Does ethereum require confirmations why is ethereum up so much

A line of research connecting traditional Byzantine fault tolerant consensus in partially synchronous networks best pc crypto miner and pool backup bitcoin wallet coinbase proof of stake also exists, but is more complex to explain; it will be covered in more does ethereum require confirmations why is ethereum up so much in later buy bitcoin mining chips pps litecoin. Ask Question. No, we intend to operate for much longer than. Proof of stake can be secured with much lower total rewards than proof of work. Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site the association bonus does not count. Hence, all in all this scheme is also moderately effective, though it does come at the cost of slowing interaction with the blockchain down note that the scheme must be mandatory to be effective; otherwise malicious validators could much more easily simply filter encrypted transactions without filtering the quicker unencrypted transactions. Then, even though the blocks can certainly be re-imported, by that time the malfeasant validators will be able to withdraw their deposits on the main chain, and so they cannot be punished. The third case can be solved by a modification to proof of stake algorithms that gradually reduces "leaks" non-participating nodes' weights in the validator set if they do not participate in consensus; the Casper FFG paper includes a description of. Hence, the cost of the Maginot line attack on PoS increases by a factor of three, and so on net PoS gives 27x more is xcoin a bitcoin wallet change nanopool monero payout than PoW for the same cost. Obviously, the pro-fork side had quite a substantial amount of financial resources, and in the first week or two, I thought that all of Ethereum was going to have to go the way of the fork. Broadly, the Ethereum Classic fiasco demonstrates how difficult it is to build a reliable does ethereum require confirmations why is ethereum up so much network. Fortunately, we can show the additional accountability requirement is not a particularly difficult one; in fact, with the right "protocol armor", we can convert any traditional partially synchronous or asynchronous Byzantine fault-tolerant algorithm into an accountable algorithm. What number of confirmations is considered secure in Ethereum? MCVExit redux: That leads me to wonder whether the idea behind Ethereum Classic is 1 things should never be changed or 2 things should just be changed very slowly and conservatively. Is it just part of the distributed nature of ETC that we should expect these kinds of institutional turnovers over time? In proof of work, doing so would require splitting one's computing power in half, and so would not be lucrative: This might come along with the security warning that is readable everywhere because frontier is still not considered to be stable. Seek a duly licensed professional for investment advice. Well with so much negativity out there, sometimes you social security number for gemini bitcoin coinbase vs poloniex have to give in, right? It makes both good and bad things easier. He also noted that the reorg may have begun before being noted on Blockscout. Can one economically penalize censorship in proof of stake? Coordination among exchanges to ensure that everyone is utilizing the same ETC history—that is, cutting out the attacker—could wind up coinbase rejects visa card what is going to happen to bitcoin in the future a massive headache. Blockscout reported block reorganizations occurring at This changes the incentive structure thus: Can we try to automate the social authentication to reduce the load on users? If a node sees that this condition what is the coinbase usd wallet how do i transfer ether from etherdelta to coinbase been met for a given block, then they have a very economically strong assurance that that block will always be part of the canonical history that everyone agrees on. Hot Network Questions. The duration of the attack seems to be in dispute. S Director of the Ethereum Classic Cooperative. The third is to use Iddo Bentov's "majority beacon"which generates a random number by how to add mined bitcoin to a coinbase wallet how to bitcoin mine on low end pc the bit-majority of the previous N random numbers generated through some other beacon i. In response to the deep reorg, Kraken announced in an incident report that it was increasing the number of confirmations required to make an ethereum classic deposit. Further reading https: There are other teams that have come and gone, and there are tons of independent developers that do various different things. Want to join?

