[ANN] Ethereum: Welcome to the Beginning

[Dron Pelya]

Unfortunatelly, it's not a time of ETH. Now is time of BNB, DOT... I think they are growing he same way, like ETH growed in 2017. But, anyway, it doesn't mean that price of ETH will not incrase in near future.

[1713429342]

1713429342

[JollyGood]

Why do you say it is not the time of ETH? It is has reached $2000 and has a big future ahead of it. Investors will be very happy with it.

Unfortunatelly, it's not a time of ETH. Now is time of BNB, DOT... I think they are growing he same way, like ETH growed in 2017. But, anyway, it doesn't mean that price of ETH will not incrase in near future.

[speedyb]

whats a legitimate pool? i use nanopool but i sometimes wonder if there skimming cause i end up with .048 ether instead of .05 surly the sending fee doesnt cost that much? anyone else use nanopool?

[Mrpumperitis]

ETH
15 transactions per second
20 seconds - 5 minutes to process a transaction
$30+ Fee per transaction



SOL
over 60k transactions per second
400ms block times - instant to process a transaction.
$0.00001 Fee per transaction




1 Million tx on ETH cost around $30 Million

1 Million tx on SOL cost around $10

[tyz]

Given the current high fees, I wonder if Ethereum has any solution planned to reduce Gas fees in the future? Will PoS solve the problem or at least contain it? With every hype, we can observe that there are enormous increases in gas prices. Very annoying when you interact with the network regularly.

[zasad@]

Given the current high fees, I wonder if Ethereum has any solution planned to reduce Gas fees in the future? Will PoS solve the problem or at least contain it? With every hype, we can observe that there are enormous increases in gas prices. Very annoying when you interact with the network regularly.

Berlin Network Upgrade Specification
https://github.com/ethereum/eth1.0-specs/blob/master/network-upgrades/berlin.md
Berlin's hard fork will not solve these problems.
Phase 1 Ethereum 2.0 won't solve these problems either.
Some users may prefer to run Ethereum transactions on the Ethereum 2.0 network after Phase 1, but all smart contracts will also work on the Ethereum 1.0 network.

[tyz]

Given the current high fees, I wonder if Ethereum has any solution planned to reduce Gas fees in the future? Will PoS solve the problem or at least contain it? With every hype, we can observe that there are enormous increases in gas prices. Very annoying when you interact with the network regularly.

Berlin Network Upgrade Specification
https://github.com/ethereum/eth1.0-specs/blob/master/network-upgrades/berlin.md
Berlin's hard fork will not solve these problems.
Phase 1 Ethereum 2.0 won't solve these problems either.
Some users may prefer to run Ethereum transactions on the Ethereum 2.0 network after Phase 1, but all smart contracts will also work on the Ethereum 1.0 network.

That means there is currently no implementation planned that will improve the fee problem in any way? Is there at least a long-term plan for this or is the network designed in such a way that it won't work any other way?

[Termie]

That means there is currently no implementation planned that will improve the fee problem in any way?

🤔

Ethereum Improvement Proposal 1559 (July 2021)

"This is the most important upgrade for the Ethereum network and the completely new Ethereum 2.0 will also benefit from it. The proposal is primarily intended to regulate the high transaction fees that have been a problem for the network for some time. With EIP-1559 comes a new mechanism that regulates the current auction processes and thus also the fees. The desired result is a dynamic fee adjustment, whereby users always pay the lowest price per block."

[zasad@]

Given the current high fees, I wonder if Ethereum has any solution planned to reduce Gas fees in the future? Will PoS solve the problem or at least contain it? With every hype, we can observe that there are enormous increases in gas prices. Very annoying when you interact with the network regularly.

Berlin Network Upgrade Specification
https://github.com/ethereum/eth1.0-specs/blob/master/network-upgrades/berlin.md
Berlin's hard fork will not solve these problems.
Phase 1 Ethereum 2.0 won't solve these problems either.
Some users may prefer to run Ethereum transactions on the Ethereum 2.0 network after Phase 1, but all smart contracts will also work on the Ethereum 1.0 network.

That means there is currently no implementation planned that will improve the fee problem in any way? Is there at least a long-term plan for this or is the network designed in such a way that it won't work any other way?

The most famous working alternative is Level 2 solutions. For example - ZKSwap.
https://bitcointalk.org/index.php?topic=428589.msg56345464#msg56345464

That means there is currently no implementation planned that will improve the fee problem in any way?

🤔

Ethereum Improvement Proposal 1559 (July 2021)

"This is the most important upgrade for the Ethereum network and the completely new Ethereum 2.0 will also benefit from it. The proposal is primarily intended to regulate the high transaction fees that have been a problem for the network for some time. With EIP-1559 comes a new mechanism that regulates the current auction processes and thus also the fees. The desired result is a dynamic fee adjustment, whereby users always pay the lowest price per block."

