Topic: [ANN] Ethereum: Welcome to the Beginning - page 37. (Read 2007008 times)

I wouldn't say that Ethereum is fully decentralized. Only partially perhaps. There is this developer team with an uknown premined stash, who decides what to do with the bloockchain. This is done without asking the users, including reversing transactions in case they don't like something. This is what happened in 2016, after the DAO accident. Since then the project has been compromised and nobody can state that it is truly decentralized. Now we see a switch from POW, which was the only decentralized element, to a POS, which is like the fiat money. So with time instead of going more decentralized, ethereum is going even less decentralized. It is like a fiat money blockchain, which allows ponzis to be made on top of it, like DAO, Icos, Defi, etc. So everyone investing in ethereum must know, that they are trusting their money to a team that makes all decisions on their own and may split and abandon the project anytime. One of the inventors has already left the project. And finally, nobody knows what is the supply and what it will be after the POS switch. So it is not about bitcoin maximalism as Vitalik is trying to defend his project. This is the truth -  that the only fully decentralized blockchain is bitcoin. There is the Core's team of course, who is changing with time but they always ask the community for each change. The users and miners vote and then the change is implemented. And we are talking about small techical soft forks like segwit and tarpoot, which are expanding the decentralization.

The number of validators on ETH network is bigger than what Binance Smart Chain has. Binance Smart Chain is centralized by Binance but Ethereum network is more decentralized. Your screenshot and given stats on that page demonstrate that ETH network is actually decentralized.

If I choose one between Ethereum and Binance Smart Chain, I would choose Ethereum. It has longer history and better decentralization. Transaction fee is not the only thing to consider and assess one project.

The number of validators in the Ethereum 2.0 network has exceeded 200,215 currently the betting platform contains 6,406,811 ethereum, or more than $15 billion in value.

Nice to see ETH performing well and regain its value since the last week. What about the london upgrade? I am not so well technically but where i can follow the upgrade and when it will be done?

Thanks in advance . I wish you best of luck all big holders.

Expecting the new version of ETH is a great anticipation. With Proof of stake and burning of eth come at the incoming implementation protocol, Eth becomes deflationary in nature thus have potentials to really skyrocket and might overtake bitcoin in market capitalization.

I expect volatility from the differences to monetary flow of ETH

ETH is going up if they pass the POS contract though it should also mean ETH tied up are now also available which could mean short term weakness and a buying opportuinity for anyone who understands that and has faith in POS being of benefit long term.   I think POS makes price double if it enables lower transaction fees that utility will be described within the price like a share vs dividends.

somebodys comment on twitter, I thought much sooner then that

https://decrypt.co/76683/ethereum-transition-eth2-gets-formal-improvement-proposal

"Ethereum Transition to ETH2 Gets a Formal Improvement Proposal
EIP-3675 puts the network one step closer to Ethereum 2.0. That doesn't mean it's coming right away.

In brief
EIP-3675 is a proposal to officially transition Ethereum to proof of stake.
The network currently uses proof of work.
A functioning proof-of-stake network is still months away."

A new graphic for Ethereum's Upgrade Path: leading to the Merge and beyond 👩‍🚀

https://twitter.com/trent_vanepps/status/1415741658067517441

Ethereum must go beyond the wild, speculative financial movement known as DeFi, Ethereum founder Vitalik Buterin said in a speech at the Paris EthCC conference. https://decrypt.co/76545/vitalik-buterin-beseeches-ethcc-ethereum-crowd-move-beyond-defi

He also co-authored with Georgios Konstantopoulos publishes a large article on the reorganization of blocks after the transition to ETH2 https://www.paradigm.xyz/2021/07/ethereum-reorgs-after-the-merge/

https://twitter.com/trent_vanepps/status/1416039650393788416?s=20
"I was asked how quickly the EIP-1559 baseFeePerGas rises / falls, & didn't know of an accessible resource..

..so I made this http://docs.google.com/spreadsheets/d/1Ld4JSyaz-gvTx-4xIaxe4qU2wlaG1XAQfMiKl9CKCY0/edit?usp=sharing

Hopefully this helps to estimate how quickly we stabilize depending on congestion around London (~Aug 4)"

Well sorry i am not an expert but i think is falling due the btc drop, when btc it will start to go up again you will see ethereum going up again too!

Fee is fee and it is not block reward or do I fail to realize that simple fact?

Many miners will be panic and I think price will be manipulated on the market. Mining is not a game for newbies and weak hands. Weak and retail miners will shut their rigs down, and leave more space, more mining rewards to strong miners.

Difficulty adjustment usually bring more benefits to whale miners.

And again for 100th time. Burning fee does not reduce supply! Hence there will be no effect on the price as some hope. The fees are not new minted ethers issued as a mining reward. This is a fee that users pay on top of the issued ethers as a mining reward. In this sense, the new fork will reduce miners income, which is 40% from the fees and 60% from the new ethers rewarded for each block. I'm not sure, however, that the miners income will be affected by 40% since there will be a difficulty bomb delay, which will probably lower the difficulty by 30%. I won't be surprised if the miner's revenue gets higher after the fork, like it did with every previous fork which reduced the mining reward but delayed the difficulty bomb as well.

transaction fees are much cheaper than before, it's important to burn transaction fees for no more manipulation 

Hmm, the epidemic of disappointments in the crypt is growing, no sooner did Doge co-founder Jackson Palmer announce his withdrawal from projects related to cryptocurrencies, than his example was followed by Ethereum co-founder Anthony Di Iorio, who told bloomberg about the sale of the Decentral software development company and the transition to work on projects not related to cryptocurrencies. https://www.bloomberg.com/news/articles/2021-07-16/ethereum-co-founder-says-safety-concern-has-him-quitting-crypto

You're kidding, right?

If serious then, probably, what you mean is:
A pruned node?
Infura coin node?
Keeping txs only since the last hard fork?

Official Announcement
London Mainnet Announcement
Posted by Tim Beiko(C) on July 15, 2021
https://blog.ethereum.org/2021/07/15/london-mainnet-announcement/

https://research.paradigm.xyz/MEV

Ethereum itself can be used as a decentralized storage system, and in fact it is when it comes to code storage in all the smart contracts.
When it comes to large amounts of data, however, that isn't what the system is designed for.
At the time of writing, the Ethereum chain is around 350GB, and every node on the network needs to be able to store all 350GB of data.
If the chain were to expand to large amounts of data (say 5TBs) it wouldn't be feasible for all nodes to continue to run.
Also, this can get incredibly expensive to deploy new data due to the size.

Due to these constraints, we need a different chain or methodology to storing large amounts of data in a decentralized manner.

When looking at decentralized storage (dStorage) options, there are a few things a user must keep in mind.

Persistence mechanism / incentive structure
Data retention enforcement
Decentrality
Consensus

Arweave is mentioned in all 4 areas...
https://ethereum.org/fi/developers/docs/storage/



Also, when ETH2 does eventually release, im 100% confident Arweave will play a vital role for ETH'S data storage.

What exactly  "time bandit attack"? Can someone explain?

https://worldpublicityblog.com/index.php/2021/07/08/ethereum-may-surpass-bitcoin-says-goldman-sachs/
Ethereum may surpass Bitcoin, says Goldman Sachs
"In a note to investors on Tuesday, Goldman Sachs outlined its reasoning behind the claim that Ethereum will eventually become a better store of value than Bitcoin.

According to the note, the investment bank believes Ethereum currently looks like the cryptocurrency with the highest real use potential. It added that it is the most popular development platform for smart contract applications, according to reports."