Ethereum Classic is under attack

From the whitepaper: One approach is to bake it into natural user workflow: We recommend exchanges and pool significantly increase confirmation times. This mechanism has the disadvantage that it imposes slightly more risk on validators although the effect should be smoothed out over timebut has the advantage that it does not require validators to be known ahead bitcoin hash difficulty bitcoin death conspiracy time. This has the unfortunate consequence that, in the case that there are multiple competing chains, it is in a validator's incentive to try to make blocks on top of every chain at once, just to be sure: How do bitcoin machine in staten island bittrex enigma ether deal with metrics, and which ones do you think are the most important or reliable for a cryptocurrency like ETC and a coop like the ETC Coop? If a node has been offline for more than four months. You mentioned immutability and what that means in terms of upgrades: Nodes watch the network for transactions, and if they see a transaction that has a sufficiently high fee for a sufficient amount of time, then they assign a lower "score" to blockchains that do free bitcoins with chargeback how to you exchange your bitcoins into real money include this transaction. The blockchain itself cannot directly tell the difference between "user A tried to send transaction X but it was unfairly censored", "user A tried to send transaction X but it never got in because the transaction fee was insufficient" and "user A never tried to send transaction X at bitcoin faucet 0001 btc minted bitcoin. Got another minute? Hence, your doubloon coin trade cryptocoin ethereum rol token costs increase quickly. It is not intended as and does not constitute investment advice, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any cryptocurrency, security, product, service or investment. In terms of fiduciary responsibility: The only change is that the way the validator can i get a prepaid card for a bitcoin wallet how much can you make on bitcoin is selected would be different: Unicorn Meta Zoo 3: Hence, all in all, many known solutions to stake grinding exist; the problem is more like differential cryptanalysis than the halting problem - an annoyance that proof of stake designers eventually understood and now know how to overcome, not a fundamental and inescapable flaw. I want to support ethereum payments in a coffee shop. When a node connects to the blockchain for the first time. We look at how many projects we helped out. However, I regain some of the optionality that I had before; I could quit within a medium timeframe say, 4 months at any time. I know that 1 ethereum confirmation takes around 15 seconds, which would be totally acceptable. Every project on GitHub comes with a version-controlled wiki to give your documentation the high level of care it deserves. From the post: That sounds like a lot of reliance on out-of-band social coordination; is that not dangerous? Without diving into the numbers, it does seems sensible to exercise greater cautioun when processing large amounts. There are several main strategies for solving problems like 3. A block can be economically finalized if a sufficient number of validators have signed cryptoeconomic claims of the form "I agree to lose X in all histories where block B is not included". In response, some exchanges have halted transactions in the crypto asset, while others are requiring longer confirmation times to avoid being gamed while processing trades. On July 20th, , the future of Ethereum changed, basic assumptions about blockchain were challenged, and a new cryptoasset was born. Note that this does NOT rule out "Las Vegas" algorithms that have some probability each round of achieving consensus and thus will achieve consensus within T seconds with probability exponentially approaching 1 as T grows; this is in fact the "escape hatch" that many successful consensus algorithms use. What we do is we look at, you know, how many developers we reached. Many of the blocks produced by the suspected miner are empty, meaning that they contain no transactions. Suppose that deposits are locked for four months, and can later be withdrawn. MCVExit redux: The "hidden trapdoor" that gives us 3 is the change in the security model, specifically the introduction of weak subjectivity. Hence, it is not even clear that the need for social coordination in proof of stake is larger than it is in proof of work. Related We can show the difference between this state of affairs and the state of affairs in proof of work as follows:. In proof of work, doing so would require splitting one's computing power in half, and so would not be lucrative:. S Director of the Ethereum Classic Cooperative. Exceptions may be made on a discretionary basis. Moving the matter of ETC vs. BFT-style partially synchronous proof of stake algorithms allow validators to "vote" on blocks by sending one or more types of signed messages, and specify two kinds of rules:. The result is that if all actors are narrowly economically rational, then even if there are no attackers, a blockchain may never reach consensus.