EIP-1559 does not solve the problem of fees.
EIP-1559 will activate BASEFEE - the minimum network fee, but will enable participants to pay more so that the transaction is guaranteed to be added to the nearest block.
Part of the commissions will be burned, this will provide additional protection against DOS attacks on the network. Therefore, even if you own the largest pool, transactions will also be paid for you.
EIP-1559 will probably have a positive impact, but will not reduce the price of current transactions.

[tyz]

Ethereum $2000 on CMC. Where is Piston Honda when you need him to make a comment to make us all laugh 

At the moment it is also very quiet around him in other threads in which he regularly trolls, including Waves and NEM. On the one hand it is nice to see that even the biggest small minds give up at some point, but I assume that he will quickly come out of his hole again on the next price correction So entertainment will be still provided.

[TeraBite]

Ethereum $2000 on CMC. Where is Piston Honda when you need him to make a comment to make us all laugh 

At the moment it is also very quiet around him in other threads in which he regularly trolls, including Waves and NEM. On the one hand it is nice to see that even the biggest small minds give up at some point, but I assume that he will quickly come out of his hole again on the next price correction So entertainment will be still provided.

Ongoing correction for some people really scary and only few can understand how important that is for next leg up. ETH have a lot of users and so many attractive projects on the top of the blockchain and that is the reason people are still using that even with high transaction fee too so let's see they will solve these issue in future.

[zasad@]

Ethereum has no price cap. An unreasonable person will sell it now

DeversiFi’s journey and experience building layer 2 tech
https://twitter.com/rossdefi/status/1362498224490246145

Blue chip public blockchain metrics
https://twitter.com/antiprosynth/status/1361795576908701711

EIP-1559 is huge for Ethereum
https://twitter.com/RyanBerckmans/status/1363638574323814403

The 0x universe is expanding
https://twitter.com/0xProject/status/1362211803288141825?s=20

Uniswap crosses $100bil total trading volume
https://twitter.com/haydenzadams/status/1361356927226310668

source:
https://ethhub.substack.com/

[Slow death]

not wanting to be someone peximistic, but this price of 0.032 in relation to bitcoin is not a good thing. the price has long been below 0.04 and i wonder if people who are doing hodl altcoin regarding bitcoin are happy to hold something that for years is not going up much. most people are happy to see the price increase in USD, of course it is a good thing, but in relation to bitcoin the altcoins are not going up much, just have high prices because the bitcoin price has increased a lot.

trading Bitcoin - altcoin has become a waste of time, just Altcoin - USD Is that has more profit and is the best choice. different from 2017 where the person bought ETH for the price of 0.03 btc and months later could see the price of ETH reach 0.07 btc or 0.09 btc

[Piston Honda]

Ethereum $2000 on CMC. Where is Piston Honda when you need him to make a comment to make us all laugh  

At the moment it is also very quiet around him in other threads in which he regularly trolls, including Waves and NEM. On the one hand it is nice to see that even the biggest small minds give up at some point, but I assume that he will quickly come out of his hole again on the next price correction So entertainment will be still provided.

thanks for the love lol  given most of the coins i speak of are still shit.......you can never count out whale pumps for altseason....just because they pump with ALL other coins doesn't mean they've all of sudden become great or have tech/releases coming!!! LOL  seems this may just be the start but we'll see moving further into 2021.  i still wouldn't touch most of these pumped coins now lol!!!

BUT you've got to be a dummy for NOT buying 5-10 GOOD alts since 2019, esp in march 2020 and even thru summer of 2020!  shit man i had some ETH since 110-240 bucks.....now it's sold
but serious tell me......is ETH worth 2k a coin and HOW did it get there???  alllllllll big whale play money....not 'regular natural' buys.

NOW is sell time...well the past month has been sell time, it has been for me.  i hope for you too lol.  buying now during the hype is the WRONG time...sadly many need to figure that out still.
granted it's still smart to get into some coins that are still cheap and haven't yet made their big move yet

[zasad@]

PhoenixMiner 5.5d - hotfix available

Notes
-Fixed global problems for video cards from Nvidia/AMD
-Fixed errors and crashes when the miner was running
-Improved work on Win7 and 10xx series video cards
-Increased hashrate on video cards series 20xx,30xx
-Increased hashrate on Ethash by an average of 10%
-Increased hashrate on ETCHash by an average of 7%
-Improved the work of the miner in general

Download
Windows: https://mega.nz/file/..
Linux: https://mega.nz/file/..

Trust summary for dias.kurmanov
This user recently woke up from a long period of inactivity.

https://bitcointalk.org/index.php?action=trust;u=1059957
The user has negative reviews.

