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    Ethereum Regarding the recent beacon chain incident

    April 24, 2021

    Ethereum Regarding the recent beacon chain incident

    Regarding the recent beacon chain incident

    Posted: 24 Apr 2021 11:55 AM PDT

    The power of Ethereum is in its DApps, DO NOT use robinhood or any other exchange to hold ETH as you're missing out on on the entire point of crypto - freedom to do with your money as you please.

    Posted: 24 Apr 2021 02:01 PM PDT

    Essentially what the title says, you can NOT use any DApps, to participate in any DAO, buy an NFT, gamble in Augur, yield farm or really do anything that is actually interesting in this new space of cryptocurrencies. If you want to experience the new world of money, you need to OWN IT, not lease it or own an IOU, that's for posers. Buy it if you will and transfer it it to your OWN WALLET, then you'll know the power of crypto!

    submitted by /u/Freedom-Phoenix
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    Did an Ethereum artwork today

    Posted: 23 Apr 2021 11:05 PM PDT

    Some less-appreciated benefits of Ethereum's PoS

    Posted: 24 Apr 2021 10:00 AM PDT

    We talk a lot about the much lower resource expenditure that PoS requires compared to PoW, and about key benefits like economic finality, but it's also worth keeping in mind some secondary benefits that the switch to PoS will bring. Most of these benefits will theoretically become available immediately after the merge.

    • Block time distribution: in PoW, blocks are distributed according to a Poisson distribution, so there is a high variance between the time between two blocks. On average you get one block per 13 seconds, but there are occasional intervals where there's more than 30 or even more than 60 seconds between two blocks. When you send a transaction, on average you have to wait 13 seconds for the next block to appear. In PoS, blocks appear on a regular schedule: one block per 12 seconds, and when you send a transaction, on average you have to wait 6 seconds. The only exception is skipped proposers, which are rare. Combined with EIP 1559, this will massively improve Ethereum's UX.
    • Faster pre-finality confirmation: we talk about finality, where after ~2 epochs a block gets confirmed in such a way that it cannot feasibly be reverted. But even before then, security ramps up much more quickly than in PoW, because the LMD GHOST fork choice rule with hundreds of attestations in parallel creates much faster convergence than PoW's "one consensus step per block" model. After even just 12 seconds, a block already has hundreds of attesters supporting it, already making it very hard to revert.
    • Better light client protocols: light clients for PoW ethereum exist, but they are far less efficient than they could be, and they still require quite a bit of time and resources to turn on and maintain. The PoS light client protocol is much more well-designed after learning from this experience, and requires only a minimum few kilobytes per day to stay in sync. This can make in-browser and mobile PoS light client wallets much more viable, reducing trust on centralized providers.
    • Faster ability to detect network issues: in a PoW network, if half of nodes go offline or start acting improperly because of a bug, hack or attack, it takes some time for this to become known, because at first there's not enough information to distinguish what's going on from random chance. In a PoS network, on the other hand, you can easily see participation dropping from 99% to something much lower within a single slot, and you immediately know that something is going on.

    There are also many smaller secondary benefits. The PoS switch gives us a natural opportunity to coordinate on a time when the ETH network protocol stops supporting the pre-merge chain, resetting the amount of data that clients need to download. The existing data structures in the beacon chain (particularly the historical block root and state root list) make accessing history from within the EVM much easier (the same benefit that EIP 2935 was trying to accomplish). The SSZ structure makes history proofs of any kind much easier to implement; additionally, a more complete switch from RLP to SSZ could significantly simplify Merkle proof generation for the protocol in general.

    The merge isn't just about the switch to proof of stake by itself; there's a lot more that we get along with it!

    submitted by /u/vbuterin
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    Why Ethereum? Some thoughts on the value, potential and end goals of smart contract enabled blockchains

    Posted: 24 Apr 2021 06:22 PM PDT

    Why have smart contract blockchains? why not just have a centralized authority be trusted and elected and have them govern?

    If your civilization can afford it, blockchains are better. while more complex and energy intensive they are formal and incorruptible which are good traits for systems of rules. the question "why blockchains? why not a trusted governing body?" is analogous to, in ancient times, asking "why write down the laws? why not just have good leaders and have them make all the decisions?". the idea of a good king is a simple and intuitive way to have a governance system but history demonstrates that in practice this governance system often goes awry: "power corrupts and absolute power corrupts absolutely". it's better to write down your laws so you can at least cross reference the actions of your governing executives and citizenry with the letter of the law. perhaps you even develop a separate system of governance that checks to see if the executives are upholding the law. also having laws that are written down allows people to have some sense of what to expect from their leaders and society.

