Ethereum Devs Reach Consensus to Delay Constantinople Hard Fork Until January 2019

Ethereum (ETH) core developers have reached a consensus to delay a planned hard fork of the protocol until January 2019, in a meeting Friday, Oct. 19.

The fork, dubbed “Constantinople,” was first trialed on Ethereum public testnet Ropsten on Oct. 13, and had been slated to be activated on the main Ethereum blockchain by the end of Oct.-Nov. this year. A testnet is essentially a simulated version of the primary network that allows developers to try out smart contracts or upgrades without having to pay “gas” (computation fees) for their execution.

Towards the end of their hour-long meeting yesterday, the devs finally reached a consensus that the Constantinople will at “the earliest” come in late January 2019.

During the meeting, one dev quipped it might be less controversial, or “political,” to change the term for the transition from “hard fork” to “update.”

Yesterday’s meeting followed after Constantinople’s debut on Ropsten Oct. 13 had run into a series of hurdles; ahead of its activation at block 4,230,000, the fork stalled at block 4,299,999 for two hours, with testnet miners failing to activate the transition. Ethereum client developer Alfri Schoeden explained at the time this was due to “a consensus issue” that had triggered a “three-way fork” between Geth and Parity (two Ethereum clients).

In notes published ahead of yesterday’s meeting, Schoeden outlined that “[r]ecently added hashpower caused reduced blocktimes and caused this hardfork to happen much earlier than expected on a Saturday,” which he suggested is “by all means the worst time for a hardfork.”

He pointed to the fact that the fork happened just six days after the latest Geth client release, and 1 day after Parity’s, leaving users without sufficient time to upgrade. The devs also discovered a consensus bug in Parity, according to a “post-mortem” posted to the “Fellowship of Ethereum Magicians” earlier this week.

Schoeden noted that “not a single” user was mining the Constantinople chain, hence the two-hour delay to start processing block 4,230,000. Moreover, the community does not currently have a testnet fork monitor, he said, aside from http://ropsten-stats.parity.io, which “does not reveal details about the different chains.”

In light of the issues, developer Hudson Jameson picked up on another dev’s “good” proposal during yesterday’s meeting, which would be to “regularly spawn and min[e] temporary testnets to test transition into Constantinople […].” On a “baby” testnet, Jameson considered, “if something goes wrong we’ll know it pretty quickly.”

As previously reported, the Constantinople hard fork is is a system-wide Ethereum update designed to increase the network’s efficiency, and notably includes plans to reduce block rewards for miners, as well as to introduce changes to the network’s consensus mechanism that would make it more resistant to ASIC miners.

As of press time, Ethereum is trading at $203, up around 1.4 percent on the day.

AltcoinToday.com

Photo via Shutterstock.

Source: Cointelegraph

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Mike Novogratz Clarifies Anti-Tether Comments, Wants FUD Stopped

The dismissal market performance of so-called stablecoin Tether should not be the reason to spread FUD against it, clarified Mike Novogratz in his tweet.The billionaire Bitcoin bull, who recently criticized USDT for misbalancing its dollar-peg, later said that he believes Tether has every dollar for every USDT. However, he retained his criticism over Tether not being transparent to the community, in the absence of which it is losing grounds in the cryptocurrency market.“Id like to put context to these quotes as the last thing I want to do is spread FUD. I said I thought tether has a dollar for every tether and that we actively traded it. The fact that almost $700mm has been redeemed in an orderly fashion is important.”This Week in TetherOnce the leading stablecoin, Tether got reduced to one of the most criticized coins in crypto industry. On Monday, the USDT lost its peg to the dollar, soon after the news of the insolvency of BitFinex – Tether’s partner exchange – went public (the Exchange refuted the reports later).Reports claiming that Tether LLC did not have adequate fiat dollars to back its USDT token supply also fueled negative trading sentiment in the market, pushing the value to as low as 85 cents against the dollar. In the meantime, other stablecoins that are supposedly regulated and backed by real fiat capital, took a competitive advantage, with each of them recording higher trading volume against the USDT.Source: CoinGecko | USDT/USD CHART 7DSince forming lower lows towards $0.85, Tether has now recovered most of its losses but now is trading circa 0.5 cents below its one dollar peg.Transparency Could Stop FUDWhile the market was swapping USDT for other stablecoins, Tether didn’t publish a single statement that could hold the fort. Novogratz recognized that it is not the question of insolvency but the Tether’s inability to communicate that is invoking a negative sentiment in the USDT market. He said Tether must work hard to regain its users’ trust.The last and the only relevant communication that came from Tether was on October 18. Tether retweeted Cameron Winklevoss, whose Gemini exchange also issues stablecoins, explaining why companies like themselves couldn’t perform an audit.Traditional systems take time to adapt to the pioneering work taking place in this space. https://t.co/ykapXrhEqJ— Tether (@Tether_to) October 17, 2018Gemini, however, has its assets stored in a US-regulated bank named State Street. The exchange has also received approval from the New York Department of Financial Services (NYFDS) to issue stablecoins. On the auditing front, Gemini has hired an independent accounting firm BPM LLP to conduct monthly inspections of its balance sheets. Other stablecoins are also taking the auditing process by third-party experts seriously.Why don’t You just get an real official audit and state a Guarantee that all USDT is backed up with USD at ALL TIMES (not just a date from June 2018)?
Quit the drama, people are loosing trust and customers are leaving the CC space…. This can’t be very profitable for You guys.
— BAT (@BjTjensvoll) October 17, 2018In the case of Tether, the company has not been able to rope in any credible financial auditor yet to have its balance sheets inspected, fairly and openly. So, even despite the best of intentions, traders are not willing to ignore the USDT red flags and are, instead, choosing other stablecoin alternatives.Only Tether can stop the FUD, so it may seem.

Cryptocurrency Market Update: A New Brave Browser Boosts BAT

Another flat Saturday as markets are stagnant; Only BAT and DGTX heading higher.

The weekend has brought no joy to crypto markets which have remained immobile for the past few days. The slow downward slide seems to have halted just below $210 billion market capitalization where things remain for another day.

Bitcoin is at the exact same place it was on Friday, $6,480 and there is no sign of a breakout just yet. A similar story is being played out in the Ethereum camp during Asian trading this morning. ETH is immobile again today at around $204.

Alcoins are nearly all in the green but gains are so small they are hardly worth mentioning. The biggest movement in the top ten is Stellar which has inched up 2.2% to $0.244 this morning. The rest are static with small upwards movement of around one percent on the day.

The top twenty is a little more mixed with more red creeping in. Zcash is also up 2.2% trading at $120 right now but the rest have moved less than a percentage point in either direction. Interest in altcoins is at rock bottom this month.

Today’s big pump is BAT which has jumped 16% to $0.240 on the day. A new Brave browser release with BAT integrated for tipping websites was launched a couple of days ago which is driving momentum now. Trade volume has quadrupled from $6 to $24 million, over 60% of which is on Binance.

Basic Attention Token has made 33% since this time last Saturday and is also up over 50% on the month. Digitex Futures is also in pump mode, adding 15% to its price levels over the past 24 hours and Aeternity is looking strong with a 10% gain.

Getting the red end of the digital stick is Polymath, as yesterday’s pump predictably dumps today. POLY has dropped 11% of its previous gains in this tired pattern of ups and downs. Komodo is also shedding some today with a 7% decline.

Total crypto market capitalization has not moved since Friday morning and is still at $208 billion. The daily lows are getting shallower though so it could get back over $210 billion during Euro and US trading today. Since last weekend markets have climbed 3.5% but they are still very flat.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

AltcoinToday.com

Coins image via Shutterstock.

Source: Newsbtc

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