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    Ethereum Daily Discussion Thread

    June 18, 2021

    Ethereum Daily Discussion Thread

    Daily Discussion Thread

    Posted: 17 Jun 2021 11:00 PM PDT

    Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Disclaimer:

    Though karma rules still apply, moderation is less active on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources.

    Rules:

    • All sub rules apply in this thread.
    • Discussion topics must be related to Ethereum.
    • Behave with civility and politeness. Do not use offensive, racist or homophobic language.
    • Comments will be sorted by newest first.

    Useful Links:

    Reminder

    /r/ethereum is a community for discussing the technology, news, applications and community of Ethereum. Discussion of the Ether price or trading is not allowed. Please keep those discussions to /r/ethfinance and /r/ethstaker.

    submitted by /u/AutoModerator
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    This really puts ETH’s energy consumption in perspective.

    Posted: 17 Jun 2021 07:35 AM PDT

    Stolen Ethereum

    Posted: 17 Jun 2021 01:22 PM PDT

    I must say, I didn't think this would happen to me. I made one slight mistake and ALL of my hard earned and accumulated ETH gone in 47 seconds.

    I downloaded Metamask and it looks like it was from a phishing site, imported my wallet and all of my ETH was stolen.

    I don't really know what to do or think. I took all actions, filing a police report, NFIB report. Contacting Metamask, binance, I even tried tracking the transactions myself. I noticed transactions on the Binance Smart Chain and wondered if Binance could assist, no luck.

    I'm just posting this as a reminder for anyone that sees this. Please be extra careful, think not twice but three times before you execute a trade or move aby of your crypto. Just avoid this dumb browser extension wallets at all costs.

    Losing such a large sum of money is crazy, but losing that much ETH is even worse. I don't know how I will feel when ETH eventually doubles, triples in value.

    My heart is torn right now and my stomach feels bottomless. I just wish I had thought twice before doing what I did and I could have saved myself so much grief. I guess i'm posting this to not only bring awareness, but to vent.

    I hope none of you go through this.

    Editing to include my new hardwallet address. Someone suggested I post it and see what happens đŸ˜£

    0x077D48Ea1e5f1dafdac786db439F7348BC8B1DC6

    submitted by /u/BradoIlleszt
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    Strapped in and ready for takeoff. ��⏳��

    Posted: 17 Jun 2021 02:27 PM PDT

    Finally off the dang staking wait list after 4 months!!

    I have officially committed myself to the bondage and masochistic ritual that is converting to Ethereum 2.0.

    No control, no safeword, just totally helpless to hodl. Yes it will hurt to see it Rollercoaster up and down and all around while being able to do absolutely nothing...but I think it will ultimately lead to one of the greatest climaxes we have ever seen. đŸŒ‹

    submitted by /u/TLC007_1620
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    Looking for a Team

    Posted: 18 Jun 2021 12:28 AM PDT

    Hello everybody,

    I am looking for a small team for my project and hopefully will find someone in our community.

    Short description: I have developed a smart contract, so that every user on Ethereum, Polygon/Matic or Binance Smart Chain can use it to create his own token with different features (e.g. minting, burning,..).

    I am looking for help to create a fancy front-end / homepage and someone who can promote this service in social media (reddit, facebook, twitter,...).

    If you are interested in my project let me know. We won't get millionaires but we will help the crypto community, will earn some money and will have some fun.

    submitted by /u/Bolschi
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    Best ETH communities to discuss and learn

    Posted: 17 Jun 2021 05:39 PM PDT

    Hey everyone, I'm learning more about crypto (particular ETH and the ERC-20 ecosystem) and wanted to know what are the best sources of information and communities to check where things are being built, new concepts introduced, etc.

    I've joined some Discord channels and subreddits but wanted to introduce a list so we can always follow the latest and greatest on crypto. I'd like to create this post so people could propose their favorite channels of information so I can organize it to help all newcomers to the Ethereum ecosystem!

    submitted by /u/gustavojordao021
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    I need some advice about staking only 1 Eth on binance?

    Posted: 18 Jun 2021 12:13 AM PDT

    I actually made 1 good profit on doge so i sold it to buy 1 eth. Do you think it is good to stake it on binance and how much profit may i get from it. Please help me. Thank you so much

    submitted by /u/scorpion2121212121
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    Why would a majority of blockchain activity not be on ZK Rollups?

    Posted: 17 Jun 2021 11:49 PM PDT

    To all those who prematurely rang the death knell of the NFT revolution... NFTs aren't dead: they're just getting warmed up

    Posted: 17 Jun 2021 12:57 PM PDT

    Geth v1.10.4 released - London testnet compatibility and snap sync enabled

    Posted: 17 Jun 2021 05:47 AM PDT

    Low gas on ethereum

    Posted: 18 Jun 2021 12:30 AM PDT

    Hey everyone

    Low gas on ethereum has been a blast for everyone, I'm sure. Being able to afford to interact with dApps really reminds you that this is the future.