    ​

    the promise of blockchain (specifically ones that allow for smart contracts) is to elevate governance from written law to one of deterministic code. Ethereum, if successful, will change how humans govern themselves and allow for more complex human social systems to emerge and interoperate.

    submitted by /u/ch1rh0
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    Does anyone else think wallets are still very confusing?

    Posted: 24 Apr 2021 06:11 AM PDT

    At the moment I'm using a hardware wallet but it was quite a big learning curve for me. I work as a software developer so the concept of private keys isn't new to me but even with a technical background it took a lot of reading and research to figure out how everything works. Also copped the gas fees to make a small deposit from the exchange to the wallet and then reset the wallet with my seed phrase to make sure I didn't mess anything up before transferring the rest.

    Even reading through a few threads in this sub and I see other people also get confused about how seed phrases and wallets work and I don't blame them. I also have a few friends who just got into crypto and don't want to take their coins out of centralised exchanges because they think it's still a lot safer and easier to deal with there.

    IMO the user experience of wallets and safely storing coins can still be improved, but keen to hear what everyone else thinks too.

    submitted by /u/stackup_
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    Gas price is cheap now, can it stay this way? I am not a miner so I am not complaining:-)

    Posted: 24 Apr 2021 02:13 PM PDT

    Influence introduces SWAY, an in-game currency and governance token.

    Posted: 24 Apr 2021 08:42 AM PDT

    Creating and gifting a wallet

    Posted: 24 Apr 2021 01:07 PM PDT

    I would like to create a wallet, seed it with a little bit of eth, and gift it to young someone. How do taxes (U.S.) work with this? I'm thinking the moment of transfer becomes my capital gains point and their cost basis? Is there a way to make the gift without triggering capital gains?

    I'll probably guard the seed phrase with my own until they are of age...or their parents come to understand the crypto scene enough to manage it. Any other thoughts around this?

    submitted by /u/wondering-this
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    Ethereum Realized Market Cap

    Posted: 24 Apr 2021 05:02 PM PDT

    Ethereum Realized Market Cap

    Basically I've been looking for any charts of ethereum's realized cap, but it is nowhere to be found. So I am here, do you guys know where to find it?

    I managed to find this chart, but it's data isn't as accurate as I need.

    https://preview.redd.it/bn6jqy9an7v61.jpg?width=1192&format=pjpg&auto=webp&s=791d6164f957668a981d63d1405e9e3b0a22db97

    submitted by /u/samzuir
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    How does Polygon tokenomics work?

    Posted: 24 Apr 2021 11:39 AM PDT

    I have been researching some ETH L2 projects and I am confused at how Polygon's tokenomics work. Can someone explain?

    Currently it seems the tx cost is approximately $.00004. There have been about 21 million transactions on Polygon based on the blockexplorer. That means Polygon has generated $840 ($5-10 a day) in network fees to date.

    The staking reward for tokenholders seems to be about 15%-20%. Where is the money coming from?

    It seems that more and more tokens are being issued out of thin air to reward stakers without generating any network fees. How is this sustainable?

    Even if more and more projects use Polygon, the number of transactions on the network doesn't seem to have any bearing on the staking rewards. For example, if the network increased the number of transactions by 100x or 1000x, the network would only be generating $500 or $5000 a day in fees. It seems insignificant compared to the number of tokens out there.

    Am I missing something?

    Also, is Polygon even actually scaling Ethereum? most of the projects building on Polygon seem to only be using it cause its basically free to use. theres no way to confirm if any of the transactions are "real" because anyone can just spam transactions to inflate its numbers. the transactions likely would have never been on Ethereum in the first place, and it seems to be its own thing without any real connection to Ethereum except a bridge. I find it hard to believe that polygon is doing 100k-400k a day when ethereum does 1 million.

    submitted by /u/mechanicalbeginner
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    Please review your experience using 1inch or Balancer to earn interest.

    Posted: 24 Apr 2021 11:15 AM PDT

    I am currently exploring 1inch and Balancer to compare the platforms and see what kind of return I actually receive. Would anyone who has used either of these platforms to earn some return please share how that experience went for you?

