Vitalik Buterin takes to Twitter to respond to the ‘Secret Meeting’
Published Tweet
Ethereum being an open-source computing platform, where the apps run on a custom built blockchain is all about user sovereignty. In the aftermath of the ‘secret meeting’ that was held in Toronto later this Tuesday. Vitalik Buterin, the Co-founder of Ethereum has come out clean on his Twitter account by stating that he was not aware of what happened at the meeting and that it was organized without his prior knowledge or permission.
Francis Pouliot, the Co-founder of Catallaxy called upon this private meeting to discuss the decision-making procedures on Ethereum that is related to blockchain decentralization when it comes to advances in the mining technology. The major issues revolved around figuring out ways to return frozen funds and whether to reject mining hardware advances or not.
Their aim is to create tools that will support decentralized technologies without any sign of possible vigilance.
Lane Rettig, Ethereum Developer stated that:
“The event was not secret, in fact, we live-streamed a lot of it and also did a public AMA. There is no ‘Ethereum Management Committee’ and no rules were made.
”
Governance issues in the Ethereum eco-space that has come about with the increasing popularity of the network’s growth and clashing opinions on the basis of technical direction was another major part of the discussion. The meeting’s members mostly consisted of people from various start-ups and non-profit organizations. Members from ‘The Ethereum Foundation’, ‘MetaMask’, ‘the Web3 Foundation’, ‘Giveth’, were among the significant few who made it to the meeting called “EIP:0”.
Dan Finlay from Ethereum wallet MetaMask claimed later at a public meeting:
“There’s a very strong voice for immutability on channels like Reddit.
I’m seriously suspicious of those. Maybe they’re sock puppets.
I did not see them very well represented here.”
Ensuring trust on the grounds of a blockchain transaction where nobody can erase any information is of utmost importance to the Ethereum Project where the specifications of Casper FFG have already been posted.
Prerana Sarkar
Prerana Sarkar is a part of AMBCrypto’s News Reporting Team from January 2018. She is a Journalism major from Mount Carmel with two years of writing experience in Bitcoin and Blockchain related articles. Prerana does not hold any value in cryptocurrency or its projects Continue Reading Your email address will not be published. Required fields are marked * Comment Ethereum [ETH] to become the next biggest cryptocurrency in the world?
Published Prerana Sarkar Source: Pixabay
Bitcoin is the world’s first decentralized digital currency could be overtaken by Ethereum whose prices have considerably increased over the past three years. Roger Ver, Bitcoin’s most trusted investor in start-ups like Blockchain.
info and BitPay.com, who are now among the most successful companies, has claimed that Ethereum and Bitcoin Cash is soon to take over the cryptocurrency space backed up with major profits in the coming months or years.
He is extremely positive about its happenings in the near future.
Mr.
Ver stated in his interview with The Independent :
“Ethereum could overtake bitcoin by the end of the year and bitcoin cash could do the same before 2020.”
Analysts have coined a term named “The Flippening” with which Bitcoin will no longer hold the highest market capitalization giving way to other major projects like Bitcoin Cash. Mr.
Ver also mentioned about the slow transaction issues in Bitcoin’s core technology and how the fees have soared high with growing popularity of the network.
More people these days believe in the power of blockchain technology and with Ether gaining a lot of recognition due to a turbulent surge this year, makes Ether’s decentralized software programme more user-friendly and gives way to better standards of a talent show in this space. Experts have also claimed that there is no reason for Bitcoin to fall back on its charts as it still remains dominant. With Ethereum’s increasing circulation, Bitcoin is also seeking to double its value with big investors coming in the scene from next week.
In the past twelve months, the price of one Bitcoin has come around $1,700 to $9,360, with an average increase of 450 percent.
The former COO of Skype, Mr. Jackson claimed:
“There is so much talent in the crypto space, and people are working on solving these scalability problems” Ethereum [ETH]’s new consensus protocol has been released – Casper FFG
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Beginning from Vitalik Buterin’s announcement about Casper , it has been a continuous chain of evolving technology releases for Ethereum which includes its upcoming ‘Sharding’ .
Casper is the Proof-of-Stake [POS] protocol of Ethereum which is different from other POS protocols in terms of security. Overcoming all the disadvantages of Proof-of-Work [POW] in terms of security is the ultimate goal of this new protocol.
In a recent conference which was held at Toronto, Vitalik, the CEO, and Founder of Ethereum discussed the newer updates on Casper algorithm.
Vitalik says:
“hopefully one of the more joyous experiences in ethereum in a fairly short time.”
The first version of Casper ‘v0.
1.0’ was released on GitHub yesterday, by one of its developers named Danny Ryan. The complete source code of the software is available on GitHub now.
Along with the recent changes on Casper, Danny added:
“v0.1.0 marks us more clearly tagging releases to help clients and external auditors more easily track the contract and changes.”
V0.1.
0 is named as Casper Friendly Finality Gadget [FFG], which is a blended version of both POW and POS consensus mechanism. The main aim of implementing Casper is to achieve complete transition into POS. It is designed in a way that POS protocol has been overlaid on the existing POW protocol of Ethereum called ‘Ethash’. After every 50th block mined via POW, the block will encounter the POS algorithm where finality is assessed by a network of validators.
Finality is an important factor that has to be implemented in every field that deals with finance. It means that a particular operation which has been executed should be inscribed in history and nothing can revert it. According to Vitalik, even the decentralized systems are unable to provide 100% finality and anybody can hack into a system or tamper the registry.
A recent tweet by Ethereum Community Fund says:
“First #CasperFFG release.
@ ethereum is really working at full speed. Congrats to the researchers, we are honoured to be part of this ecosystem alongside you! “
A blockchain enthusiast says:
“ # CasperFFG : The #Ethereum Slashed From Bad Validators Being Penalized Will Be Burned $ETH #ETH #ProofOfStake #PoS ”
The initial stage of Casper is yet to be audited and the network will be implemented once more code has been written for Ethereum clients so that they can download these programs to run the protocol of the cryptocurrency. The network requires a hard fork since Casper is not compatible with the previous versions of Ethereum.
Vitalik also mentioned that the users would need high configuration hardware and submit a minimum of 1,500 ETH to participate in Casper.
Nodes with less Ether will also have an option to participate in a pool that works together and divide their profits. .