    However, I can't help to be concerned about what this indicates about the future of ethereum, especially with the EIP-1559 upgrade due soon. I know that this is mainly an upgrade to make gas prices more predictable, but you can't deny that everyone has been excited about the opportunity for eth to become a deflationary asset, and as it stands that is looking unlikely with the current low fees. This isn't going to change with L2 summer around the corner either.

    What are your thoughts?

    submitted by /u/TookieeWooper
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    What would be the best mining pool and miner for eth. Wallet also?

    Posted: 17 Jun 2021 11:59 PM PDT

    So, I am mining for 3 months now VTC(Vertcoin). Then I was converting it to ETH through Dove wallet. But I realised that I could mine ETH instead. So I got some questions: 1. How long is left untill you can't mine eth anymore? 2. How is going eth 2.0 to affect my '' original'' eth. Are they going to be 2 separated things? 3. What would be the best miner and mining pool to dowland and use? 4. I am planning to send the eth that I mine to Dove Wallet? Is that ok? Or should I use a more eth centred wallet? I will tell you from now: the eth that is going to be in dove/other wallet, I will send it to crypto.com app. I am asking if I can do that without caring to much about fees. 5. Will mining eth affect my GPU very badly? I will not mine 24/7. Just 8-10 hours a day. 6. Is it worth to start mining eth now or is it to late? Should I keep doing what I said in the beggining? (keep mining vtc and converting into eth)

    submitted by /u/distrugatorul_343
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    Fox to Invest $100 million in Making NFTs for Shows Despite Market Crash

    Posted: 17 Jun 2021 02:01 PM PDT

    Blockster social network for cryptocurrency lovers - Crypto DeFinance

    Posted: 17 Jun 2021 05:40 PM PDT

    What do you guys recommend moving my ETH from metalmask

    Posted: 17 Jun 2021 08:07 PM PDT

    I'm mining ETH and having my wallet send to my metal mask account. Where can I stake my ether for long term? I am in New York so Coinbase does not offer APY, and I can't use binance. Gemini has I think 2% APY, and I have a ledger device.

    submitted by /u/Neymar11rose
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    Staking question

    Posted: 17 Jun 2021 09:36 PM PDT

    Why go through all the hassles of becoming a validator when you can stake with something like lido.fi with similar APR?

    submitted by /u/cuki321
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    Cheeky Crypto Interviews SingularityDAO (AI DeFi) CEO Marcello Mari

    Posted: 17 Jun 2021 07:07 PM PDT

    Why is 25th June critical for Ethereum?

    Posted: 18 Jun 2021 12:26 AM PDT

    From Egypt.eth to Cloud.eth this wallet has most of the names I have thought of using for domains, this one wallet. People like this already capitalizing on asset class, you will buy from them, not ENS.

    Posted: 17 Jun 2021 11:14 PM PDT

    Criminals are mailing hacked Ledger devices to steal cryptocurrency

    Posted: 17 Jun 2021 01:25 PM PDT

    Statelessness + state expiry

    Posted: 17 Jun 2021 01:29 AM PDT

    I have long wanted to write a post about this, but have been patiently waiting for some concrete progress. This happened today, with Vitalik's update with a provisional roadmap with proto-EIPs: A state expiry and statelessness roadmap - HackMD (ethereum.org)

    Currently, the single greatest bottleneck to scalability is state bloat. You need a 1 TB SSD to run a full node reliably with some future-proofing, and some have complained that's already too much. As the network is used, the state will only keep growing. The only recourse to manage state thus far has been to severely limit scalability.

    There are two concepts that are being proposed right now to solve this long-standing challenge:

    Weak statelessness

    In the weak statelessness scheme, only block proposers and full nodes will need to hold full state. All other nodes, including attesting validators, can run a stateless client and verify blocks without actually storing state. How this works: (oversimplifying) you don't need to hold the state, but just need a succinct (in the literal sense) proof, called a witness, to verify state.

    This concept has been around, but the issue thus far was that even the witnesses were too large. The technology is finally ready to enable very small witnesses: Verkle trees.

    Currently, Ethereum's state is stored as hexary trees. We know the beacon chain has the concept of epochs where blocks are justified and finalized. As per this proto-EIP, Ethereum will have a new time scale: Period. One period will be approximately one year. To enable statelessness, a hardfork will freeze the pre-fork hexary tree (Period 0), while all new data appended or accessed post-fork will live in the new Verkle tree (kicking off Period 1).

    Whenever stateless clients are ready post the transition to Verkle trees, all regular users will be able to verify statelessly. As mentioned before, block proposers will still need to hold the full state. This will be controversial, but the important thing here is to have a culture of users verifying, and that is accomplished by weak statelessness. Gas limits can now be increased, and while block proposers will have to upgrade their systems, regular users might actually see a decreased system requirement with stateless clients despite higher scalability.