    So far, I am feeling like Balancer is the better option. However, I love the idea of 1inch and supporting their aggregator. My hang ups are in the fees, of course, but also in being compensated with governance tokens. I would ideally sell my rewards for some more ETH to hold or diversify into something like DPI, but I am concerned about governance tokens not being inherently valuable. Balancer just feels more straightforward, paying me back with whatever I put into the pool (BAL or otherwise).

    Any input would be greatly appreciated.

    Cheers!

    submitted by /u/timreg7
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    To stake or not to stake?

    Posted: 24 Apr 2021 04:32 PM PDT

    I'm a very small holder (5.5 ETH) and also fairly ignorant when it comes to crypto. I am wondering if someone can help me make a decision here.

    How long will my ETH be locked up? Should someone with so few ETH even consider it? Any other points or info would be greatly appreciated. Especially if you can simplify it a bit. I'm not dumb, just new.

    submitted by /u/HaoleGuy808
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    Eth2 is neutral infrastructure for our financial future

    Posted: 24 Apr 2021 10:55 AM PDT

    Staking - is it worth it?

    Posted: 24 Apr 2021 09:48 AM PDT

    Looking for some insight regarding staking? I keep getting reminders about staking ethereum through coinbase, but what are the advantages/disadvantages? Is it recommended? Is it risky? Can someone pls explain more... Thanks!!!

    submitted by /u/tiffsea0127
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    Can you generate a wallet by writing down valid private keys or a seed phrase?

    Posted: 24 Apr 2021 07:38 AM PDT

    I was planning on getting some ETH but I don't have the funds to buy both a hardware wallet and a decent amount of ETH.

    Could I just write down a valid private key/seed phrase, buy ETH, and then send it to that address?

    Or is there someway to just generate a cold wallet?

    submitted by /u/Narumango22
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    Moonswap - No-Gas-Fee Ethereum Layer2 DEX - volume surpasses $5 million

    Posted: 24 Apr 2021 05:58 AM PDT

    Notes worth reading:

    Posted: 24 Apr 2021 12:01 AM PDT

    You can watch the full thing here: https://www.youtube.com/watch?v=Yk39hNavhyM

    • For what is arguably the most important conference for a $2 tn industry this year there was scant attendance. Most of the stream had only 100 viewers, with Vitalik's final presentation "spiking" to 300-500. Meanwhile, the $2 tn walled garden fruity corporation's keynote drew millions of viewers earlier in the week. We are so, so early.

    • Everyone was coy about timelines, except Tomasz (Nethermind) surprisingly let slip a target for October 2021. Reading between the lines, I speculate the target is indeed Q4 2021, but everyone's waiting to see how the Rayonism multi-client devnets play out. There's a small chance Shanghai goes before The Merge, which delays it to Q1 2022.

    • Most clients are ready for Rayonism. The code changes for the Merge is relatively simple and most clients will be done in weeks, not months. Much of the remaining work is testing, testing, auditing, and more testing. Danny expects official multi-client testnets to commence in a couple of months.

    • The "Ethereum 2.0" branding or "Eth2" nomenclature is no more, and going forward it is all just one Ethereum. The two layers are now called execution layer (formerly eth1) and consensus layer (formerly eth2). So, if you see people talk about "Eth2", please correct them. Bonus: harp on about false sequentiality and make Danny proud.

    • While the beacon chain seems to be much delayed, the actual engineering and implementation was completed in only 2 years - a remarkable achievement given it took that long for EIP-1559 (a much simpler upgrade) to make it to mainnet. Hsiao-Wei had a fascinating opening talk about how research is iterative and a lot of seemingly wasted time in 2016-18 strongly informed sound decisions for the actual implementations.

    • Client diversity is key. Vouch is a very interesting solution that builds redundancy and diversity for validators.

    • Both execution layer and consensus layer clients will continue developing in parallel after The Merge, but we may see some synergies, packaging innovations etc. Since Consensys develops clients from both layers, we may end up with a single "Beku" client. (I forget who made that joke - Trent? - it as a good one!)

    • While solo staking requires 32 ETH, there'll be a ton of innovation to bring various types of delegated staking with varying magnitudes of decentralization/centralization. It's imperative we get people to move away from Coinbase/Binance/Kraken and onto these more decentralized options. Personally, I'd like to see a protocol where people can run their own validators for 1 ETH or so, making it more of distributed validation rather than delegated validation. No idea how this can be done, but someone will figure it out...

