Ethereum Classic Undergoes Thanos Hard Fork Upgrade for Improved GPU Miner Access – news.kuaidiantou.vip
After crossing the 11.7 million block height milestone, Ethereum Classic (ETC) has undergone a hard fork to bring about the anticipated Thanos upgrade. The Ethereum fork has suffered numerous security issues with multiple 51% attacks and proponents are hoping the new Thanos upgrade will provide much-needed network fidelity while allowing GPU-based mining to continue.
According to data from crypto analytics provider Blockscout, Ethereum classic reached the 11,700,000-block height mark on Sunday (Nov. 29, 2020). This block height milestone automatically triggered the Thanos upgrade (ECP-1099) via a hard fork.
Ethereum classic, like other GPU mining based âcoinsâ regularly have to initiate protocol upgrades that make their chains ASIC-resistant. ASIC refers to application-specific integrated circuits which are the dominant mining chips on the Bitcoin chain that provides massive hashing abilities.
The major purpose of making chains like ETC ASIC-resistant is to allow for GPU-based mining and preventing ASICs from monopolizing the block discovery scene on these networks. For ETC, this ASIC resistance is achieved using a Directed Acrylic Graph (DAG) consensus which dilutes the potential for ASICs to overrun GPU miners on the Ethereum Classic chain.
In a blog post explaining the rationale for the Thanos upgrade, Ethereum Classic core developer Luke Williams declared that the original parameters of the DAG protocol became too aggressive for GPU miners to cope. Thus, it was necessary to undertake a recalibration of the DAG system to better reflect the current mining ecosystem.
The Thanos upgrade specifically restricts the size of the DAG system below the 4GB threshold allowing 3GB and 4GB GPUs access to the mine ETC coins. Sundayâs hard fork also includes a provision that allows 4GB GPUs continued access at least until 2023.
Following the Thanos upgrade, the ETC hash rate spiked 65% to reach 6.02 TH/s, its highest level since late July. As of press time, the Ethereum Classic network hash rate has dropped slightly to 5.1 TH/s, according to data from 2miners.com.
The Thanos upgrade is the latest ETC improvement plan activated following a rash of 51% attacks against the chain. As previously reported by BTCManager, the Ethereum Classic Labs has taken steps to beef up network security to prevent future blockchain reorg attacks via a modified exponential subjective scoring (MESS0 system. The MESS solution will reportedly make 51% attacks on ETC more expensive thus discouraging future attempts.
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Avalanche Introduces Its First Cross-Chain Ethereum Bridge – Product Release & Updates
The Avalanche cross-chain Ethereum bridge was built through the Avalanche-X grants program and is being developed by ChainSafe. The Avalanche-Ethereum Bridge is currently in its final testing stage before being deployed to mainnet. Once it is released on mainnet, the bridge will create an avenue for easy and safe asset transfers between the ETH and Avalanche blockchains.
The Avalanche-Ethereum Bridge is a bi-directional token bridge that ensures that ERC-721 and ERC-20 tokens are transferred seamlessly between Avalanche and ETH. Transfers will be done on Avalanche through the C-Chain, and the bridge will carry out its transactions by making use of ChainBridge.
When users on Avalanche want to make use of ETH within decentralized applications, they will have the ability to lock wrapped ETH (WETH) in the ChainBridge contract. When this is done, an equivalent token on Avalanche will be minted. The Avalanche-Ethereum Bridge can also be used to interact with apps that integrate the Bridge. Very soon, interaction with an Avalanche-Ethereum asset swap app will be available.
Avalanche has partnered with POA Network, Protofire, Avascan, and Hashquack to secure the testnet implementation of the Bridge. Transfers will either be approved or rejected based on a vote that will be carried out by all the relayers. Additionally, the token transfer will only be approved when the vote passes a certain threshold.
To transfer tokens from Ethereum to Avalanche, Bridge users will have to send no more than two transactions to transfer assets from one blockchain to another. After that, the Bridge contract will have to be approved by making use of the “approve” method. Using the “transferFrom” method, the approved token will have to be deposited and locked to the Bridge contract.
Once the deposit is successful, the relayers will be informed and a proposal will be created on the Bridge contract on Avalanche. Such proposals have various statuses, such as active, inactive, transferred, and finalized. When new proposals come in, they are marked as active. Such a proposal contains a hash of the transfer data, which prevents the deposit data from being visible on Avalanche before they are approved.
Afterward, a vote will be carried out by the relayers in accordance with the accuracy of the supplied data. Once the vote is approved, such tokens can then be minted on Avalanche. Avalanche is currently working on innovative technologies and many of these initiatives will go live in the coming months.
