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Ethereum News

Next Ethereum Blockchain Iteration May See Partial Launch In 2020

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Next Ethereum

A new iteration of the Ethereum blockchain called ‘Phase Zero’ has brought up a lot of positive altcoin news in the headlines today. As the news show, the next Ethereum blockchain iteration (which is dubbed Ethereum 2.0) may see a partial launch as early as January 2020.

First proposed by the Ethereum Foundation researcher Justin Drake in a bi-weekly coordination call between the Ethereum 2.0 developers, the date which was suggested for the next Ethereum blockchain was raised after affirming that a code freeze over the first iteration of Ethereum 2.0, called Phase Zero, was “on track” for June 30.

“We still have quite a bit of time before the end of 2019 so I think looking at a target genesis date towards end of 2019 could be realistic. One thing that could work well is the 3rd of January 2020,” Drake noted during the call.

Still, the coming altcoin news show that January 3rd 2020 is not a date that is set in stone – in spite of the reports which show the contrary. According to a fellow Ethereum Foundation researcher named Danny Ryan, the proposed date has not been finalized and additional work on testing the Ethereum 2.0 will factor in such a decision.

“Although it is feasible, the client teams are not yet ready to commit to a date, especially considering we haven’t entered into multi-client testnets yet. With each phase of development there are plenty of unknowns so we will just keep … tackling them as they come,” Ryan stressed.

The next Ethereum blockchain iteration was observed from many angles. The developers spoke more deeply to the requirements needed for a stable launch. Then, Drake highlighted that researchers are currently targeting a minimum amount of 2 million ETH to be staked on the Ethereum 2.0 network. This, as many best cryptocurrency news sites shared, would mean that the re-vamped ETH blockchain would be launching with over $500 million in ETH locked by prospective Ethereum 2.0 validators who would have the role of miners on the current Ethereum blockchain.

Even though the timeline for the next Ethereum blockchain iteration is not yet finalized, past experience suggest that a mainnet launch in January 2020 is within reach for many of the developers and researchers.

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Ethereum News

ETH Client Parity Forgets To Include EIP In Urgent Upgrade

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ETH client Parity admitted to forgetting the release of the EIP in the latest upgrade as per the urgent announcement which was reading more about in today’s ethereum news.According to the recent announcement posted by the ETH client Parity, which is one of Ethereum’s biggest clients, the service admitted that it forgot to include an EIP which is an Ethereum improvement proposal into their latest upgrade. Parity noted that the V2.5.11 version of the stable services was an emergency patch that they prepared soon after they realized their mistake. The patch will add a missing component known as eip344_transition for the main net.The biggest problem stands in the fact that the error was made so close to the Istanbul update and that anyone who fails to add the patch could even end up suffering issues when the upgrade arrives. As for the EIP and what it does, it basically proposes to add an opcode for retrieving the chain ID of the chain in which the block was initially mined. That way, smart contracts will have the possibility to validate the signatures that use replay protection.The problem with this is that the only way to do this is by hardcoding the chain ID into the smart contract. This is obviously a problem when it comes to a hard fork. Even by doing this, it still remains unclear how Parity forgot to include the entire EIP. Another thing is that the ETH client failed to explain how the error was undiscovered for such a long time until only a few hours before the major Ethereum network upgrade. Of course, another valid question is why anyone would use this client at all. There are a lot of others that are not under the payroll of other projects while they still provide a lot of the same capabilities as ETH.One explanation is that the client’s team started out with a hard focus on Ethereum only and these days however, the running client is very much similar to bitcoiners that run a BCH-based client. How big will the consequences be, remains to be seen in the following days.
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Ethereum News

ETH Price Stable After Istanbul Hard Fork: Analysis

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ETH price stable
ETH price stable after the long-expected upgrade- the Istanbul hard fork as most of the 20 cryptocurrencies are reporting small gains on the day by press time. As per the ETH news, the benchmark cryptocurrency is hovering around the $7,750 mark again and the price got down by 0.2% on the day so let’s see further into the analysis.At the start of the weekend, the crypto market analyst Alex Thorn noted that the total number of on-chain Bitcoin addresses holding bitcoin amounts reached a new record of 28.39 million. The crypto market sentiment keeps the ETH price stable since it is holding onto the position as the largest altcoin by market cap standing at $16.3 billion.Coin360 data shows that the price of ETH has seen an increase in value by about 0.11% over the past 24 hours and at press time ETH is trading around $150. On the week, the coin gained about 1.35 percent of value. Overall, the price of the altcoin remains unaffected by the upgrade to the software which was introduced with the latest Istanbul hard fork. Some of the members of the crypto community express confusion and surprise over the lack of reaction on the price of the asset:Coin360 data shows that ETH has seen its value increase by about 0.11% over the last 24 hours. At press time, ETH is trading around $150. On the week, the coin has also gained about 1.35% of the value.
 “I really don't understand ethereum doesn't go up today.”
XRP’s price has also increased by about 0.69% over the past day and it is now trading at around $0.227. Over the week, the price of the coin increased by up to 3.18% and Ripple’s XRP is now the second-largest altcoin with a market cap of $9.9 billion at press time. Among the top 20 cryptocurrencies, the only one that reported double-digit gains is Algorand (ALGO) which has seen the value of the coin increase by more than 10 percent over the past 24 hours to press time. The total market capitalization of all crypto is near $205 billion which is a 2.4% increase than the value reported a week ago.
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Ethereum News

Ethereum Istanbul Is Now Live: Faster, But Is It The ‘World Computer’?

