-1 opinion. I agree that assets and smart contracts won't be available in eth2. At the latest, I expect phase 2 to launch in , but we are building a complex system and can't say for sure what unexpected challenges might arise between now and then.
Thanks :. Rust, go, typescript, etc to aid in writing contracts in these languages. The eWASM team has compiled a ton of info here to understand the project from a high level. Q: Hi guys, Would you like to implement an optional decentralized identity layer in the future? A: Decentralized identity systems are definitely very interesting, but imo out-of-scope for blockchain base layers.
The good news is that it's a Turing-complete platform, so anyone can build one on top of ethereum 1. A: In my mind the Ethereum 2. I worry that we botch the spec with poor taste in some of the implementation details, or bugs that we miss. A: It is a similar set of incentives as why you would run an eth1.
A2: Financial rewards through ETH inflation. I think Eric Conner has a spreadsheet somewhere. A: We're definitely trying hard to bring the complexity down! That said we recognize that there's still a way to go, and many features of eth2 don't feel neat and clean the way eg.
Nakamoto PoW does. Q: Is there any work being done on reducing the size of the blockchain as it grows? A: You mean the current chain or the 2. Since this AMA is primarily about on the 2. The beacon chain state size is bounded, and there are no objects that hang around forever; even validator records disappear once either their balance drops too low or the validators exit voluntarily and then the withdrawal and exit waiting periods pass.
On the shard chains, we're looking at ongoing storage maintenance fees for every byte of storage, "hibernating" accounts that do not pay up at which point their users are responsible for storing and maintaining the data needed to revive those accounts if they need them.
A2: If you are talking about the Ethereum 1. I can imagine kiting tumblers that might make this a computationally intractable challenge. A: There isn't really a concept of "challenging transfers" in the current spec, and if you mean plain old fraud proofs then the answer is that if a block that was confirmed into a history turns out to be invalid then the entire history from that point on is invalid and should get discarded. A: No. You specify the shard you want. You'll chose based on proximity to contracts of interest, and gas prices.
Each shard will have a separate gas market. A software implementation of the VDF would likely be useless for production. A software implementation would be useful for testing though. There will be a small incentive for validators to also be VDF evaluators. Other than that we're mostly drawing from external incentives e. The good news is that we only need one VDF evaluator to do its job. There will be thousands of VDF rigs given for free to the community. Q: Do Quantum Computers pose a permanent threat to ownerless legacy addresses with significant funds and can they cause collisions with old contracts?
A: One of the features of Ethereum 2. I expect quantum-secure signature schemes to gradually become more popular. Burn addresses can easily be made quantum-secure. Do Quantum Computers pose a permanent threat to ownerless legacy addresses with significant funds. Yes, definitely a threat. Ownerless legacy address could be a systemic risk for blockchains such as Ethereum and Bitcoin. Would be interesting to guestimate how much ETH is at risk. Is there any idea or plan to convert current tokens to ERC like, efficient format?
Code isn't Law. A: I'm hoping that Ethereum 2. Starting from scratch is a unique opportunity in Ethereum's lifetime. Definitely would like to see both issues resolved in 2. The other big things I want to "get right this time" is i multisig wallets and ii not having the "ether used to pay for gas to withdraw funds from a mixer contract being a deanonymization vector" issue that makes privacy hard at the moment.
A: At the consensus layer we are trying hard to be friendly to decentralised staking pools. Hopefully we will see those soon after the launch of phase 0. Centralised staking pools—unlike centralised mining pools—are somewhat awkward because you have to trust the operator to behave properly with your funds. As for existing contracts, the entire eth1. Q: Are there any courses or subjects in uni that one should take to help in becoming a researcher?
A: I'd say you need to be a good self-learner. Math, cryptography, computer science, programming, economics, networking are all relevant. Q: Of proposed ways to tackle state rent problem, which one is your favorite? What do you think about resulting complexity from user point of view? The complexity is actually not so much in the rent itself, it's in how it changes the developer experience.
The general approach is that application storage will need to be more "modular" and explicitly broken down into chunks associated with specific users, possibly with a fixed amount of "global" storage, plus some short-term storage not assigned to any user that goes away after some fixed amount of time, eg.
Could this be used in lieu of specialized hardware? If so, I imagine this could be a substantial time and cost saving measure in the quest for Serenity. A: TEEs can be used to generate randomness using delay.
Unfortunately TEEs is trusted hardware. We need a trustless solution : [Justin Drake]. A follow-up: Though I would add that trusted hardware could be a great thing for individual validators to use to increase their security. Q: What computer science problems still need to be solved prior to the release of Phase 1?
