Vitalik Buterin spoke about Ethereum 2.0 in the South Korean Parliament

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Vitalik Buterin, the creator of the second largest cryptocurrency Ethereum, had a speech in the South Korean Parliamentary session. The main theme was the future of blockchain and the global economy. Min Bjung Du, the chairman of the South Korean National Policy Committee, also took part in the session.

14k transactions per second

“The purpose of Ethereum 2.0 is to reach 14,000 transactions per second, which is equivalent to 2.8 MB,” said Buterin. He explained that this is due to the transition to PoS and implementing sharding, which is still a major priority.

“We will use our Ethereum verification algorithm Casper as Ethereum 2.0-based technology,” said Buterin. “The technological progress helps to solve the initial problems of blockchain technology,” he said. “Over time, various blockchain technologies such as Proof-of-Identity will be used.”

Developing wallet security

Buterin noted that the key technology in the blockchain must meet the requirements of scalability, confidentiality and security. In reality, the speed of blockchain transactions is too small for it to replace the financial market safely.

Also, Vitalik Buterin said there is a need to develop ways to enhance wallet security. As far as private information is concerning, the users should probably not enter it into the blockchain. Given its specificity because such information can be disclosed.

He mentioned the Metadium project as an example that can work with identification data and successfully address security issues.

Bad performing ICOs

He also addressed the bad performance of ICO projects in recent years. Buterin said that, in general, innovation companies would probably suffer from a drop in stock prices after listing. Also, he was pointing out that in the future, the investors will determine the growth and viable financing models of these companies.

Buterin noted that in 2019 the quality of ICO projects has improved significantly, and the demand for certain blockchain applications is now becoming more apparent.


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Ethereum hard fork could take place in late February.

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A leading Ethereum team developer Péter Szilágyi tweeted that the Ethereum Constantinople hard fork could take place on February 27th. The long-awaited event now can accour at block 7,280,000.

Constantinople faces security issues

Particularly canceled due to security issues, the long-anticipated Ethereum hard fork “Constantinople” didn’t take place. It was a critical vulnerability in Proposal (EIP) 1283, that could provide attackers a loophole in the code to steal other users’ funds. The vulnerability, called a reentrancy attack, allows an attacker to “reenter” the same function multiple times without updating the user about the state of affairs, an attacker could essentially be “withdrawing funds forever,” said Joanes Espanol, CTO of blockchain analytics firm Amberdata.

In a limited attendance meeting, ETH devs come to a consensus.

Friday, August 31 Ethereum devs held a meeting about the future of Ethereum. It was a limited meeting, where only 14 developers discussed the future of Ethereum. All the miners and investors didn’t attend the meeting.

They agreed to support the code that would reduce the amount of new cryptocurrency introduced on Ethereum to 2 ETH per block, down from 3 ETH, by implementing an upgrade named EIP 1234.

Also, the developers agreed to delay the difficulty bomb for a 12 month period. Also, they are planning a hard fork 8 months after the upgrade of Constantinople.

The transition to PoS (Proof of Stake)

Ethereum developers designed the difficulty bomb in order to gradually increase mining difficulty. Eventually, this will make Ethereum mining impossible. Furthermore, this is when the Ethereum blockchain will transition to a proof-of-stake (PoS) consensus mechanism.

However, blockchain developer, Níckolas Goline calculated that the Ethereum network could see block times of around 60 seconds exactly on February 27. These estimates are based on the Ethereum network’s current mining difficulty level and hashrate trends. The Ethereum dApps can be negatively affected if the block times become this slow.

Ethereum’s hashrate has decreased by roughly 44% last year, from its peak in August 2017.


Hashflare stops SHA-256 mining services

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Judging by an announcement that Hashflare made in their Facebook account, the cloud mining company has stopped their mining services for bitcoin SHA-256 contract mining. 

“BTC mining continues being unprofitable, in light of which we would like to inform you that on 18.07.2018 we were forced to start disabling SHA hardware and today, on 20.07.2018, stop the mining service of active SHA-256 contracts in accordance with clause 5.5 of our Terms of Service, which are required to be accepted when creating a purchase and are the basis of concluding the contract”, reads the announcement. They claim that they have done everything possible to change the situation. They have even tried to lower the maintenance and electricity expenses, but with no results. They say that even by doing so, that wouldn’t significantly change anything.

The last few months have been difficult for crypto markets and mining in general. The mining payouts were lower that the maintenance fees, resulting in zero accruals to the balance.

That raises a few rhetorical questions – what will happen with classic SHA-256 mining? We can’t maintain cryptocurrencies without mining, but mining is not profitable at the moment.

Any suggestions? Will we consider a wide PoS (proof-of-stake) adoption?