311–320 of 762 posts
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This is why Ethereum is moving to proof-of-stake. Saying that virtual currency is wrong because the biggest currency is unwilling to innovate is wrong.
Wait, haven’t they been moving since 2018?
Once you make changes to a chain its not easy to fix without making a huge mess. Hopefully the migration with be done by Q1 2022.
This is from the company that previously brought you 'No GeForce in data centers'.
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It's already running with $5 billion in ETH deposited. It'll take some more time before migrating the legacy chain, but the really hard part is live. There was nothing like that two years ago.
You mean "the really easy part"? The Beacon Chain doesn't do much at all. Last time I checked, they hadn't even got a design for how contract code would be executed in Eth 2.0.
Once you have that, you can get consensus on literally any data just by putting a hash of that data in each beacon chain block. In this case, a hash of the EVM state, while the EVM runs as before.
There's still some discussion on the design, but that's more about deciding the best of multiple options, rather than figuring out how to do it at all. As I mentioned in another comment, someone built a running proof-of-concept in about a day.
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Beacon chain is live with over $5 billion in ETH deposited so far, and has been running flawlessly since its December 1 launch. There are minor tweaks coming this summer. A few months after that, if everything still looks good, they'll migrate the legacy chain to it and proof-of-work on Ethereum will end. The migration is a decent amount of work but it's not the difficult research task that the beacon chain was. Some…
> they'll migrate the legacy chain to it and proof-of-work on Ethereum will end. Likely closer to: they'll create a mirror on the new chain and a group of unknown size will keep ETH 1 fork alive.
I would normally be appalled by such an action, but the supply issues for RTX 30x0 cards are beyond ridiculous. Mining trashes the environment and, for the majority of crypto assets/volumes, does not provide genuinely valuable economic activity besides speculation (I say that as someone who has put thousands of dollars into crypto in the past). Why should people who want to try some ML/DL at home (maybe they even nee…
The environmental issues are concerning to me. The amount of electricity being burned through for what is essentially a skeuomorphism of gold mining, pretty much primarily for speculation now, is beyond belief. It's a completely artificial, and artificially scarce, product. Whatever original hopeful goals the creator(s) of Bitcoin had with this idea, and decentralised currency...if there was any victory at all it is…
So, a software solution to a hardware issue? Well, this is going to work exactly like expected. Can somebody spell "cracked games"?
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The long term road map for Ethereum 2 is 100k transactions per second. This is a theoretical maximum and it will likely take years to get there. This defies your assertion that scaling cannot ever be achieved with current crypto approaches.
Always just around the corner, just like functional PoS. I won't believe it until I see it.
Here's a list of Ethereum nodes that are staking 32 ETH, attesting blocks, getting rewards and slashes: https://beaconcha.in/validators
Roughly $5.6b in value staked, with no particular expectation date for being able to withdraw. That's 2.55% of the total available ETH.
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The practical utility of crypto is such a joke when compared to the intended use cases that all of the speculators fawn over. The idea that crypto is a "store of value" seems like meager coping with the fact that transaction rates in a distributed system necessarily must suck compared to what Visa, et. al. are doing with IBM mainframes and racks of x86 hardware contained in the same datacenter (i.e. 1~2ms latency dom…
I'm not sure why you would compare Visa with Bitcoin, unless you had no idea what you were talking about.. Visa does not enable one to transact without the rest of the banking system. It's useless on its own. Really pointless point of reference.
Bitcoin needs to be able to handle at least a few hundred transactions per second as a first goal.
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I don't quite get why everyone seems to get onto the environment train with crypto but seem to have had no issues with gold
Warren Buffett, the renowned investor, famously dismissed gold in a speech given at Harvard in 1998. He said: “It gets dug out of the ground in Africa, or some place. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” It sucks that gold is so desired just for its look. If it were cheaper it wou…
I would normally be appalled by such an action, but the supply issues for RTX 30x0 cards are beyond ridiculous. Mining trashes the environment and, for the majority of crypto assets/volumes, does not provide genuinely valuable economic activity besides speculation (I say that as someone who has put thousands of dollars into crypto in the past). Why should people who want to try some ML/DL at home (maybe they even nee…
The practical utility of crypto is such a joke when compared to the intended use cases that all of the speculators fawn over. The idea that crypto is a "store of value" seems like meager coping with the fact that transaction rates in a distributed system necessarily must suck compared to what Visa, et. al. are doing with IBM mainframes and racks of x86 hardware contained in the same datacenter (i.e. 1~2ms latency dom…