A: For phase 0 we need locally-computable shuffles. For phase 1 we want a custody scheme that is friendly to decentralised pools. Please message me if that sounds like your cup of tea : [Justin Drake]. Q: What happens to the beacon chain in the event of a controversial hardfork on the Eth 1. Will two beacon chains form? If not, what mechanism will the beacon chain use to determine which Eth 1. How will this affect the transition of the Eth 1. It is my view that this trading pair must remain stable for a successful transition to take place.
A: If not, what mechanism will the beacon chain use to determine which Eth 1. By default the beacon chain validators will just use the voting mechanism that's specified in the spec, and whichever chain a majority of the validators support is the chain that the beacon chain will go with.
That said, if we want to facilitate a peaceful split, there is a fork versioning feature built in to the beacon chain to make replay protection very easy Q: Why are you not doing "proper" research and submit publications to conferences? A: Not really an answer to your question, but Ethresear. Q: Let's say that I have some ethereum locked on a time locked contract, will be available after the 2.
This question can be expanded to all 1. A: The Ethereum 1. Q: Thoughts on this tweet? A: Eth 2. Hopefully some nice way to achieve 2 second average block times. Extremely effective cross-shard communication, either at base layer or through a variety of easy-to-use layer 2 systems. Will it be possible for a single DAPP to operate across multiple shards? Will L2 solutions be the only option? A: A dApp would have to get really big to consume all the resources in a given shard to justify spreading itself over multiple shards.
For example, Uber does less than 20 rides per second. A similarly popular decentralised equivalent would likely fit on a single shard, especially when fancy L2 infrastructure is involved e. Q: What is your take on the current state of finding consensus on randomness, in particular the current VDF construction. While certainly clever, I wouldn't say it is very elegant. Do you think this is due to theoretical constraints or do do you see potential for a 'nicer' way?
More general, are there any theoretical problems in this space, relevant to Ethereum 2. Is it the hardware you don't like? If so, would you agree that proof-of-work is an elegant solution? Then think of VDFs as being "proof-of-work 2. It's a paradigm shift from massively-parallel work to inherently-sequential work.
I'm not aware of any unbiasable randomness schemes that only have strong liveness, other than VDFs :. Will you be nearby? Q: Shouldn't the smart contract stated in 4 have the ability of sending just 16 ETH for something as RocketPool v2 work while some consider this to be "centralization" I think it will help a lot the average user and mitigate the risk of the average user?
A minimum balance of 32 ETH on the beacon chain is required for activation as a validator. Q: I see a lot of people talking about nodes running in cloud. Shouldn't ETH find a way to actually discourage this? If everybody is running nodes in cloud that means we have possible single point of failure, which is against what I think we are trying to achieve and what enterprise customers are looking to eliminate.
A: "Partial slashing" and the quadratic leak during times of no-finality actually financially encourage diverse validator setups. Your potential losses are much smaller when your slashable message or validator down-time are discorrelated. Diversity in setup includes -- node software, validation software, local server vs cloud provider and which cloud if using cloud , geographic region, etc. To guard against this, I should setup my validation node locally or on a less used cloud provider. A2: We do have a way!
It's called "partial slashing" and the idea is that, if something goes wrong, the more people did something wrong the more everyone gets penalised. So there is an incentive to avoid correlation with other validators, and hence avoid centralisation. Q: Can you foresee ever having to move Eth 1. A: The current plan is to incorporate the eth1.
Note that this will just be a state root and an EVM interpreter along with eth balances. Users will be able to call into this contract by providing merkle witnesses of the required state. Q: I'm a new developer looking into Ethereum, where would you officially recommend I look to develop with an eye toward future proofing? A: A key consideration to future proof your contract code for Ethereum 2. It's known as "storage rent" and "storage maintenance fees".
Q: What do you guys think of the Avalanche consensus mechanism and could it play a role in the ETH roadmap further into the future? A: Avalanche is interesting to me because it's a fresh approach. Looking forward to seeing how it plays out with Bitcoin Cash. Successes there can be ported to Ethereum via L2 infrastructure. Q: Is sharding smart contracts theoretically possible? How would one go about that? Q: How does eth 2. A: The key security guarantee of sharding comes from frequently shuffling validators into randomly-sampled committees known as "crosslink committees".
The hope is that this fast shuffling resists bribing attacks, in both the "honest majority" and the "slowly-adaptive rational majority" security models. Am I thinking about this wrong? A: Every shard gets security with the same notional value. Value validator collateral gets spread evenly across shards.
