In the latest Ethereum news which is centered around mining, a couple of Ethereum miners and developers have come up with a plan to stop the specialized mining hardware from effectively operating the network.
Even though the plan is prepared since April, the initiative is in its peak activity right now – aiming to break the controversy surrounding application-specific integrated circuits (known as ASICs) on Ethereum – which rose after the news that a new line of specialized mining hardware is apparently claiming to generate more than six times as much profit as the one of its main competitor, the mining giant Bitmain.
As soon as the news spread, many developers and miners began finding ways to stop the growing use of ASICs on the network. According to them, if these continue to be pushed on the market, the smaller miners would be dumped. That is why some proponents even called for an all-out “strike” by GPU miners.
As one GitHub user named “Mdaria510” wrote:
“The only plausible way forward for GPU miners is to ‘go on strike’ and commit to continuing to mine the existing chain and undermine the unity of ethereum and force compromise.”
Another user also supported the initiative and said that requests from the Ethereum mining community to implement ASIC-resistant measures have been “blatantly ignored” and promised to join the revolt with their hash power.
Some Ethereum developers have stated that they are preparing a code change that is targeted at the growing number of ASICs – which could be implemented as part of a system-wide network upgrade.
Ethereum Browser Startup Status Cuts Down A Quarter Of Its Staff
“The reality is that we will have to make another assessment end of Q2 which if the market hasn’t picked up we will be forced to make the organization even leaner, and the remaining fiat and our large ETH holdings will be used to create a runway measured in years.”Now, the priorities are to keep up the promises that the company made in its white paper and to get the app to be usable. Also, despite the cuts, Status confirms that they still have enough engineers that will work on the promises.
Hack Attacks Towards Ethereum On The Rise As Price Struggles To Climb Above $90
“Despite the price of cryptocurrency crashing into the gutter, free money is still free, even if it's pennies a day.’’The phenomenon of scanning the ethereum network was first discussed in June this year after one operation managed to obtain $20 million in ETH. Other incidents include joining different groups and parties to separate the crypto holders from their valuable assets. This year is possibly one of the worst years for cryptojacking or hack attacks which multiple companies monitor as well. Hackers tried to command the devices that mine in order to steal cryptocurrency. The monitoring companies noted a 500 percent increase this year only. Many new users don’t recognize this threat and many don’t understand it which is even a bigger potential of crypto jacking.
Developers Tested Exchanging ERC-20 Tokens Using The Second-Layer LN Protocol
“The ERC20 transfer function uses msg.sender for authentication. However, calling transfer from a contract deployment sets msg.sender to the address of the yet to be deployed contract which obviously has no tokens!”CoBlox noted that using the Lightning Network for atomic swaps allows the users to create invoices and pay them instantly but they also point out that the atomic swap can’t always be expressed with this model. They are still looking for other possible solutions to resolve this issue and this is one of the reasons they haven’t included the results of the PoC for the ERC20 tokens.
CFTC Asks For A Public Comment On Ethereum’s Network
“In a Request for Information (RFI) that will be published in the Federal Register, the CFTC is asking for public feedback on a range of questions related to the underlying technology, opportunities, risks, mechanics, use cases, and markets, related to Ether and the Ethereum Network. […] The RFI also seeks to understand similarities and distinctions between Ether and Bitcoin, as well as Ether-specific opportunities, challenges, and risks.”As we can see from the statement, the information gathered in the course of the exercise will be used to improve the knowledge bank that CFTC has on the subject of cryptocurrencies, positioning it for effective regulation as the space grows. Even though this announcement may be a hint, if it turns out that the CFTC is in the early stages of exploring approval for Ether futures, it could have a significant positive impact on Ethereum following its recent dethronement by XRP, becoming the third most capitalised cryptocurrency.
Join us on Facebook
- Telecom Giant AT&T Interested In A Blockchain-Based Social Media ‘Mapping’ System
- Binance Labs Introduces Us To The ‘First Batch’ Of (Final) Blockchain Projects
- Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)
- Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
- TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Blockchain News5 days ago
Calgary Becomes The First Canadian City To Launch Local Digital Currency
Blockchain Archive4 days ago
You Can Pay With BTC In These Companies (Updated)
Bitcoin News5 days ago
Square Just Overtook Coinbase, Becoming The #1 Bitcoin Buying App
Blockchain News4 days ago
HTC Puts Brave As A Default Browser On Its Blockchain Smartphone
Ethereum News4 days ago
The Coinbase Effect: 3 Of 4 Ethereum Tokens Rally Against BTC On Their Day Of Listing
Blockchain News2 days ago
CEO Of Overstock Expects A Blockchain Products Market In 2019
Analysis5 days ago
The Recovery Weakens, Bitcoin Drops By 4.5 Percent
Blockchain Archive5 days ago
Best Bitcoin Casinos For 2019