[ANN] Ethereum: Welcome to the Beginning

[Inagame]

Interesting how testing is never finding those hidden bugs, but ethereum developers fixed this Berlin bug and after that we see same old high fees for transactions.
We need lower fees.

[1713551892]

1713551892

[1713551892]

1713551892

[1713551892]

1713551892

[Dron Pelya]

Many traders are waiting for increasing ETH price in near future. I thought that Berlin would be one of the reason of this increasing. But as I see, there are a lot of users dissatisfaction after this hardfork. Anyway, ETH is on the way to v.2.0, so maybe price will be really higher soon.

[raji1995naya]

The fees for Ethereum gas are insane. The conversion price on a limited number of tokens is less than the overall value of the tokens. Many projects are looking forward to switching from the Ethereum network to the TRC20 chain. If you don't think about it, you'll miss a lot of people.

[meysonYo]

Many traders are waiting for increasing ETH price in near future. I thought that Berlin would be one of the reason of this increasing. But as I see, there are a lot of users dissatisfaction after this hardfork. Anyway, ETH is on the way to v.2.0, so maybe price will be really higher soon.

Of course, many members of the cryptocommunity see the global problem of Ethereum - these are huge commissions on the network. Until this problem is resolved, no additional updates can somehow increase the demand and price for ETH globally.

[zasad@]

Interesting how testing is never finding those hidden bugs, but ethereum developers fixed this Berlin bug and after that we see same old high fees for transactions.
We need lower fees.

I am sure that the next hard fork will not solve the problem of expensive fees.
All development efforts will be directed towards the merger of Ethereum 1.0 and Ethereum 2.0
https://ethmerge.com/
I will quote again:

Depending on the result of the prototypes being built during the ETHGlobal Hackathon and the first results of the first Eth 2.0 PoS hard fork, a decision will be made (in June 2021) on whether or not the Eth 1.0 PoW "Shanghai" hard fork will focus on Eth 1.0 Ethereum Improvement Proposals (EIPs) or if "The Merge" will become the top priority. The Shanghai hard fork is currently expected to take place in Q1 2022.

Miners mine more than 4 million coins, after the merger, the emission will drop by 4 times.
Think how many times the price of Ethereum can rise?

[temple]

The developers have eliminated the desynchronization of the Ethereum blockchain and talked about the reasons for the bug
https://ttrcoin.com/razrabotchiki-ustranili-rassinhronizaciyu-blokcheyna-ethereum-i-rasskazali-o-prichinah-baga.13693/

The problem was related to a specific type of transaction that was introduced in Berlin. Open Ethereum clients calculated the cost of one such transaction differently from the rest of the network nodes, which is why the whole block of transactions was invalidated by them. As a result, the Etherscan blockchain explorer stopped working, and the BitStamp and Coinbase exchanges temporarily limited the withdrawal of ETH and ERC20 tokens.

“OpenEthereum estimated the price of this transaction with a small error, which caused all further problems (the block was rejected as invalid),” explained Martin Keppelmann, CEO of Gnosis.

According to Go Ethereum developer Marius van der Weyden, the bug was so subtle that it could not be detected during all stages of preliminary testing.

“After installing the update, the Open Ethereum nodes should be able to restore sync without any problems. For example, they don't have to resynchronize from block zero or manually delete a block, ”added Keppelmann.

Based on feedback from users and my experience with transactions that I made today, the commissions on the network have not decreased.
Looking forward to the next hard fork.

!!!

Was the actual goal of this update to push transaction costs down? The tx fees are insane right now and urgently need to decrease. Anything that can be considered a micro transaction is just not feasible, thereby excluding a large part of the ETH user base from actively using the network. Bad times right now and I hope there is light at the end of the tunnel.

[Daltonik]

The total value of Ethereum delivered in the ETH 2.0 contract has already amounted to 3,862,626 ETH or the equivalent of $8.53 billion (at the time of publication of the article was $ 9.5 billion). Over the past week, on average, about 316 new validators joined ETH 2.0 every day. At the moment, there are about 24 validators in the queue.  https://u.today/total-value-of-ethereum-staked-in-eth-20-contract-exceeds-95-billion-new-ath

[In the silence]

The total value of Ethereum delivered in the ETH 2.0 contract has already amounted to 3,862,626 ETH or the equivalent of $8.53 billion (at the time of publication of the article was $ 9.5 billion). Over the past week, on average, about 316 new validators joined ETH 2.0 every day. At the moment, there are about 24 validators in the queue.  https://u.today/total-value-of-ethereum-staked-in-eth-20-contract-exceeds-95-billion-new-ath

This is huge and will surely adds more, despite the bitcoin bloodbath today, were seeing that ETH wil reach new AThs again in the coming weeks. I love how the market behaves, very organic.