This seems inefficient to me. Depending on how the distribution of value shakes out across shards, potentially materially inefficient? A: This seems inefficient to me. Oh I see! Interesting point. We consider every shard equal, and provide high security for all shards. The breakdown of even a single shard namely, an unavailable or invalid crosslink would likely be catastrophic for the whole system.
Q: Will the Beacon Chain require its own nodes? Is this basically a brand new chain that has only one connection to ethereum: Proof of Burn? In many ways this is akin to the FFG contract and sharding contract proposals that were previously deprecated but the organization breaks clean from the EVM to allow for a radically new design and increased efficiency.
If they run the beacon chain, they can then sync whatever shard chains they want. The connection at first is just an economic connection -- use the existing economics and community to seed validation in the beacon chain. Beyond that, we expect the beacon chain to be used to finalize the pow chain in the short to medium term. In the end, there are a number of proposals to either fork the eth1.
Q: How does Eth 2. If people run nodes at home on consumer hardware with a normal internet connection they can be taken offline easily with DDOS attacks or am I interpreting this wrong? A: It is the responsibility of a validator to remain online to fulfill their responsibilities and gain rewards. A validator's inactivity penalties are also minimized if their being offline is dis-correlated from other validators.
This incentivizes to utilize different node and validation software from the majority so that in the case of a ddos attack vector against a particular node implementation, your offline losses are minimized. The validator's protocol level identity and it's node's network identity are completely decoupled.
This allows for a validator to create any type of obfuscated network setup that serves their purposes. I expect many tools and best practices to arise for home validators in the coming months. Q: What are your thoughts on formal verification of smart contracts? Will this be possible with Ethereum 2. A: Formal verification of smart contracts is awesome and super valuable IMO. Formal verification will be possible in eth2. I believe the WASM semantics are already available in K which will provide some good opportunities for contract verification.
Opening up more languages by using WASM will also allow for utilization of more restricted languages that are more amenable to FV. Q: What are some good cypherpunk books that you would recommend to people getting interested in this space? Or just good book recommendations in general. A: I don't read many books nowadays. I mostly consume academic papers, whitepapers, podcasts, videos, blog posts, Reddit, Twitter, etc.
Basically will there be resharding? If so, how is resharding done? How are you solving the fast state syncing problem if nodes need to be reshuffled around shards? Right now crosslink committees are shuffled every epoch 6. Crosslink committees are critical, hence why there are shuffled fast.
See this answer also. Q: You said in a comment some days ago that there are basically no unsolved problems of Serenity Phase 0 left. Which problems of Phase 1 and 2 are still left to be solved? A: The short answer is there are no big fundamental problems for phases 0, 1, 2. The more detailed answer is that for phase 0 we need locally-computable shuffles. For phase 2 we need to figure out sustainable storage. Q: Before Eth 2. A: Storing data on Ethereum is expensive per byte.
Infrastructure like Filecoin may prove to be a good trustless storage solution. For privacy, just encrypt the data. Unfortunately those likely won't be ready for phase 0. Q: Is there some kind of roadmap for the migration from ETH 1. For true decentralization it is required to get more people on board that understand the full process. A: ETH—at least when Ethereum 2. Fungibility is a key design goal. Q: Where does new client software take lists of peers with their ip addresses and ports?
Is there is centralized server? A: This is an implementation detail. Some clients may have a hardcoded list of "bootstrap node" IPs and ports. A: Nothing final. Ultimately the community will have to make a tradeoff between low inflation and high security. Q: What are the odds that a fully sharded chain including state transitions is feasible? A: Very high. No fundamental problems unsolved. The tricky part is getting everything to fit together cleanly. Q: Can I use a raspberry Pi to stake when staking is possible?
And what do I do with it in the mean time? A: I tend to be critical of that class of systems. A: Yes, there are already a number of experiments in eth1. Check out miximus for privacy and roll up for scalability both by barry whitehat! Q: Why is ETH 2. A: ETH 2. The reason we have phases 0, 1, 2 is to break things down conceptually, and in terms of incremental releases to limit risk. Q: What work is being done to make the research behind ETH 2. Are there any efforts to translate research specifications into other languages?
A: Are there any efforts to translate research specifications into other languages? Once the spec is more mature I expect the community to pick this up, somewhat similar to how Andreas's books get translated. English seems to be the a lingua franca for research and development.
Q: After PoS, if a node gets hacked, can the hacker make the node to lose its stake by confirming false transactions? A: When your validator gets penalised it is automatically deregistered to prevent further damage. We have a mechanism called "partial slashing". The idea is that, if something goes wrong with your validator it only gets penalised a bit if not many other validators also mess up around that time.