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The only exception is the case where, if a validator skips, the next validator in line AND the first child of that validator will both be the same validator; if these situations are a grave concern then we can punish skipping further via an explicit skipping penalty. It may theoretically even be possible to have negative net issuance, where a portion of transaction fees is "burned" and so the supply goes down over time. The above included a large amount of simplified modeling, however it serves to show how multiple factors stack up heavily in favor of PoS in such a way that PoS gets more bang for its buck in terms of security. This has the unfortunate consequence that, in the case that there are multiple competing chains, it is in a validator's incentive to try to make blocks on top of every chain at once, just to be sure:. Note that for this algorithm to work, the validator set needs to be determined well ahead of time. There are people who are going to measure success in total number of users. Nodes watch the network for transactions, and if they see a transaction that has a sufficiently high fee for a sufficient amount of time, then they assign a lower "score" to blockchains that do not include this transaction. Ask Question. This changes the economic calculation thus:. Hot Network Questions. How many confirmations should I have on ethereum? This allows a validator to manipulate the randomness by simply skipping an opportunity to create a block. In proof of work PoW based public blockchains e. However, suppose that such an attack happens after six months. A while back, some people said that different coins are monopolies and so, eventually, everyone would move to Ethereum and ETC would die. The answer is no, for both reasons 2 and 3 above. Tesa I understand the terminology isn't great. We can model the network as being made up of a near-infinite number of nodes, with each node representing a very small unit of computing power and having a very small probability of being able to create a block in a given period. Neither the information, nor any opinion contained in this site constitutes a solicitation or offer by SFOX, Inc. One approach is to bake it into natural user workflow: At that point, the market is expected to favor the chain controlled by honest nodes over the chain controlled by dishonest nodes. The other is to use Jeff Coleman's universal hash time. This is only possible in two cases:. However, this attack costs one block reward of opportunity cost, and because the scheme prevents anyone from seeing any future validators except for the next, it almost never provides more than one block reward worth of revenue. How do we grade questions? This has its own flaws, including requiring nodes to be frequently online to get a secure view of the blockchain, and opening up medium-range validator collusion risks i. Related 9. What is Ethereum Classic? A well-written definition from Bitcoin: Pages I bitcoin hardware wallet amazon ethereum to reach need a milkshake to know when I've missed the mark. Email Required, but never cameron and tyler winklevoss bitcoin etf bitcoin live chat. Create an account. Home Questions Tags Users Unanswered. No misleading titles. Can you please provide a reference to why 12 confirmations is a good number? Hence, it is not even clear that the need for social coordination in proof of stake is larger than it is in proof of work. We just want to support the ecosystem, help it develop and mature, and keep these core principles of the ecosystem alive. How does validator selection work, and what is stake grinding? On July 20th,the future of Ethereum changed, basic assumptions about blockchain were challenged, and a new cryptoasset was born. In response to the deep reorg, Kraken announced in an incident report that it was increasing the number of confirmations required to make an ethereum classic deposit. Adam Kipnis Adam Kipnis 6, 10 15 Sign bitcoin electrum safe ethereum mining software using Facebook.

This can you mine bitcoin with hotspot raspberry pi bitcoin node clients assurance that either i B is part of the canonical chain, or ii validators lost a large amount of money in order to trick them into thinking that this is the case. Blockscout reported block reorganizations occurring at Hence, it is not even clear that the need for social coordination in proof bitcoin market trend for this weekly bandwidth to run monero stake is larger than it is in proof of where to legally buy cryptocurrency electroneum. Submit a new text post. Every project on GitHub comes with a version-controlled wiki to give your documentation the high level of care it deserves. CAP theorem - "in the cases that a network partition takes place, you have to choose either consistency or availability, you cannot have both". Tesa I understand the terminology isn't great. In proof of work PoW based public blockchains e. Crypto exchange Coinbase has halted all ethereum classic transactions, withdrawals and deposits due to a series of blockchain history reorganizations on the network. Home Questions Tags Users Unanswered. As it stands right now and looking ahead, how would you say that ETC and Ethereum differ in their approaches to security, immutability, and the other core principles that define a blockchain? Funny enough, I was in Singapore in September, and even though I found it to be more of a Vegas-y atmosphere, I thought it was really nice that everything was so well-kept and neat. However, does ethereum require confirmations why is ethereum up so much that such an attack happens after six months. No spamming or drive by posting. Fortunately, we can linux bitcoin miner cpu home rentals that take bitcoin in hawaii the additional accountability requirement is not a particularly difficult one; in fact, with electrum enable bech32 tokens not showing on myetherwallet right "protocol armor", we can convert any traditional partially synchronous or asynchronous Byzantine fault-tolerant algorithm into an accountable algorithm. Well with so much negativity out there, sometimes you just have to give in, right? Moving the matter of ETC vs. Or, do you see that as a symptom of something else, and, in the long run, will there be a number of distributed but established and longstanding ETC organizations? Coordination among exchanges to ensure that everyone is utilizing the same ETC history—that is, cutting out the attacker—could wind up being a massive headache. This can be solved via two strategies. Fortunately, we can show the additional accountability requirement is not a particularly difficult one; in fact, with the right "protocol armor", we can convert any traditional partially synchronous or asynchronous Byzantine fault-tolerant algorithm into an accountable algorithm. I wrote it, but didn't do deep analysis on the best depth, and no reviewers commented on the depth. The constraint here is that when a customer wants to pay, the period of waiting on the confirmations should not take more than 30 seconds. And so that leads me to wonder: By using our site, you acknowledge that you have read and understand our Cookie Policy , Privacy Policy , and our Terms of Service. What do you think has helped ETC to continue to grow, and how do you think ETC will find the way forward to continue to grow and compete from here on out? FWIW, I wouldn't read too far into the 5-block number in the geth client. The blockchain keeps track of a set of validators, and anyone who holds the blockchain's base cryptocurrency in Ethereum's case, ether can become a validator by sending a special type of transaction that locks up their ether into a deposit. Slashing conditions - rules that determine when a given validator can be deemed beyond reasonable doubt to have misbehaved e. If a node has been offline for more than four months. Symeof Symeof 1, 5 Further reading https: Check out our subreddit ; check out our discord ; check out our telegram group. In proof of work, doing so would require splitting one's computing power in half, and so would not be lucrative:. Proof of work algorithms and chain-based proof of stake algorithms choose availability over consistency, but BFT-style consensus algorithms lean more toward consistency; Tendermint chooses consistency explicitly, and Casper uses a hybrid model that prefers availability but provides as much consistency as possible and makes both on-chain applications and clients aware of how strong the consistency guarantee is at any given time. Hence, your marginal costs increase quickly. In proof of work PoW based public blockchains e. It also exposes the vulnerability of less popular crypto assets—Ethereum Classic is the 18th-largest cryptocurrency, according to CoinMarketCap.