[temple]

The total value of Ethereum delivered in the ETH 2.0 contract has already amounted to 3,862,626 ETH or the equivalent of $8.53 billion (at the time of publication of the article was $ 9.5 billion). Over the past week, on average, about 316 new validators joined ETH 2.0 every day. At the moment, there are about 24 validators in the queue.  https://u.today/total-value-of-ethereum-staked-in-eth-20-contract-exceeds-95-billion-new-ath

This is huge and will surely adds more, despite the bitcoin bloodbath today, were seeing that ETH wil reach new AThs again in the coming weeks. I love how the market behaves, very organic.

You call a retreat from 60,000 USD to 54,000 USD a blood bath?

I hope you have been around for a while, we have seen other blood baths before. 10% is alright after going up hundreds and hundreds percentage points in the matter of weeks.

[zasad@]

https://twitter.com/etherchain_org/status/1384450774428700672
Bitfly
@etherchain_org(C)

"Following the efficiency improvements from the Berlin hard fork we believe it is save to increase the #Ethereum gas limit from 12,500,000 to 15,000,000.⛏️

Another huge milestone for the community.🥳"

New proposal to increase gas in blocks
https://etherscan.io/chart/gaslimit

[JollyGood]

Going from $60,000 to $54,000 is a non-issue compared to what came before in crashes. Those were horrible days to see the whole market painted red when crypto was being heavily dumped.

This is huge and will surely adds more, despite the bitcoin bloodbath today, were seeing that ETH wil reach new AThs again in the coming weeks. I love how the market behaves, very organic.

[zasad@]

https://twitter.com/nethermindeth/status/1385695577434951681
Replying to
@nethermindeth
"#TheMerge is targeting October 2021 and the teams will work on it in parallel to work on the July London (EIP-1559) upgrade and the October Shanghai (EIP-3074 et al.) upgrade."

Mergenet tutorial
https://github.com/protolambda/mergenet-tutorial/blob/e8af95f995fbaf26a59639708a5a59d65be0bc46/README.md

[Dron Pelya]

Recommended gas prices in gwei are too low now. 36 gvei will be enough for standard transaction. Honestly, I can't even remember when gas prise was so low. So if you need to make some transaction, it's time.

[pressing207]

The developers have eliminated the desynchronization of the Ethereum blockchain and talked about the reasons for the bug
https://ttrcoin.com/razrabotchiki-ustranili-rassinhronizaciyu-blokcheyna-ethereum-i-rasskazali-o-prichinah-baga.13693/

The problem was related to a specific type of transaction that was introduced in Berlin. Open Ethereum clients calculated the cost of one such transaction differently from the rest of the network nodes, which is why the whole block of transactions was invalidated by them. As a result, the Etherscan blockchain explorer stopped working, and the BitStamp and Coinbase exchanges temporarily limited the withdrawal of ETH and ERC20 tokens.

“OpenEthereum estimated the price of this transaction with a small error, which caused all further problems (the block was rejected as invalid),” explained Martin Keppelmann, CEO of Gnosis.

According to Go Ethereum developer Marius van der Weyden, the bug was so subtle that it could not be detected during all stages of preliminary testing.

“After installing the update, the Open Ethereum nodes should be able to restore sync without any problems. For example, they don't have to resynchronize from block zero or manually delete a block, ”added Keppelmann.

Based on feedback from users and my experience with transactions that I made today, the commissions on the network have not decreased.
Looking forward to the next hard fork.

!!!

Was the actual goal of this update to push transaction costs down? The tx fees are insane right now and urgently need to decrease. Anything that can be considered a micro transaction is just not feasible, thereby excluding a large part of the ETH user base from actively using the network. Bad times right now and I hope there is light at the end of the tunnel.

The excitement of the NFT is the reason for the insane growth of commissions. There is almost no alternative yet. It'll be...


We are all grateful to Vitalik! Genius!!! Let him live and rest. Creates a family and gets a little thick... Many agree with me....

[moderator's note: consecutive posts merged]

[aTriz]

We are all grateful to Vitalik! Genius!!! Let him live and rest. Creates a family and gets a little thick... Many agree with me....

I think he's still young and in perfect condition to work on Ethereum and develop it more and more. and BTW. ethereum is yet to move to 2.0 version. and Vitalik have to lead that development and establishment.
it is ok if he live a family and social life. but I don't think that he should abandon ethereum at this crucial time when it needs him the most. it is too early for Vitalik to get retire at this time.

[nimogsm]

We are all grateful to Vitalik! Genius!!! Let him live and rest. Creates a family and gets a little thick... Many agree with me....

I think he's still young and in perfect condition to work on Ethereum and develop it more and more. and BTW. ethereum is yet to move to 2.0 version. and Vitalik have to lead that development and establishment.
it is ok if he live a family and social life. but I don't think that he should abandon ethereum at this crucial time when it needs him the most. it is too early for Vitalik to get retire at this time.

