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 cost: inflation and transaction fees. Currently, Bitcoin and Ethereum, the two leading proof-of-work blockchains, both use high levels of inflation to pay for security; the Bitcoin community presently intends to... [Read More]

Onward from the Hard Fork

The foundation has committed to support the community consensus on the admittedly difficult hard fork decision. Seeing the results of various metrics, including carbonvote, dapp and ecosystem infrastructure adoption, this means that we will focus our resources and attention on the chain which is now called ETH (ie. the fork chain). That said, we recognize that the Ethereum code can be used to instantiate other blockchains with the same consensus rules, including testnets, consortium and private chains, clones and spinoffs,... [Read More]

Hive: How we strived for a clean fork

The DAO soft-fork attempt was difficult. Not only did it turn out that we underestimated the side effects on the consensus protocol (i.e. DoS vulnerability), but we also managed to introduce a data race into the rushed implementation that was a ticking time bomb. It was not ideal, and even though averted at the last instance, the fast approaching hard-fork deadline looked eerily bleak to say the least. We needed a new strategy… The stepping stone towards this was an idea borrowed from Google... [Read More]

Hard Fork Completed

We would like to congratulate the Ethereum community on a successfully completed hard fork. Block 1920000 contained the execution of an irregular state change which transferred ~12 million ETH from the “Dark DAO” and “Whitehat DAO” contracts into the WithdrawDAO recovery contract. The fork itself took place smoothly, with roughly 85% of miners mining on the fork: You can see ongoing fork progress here. EthStats shows Go, Java and Parity (Rust) nodes successfully synchronized to the fork chain. The recovery... [Read More]

To fork or not to fork

The DAO, though not a product developed by the Ethereum Foundation, has been a hot topic as of late, both internally in the organisation as well as within our community. The Hard Fork is a delicate topic and the way we see it, no decision is the right one. As this is not a decision that can be made by the foundation or any other single entity, we again turn towards the community to assess its wishes in order to provide the... [Read More]

How to build server less applications for Mist

Ethereum is not meant to be a platform to build esoteric smart contract applications that require a STEM degree to understand, but it aims to be one pillar of a different architecture for applications on the world wide web. With this post we will try to elucidate how this can be done and give some basic examples on how to start building a decentralized app. Who is this for? This text is intended at those who have a basic understanding... [Read More]

Taylor’s Summer Update

Hey everyone, I spent some time with our Canadian friends in Toronto after presenting “Ethereum: The World Computer” at Blockchain Training Conference last month and I wanted to provide a quick update on some of the exciting happenings in the Ethereum dev ecosystem. Lots of things are brewing behinds the scenes, so let’s jump in! [Read More]

C++ DEV Update – July edition

Since the last C++ DEV Update, a lot of things happened in the engine room which were not really visible to the outside. This post wants to give an overview about what we are currently working on. Apart from the features side, Bob has been working on a proposed process for re-licensing of the C++ runtime client code to Apache 2.0, as has been mentioned a few times in the past month or two. Expect more news on that very... [Read More]

The Devcon2 site is now live!

The Devcon2 web site is officially live now! You can find it at https://ethereumfoundation.org/devcon/ Thanks for everyone’s interest, proposals, support and enthusiasm. We have an amazing community and are excited to present the first Ethereum Foundation event in Asia. This year, Devcon2 (September 19, 20, 21) will be a featured conference at the International Blockchain Week in Shanghai by Wanxiang Blockchain Labs, the host organization in China. While Ethereum Foundation’s “devcon” is designed to be a conference by developers for developers, any and... [Read More]

Security Alert – DoS Vulnerability in the Soft Fork

Affected configurations: geth 1.4.8 Likelihood: High Severity: High Details: An attack vector has been identified in the freshly released implementation of the DAO soft fork. The fork enactment code in geth (and other clients) allows execution of EVM code up to the block gas limit without paying for gas. This can slow down mining and prevent inclusion of legitimate transactions. The soft fork will not be enabled if the gas limit of block 1800000 is above 4000000 gas (i.e. if the community vote to... [Read More]