So in the optimistic case of a lone hack you should recover most of your funds with your withdrawal key kept secure, e. A: That will likely be unlocked with abstraction which includes gas abstraction. Q: Assuming the number of network nodes remains the same and the network graduates to full PoS A: Rough ballpark figures. Q: What is the most updated timeline for rolling out PoS?
Since Vitalik already said 'research is done', what are developers' incentives to push things forward? Are there any specific measures taken to ensure a smooth transition? A: I expect the beacon chain the core PoS chain to launch late Ideally the spec should be close to final in Q1, cross-client testnets in Q2, security audits in Q3, mainnet launch in Q4. So November and January would be my two best guesses.
Having the Ethereum 2. For example: private eth network run in a shard connected to main eth network from which it takes just security from validators. Private transaction with ZKsnarks shard s. Encrypted data shards. Erc20 like coin launched on ETH 2. A: Every shard has the same data availability layer, and the option to use EVM2. That's common base-layer infrastructure. At the application layer contracts can be powered by non-EVM2.
There's also a huge L2 design around state channels, plasma, cross-shard communication, etc. So at the application layer I expect lots of non-homogeneity across shards, as well as a lots of homogeneity thanks to standardisation. How much thinking is being devoted to the greater infrastructure requirements of Eth 2. A: PoS enables goodies such as economic finality and sharding. It is also much cheaper in terms of inflation cost for hodlers, as well as ecologically than PoW.
Q: What do you feel is the biggest unsolved challenge left in Eth 2. A: I really honestly think that there are no unsolved research challenges at this point. It's mostly "how do we make this thing more elegant and take up fewer lines of code and have fewer edge cases" on the research side. Better understanding the incentives and various actors that might arise in a stateless and highly abstracted execution model. There is really great work being led by both the EF eWASM team and the Consensys Quilt team to better understand the design space and active build prototypes to vet ideas.
Q: Previously, a release date of January for Phase 0 was informally articulated. Do you feel this date is realistic and achievable? A: Thanks for noting its informality. We need: long-running test nets however that is defined , formal verification of the deposit contract, and clients to be ready for prime time, but right now it looks like everything will come together in time. We also don't want to rush clients into developing buggy software just to be ready by an arbitrary date.
If anything, I think BLS standardisation efforts are the most likely to slow us down. We as a greater blockchain community are trying very hard to have a standardised signature scheme for better interoperability between all the chains. There is a high degree of consensus on this already, but establishing a new standard is always a slow process. The client teams are doing a great job and continuing to push the envelope. I expect exciting progress to be made in the coming months, but I also expect that the last mile might be long.
Q: Are the researchers happy with the current state of the economics of Ethereum 2. A: I don't think it's productive for us to worry about the absolute numbers at this point; the network will launch, and either the rewards will prove sufficient or they won't. The other thing worth worrying about is centralization incentives, but that's difficult to work out "in theory land"; much of the result in practice has to do with how lazy people are.
Q: My biggest worry about ETH 2. A: Composability between shards is definitely unchartered territory but there are reasons to be optimistic:. The shards are designed for homogeneity unlike, say, Polkadot or Cosmos to facilitate cross-shard communication. There are design patterns which abstract away the boundaries between shards.
For example, one could consider shards 0 and 1 as a combined data availability substrate for an execution engine which requires more bandwidth. These design patterns will be more easily exploitable in the context of programmable execution engines. The shards are designed to be friendly to "fast optimistic finality" thanks to shard attestations which are somewhat analogous to block confirmations in the context of Eth1.
What this means that is, in practice, the shards may act as one logical blockchain thanks to quick probabilistic finality of individual shards. A: My best guess is early See here. Q: Under the specs there is a " block. A: In order for Eth2 to finalise Eth1, 2 things are needed, Eth2 must vote on Eth1 as is implemented as you point out and Eth1 must change its fork rule to follow the finalised blocks on Eth1. The latter requirement requires an Eth1 hardfork.
It is therefore easier to just have validator finalise the things you mention for now and later on add in Eth1 finalisation. Additionally, it is safer to launch without Eth1 finalisation in case of a Eth2 black-swan event in the early days. A: It got considerably simpler over the last year. If you do a word count on the spec, it seems to be considerably smaller than the yellow paper at this point. There's a lot of things in eth2 that are much simpler than eth1.
But there's definitely lingering complexity and I deeply care about minimizing it. While the research path has been somewhat tortuous and hard to follow, the end product is arguably simple and clean. Expect more educational material highlighting the simplicity of the current design. I expect phases 1 and 2 to be lines of code combined assuming WASM as primitive.