    Of course, strong statelessness, where even blocks can be proposed statelessly will remain a future problem to be solved.

    State expiry

    A lot of Ethereum's state hasn't been accessed in years. Yet, all nodes are burdened with this data forever. What if you could only hold the relevant, recently accessed data, while archive (again, literally) lapsed data? Proposals around state rent, state expiry and regenesis have suggested similar schemes, but now we have a concrete proto-EIP. For the longest time, state expiry and statelessness were considered competing solutions to the same problem, but amazingly, now they are both being implemented together!

    Each period, state from two periods (~years) ago is frozen and archived. In state expiry, full nodes and block proposers will only need to store state from two periods - the current and the previous. Users looking to verify transactions will continue to verify statelessly.

    The state expiry hard fork happens at the beginning of Period 1, or roughly 1 year after moving to Verkle trees and enabling weak stateleness. Here, the pre-statelessness Period 0 hex tree will be replace with a Verkle tree. I'd expect from Period 3, the Period 1 state will expire, and so on.

    Overall, both combined, state management will be effectively be solved, and we can start increasing gas limits without worrying about long-term state bloat. However, expect this increase to be moderate, around 3x is suggested by Vitalik. I believe this to be a very conservative estimate, particularly with SSDs continuing to become more affordable. Now, we have mainstream $400-$500 game consoles (well, when they're available) shipping with extremely fast 1 TB NVMe SSDs. By the time statelessness + state expiry ship, I fully expect budget laptops to feature 1 TB and above SSDs. Further, clients like Erigon are putting in a lot of work to optimize this. So, I'd optimistically expect a 5x-10x increase in scalability instead while still reducing system requirements compared to now, though of course. Of course, as SSDs becomes more affordable over time, we can scale linearly now that we have predictable state management.

    Users can revive expired data by providing a witness proof and paying gas to have the corresponding data reappended to the active tree . What about expired state? There can obviously be archive nodes (clarification: not to be confused with archival nodes, I meant archive in the literal sense here - basically like a full node is currently. But I can't call it a full node because under the state expiry scheme the new full nodes will only be 2 periods.) which can continue to contain the full state. This will almost certainly be very, very expensive, so we'll need some sort of infrastructure for expired state. I believe Solana is exploring using Arweave for similar state rent schemes, though I wasn't able to find any details. IPFS, BitTorrent, Filecoin and others are all options.

    Rollups and sharding

    State management is crucial for rollups, because they are designed around having immense state bloat. Because the entire rollup state can be reconstructed from L1, they can be even more innovative and flexible with how they approach this. Things like regenesis are easily done. Rollups can be the perfect way to battle-test these new schemes being proposed. I'd expect Optimistic Ethereum, for example, to transition to Verkle trees and state expiry well before Ethereum mainnet does with much shorter periods given it already has an archival mechanism on L1. Of course, rollups will benefit directly from whatever scalability upgrades state management brings to L1 as well.

    Statelessness + state expiry will directly multiply sharding execution, as each shard will also feature these scalability improvements. Though, given the scalability improvements statelessness + state expiry bring to the single execution chain, and the scalability rollups + data sharding offer, would we even need executable shards in the foreseeable future? Seems doubtful to me. I wasn't able to find any concrete information on how the current proposals will directly affect data shards, but I'd expect many of these concepts to be adapted for it in the future.

    Concluding

    Proof-of-stake will solve sustainability. Rollups + data sharding will solve scalability. State size management was the last remaining challenge, and it's being met head on with some real, concrete proposals now. One could argue that privacy and VM innovations are a further pending challenge: but I'd expect rollups to better better address these. Indeed, we're seeing this with Aztec being privacy-focused, while zkSync 2.0 introduces LLVM and StarkWare has built a quantum-resistant StarkNet OS. Of course, learnings from these rollups can be adopted on L1 if desired.

    submitted by /u/Liberosist
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    Mark Cuban Calls for DeFi Regulation After His Crypto Investment Goes to Zero

    Posted: 17 Jun 2021 10:57 AM PDT

    CIO of ExoAlpha believes Bitcoin is going to outperform Ethereum near-term. (It's not bad news for Ether though)

    Posted: 17 Jun 2021 03:31 PM PDT

    This is my DD on Overline, a cross chain interoperability protocol that allows cross chain trading without wrapped tokens and without validators but in a truly decentralized fashion through pow. I'd appreciate it if you took the time to read my DD and let me know what you think of my conclusions.

    Posted: 17 Jun 2021 05:14 PM PDT

    Golem Beta II is out - we introduce the services API, combined with the Service Model development documentation

    Posted: 17 Jun 2021 07:47 AM PDT
    Read more
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