I agree, it's too early to rest) You also need to bring the project to mind to resolve the issue with high commissions and after that Vitalik can already go on a well-deserved rest. In the meantime, we are waiting for the version 2.0

[temple]

The developers have eliminated the desynchronization of the Ethereum blockchain and talked about the reasons for the bug
https://ttrcoin.com/razrabotchiki-ustranili-rassinhronizaciyu-blokcheyna-ethereum-i-rasskazali-o-prichinah-baga.13693/

The problem was related to a specific type of transaction that was introduced in Berlin. Open Ethereum clients calculated the cost of one such transaction differently from the rest of the network nodes, which is why the whole block of transactions was invalidated by them. As a result, the Etherscan blockchain explorer stopped working, and the BitStamp and Coinbase exchanges temporarily limited the withdrawal of ETH and ERC20 tokens.

“OpenEthereum estimated the price of this transaction with a small error, which caused all further problems (the block was rejected as invalid),” explained Martin Keppelmann, CEO of Gnosis.

According to Go Ethereum developer Marius van der Weyden, the bug was so subtle that it could not be detected during all stages of preliminary testing.

“After installing the update, the Open Ethereum nodes should be able to restore sync without any problems. For example, they don't have to resynchronize from block zero or manually delete a block, ”added Keppelmann.

Based on feedback from users and my experience with transactions that I made today, the commissions on the network have not decreased.
Looking forward to the next hard fork.

!!!

Was the actual goal of this update to push transaction costs down? The tx fees are insane right now and urgently need to decrease. Anything that can be considered a micro transaction is just not feasible, thereby excluding a large part of the ETH user base from actively using the network. Bad times right now and I hope there is light at the end of the tunnel.

The excitement of the NFT is the reason for the insane growth of commissions. There is almost no alternative yet. It'll be...


We are all grateful to Vitalik! Genius!!! Let him live and rest. Creates a family and gets a little thick... Many agree with me....

[moderator's note: consecutive posts merged]

The hype around NFT is indeed contributing to rising tx costs. Basically everyone can launch NFT and foster network congestion. There is only one way out and that is tech that solves the problem.

[Gekkoo]

ETH prices are still reasonable. If BTC recovers we will still see higher prices.

[onecall123]

ETH prices are still reasonable. If BTC recovers we will still see higher prices.

Seems as we don't have to follow BTC any more as we are already self-dependent now. Ethereum hits yet another new All-Time High $2,798 and it will hit the $3000 mark shortly. Just look at the ride of ETH, clearly it amaze us. Indeed, Ethereum 5k by end of year reasonable.

[logictense]

The developers have eliminated the desynchronization of the Ethereum blockchain and talked about the reasons for the bug
https://ttrcoin.com/razrabotchiki-ustranili-rassinhronizaciyu-blokcheyna-ethereum-i-rasskazali-o-prichinah-baga.13693/

The problem was related to a specific type of transaction that was introduced in Berlin. Open Ethereum clients calculated the cost of one such transaction differently from the rest of the network nodes, which is why the whole block of transactions was invalidated by them. As a result, the Etherscan blockchain explorer stopped working, and the BitStamp and Coinbase exchanges temporarily limited the withdrawal of ETH and ERC20 tokens.

“OpenEthereum estimated the price of this transaction with a small error, which caused all further problems (the block was rejected as invalid),” explained Martin Keppelmann, CEO of Gnosis.

According to Go Ethereum developer Marius van der Weyden, the bug was so subtle that it could not be detected during all stages of preliminary testing.

“After installing the update, the Open Ethereum nodes should be able to restore sync without any problems. For example, they don't have to resynchronize from block zero or manually delete a block, ”added Keppelmann.

Based on feedback from users and my experience with transactions that I made today, the commissions on the network have not decreased.
Looking forward to the next hard fork.

!!!

Was the actual goal of this update to push transaction costs down? The tx fees are insane right now and urgently need to decrease. Anything that can be considered a micro transaction is just not feasible, thereby excluding a large part of the ETH user base from actively using the network. Bad times right now and I hope there is light at the end of the tunnel.

The excitement of the NFT is the reason for the insane growth of commissions. There is almost no alternative yet. It'll be...


We are all grateful to Vitalik! Genius!!! Let him live and rest. Creates a family and gets a little thick... Many agree with me....

[moderator's note: consecutive posts merged]

The hype around NFT is indeed contributing to rising tx costs. Basically everyone can launch NFT and foster network congestion. There is only one way out and that is tech that solves the problem.

If I get it right, anyone can have arbitrary spam included in the transactions lifting the conf time and causing the gas price to rise? Then should not sharding mitigate this issue. With parallel chains u can filter out the garbage that weights down the transactions in question to the sidechain and have them processed separately and for a higher cost if the sender is alright to pay extras for their garbage.