That's just the phase 0 consensus deposit contract, beacon chain state transition function, and beacon chain fork choice rule. Q: Why are there so many teams building eth2. I understand the point of client diversity but don't you think 6 clients seem to be pushing it? Supporting so many clients would also divide the resources in terms of funding.
Which clients do you see as the geth and parity of eth2. I expect specialisation—one can focus on the browser e. Lodestar , resource-constrained devices e. Nimbus , the enterprise e. Artemis , prototyping e. Trinity , etc. A minimum of two production-ready clients are necessary for launch. I expect the first-mover advantage to be strong. We definitely don't want a duopoly! I expect a power law distribution, and it's definitely likely that some of the clients will not survive to see significant usage on mainnet.
My guess on why so many clients showed up to do the hard work is that eth2. I'm pleased that there are so many great teams doing the hard work, but recently, I've been more focused on finding contributors to do value-add work outside of the core client implementation. Formal verification, academic analysis of protocols, testing, light clients, web3 interfaces and developer tooling, validator clients with great UX that plug into any underlying node, etc, etc.
Q: Are the Ethereum 2. For example, will Prism ever get merged to Geth? On Prism: "Likely not. Other than the language Go , Prysm and Geth have very little in common. Q: what happens when I stake 32 eth, and get slashed once? A: Validators get kicked out when they get slashed. There is another ejection mechanism if your balance goes below 16 ETH from accumulating non-slashing penalties. There is an additional penalty related to the number of other slashable offenses that have occurred in the recent time period.
If more validators have been slashed recently, you lose more ETH. This highlights the importance of having a discorrelated validator setup from other nodes and potentially having some fault tolerance setup with yourself before you sign things. A: There are micro-penalties for not voting to finalise the same blocks as other validators and the inactivity penalty for offline validators for when the chain is not finalising for an extended period of time.
Q: i hear a lot of hype around staking rewards, but what are the penalties for getting slashed? If your validator node goes offline for 18 days, and the beacon chain is not finalizing, then your balance will be reduced by "up to If a validator behaves provably maliciously, then they are slashed by having their balance reduced.
Assuming client software is written well, this should be basically impossible to happen to you. Minimum penalty is 1 ETH, but it goes up linearly in the number of people slashed at the same time as you. See here for more [Carl]. Important to note that if you are offline, but the chain is still finalizing you only stand to lose approximately the same as you would have gained. A: The execution engine abstraction in phase 2 is quite exciting, taking account abstraction to the next level.
It allows for the consensus part of execution to be an ultra thin layer of abstraction on top of data availability. Assuming WASM as a black box, it may be on the order of lines of code to specify. There's an initial proposal from Vitalik here. The idea is that even the notion of a "transaction" is an application-layer detail which can be specified as WASM code.
I'm lately most excited about this. I understand theres an effort to spread the cost out among various communities, but I think many people feel this might just end up being an expensive science project where the rewards dont justify the costs and if you itemised Eth 2. I appreciate that the researchers are a tackling a difficult problem with randomness for a blockchain.
I actually think the main value of the VDF is that it provides global trustable secure randomness to applications that need it. The other "promise" of VDFs is that they are a new cryptographic building block with the rather unique notion of time. They can used for proofs of space, proofs of replication, proofs of history, anti-frontrunning, expiring zk-proofs, and hopefully further applications which are hard to predict today.
Q: I'd like to know more about the data availability layer of Ethereum 2. Part of my political platform includes integrating blockchain technology with government operations. For example, I'd like to see all of America's public records stored on a public, open source, sufficiently decentralized blockchain.
Would it make sense to build something like this on top of Ethereum 2. Why or why not? A: Realistically you would want an incentivized data storage platform like Swarm, with hashes of the documents stored on the ethereum blockchain. But I'd recommend thinking harder and trying to figure out how to answer the deeper question "how could we use blockchains as a tool to minimize opportunities for misbehavior in government?
An internal-use stablecoin where only government agencies can hold balances but transactions are visible to and auditable by the public. Get your country I'm speaking generically to all readers here :D to make an Estonian-style E-ID system that lets people make digital signatures that can be verified by anyone publicly.
This is not technically a blockchain application, but it would be a tool useful in many blockchain applications [Vitalik]. Are there any other researchers on the research team that are as convinced of Ethereum's future, besides Vitalik and Justin of course? No need to call someone out. Just percentages, ie. A: Somewhat ingrained in our culture, the research team doesn't talk much about net worths.
Having said that, the research team has a lot of fresh blood e. The aforementioned Carl here, let's put it this way: financially, emotionally, and intellectually, I am heavily exposed to ETH. Q: How many Eth2. A: I asked the same question a few days ago.