    • MEV will live on after The Merge, or rather, VEV. Of course, given there are far more validators and entities involved - 120,000 versus a few dozen mining pools - we'll need new ways to organize things. But the Flashbots team are already working on it. I think we'll need a lot of coordination and ensure most validators are running VEV extraction solutions to ensure the community extracts the value and not opportunistic frontrunners.

    • Secret shared validators are live on testnet!

    • Alright, after The Merge... first we'll see cleanup fork soon after which will also enable withdrawals.

    • Next step is data sharding, which would be the significant feature focus after The Merge. Simultaneously, the execution layer teams will work on Shanghai and Cancun. Data sharding will bring 25x scale to rollups and other L2 solutions that choose to leverage the massive data availability. First we'll have committee-based consensus, with the innovative data availability sampling coming later. Speculation: I'd expect data sharding to go live by late 2022, with DAS in 2023.

    • Parallel to sharding, the key execution layer upgrade will be statelessness + state expiry. The current plan is to do them together. Post-state expiry, we'll have static expired states, which would be fairly easy to distribute - could even use IPFS or BitTorrent. There can be protocols to make the UX simple. This will be significant breakthrough for how blockchains work and will enable much higher gas limits and scaling on L1.

    • EVMX - 384-bit EVM, and other continuous improvements. Vitalik discusses the many drawbacks of WASM, and believes we can get EVMX to a point where it has most of the functionality of WASM without any of the drawbacks. RIP eWASM. My personal opinion: We'll see rapid innovation with VMs on L2 and a lot of the learnings can then be implemented back on to L1.

    • The final piece of the puzzle is SNARK-ing everything! After that, STARK-ing everything for post-quantum. This will make native execution on shards easier. Interestingly, this was the only time Vitalik even mentioned execution on shards, and "if desired". He's very confident about rollups. Speculation: we aren't going to see execution on shards using the prior fraud proof mechanisms ever, and we'll turn on execution only when it's done right. There'll be significant innovation around interoperability and communication between L2s, which will inform how executable shards work. Finally, CBC Casper for a more secure consensus mechanism. These upgrades are 3-5 years out. Beyond this, Ethereum L1 will achieve its final form and might go into "maintenance mode" middle of the decade with all of the innovation moving to L2.

    There's a lot more, but these are my important takeaways.

    In short, Ethereum remains the only project that's even attempting to solve the blockchain trilemma with innovative cryptographic techniques. Bitcoin has given up on scalability, while all other L1 protocols have given up on decentralization and/or security. I should note that rollups can also be considered as solutions to the trilemma - Arbitrum, Optimism, zkSync 2.0 and StarkNet are the true "Ethereum killers". This will become evident over the next 5 years. If you watch The Merge summit and understand that now, I believe this is what the cool kids call an "alpha leak".

    submitted by /u/wanderingcryptowolf
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    NFTs - from wild west to intelligent appraisal

    Posted: 24 Apr 2021 07:04 AM PDT

    Trying to find the ETH transaction/sec roadmap

    Posted: 24 Apr 2021 05:05 PM PDT

    I watched a talk on Youtube the other month from Captain Vitalik, and it had a roadmap of the upgrades to the Ethereum network and the resulting transactions/sec that he estimated would be possible. Does anyone remember what talk that was, or where I could find that information?

    submitted by /u/Other-Rock-8387
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    Block 12345678 in less than a Week

    Posted: 23 Apr 2021 09:37 PM PDT

    Metamask question

    Posted: 24 Apr 2021 02:51 PM PDT

    I just sent ETH from my Celsius wallet to my MetaMask wallet (https://etherscan.io/address/0x91e1ce55fec973f116a7b559ea0e528831e1caa7) but it's not showing up in MetaMask.

    When I'm on the Ethereum Mainnet, it shows a balance of 0 ETH but the activity tab reflects that the transaction happened. Do I just wait or is there something I'm missing?

    submitted by /u/myycoo
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    Advice on where to purchase Ethereum. So far I’ve used Coinbase and Robinhood? Any recommendations on a better method? Did I fuck up by using Robinhood?

    Posted: 24 Apr 2021 03:31 AM PDT
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