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On Mining
Decentralization, n. The security assumption that a nineteen year old in Hangzhou and someone who is maybe in the UK, and maybe not, have not yet decided to collude with each other. There has been a large amount of ruckus in the past week about the issue of mining...
Published on: June 19, 2014 | Source:
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Ethereum Project Update
Development of the Ethereum project has gone very well over the months since inception. The core activity โ development of the software platform โ is on track and many developers around the world are starting to build small, exploratory distributed applications on the platform, even though we are still not...
Published on: June 05, 2014 | Source:What If Ethereum Lived on a Treap? Or, Blockchains Charging Rent
Although truly solving blockchain scalability fundamentally, that is to say figuring out a solution to the problem that every node must process every transaction, is a very hard problem, and all suggested solutions rely on either highly advanced cryptography or intricate multi-blockchain architectures, partial solutions that provide a constant-factor improvement...
Published on: May 27, 2014 | Source:On Long-Term Cryptocurrency Distribution Models
One of the challenges when creating a new cryptocurrency is figuring out what the distribution model is going to be. Who is going to receive the currency units, at what time, and what is the mechanism that decides? Despite the crucial importance of this question, there has actually been comparatively...
Published on: May 24, 2014 | Source:Long-Range Attacks: The Serious Problem With Adaptive Proof of Work
Our current proof of work design, blockchain-based proof of work, is the second iteration of our attempt to create a mining algorithm that is guaranteed to remain CPU-friendly and resistant to optimization by specialized hardware (ASICs) in the long term. Our first attempt, Dagger, tried to take the idea of...
Published on: May 15, 2014 | Source:What is Ethereum? Project, Platform, Fuel, Stack.
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Published on: May 14, 2014 | Source:DAOs, DACs, DAs and More: An Incomplete Terminology Guide
One of the most popular topics in the digital consensus space (a new term for cryptocurrency 2.0 that Iโm beta-testing) is the concept of decentralized autonomous entities. There are now a number of groups rapidly getting involved in the space, including Bitshares (also known as Invictus Innovations) developing โdecentralized autonomous...
Published on: May 06, 2014 | Source:Serpent upgrades: More Fun Stuff
Over the past two weeks our primary focus has been getting all of the clients updated to PoC5 compatibility, and it definitely has been a long road. Among the changes to the VM include: The new init/code mechanism: basically, when you create a contract, the code provided will...
Published on: May 02, 2014 | Source:Decentralized Protocol Monetization and Forks
The idea of releasing a new currency as a mechanism for funding protocol development is perhaps one of the most interesting economic innovations to come out of the cryptocurrency space. In the past twenty years, we have seen a growing centralization in the protocols that underlie the internet, with the...
Published on: April 30, 2014 | Source:The Issuance Model in Ethereum
Ether (ETH), the cryptofuel that powers distributed applications on the Ethereum platform, will be issued at a constant annual linear rate via the block mining process. This rate is 0.3 times the total amount of ETH that will be purchased in the pre-sale. While the best metaphor for ETH...
Published on: April 10, 2014 | Source:Pyethereum and Serpent Programming Guide
The content of this tutorial is intended to apply to PoC5. Most of the instructions given below will not work in the older PoC4 implementations of AlethZero (C++) and Ethereal (Go) Over the last few weeks, we have made a large number of changes to the Ethereum protocol. POC4,...
Published on: April 10, 2014 | Source:SchellingCoin: A Minimal-Trust Universal Data Feed
One of the main applications of Ethereum that people have been interested in is financial contracts and derivatives. Although financial derivatives have acquired a reputation as a highly risky and destabilizing device with the sole function of enriching speculators, the underlying concept in fact has a number of legitimate uses,...
Published on: March 28, 2014 | Source:The Latest EVM: โEthereum Is A Trust-Free Closure Systemโ
In the past two weeks our lead C++ developer, Gavin Wood, and myself have been spending a lot of time meeting the local Ethereum community in San Francisco and Silicon Valley. We were very excited to see such a large amount of interest in our project, and the fact that...
Published on: March 20, 2014 | Source:The Question of Mining
There are a lot of interesting changes to the Ethereum protocol that are in the works, which will hopefully improve the power of the system, add further features such as light-client friendliness and a higher degree of extensibility, and make Ethereum contracts easier to code. Theoretically, none of these changes...
Published on: March 20, 2014 | Source:DAOs Are Not Scary, Part 2: Reducing Barriers
In the last installment of this series, we talked about what โsmart contractsโ (or, perhaps more accurately, โself-enforcing contractsโ) are, and discussed in detail the two main mechanisms through which these contracts can have โforceโ: smart property and โfactumโ currencies. We also discussed the limits of smart contracts, and how...
Published on: March 01, 2014 | Source:DAOs Are Not Scary, Part 1: Self-Enforcing Contracts And Factum Law
Many of the concepts that we promote over in Ethereum land may seem incredibly futuristic, and perhaps even frightening, at times. We talk about so-called โsmart contractsโ that execute themselves without any need, or any opportunity, for human intervention or involvement, people forming Skynet-like โdecentralized autonomous organizationsโ that live entirely...
Published on: February 24, 2014 | Source:Ethereum Scalability and Decentralization Updates
Scalability is now at the forefront of the technical discussion in the cryptocurrency scene. The Bitcoin blockchain is currently over 12 GB in size, requiring a period of several days for a new bitcoind node to fully synchronize, the UTXO set that must be stored in RAM is approaching 500...
Published on: February 18, 2014 | Source: