Ethereum: 2nd gen cryptocurrency with contract programming, "dagger" hashing

[Luckybit]

Please use the nxt thread to discuss issues relating to that currency.

What will the coin acronym be for Ethereum, I just can't imagine people getting excited about saying Ethereum all the time.

There has been ETH and ETR suggested on the other forum, with ETH favoured.  I have been using ETH.

XET ?

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[Luckybit]

Thank you Vitalik for joining the topic.

I value your idea, and ultimately your project will be - and start - how you wish it to be.
However I am a bit sad you got influenced by LeoC without thinking twice about what he wrote.
About proof of burn, you two are just wrong.

Let's not mix everything.

When you're putting BTC into a proof of burn, through the deflation effect you're effectively donating your money to large BTC early adopters.

You do not give them anything... Their BTC is not suddenly worth more. It's psychological.
At best it's stay as stable as now for them forever.
If Ethereum goal were really to remplace bitcoin, which actual capacities to do so: then Bitcoin ultimately will lose value compare to ether over time.
Not win. Scarcity alone doesn't fix any value.

Lot's of thing I wish to express about Ethereum itself. (this post was a bit off topic)
But it will be for another time.
I have a life outside this forum.

Anyway, best of luck to your project. Whatever it will concretely be at the end.
There is still space for communication with the community, and many possible amelioration.

Deflation does not donate the money, it increases the buying power of all BTC holders including yourself. Because BTC is mined and is inflating, our buying power is constantly being reduced to benefit miners. The miners actually benefit the most from inflation while everyone holding Bitcoins benefits from deflation.

Supply and demand influence price so deflation will create higher prices if demand increases. It's safe to say that for Bitcoin demand is definitely going to continue to increase so everyone will benefit from PoB. It is true that people who have more Bitcoins will benefit too but it's not at the expense of people who have less. Even if you only have 1 Bitcoin you still would benefit as much as the person who has 1000.

[Financisto]

XET is good for future ISO "standardization"...

Bitcoin = XBT

Ether = XET

[Lloydie]

It's rather interesting to see that >80% of the posts here discuss IPO and mining and very few posts discuss the interesting aspects like the scripting language or transaction logic, privacy, etc...

Greed!

How about making economically rational decisions in a resource scarce world? Spending without regard to economic consequences is luxury, unless you are doing this for the betterment of mankind. In that case, do so without complaint.

[msin]

It's rather interesting to see that >80% of the posts here discuss IPO and mining and very few posts discuss the interesting aspects like the scripting language or transaction logic, privacy, etc...

Greed!

How about making economically rational decisions in a resource scarce world? Spending without regard to economic consequences is luxury, unless you are doing this for the betterment of mankind. In that case, do so without complaint.

+1
Should we talk about the Botnet problem?  Or the fact that Dagger doesn't work?  Give me a break, we're not improving mankind with another POW.

[Brilliantrocket]

So what's going on with the algorithm flaw? Is the IPO being delayed?

[td services]

You are assuming the botnet in question has implemented this capability into their malicious software.
Implementing a captcha code prior to mining would be similar to asking for a serial number during product installation.
Sure there will be dedicated hackers that will bypass it, but if it filters even 1 or 2 botnets, then it is worth it.
If we applied your logic to everything then since some people can bypass serial keys during installation, then companies should never use serial keys.
DRM works to some extent, always has and always will. A captcha code aids in eliminating botnets, has little to no cost to implement, and the effects on legitimate miners is negligible.

i dont really like that idea for two reasons:

1) i hate to type in captchas. and this just seems not appropiate for a currency (just my opinion)
2) if you make it harder for botnets to join you raise the possibility that only a few botnets are able to mine Ethereum: which would increase the risk for attacks - do the opposit: make it as easy as possible to mine this coin and hope you get many different miners and multiple(!) botnets

That's a bad idea. One botnet alone would absolutely destroy the ROI for anyone invested in the IPO.
The amount of tears that would flood this forum would be high in quantity, but it still wouldn't be enough to quench the flames of chaos.
How often do you turn your mining off, then on, then off, then on? The captcha would not phase most miners, but it sure will help in deterring botnets.

I like the captchas which use a simple arithmetic expression to type in a number. If the mining has it's own set of images, it prevents use of previously solved images, especially if a new image is generated each time a mining instance is launched.

Aren't botnets by definition hacked computers?  Or are mining pools considered a type of botnet?

[Ursium]

Since Ethereum needs a re-write, how long with the launch be delayed?  Can't be good for the Conference IPO announcement.

Nonsense, and I don't mean to be rude. But to say that something that's not yet deployed needs a rewrite simply doesn't make sense. Dagger is well understood and within the time it will take to get the main net going it will for sure receive many upgrades (some of them being organized as contests though the funding).

In short, fear not, Ethereum is coming and the early code on github demonstrates commitment not seen elsewhere.

[wakasaki808]

Since Ethereum needs a re-write, how long with the launch be delayed?  Can't be good for the Conference IPO announcement.

Nonsense, and I don't mean to be rude. But to say that something that's not yet deployed needs a rewrite simply doesn't make sense. Dagger is well understood and within the time it will take to get the main net going it will for sure receive many upgrades (some of them being organized as contests though the funding).

In short, fear not, Ethereum is coming and the early code on github demonstrates commitment not seen elsewhere.

think the guy who is talking about the rewrite is referencing
http://bitslog.wordpress.com/2014/01/17/ethereum-dagger-pow-is-flawed/

[PGPpfKkx]

hi

i have some questions about contracts even if it is way immature right now. i intend to build a service in the future which needs complex contract schemes and i am keeping a close eye to this project,OT and namecoin.

will you be able to have contracts that can be automatically executed/deleted past an expiry date?
can there be code executed( as in some style of actual computer code run from one of the random clients like an http request) in the time the contract will be executed
will you be able to produce a contract with someone but that someone is not aware about it before the contract execution but informed on that date?
can you have encrypted contracts in the blockchain or can everyone can see the contracts in the blockchain?

there is a good list of other features im just exploring how much complexity can your system handle.

thanks

Re: encrypted contracts, you'll have obfuscation but not encryption . Obfuscation will be expensive (because more steps to pay for). You should think at all the contracts being open source instead. It will make for an interesting ecosystem.

but open sources contracts are not what my service needs. what about other questions? anyone that can answer them?

[Gcr0n]

what do i need for a fair chance to mine these from start?
i know some people already have huge miners set up for this, considering myself as a n00b on this matter i'd really want to have my share on this.

inbox me or reply please.

[unite]

It's very intersting! Hope you guys successful!

[Bbeenn]

+1.
China market..

[td services]

hi

i have some questions about contracts even if it is way immature right now. i intend to build a service in the future which needs complex contract schemes and i am keeping a close eye to this project,OT and namecoin.

will you be able to have contracts that can be automatically executed/deleted past an expiry date?
can there be code executed( as in some style of actual computer code run from one of the random clients like an http request) in the time the contract will be executed
will you be able to produce a contract with someone but that someone is not aware about it before the contract execution but informed on that date?
can you have encrypted contracts in the blockchain or can everyone can see the contracts in the blockchain?

there is a good list of other features im just exploring how much complexity can your system handle.

thanks

Re: encrypted contracts, you'll have obfuscation but not encryption . Obfuscation will be expensive (because more steps to pay for). You should think at all the contracts being open source instead. It will make for an interesting ecosystem.

This would be very useful to store and execute "deadman switch" contracts upon failure of a party to sign in within a time frame, keeping the contents secure unless executed. This can be used to distribute assets or release information automatically to intended recipients, or release keys and instructions to be followed by a trusted party.

[Racer8]

what do i need for a fair chance to mine these from start?
i know some people already have huge miners set up for this, considering myself as a n00b on this matter i'd really want to have my share on this.

inbox me or reply please.

+1

It looks like the only people that will be able to mine this are those that can build a client and a write a dagger mining program.  That hardly promotes any sort of mass take up of this protocol and adds weight to those that criticise Ethereum as a computer science exercise.  Is it the intention that this will be mined from day one by technical elite?

[Sanglotslongs]

[PGPpfKkx]

i bet 10nxt that it will be postponed or not contain features promised upfront.

[Bartje]

Very promising project, I'll definitely watch this and invest a little.

I do think it should be PoS though. Any form of PoW will become obsolete at one point because of Moore's law, which is not suitable for a project that seems to be aimed to even remain valuable post-singularity.

[cdog]

Im quite interested, but feeling like a pretty confused 5 year old right now. Id like to do some CPU mining and contribute, but there is no info I see on how to get prepared for the launch

Not that I see ASICs as the end of the world, just a natural evolution, but Id like for the author of ethereum to address this:

http://bitslog.wordpress.com/2014/01/17/ethereum-dagger-pow-is-flawed/

[peer2peer360]

Very promising project, I'll definitely watch this and invest a little.

I do think it should be PoS though. Any form of PoW will become obsolete at one point because of Moore's law, which is not suitable for a project that seems to be aimed to even remain valuable post-singularity.

interesting..

let's observe history & the projects with the Proof~of~work
what has it already told us?

Is it not healthy & wise to use proof~of~stoke scheme instead for the success & longivity of the
project?

how about learning what are some of the key factors thats contributing to other popular

BTCitcoin 2.0 decentralized trustless technology projects.. ( XCP, MSC, PTS, Etheruem)


One can only imagine with these (4) projects being greatly considered part of a descendent & well
diversified CryptoPortfolio of 2014

best regards
Peer2peer360 Group