At this moment, it is still an open question and will likely be until much loser to the time. Obviously having more clients is better, but that should be played off against the launch date. I am currently torn between 2 and 3. At the end of the day, it will come down to who is ready and when.
Q: I understand that about 10 million eth is expected to provide good enough security for the network. As i understand, the side with less total eth staked will be slashed, so won't this malicious actor be able to effectively kill the network? One of the beautiful things about PoS is that these attacks can be handled with grace.
We, as a community, can go in and hard-fork out the malicious actors so they have no more voting power. The malicious actors just burnt a lot of money to temporally halt a network. Q:Do the client teams feel their implementations will be sufficiently robust enough, stable enough, and easy enough to use that normal nerds like myself can safely run their node software, stake 32 ETH on it, and not be slashed or lose ETH due to client bugs?
My biggest concern is losing ETH while being a well intentioned actor. One key component in the incentive design is that penalties for going offline and for being slashed are only high if many other validators go offline at the same time. So any bug that doesn't hit every node at the same time should only cost you a minimal amount. Q:suppose ethereum reaches 1 mllion tps, ledger size will grow 1 terabyte everyday, any solution to this? A: The sharded eth2. This is not necessarily state size.
The current approach to state and state execution is to take a "state-less" approach in which blocks must contain the merkle witnesses of the relevant state to perform the tx executions. This is reduces the amount of state any consensus node must store, but does bring up other issues about state size, who stores it, how users get it, etc. Much of the state rent research that ledgerwatch has driven in the past year or so will likely come into play.
Question 1: Would staking be made easy-to-do, so "ordinary" people can earn interest on their holdings? Question 2: Does staking pose any risks of losing ETH by accident? Trying to understand if you can stake without any risks unless you "intentionally" try to harm the network eg. I expect a cottage industry will be setup around accessibility. Infrastructure to be built includes staking pools centralised—think Coinbase—as well as decentralised one as well as plug-and-play "validator in a box" solutions.
Trying to understand if you can stake without any risks unless you "intentionally" try to harm the network. Penalties should be marginal for validator nodes that go offline for short periods of time every once in a while. A: The current approach is to fold eth1 into eth2 as an execution environment. In practice, this will mean that we would need to have a hard fork on the eth1 side to rebalance some gas costs opcodes that read storage or read accounts would see their gas costs increased to , and after that at some point there will be a "flag block height" from which the eth1 state root will be moved into the eth2 system or possibly some one-time processing will be run on the eth1 state to make some optimizations, eg.
Q: Regarding Proof-of-Stake and wealth distribution and issuance reduction , by the looks of it the majority of ETH will be held by the minority of entities, does that cause any concern since a single entity can run multiple validator nodes and earn more rewards?
It's a question from inequality perspective not security; if ETH were to take a significant role in the global economy, wouldn't this widen the gap between rich and poor by orders of magnitude MUCH worse than the current economic system? Basically, economic inequality on steroids.
A: I definitely think income inequality issues from crypto are an issue! It's a big part of why I am not a single-cryptocurrency maximalist. But I still think that PoW is not better than PoS from an inequality point of view, because although PoW does distribute coins into "fresh hands", you need so much capital to become a PoW miner that PoW itself is a big rich-get-richer mechanic in practice. Q: I know its still early but are there some rough estimates of when we might see Spec freezes for Phase 1 and 2?
That said, the current minimal execution design with EEs for phase 2 once better researched and prototyped is a super simple addition on top of phase 1 [Danny]. Q: Please ELI5 "explain like I'm five" why the need for a second chain instead keeping on evolving the first one?
We would be constrained by the Eth1 gas limit, which would severely affect performance e. We would be mixing the consensus and application layers. This means the consensus layer is subject to the application-layer DoS vectors e.
It would also mean "enshrining" application-layer contracts, which is far from ideal from a governance standpoint which should be as neutral as possible with regards to deployed contracts i. The DAO interventions should be the exception, not the norm. We would be constrained by the EVM, which is notoriously hard to safely program complex contracts in.
We would be subject to the Eth1 block time Poisson distribution as opposed to the regular—and shorter—slots durations in Eth2. Q: I am considering to stake during phase 0, but i am a bit concerned about the inactivity leak. I am asking this as there may be certain situations in which I think I will be offline for a while, and I do not want my balance to slowly leak out due to that. The incentives are deliberately designed to be forgiving to avoid discouraging amateur setups to promote decentralization.
A: With shards, and validators in a committee, a minimum of , validators are needed to crosslink every shard every slot. In this case, security is obviously insanely degraded, but the protocol can technically move forward. But yes, below the , validator 4. Q: if i understand finalization correctly, the more validators you have the longer it takes to finalize.