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Vitalik Buterin is in the cryptocurrency news today for announcing that Ethereum Istanbul is now live and will support 3,000 transactions per second after the upcoming Istanbul fork. Everyone expected this update and now that it is all live, we can see an official post from the founder himself - shared via Twitter.https://twitter.com/VitalikButerin/status/1203470890979274753Buterin congratulated the team for mining the Istanbul hard fork and all...But for those of you who really want to understand the importance of it, we need to go back to a tweet he shared in November where he described what Ethereum Istanbul brings to the table.As he said back then, the hard fork will bring account abstraction, first-class smart contract wllets, casper proof of stake, resource-efficient light clients, optimistic rollup, 3000+ TPS post-Istanbul, non-interactive ZKPs for privacy and scalability, rewarded staking as well as many other updates which will roll after the sharding.Now that Ethereum Istanbul is live, the big question is whether it will unleash a new wave of Ethereum creativity? So far, the ETH news show that the situation is still but there may be a surge in traffic on the Ethereum network. This could definitely increase and influence the price of ETH soon.The conventional wisdom right now shows that Ethereum is too slow. This is the realistic picture - and it seems to be sufficiently fast for financial services. The mistake people are making saying that "Ethereum is slow," however, is a misunderstanding. ETH works because users want to pay (in the form of "gas) and perform computations.If the network is congested, it means that there are more people who want to pay to have ETH computations than there are the capacity to allow it. Ethereum Istanbul is live now and the consensus is a bit faster, but the term "World computer" is still hyperbolic as it suggests that there could be a singular device handling the world's computational needs.One of the best things about this hard fork is the increased capacity of the existing apps and the enabling of similar apps to run on Ethereum. Still, analysts believe that the performance increase is still unlikely to produce types of applications which are not seen today.
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Ethereum News

Ethereum Istanbul Blockchain Upgrade Is Now One Day Away

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ethereum istanbul
Christmas is coming earlier this season for users of Ethereum (ETH). The latest crypto news show that the blockchain behind the second largest cryptocurrency is about to see the Ethereum Istanbul blockchain upgrade (hard fork) which is one of the most important updates for the network.According to Etherscan which is an Ethereum-centric data and information platform, Istanbul is set to activate on Block #9069000 and is expected to take place around 18 hours away from the time of writing this post.If you are still wondering why the Ethereum Istanbul blockchain upgrade is important, you should know that there will be six Ethereum Improvement Proposals (EIPs) which were chosen from a pool of more than 30 candidates. Below, we are listing each of them with a summary on why it is important.
  • EIP 1679: An EIP listing the protocol changes which will come as standard in Istanbul. That’s all.
  • EIP-2200: This EIP will modify how the cost of the storage of data is calculated in Ethereum’s Virtual Machine, and will also give smart contracts the ability to execute more functions.
  • EIP-1884: This EIP will modify the transaction cost of some EVM opcodes “to prevent spamming attacks and to and to balance the amount of computation in each block better.”
  • EIP-2028: This EIP will allow for zero-knowledge SNARKs and STARKs technology cheaper on the Ethereum blockchain, reducing the cost of “calling data within outputs.”
  • EIP-1344: This EIP will “add a way for contracts to keep track of the Ethereum chain they are on.”
  • EIP-1108: This EIP will make zero-knowledge SNARKs cheaper, allowing for cheaper scaling and privacy technologies.
  • EIP-152: “Adds the ability to verify the Equihash PoW within an ethereum contract. This will enable a relay and atomic-swap transactions between Zcash and Ethereum.”
Even though the Ethereum Istanbul upgrade is approaching, it appears that not all node runners are ready for the upgrade. We can see that the Ethereum news today show that a mere 48% of the nodes running the most popular client (Geth) are ready to adopt Istanbul while 40% of the ones running the other client (Parity) are ready for the upgrade.
"If you are using an Ethereum client that is not updated to the latest version (listed above), your client will sync to the pre-fork blockchain once the upgrade occurs. You will be stuck on an incompatible chain following the old rules and you will be unable to send ether or operate on the post-upgrade network," an excerpt from a blog post on the Ethereum Foundation website notes.
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