Transaction spam attack: Next Steps

Today the network was attacked by a transaction spam attack that repeatedly called the EXTCODESIZE opcode (see trace sample here), thereby creating blocks that take up to ~20-60 seconds to validate due to the ~50,000 disk fetches needed to process the transaction. The result of this was a ~2-3x reduction... [Read More]

The Ethereum network is currently undergoing a DoS attack

URGENT ALL MINERS: The network is under attack. The attack is a computational DDoS, ie. miners and nodes need to spend a very long time processing some blocks. This is due to the EXTCODESIZE opcode, which has a fairly low gasprice but which requires nodes to read state information from... [Read More]

Dev Update: Formal Methods

Today, I am delighted to announce that Yoichi Hirai (pirapira on github) is joining the Ethereum project as a formal verification engineer. He holds a PhD from the University of Tokyo on the topic of formalizing communicating parallel processes and created formal verification tools for Ethereum in his spare time.... [Read More]

On Inflation, Transaction Fees and Cryptocurrency Monetary Policy

The primary expense that must be paid by a blockchain is that of security. The blockchain must pay miners or validators to economically participate in its consensus protocol, whether proof of work or proof of stake, and this inevitably incurs some cost. There are two ways to pay for this... [Read More]