In other crypto news, PayPal recently announced that all eligible customers in the United States will be able to buy digital currency directly from their PayPal accounts.
For more cryptocurrency news, visit the Altcoin Buzz YouTube channel.
Author: News Bureau
Ethereum’s monthly close: Here’s what you shouldn’t do
Ethereum, unlike Bitcoin, had a relatively active weekend in terms of price action, with ETH hovering around the $550-mark, at press time. In fact, Ethereum shorts equivalent to over 2500 ETH were liquidated across derivatives exchanges like OKEx and Binance. While more and more retail traders expected ETH’s price to slow down over the weekend, the cryptocurrency’s price trend has continued unopposed.
Though there are several factors driving the demand for ETH and subsequently its price, the OI and trade volume on derivatives exchange have both proven to be reliable metrics that might signal a change in price trend. At the time of writing, the OI in ETH was low on derivatives exchanges like Deribit, Huobi, and OKEx. After hitting a high of nearly $900M on 24 November 2020 when the price was $603, it dropped to $650M, based on charts from Skew.
Not just OI, but the trade volume dropped from $130M to $40-$45M too. However, a drop of over 70% in a single day on 27 November 2020 did not stop the price rally. ETH’s price continued to rally accompanied by demand from retail traders and unique addresses across spot exchanges.
While it may be lucrative for retail traders to open shorts here, based on metrics and data from charts, it may turn out to be less than ideal. As of 30 November 2020, 94.43% of orders were longs and 5.57% of orders were shorts on BitMEX. The launch of ETH 2.0 has precipitated bullish sentiment among retail and trader’s sentiment for ETH is negative.
Opening shorts in a seemingly bullish market would be like riding against the tide and it is important to note that further correction is not predicted in the short-term, based on the on-chain analysis of ETH. While a drop in volatility was anticipated over the weekend, however, ETH’s price has continued to rally.
With increasing unique addresses (3.7% since 1 November 2020) and demand, we are heading towards a monthly close of over $600. Even the worst-case scenario currently does not indicate a close below the press time price of $550. Opening shorts this close to the monthly close and at the cusp of the launch of ETH 2.0 may not be in the best interest of your portfolio. After ETH 2.0 is launched and the demand moves towards Bitcoin or other altcoins, it might be the right time to consider shorts on BitMEX, OKEx, or Deribit. Until that happens, ETH will rally close to over $600, based on the spot price chart.
Author: by admin
The future of gambling? Hamster-powered marble races come to Ethereum
The future of gambling? Hamster-powered marble races come to Ethereum
After just over two years of development, on Sunday a new form of gambling will be released to the Ethereum world on mainnet: hamster-powered marble races.
Powered by Mia, a female djungarian or “ winter white dwarf” hamster and her trusty hamster wheel, the project, dubbed “Mia & the Marbles,” is an automated marble-racing and gambling platform from a group of independent developers.
While the concept behind the project may seem… whimsical, in an interview with Cointelegraph the development team for ‘M&M’ revealed how carefully the racing platform has been thought out.
“We guarantee races that are provably fair, provably live and easily-verifiable,” the devs said. “We can guarantee that the races are taking place in real-time and are not pre-recorded. We do this with our provably live video stream that shows the first 8 bits of the current Ethereum blockhash physically on the race track with 8 movable pegs. A high peg stands for a 1, a low peg for a 0.”
The team says that there is also a refund function in place for races that don’t deliver a valid outcome after two days.
While Mia & the Marbles may strike some as a thought experiment or hackathon moonshot come to life, the developers say M&M is inspired by a passion for provably fair gamlbing.
“We always loved the idea of blockchain gambling projects. But unfortunately, scams are not uncommon in the low-regulated crypto space,” the team said. “So we were brainstorming ideas with the goal to make the provable fairness component easy to understand for anyone, while also being fun at the same time!”
As a coworker, the developers report that Mia is stellar. There was a rough patch in the beginning — when she was a pup, Mia enjoyed nibbling on devs’ fingers — but these days she’s always ready to produce. While many protocols governed by DAOs need to worry about incentive structures and the possibility that another protocol might poach their talent via merger, Mia happily runs in her wheel up to 8 kilometers per day.
“Hamsters are very active naturally and cover wide distances at night to gather food,” the dev team explained.
In the future, there will be more well-developed tracks and possible “championship” brackets for the marbles, and the developers ultimately intend to keep building towards fun, fair games on Ethereum.
“We strongly believe that adding real-world randomness into crypto gambling solutions can dramatically increase the trust that players have into these products. We want to contribute to a fair world.“
Author: About The Author