A: Correct. In Eth2, more validators should not lead to significantly longer finalization times. By making use of BLS signature aggregation and by grouping the validators into committees, we're able to support hundreds of thousands and hopefully into the millions of validators.
What's your opinion on this? I'd say this would be the remit of the community, not the EF. Note that the Eth2 designers avoided giving early validators a special reward e. We want to learn whether or not the basic incentivises are sufficient to incentivise participation. I actually like the idea of an NFT. The deposit contract is readable in such a way that proofs can be made to a separate contract to generate NFTs.
Been talking to Austin Griffith about this. I don't think an NFT would hinder our ability to understand the pure incentivizes here. It's at best a trophy and of little economic value imo. Q: How is the work on evaluating the feasibility of producing dedicated VDF hardware coming along?
A: At this point there's reasonably high confidence that VDFs including building hardware are viable. A few updates:. A team of 3 ex-Intel people Simon, Sean, Kelly from Supranational is dedicated to the hardware aspects. The Rivest timelock challenge open for 20 years, designed to last 35 years was cracked in a few months using an FPGA see here, and here.
There's also code on Github. Work by Erdinc Ozturk has improved the state-of-the-art circuit depth for the modular exponentiation in VDFs. The ePrint paper was submitted a few days ago and should be published soon. A prominent complexity theorist Ryan Williams from MIT is working on circuit depth lower bounds for modular multiplication.
Significant progress was made by Ligero on the RSA ceremony. We are planning for a ceremony with unprecedented scale participants in In addition to the Ethereum Foundation and Protocol Labs i. Filecoin , a new blockchain project to be announced with the FPGA competition is helping with funding. Q: Is there a chance for obligatory anonymity of future validator withdrawals?
Force every withdrawal to go to a shielded pool - like zcash does with mining rewards. A: I definitely support moving toward more and more privacy being a default over time! I'd say validator deposits are more important to mix than withdrawals, as that way it becomes harder to locate the nodes of specific validators which seems like it would increase security and censorship resistance.
Q: What are the main incentives to run a beacon node for validators if they can just connect to high-up time beacon nodes? If there are beacon node providers with high up-time - how is this going to be decentralized? A: There is an anti-centralisation incentive mechanism baked in.
Basically, validators get punished for going offline the more other validators are offline at the same time. So "uncorrelated downtime" should be optimised in addition to "high uptime". Q: If, as a validator, I know that I'm going to be offline for a period of time, is is possible to 'pause' validating without suffering an inactivity leak?
It's safe to be offline during that time, but it does prevent you from re-entering. If we want to, in some future version we could add a "re-enter" feature that allows immediate re-depositing without waiting to withdraw first Q: Do we have clarity yet on whether currently locked-down smart contracts eg metronomes 4 contracts by Jeff garzik will continue to work seamless in ETH2.
And how can storage costs be added to locked-down contracts in ETH 1. In other words can we all assume immutable contracts on ETH1. A: The current plan is that eth1 will be folded into eth2 as an execution environment via the stateless client approach, in which case, yes, contracts will keep working as expected.
Can QCs just monitor the entire blockchain and automatically attempt to hijack any transaction with insecure signature scheme during one blocktime, even if the sender has no previous outgoing transactions? A: Even if a quantum computer gets announced as immediately usable tomorrow, it is possible to do an emergency procedure to secure the funds of everyone who has not yet publicly released their public key or a signature ie. Winternitz signatures. It does not store any personal data.
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Make a suggestion. Login to resync this repository. Toggle navigation. At Upstream this year we ask: What is our responsibility to each other? Support for HTTP and Stratum mining Detailed block stats with luck percentage and full reward Failover geth instances: geth high availability built in Modern beautiful Ember. Running Pool. Building Frontend Install nodejs. Configuration Configuration is actually simple, just read it twice and think twice before changing defaults.
Advanced users only. It's tricky to make it right and secure. Should save electricity to miners if pool is sick and they didn't set up failovers. Only redis writeable slave will work properly if you are distributing using redis slaves. Very advanced. Usually all modules should share same redis instance. Pool will try to get work from first alive one and check in background for failed to back up.
Current block template of the pool is always cached in RAM indeed. Dec 8, The smart contracts form the basis of all dapps built on Ethereum, as well as all other dapps created across other blockchain platforms. Block rewards have been reduced two times since the first ever Ethereum block was mined. That block is known as the genesis block. See below. Increasing mining difficulty lengthens the time it takes for miners to discover new blocks.
That means less ether enters circulation in the form of block rewards, which in turn tapers overall issuance. This mechanism was activated, reset and delayed several times between and , mainly because Ethereum developers needed more time to work on key updates ahead of the 2. It took another five months for bullish momentum to regain strength.