[Mrpumperitis]

[zasad@]

https://twitter.com/gakonst/status/1367418971117477888
Georgios Konstantopoulos @gakonst(C)
"The Berlin Ethereum network upgrade (aka hard fork) is scheduled to happen on mainnet in block 12,244,000, ~41 days from now

EIP-2929: Gas cost increases for state access opcodes  (https://eips.ethereum.org/EIPS/eip-2929)

https://arxiv.org/pdf/1909.07220.pdf
This EIP increases the gas cost for the first time a slot or account is accessed. 
EIP-2929 reprices the “cold” cost of account access opcodes (BALANCE, *CALL, EXT*) to 2600, and reprices state access costs (SLOAD) from 800 to 2100, while setting the “warm” access costs to 100.
This means that the first time an account or storage slot is accessed you pay more, but subsequent accesses to it cost less (many contracts already try to minimize the amount of these accesses by SLOADing once and then MLOADing).
It also adjusts cold SSTOREs to charge an additional 2100 gas which can be refunded to the user according to the net gas metering rules defined in EIP-2200 (https://eips.ethereum.org/EIPS/eip-2200).
This is needed to avoid a DOS attack, and actually makes SLOAD->SSTORE cheaper than before.
SELFDESTRUCT is also going to cost 2100 more if the recipient of the ETH has not already been loaded.

EIP-2930: Optional access lists (https://eips.ethereum.org/EIPS/eip-2930)
To reduce state accesses, this EIP allows warming-up an account (1900 gas) or storage slot (2400 gas), meaning instead of paying 2100 per follow-up SLOAD or 2600 per EXT*, you’d pay 100!

EIP-2718: Typed Transaction Envelope (https://eips.ethereum.org/EIPS/eip-2718)
Introducing new transaction types in a backwards-compatible way is hard.
This EIP “defines a new transaction type that is an envelope for future transaction types.”
EIP-2718 is important because it’ll allow an easy transition from the current transaction format to access-list-enabled transactions. Clients will just inspect the first byte and know the tx type by that.
It'll also make it easy to enable EIP-1559 txs, without code churn.

EIP-2565: ModExp Gas Cost
The MODEXP precompile (at 0x5, https://github.com/ethereum/go-ethereum/blob/744707a490705f292b0558aa6807b3848a9c4bf9/core/vm/contracts.go#L252-L377) implements modular exponentiation, an important operation for building cryptographic primitives such as SNARKs, VDFs, RSA Accumulators and more.
https://eips.ethereum.org/EIPS/eip-2565

Modexp opcode costs ~5-20x more than it should, so the EIP changes the gascost calculation formula to tune that down. Onchain crypto becomes cheaper, fantastic!
EIP-2315: Simple Subroutines for the EVM (https://eips.ethereum.org/EIPS/eip-2315)

Subroutines in the EVM are not directly supported. This EIP adds a new stack/opcodes to store for ret pointers, improving bytecode static analysis and with marginal gas cost improvements.  13/14

The above thread summarizes the changes in the upcoming Ethereum hard fork, Berlin, in block 12,244,000.

I encourage you to *at least* look at 2929/2930/2718, given that you may need to adjust your code to account for the gas cost increases."

[TeraBite]

Damn on the swap, such a commission is crazy on ethereum. And in general, there are high fees for transactions. What to do?

You can't do anything gas fee depend on network so its better move to centralized exchange where you have to pay less commission as compare with DEX. If that trading pair is not listed on that exchange than you have to pay to high fees as no choice available there.

[zasad@]

https://twitter.com/VitalikButerin/status/1367587474998882305
VitalikButerin(C)
"A cross-L2 DEX solution that I proposed a few days ago that only requires one side to be smart contract-capable (the other side can just be a simple coin-sending-only rollup or plasma):"

https://ethresear.ch/t/cross-rollup-dex-with-smart-contracts-only-on-the-destination-side/8778
"Suppose that we have two rollups, A and B, and Alice wishes to exchange some quantity of coins on rollup A for the same coins on rollup B. There are already proposals 111 for how to do this in a decentralized way if A and B both have full smart contract support. This document proposes how to do it in the case where only rollup B has full smart contract support (and rollup A can only process simple transactions)."

[eddie13]

“ A recent paper, “Fast Factoring Integers by SVP Algorithms” by Claus P. Schnorr, claims significant improvements in factoring that “destroys the RSA cryptosystem”.”
https://sweis.medium.com/did-schnorr-destroy-rsa-show-me-the-factors-dcb1bb980ab0

“ Claus Peter Schnorr recently posted a 12-page factoring method by SVP algorithms. Is it correct?”
https://crypto.stackexchange.com/questions/88582/does-schnorrs-2021-factoring-method-show-that-the-rsa-cryptosystem-is-not-secur


From what I am seeing this could be big if true/correct.. I’m not seeing any mention of it here yet..
I assume this is the same “Schnorr” as in “Schnorr signatures”? Edit: Yes it is..


Does this mean anything to Bitcoin or other coins that use different algorithms?
A laymen’s explanation could also be very helpful to many here (including me)..

“ cryptocurrencies have shunned RSA in favor of  signatures based on elliptic curves, initially ECDSA and later moving towards pairing-based cryptography. Ethereum is the lone exception, having added native RSA support with EIP-198. “
https://www.google.com/amp/s/randomoracle.wordpress.com/2019/07/14/ethereum-mixing-with-rsa-getting-by-without-zero-knowledge-proofs/amp/

So maybe it will kill ETH..


If this is true, that RSA encryption is basically cracked, how bad would it hurt ETH?

Any smart ETH folks want to come comment on this and help explain it?