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Ethereum News

Several Ethereum Miners Prepare Initiative To Block Ethereum ASICs



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.

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Ethereum News

Ethereum Browser Startup Status Cuts Down A Quarter Of Its Staff

The Ethereum startup Status decided to lay off about 25 percent of its staff, according to the latest crypto news allegedly due to the steep decline in the crypto prices. Announcing the decision on Monday, the co-founder Jarrad Hope explained that the startup is big and that it cannot be sustained since the ethereum’s price dropped more than 80 percent. The startup originally managed to raise 182,000 ETH last year during a token sale which is approximately $64 million. Another problem of the startup was the lack of solid banking partners until the second quarter of 2018. Status decided to cut off a quarter of its staff and the company believes that this decision is considered ‘’non-essential’’ to the long-term goals of the startup. However, the startup hopes to stretch its fiat currency holdings so they can manage to cover their expenses for the next six months. The company also hopes that the employees will accept the pay cuts and that they will accept the greater amount of SNT tokens to sooth the cut. Hope continued to explain:
 “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.
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Ethereum News

Hack Attacks Towards Ethereum On The Rise As Price Struggles To Climb Above $90

After dropping to a yearly low of $82, Ethereum (ETH) managed to regain its traction and experienced a short-term corrective rally that pushed the price to the current one of $89, but the hack attacks seem to be on the rise again according to the latest ethereum news. According to a tech magazine ZDNet another wave of hack attacks seems to be on the rise again after a research done by the monitoring company Bad Packets LLC revealed that the price drop didn’t stop malicious individuals or groups to from stealing from miners and investors. Hackers are working intensely to identify mining rigs and wallets by scanning the network which will lead them to gain control and redirect the funds to other places. The Bad Packets co-founder commented:
 “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.
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Ethereum News

Developers Tested Exchanging ERC-20 Tokens Using The Second-Layer LN Protocol

A new report by the R&D lab at the crypto startup TenX is in today’s ethereum news for testing the cross-blockchain interoperability protocol that allows transferring the ERC20 tokens for BTC by using the Lighting Network. According to the report, the test was conducted in order to exchange ERC-20 tokens that run on the ethereum network and they rely on the smart contracts for easier ownership transfer, for Bitcoin’s Satoshi, the smallest possible unit able to transact by using the Lightning Network’s second layer protocol. The lightning network is one of the most successful solutions for the biggest problem bitcoin has-scalability. The method uses Hashed Timelock Contracts (HTLCs) so they get the ability to open payment channels between users that keep their transactions off-chain. The previous Ethereum HTLC CoBlox was much more simple and it involved native assets. CoBlox noted that their approach is to split the HTLC into two transactions: ‘’contract deployment’’ and ‘’ERC20 transfer call’’ but end up not being able to combine the two. In the report you can read that:
 “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.
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Ethereum News

CFTC Asks For A Public Comment On Ethereum’s Network

The Commodity Futures Trading Commission (CFTC) is making headlines today on our DC Forecasts crypto news site for a new Request for Information (RFI) in which it asks for public comment and feedback to enable it better understand Ether and the Ethereum blockchain while expanding its cryptocurrency knowledge base beyond Bitcoin. The press release which was published yesterday states that CFTC is seeking the feedback to inform everyone about the mechanics, technology and markets for cryptocurrencies outside of Bitcoin which has historically dominated this conversation. The Request for Information (RFI) will accept responses for 60 days after being published in the Federal Register. An excerpt from it clarifies its main focus, stating:
“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.
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