By that point, the entire crypto market was starting to experience huge buying pressure, which elevated almost every crypto token to new highs. It took about three years for the second-largest cryptocurrency by market cap behind bitcoin to retest its previous all-time high price. Like Bitcoin, Ethereum has its own blockchain where a global network of more than 2. Anyone can run an Ethereum node and participate in validating the network provided they have the right hardware, knowledge and time to commit to it.
The main difference between a full node and a full archive node is that a full archive node does everything a full node does but also compiles an archive of all previous states. The Ethereum blockchain relies on miners to discover new blocks. These are like digital boxes that store transaction information and other data. Block rewards are new ether coins that are created when each new block is discovered and are given to the successful miner for their efforts. Full nodes then make a record of the final data.
This means running an Ethereum node requires significantly more storage and is expensive to run compared with a bitcoin node. How much gas you pay for each action on the Ethereum blockchain is calculated based on two things:. These contracts then have to be converted from high-level languages that humans can understand to low-level languages that a machine can understand. This EVM is built into every full Ethereum node and can carry out more than different operation codes opcodes. Ethereum token standards are the blueprints for creating tokens that are compatible with the broader Ethereum network.
These include tokens that can be traded for one another fungible as well as tokens that are inherently unique and cannot be mutually exchanged NFTs. Ethereum token standards were invented by Ethereum developers to help users create new digital currencies more easily, faster and cheaper than starting from scratch.
Ethereum 2. Each staker is required to lock up 32 ethers or to join a staking pool and combine their ether with others to participate in creating new blocks on the Ethereum PoS blockchain. The Ethereum 2. The initial ones include:. Phase 0 launched in December , and the Beacon is a separate Ethereum blockchain that introduced a proof-of-stake system.
After the merge, there will be additional, smaller upgrades needed. The next task for Ethereum developers will be enabling sharding, which creates multiple mini-blockchains. Each shard will be responsible for verifying its own set of transactions rather than the entire network verifying every single transaction. The Beacon chain will act as the main coordinator between these shards, randomly assigning validators to each.
With PoS and sharding both enabled, Ethereum developers expect that they will make further tweaks to enhance the security of the network. That includes adding anonymity features to conceal validator identities behind block proposals. It also includes leveraging new technologies such as the Verifiable Delay Function VDF to further secure the randomness of validator assignments and make it harder for malicious actors to disrupt the network.
As mentioned above, Ethereum was originally conceived by Buterin, the Russian-Canadian computer programmer. At the time, Buterin was just 19 years old. In November , he released the Ethereum white paper — a technical document that outlined the vision and technology behind the proposed project.
Not long after publishing the white paper, Buterin attended a Bitcoin conference in Miami, where he met a number of interested developers and investors who joined the Ethereum project as co-founders. Together, the eight-member team formed an entity known as the Ethereum Foundation — a Switzerland-based nonprofit organization. A dispute between Hoskinson and Buterin over whether Ethereum should be a for-profit company, led to Hoskinson leaving the project. Over the course of a few short years, all seven co-founders stepped down or became detached from Ethereum, leaving Buterin as the last remaining active co-founder.
World currency prices are based on rates obtained via Open Exchange Rates. The latest moves in crypto markets in context for March 28, Layer 2. Our new digital magazine goes beyond the daily headlines to put crypto and blockchain developments in perspective. Register Now. Ethereum ETH. Gemini Sponsored Investing just got more rewarding. Gemini is a simple, elegant and secure platform to build your crypto portfolio. About Ethereum.
Software Platform. Ethereum Value Proposition. Global computer. Ether price. Block 0 to Block 4,, 5 ether. Block 4,, to 7,, 3 ether changed via EIP Block 7,, to now: 2 Ether changed via EIP How Ethereum works. There are three main types of nodes that operate on the Ethereum network. Full nodes: These copy and verify all transactions on the Ethereum blockchain, as well as execute smart contract instructions known as opcodes.
Light nodes: These maintain only a partial record of the blockchain and request the rest of the data from full nodes. Accounts: This shows how much ether the user has. Smart contract code: Ethereum stores smart contracts, which describe the rules that need to be met for money to be unlocked and transferred.
This pool is being further developed to provide an easy to use pool for Ethereum miners. This software is functional however an optimised release of the pool is. Hey guy is it possible to run multiple open-etherum-pools on one server say for instance if i want to add 3 different coins to the pool all on one server. The D3 miner cannot mine test COINS on the testnet node through open-ethereum pool. testnet. error log.:"Invalid proof - of - work submitted sealhash.