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Ethereum devs discuss gas optimizations, but it will probably be too little too late

Ethereum devs discuss gas optimizations, but it will probably be too little too late

Home / Ethereum / Ethereum devs discuss gas optimizations, but it will probably be too little too late

Developers see the problem, but there is little they can do right now.

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Source: icryptodesk.com

Author: admin


Why ConsenSys Is Buying The Quorum Platform From JPMorgan

Why ConsenSys Is Buying The Quorum Platform From JPMorgan

  • ConsenSys recently announced the acquisition of Quorum, an enterprise-variant of the Ethereum blockchain developed by JPMorgan Chase & Co. (NYSE: JPM)
  • ConsenSys — an industry-leading blockchain software company — recently announced the acquisition of Quorum, an enterprise-variant of the Ethereum blockchain developed by JPMorgan Chase & Co. (NYSE: JPM). And with the addition of Quorum, ConsenSys now offers a full range of products, services, and support for Quorum, thus accelerating the availability of features and capabilities—such as digital asset functionality and document management.

    JPMorgan and ConsenSys are two leading organizations in Enterprise Ethereum and they have a long history of collaboration after leading the creation of the Enterprise Ethereum Alliance, helping bring a Mainnet Ethereum client Hyperledger Besu to The Linux Foundation,and working together on industry applications built on Quorum like komgo and Covantis. And since the launching of Quorum in 2016, ConsenSys and JPMorgan have collaborated to make Ethereum the platform of choice for enterprises building secure and customizable business networks at scale.

    ConsenSys is merging its existing protocol engineering roadmap with Quorum, leveraging the best of both codebases. And all Enterprise Ethereum protocol technology at ConsenSys will fall under the ConsenSys Quorum brand and developers will have the option to choose their underlying technology stack. Quorum will remain open source and become interoperable with ConsenSys’ other leading blockchain products like Codefi’s finance and commerce application suite. JP Morgan will be a customer of ConsenSys’ advanced features and services deployed on Quorum.

    In addition to ConsenSys’ acquisition of the Quorum, JP Morgan made a strategic investment in ConsenSys to support its mission to help developers build next-generation networks and enable enterprises to launch more powerful financial infrastructure.

    KEY QUOTES:

    “The creation of Quorum was a first for J.P. Morgan, both in terms of developing its own blockchain protocol, and open sourcing software for the developer community. We’re incredibly proud of the usage of Quorum over the past few years and are excited to have ConsenSys as a partner to take the vision forward.”

    — Umar Farooq, Global Head of Blockchain, J.P. Morgan

    “Even before the very first block on Ethereum was mined and ConsenSys was formed, we’ve collaborated with J.P. Morgan on Ethereum proofs of concept and production systems. We are enormously excited to onboard Quorum into the ConsenSys Enterprise Ethereum stack, and look forward to unifying our Hyperledger Besu-based Enterprise Ethereum client with Quorum, and supporting all of the Quorum installations globally. We look forward to continuing our multifaceted partnership with J.P. Morgan for many years and ushering in an era of enterprise and mainnet compatibility.”

    — Joseph Lubin, Founder and CEO of ConsenSys and Co-creator of Ethereum

    Source: otcpm24.com

    News Bureau

    Why ConsenSys Is Buying The Quorum Platform From JPMorgan

    Ethereum devs discuss gas optimizations, but it will probably be too little too late

    An Ethereum All Core Devs call was held on Friday to discuss a variety of Ethereum Improvement Proposals as gas fees on the network remain historically high.

    The agenda included several discussion points on high gas prices and ways to mitigate the issue. Alexey Akhunov, an independent Ethereum researcher, opened with a comment on the existence of gas tokens and how they could push prices higher than normal.

    He highlighted how the mempool is often filled with transactions bidding a certain gas price to mint these tokens, and compared this approach to order book exchanges where traders fish for dips with low price orders. But according to him, the fact that gas bidding orders cannot be easily cancelled could mean that prices remain artificially high as any dip is bought by default.

    While a proposal to eliminate the refund mechanism that underpins the gas tokens was floated around, Akhunov acknowledged that the magnitude of gas token minting can only account for about 2% of current gas usage. This would suggest that any negative contribution they might have could be limited in size, but he said that he would need to find more data before formally discussing options to eliminate this mechanism.