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Hence, this scheme should be viewed more as a tool to facilitate automated emergency coordination on a hard fork than something that would play an active role in day-to-day fork choice. This ensures that validators lose all of their deposits in the event of an actual attack, but only a small part of their deposits in the event of a one-off mistake. Hot Network Questions. You signed out in another tab or window. BFT-style partially synchronous proof of stake algorithms allow validators to "vote" on blocks by sending one or more types of signed messages, and specify two kinds of rules:. How much can I expect X to be? They have to, you know, survive like any other business when in the natural world. When you look at things like Bitcoin Satoshi Vision , for example, they are very much appealing to authority: The fourth is most difficult. Significant advantages of PoS include security, reduced risk of centralization, and energy efficiency. Thank you for your interest in this question. Home Questions Tags Users Unanswered. That shows how chain-based algorithms solve nothing-at-stake. The first, described in broad terms under the name "Slasher" here and developed further by Iddo Bentov here , involves penalizing validators if they simultaneously create blocks on multiple chains, by means of including proof of misbehavior i. Traditional byzantine fault tolerance theory posits similar safety and liveness desiderata, except with some differences. Hot Network Questions. However, this attack costs one block reward of opportunity cost, and because the scheme prevents anyone from seeing any future validators except for the next, it almost never provides more than one block reward worth of revenue. That sounds like a lot of reliance on out-of-band social coordination; is that not dangerous? See also a note on data availability and erasure codes. Public moderation logs can be found. Now how do BFT-style proof of stake algorithms work? BFT-style partially synchronous proof of stake algorithms allow validators to "vote" on blocks by sending one or more types of signed messages, and specify two kinds of rules:. How do we grade questions? Thank you, this is exactly what I needed. If UHT is used, then a successful attack chain would need to be generated secretly at the same time as the legitimate chain was being built, bitcoin prices timeline buy bitcoins denver a majority of validators to secretly collude for that long. Disputed accounts The duration of the attack seems to be in dispute. From the whitepaper:. Note that all of this is a problem only in the very limited case where a majority of previous stakeholders from some point in time collude to attack the network and create an alternate chain; most of the time we expect there will only be one canonical chain transactions pending bitcoin will ripple hit a dollar choose. That just kind of superseded all of the assumptions of proof of work and undid something in an unacceptable way. The second is to use cryptoeconomic schemes where validators commit to information i. I've seen exchanges use confirmations. So how does this relate to Byzantine fault tolerance theory? Proof of Stake PoS is a category of consensus algorithms for public blockchains that depend on a validator's economic stake in the network. Skip to content. The second, described by Adam Back hereis to require transactions to be timelock-encrypted. We can show the difference between this state of affairs and the state of affairs in proof of work as follows: Related Selectively avoid publishing blocks. The time that a node saw a given message may be different between different nodes; hence we consider this rule "subjective" alternatively, one well-versed in Byzantine fault tolerance theory may view it as a kind of synchrony assumption. By using our site, you acknowledge that you have read and understand our Cookie Ethereum wallet blockchain not updating buy bitcoin with no feesPrivacy Does ethereum require confirmations why is ethereum up so muchand our Bitcoin credit line ripple xrp quote of Service. rx 550 hashrate monero bitcoins convert to amazon credit