    The remaining topics were less immediate in terms of gas price discussion. One of them included a recently introduced EIP championed by Ethereum co-founder Vitalik Buterin and core developer Martin Swende.

    Filed as EIP-2929, the proposal substantially increases gas costs for certain storage operations. However, this is being done as a protection against potential Denial of Service attacks and the specifics of the change mean that some operations could actually become cheaper. Nevertheless, Akhunov was skeptical about some of the more complex changes and exemptions that this proposal entailed, suggesting to continue discussion on these finer points.

    Raising gas costs appears counterintuitive in the current environment, but doing so could help Ethereum developers feel more confident about future gas limit increases. The strong threat of DoS attacks previously held back more aggressive increases from being implemented.

    What future awaits cryptocurrencies?
    GOODBAD

    A further EIP that could have the strongest impact on the general user experience is EIP-2711. The proposal could let one account pay for someone else’s transaction fee, create batched transactions that are guaranteed to be executed in the order they were submitted, and an automatic time limit for transactions hitting the mempool.

    The latter change could also result in gas savings, as such systems are already implemented at an application layer on platforms like Uniswap, developer Micah Zoltu said. Doing so through smart contracts means that the transaction will still be included as a failed transaction, while under this proposal it would simply be removed after expiry.

    However, the proposal was only discussed on an introductory basis and no decisions have yet been made. 

    Overall, these changes are being discussed primarily for inclusion in the Berlin hard fork, originally expected to come this summer. However, many proposals still need to be tested and approved, suggesting that the hard fork is still some time away.

    For the time being, the Ethereum fee market will remain entirely at the mercy of surging demand.

    Source: www.bit-cointalk.com


    Ethereum Cash (ECASH) Market Cap Tops $50,318.88

    Ethereum Cash (ECASH) Market Cap Tops $50,318.88

    Ethereum Cash logoEthereum Cash (CURRENCY:ECASH) traded 3.3% lower against the U.S. dollar during the one day period ending at 20:00 PM Eastern on September 4th. One Ethereum Cash token can now be bought for about $0.0036 or 0.00000034 BTC on popular exchanges. Ethereum Cash has a total market cap of $50,318.88 and approximately $25.00 worth of Ethereum Cash was traded on exchanges in the last 24 hours. Over the last seven days, Ethereum Cash has traded 16.2% lower against the U.S. dollar.

    Here is how related cryptocurrencies have performed over the last 24 hours:

  • Tether (USDT) traded 0% higher against the dollar and now trades at $1.01 or 0.00009557 BTC.
  • XRP (XRP) traded up 3% against the dollar and now trades at $0.26 or 0.00002447 BTC.
  • Polkadot (DOT) traded 11.2% lower against the dollar and now trades at $5.21 or 0.00049553 BTC.
  • Chainlink (LINK) traded up 4.4% against the dollar and now trades at $12.62 or 0.00119938 BTC.
  • Binance Coin (BNB) traded up 3.3% against the dollar and now trades at $21.37 or 0.00203143 BTC.
  • Bitcoin SV (BSV) traded 3.9% higher against the dollar and now trades at $161.03 or 0.01530934 BTC.
  • TRON (TRX) traded down 9.5% against the dollar and now trades at $0.0362 or 0.00000344 BTC.
  • InnovativeBioresearchClassic (INNBCL) traded 20.6% higher against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • Stellar (XLM) traded up 3.1% against the dollar and now trades at $0.0825 or 0.00000785 BTC.
  • Neo (NEO) traded up 6% against the dollar and now trades at $19.22 or 0.00182687 BTC.
  • Ethereum Cash Profile

    Ethereum Cash Token Trading

    Ethereum Cash can be bought or sold on the following cryptocurrency exchanges: YoBit. It is usually not presently possible to buy alternative cryptocurrencies such as Ethereum Cash directly using U.S. dollars. Investors seeking to trade Ethereum Cash should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Ethereum Cash using one of the exchanges listed above.

    Receive News & Updates for Ethereum Cash Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Ethereum Cash and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

    Source: www.americanbankingnews.com

    Author: ABMN Staff


    Ethereum devs discuss gas optimizations, but it will probably be too little too late


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