Ethereum: First Metropolis Upgrade in late September

in ethereum •  last year

Through the current developments of Bitcoin and Bitcoin-Cash, Ethereum moved somewhat into the background in the crypto-community.
Now the Ethereum Developers announced the first part of the next big update "Metropolis" will be carried out at the end of september 2017.
Like Bitcoin this will happen through a HardFork.

Penultimate station

The planned stations of Ethereum can be found in the Ethereum Roadmap.
https://www.ethnews.com/ethereums-road-map-for-2017

Since the beginning of the year, the Ethereum community is waiting for a release date of this Hardfork,
because Metropolis will implement new features for Ethereum.


At the moment the following innovations are known for Metropolis:

  • Anonymity

In Metropolis the basis for the so-called zk-snarks is build.
These "Zero Knowledge Proofs" will allow the Ethereum Blockchain to perform anonymous transactions on a higher level in the future.

A proximity to Zcash is not surprising, as Ethereum chief developer Buterin and Wilcox work together on Zcash's anonymity.

  • Programming Relief

The upgrade provides easier programming for programmers.
Smartcontracts should also be simplified.
Gas is to be adjusted when a transaction is executed, to settle the bill and thus save costs.

  • Masking - "Account Abstraction"

A kind of masking can now be used to "determine" the address to which you have a private key.
Through this type of assignment, security enthusiasts get additional security for their accounts.

This development is interesting because it provides protection against attacks by quantum computers.


In addition, the so-called Difficulty-Bomb is actually delayed and will be part of the 2nd Hardfork of Metropolis.
The Difficulty Bomb should cause an expanding difficulty in ethereum's mining.
It is an intermediate step for the gradual replacement from proof-of-work to proof-of-stake.
This is the so called Ethereum "Ice Age".
But for the next Metropolis HF in September 2017 this should be delayed to the 2nd part and replaced by a simple Block Reward reducement from 5 to 3 ether per block.


(read more about this in my earlier Post:
https://steemit.com/ethereum/@joshbreslauer/ethereum-is-entering-the-ice-age)

Although there were reports that the price might fall, it's not clear how the market will react.
On the contrary, there has been a strong increase in Ethereum miners in the past, which was motivated by an increased price.
As with past upgrades, which were introduced by hard-forks, the positive development could also trigger a price increase.


Serenity follows on to Metropolis

After all, Ethereum would have reached the penultimate stage !
Serenity will follow and bring the breakthrough to the mainstream, according to Ethereum's Roadmap.


learn more about Metropolis:


sources
https://www.btc-echo.de/



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Thank you for sharing!

Thanks for sharing

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you are welcome !
http://www.steemreports.com/outgoing-votes-info/?account=coinlend
do you at least read the content you thank for and comment on ?
or are you just around to reward yourself and to promote your questionable "lending bot"

I heared that with next hf of ethereum the block reward should be decreased (to 3 or 1 eth?). Is someone aware of this? It seems that it isn't included in metropolis right? But fir when is that targeted?

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the Block Reward will decrease from 5 to 3 Eth per Block within this hardfork.
this is because Metropolis actually will be splitted into two hardforks and
the first part of Metropolis will take place in end of september.
Because the Difficulty Bombe is delayed to the second part of Metropolis, the developers decided to reduce the block rewards to counteract this circumstance.
http://www.trustnodes.com/2017/07/15/ethereum-may-reduce-mining-reward-inflation-40

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Great - good to know. Technically this will lead to quite a significant upswing - I saw mathematically analysis which predict USD 500+ assuming equal demand. I look forward to it .

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Hi there -- I just dropped by a comment of yours to say thanks for the vote tonite!!!

I see now you had Resteemed a post of mine also, thanks for the support, I really appreciate it @famunger !!

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Just dropped by again to say thanks for the votes and support.

I really appreciate it.

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link is not working. any other reference?

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the link works for me.
but here is the the original source. EIP #186
https://github.com/ethereum/EIPs/issues/186
this is from late 2016 so some things may have changed, like the fixed decreasement to 3 ETH reward per block

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Yes, I think the reward is to be decreased from 5 to 3 eth.

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This is great news! I hope Vitalik can pull this one off without hitches this time

As the bitcoin community continues to divide itself over the next few months, I have a feeling Ethereum may be able to overtake the split "bitcoin(S)" to become the #1 market cap coin (at least for the short term). Should be interesting!

For detailed notes on the recent Dev Call from a few days ago, Cryptomines posted a very detailed summary of the call, and in particular details regarding the hardfork, difficulty bomb etc.. I had linked to it that day, but it wouldn't get much visibility as I'm relatively new here. So here ya go.

https://www.reddit.com/r/EtherMining/comments/6t56a0/important_information_from_todays_ethereum_dev/

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thanks for the reference

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Thanks for the reference. Was looking high and low for it.

Thank for sharing!

I guess its a call to buy and hold? thanks for sharing..upvoted
Thanks for your great content about steem power and the importance of buying steem when it is cheap and powering up which motivated me to write my recent post- I mentioned you there-feel free to check it out. More success to you.

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thank you for the kind words.

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welcome , and thanks for the great contents. Following you in order to stay in touch

followed you and resteemed , good post!

so what are the implication for today? and what do you think will be the impact?

Great, concise write up. I did a summary of the update as well but I think you condensed the information better than I did. Adding photos to break up the text is also really helpful for readability. Overall great post.

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thanks, glad you like it.

I'll be looking forward to Metropolis Upgrade. Resteemed!

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thank you

Thank you! Following now!

It's going to be an interesting Fall - Metropoulos HF, next Ethereal conference, then DevCon3. Oh golly.

Very nice!

I my opinion there are two things that need to be addressed as top priority

  1. Transaction fees are too high, even 4x the fees of Dash or Litecoin
  2. The price we pay for crypto security of the chain is wasteful: unreasonably high compared to others (that's related to high payouts for miners)

Hopefully, Metropolis will address these.

Thanks for the info, I have resteemed and followed you

Great article!

Looking forward and beyond this so that proof of stake eventually becomes a reality for ETH.

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Actually Metropolis is splitted into two hardforks.
On end of September is just the first HF.
Casper (Proof of Stake mechanisms) are included in the second part of metropolis in another hardfork maybe early 2018

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Ah, now you have jogged my memory. Thanks. I do recall reading something about that.

Masking - Any details about how this "Masking" works and how it makes things more quantum computer resistant?

Snarks - Does this mean Zcash (ZEC) will become less relevant?

Edit - oh, and what date do we have to move all our assets into ETH to get this free crypto?

Please advise

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Excellent! let's be prepared. However that can be achieved.

I followed and upvote for you. I would be happy if you also help me. Thanks

they are delaying the difficulty bomb, not the other way around

ice age will happen in 2018

how do you get it all wrong?

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right. this will happen in the second hardfork of metropolis.
(probably early 2018,
but it wouldn't be the first time for this to delay)

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Interessting point. Will look into this.

so with this next HF those that mean etheruem holders will get an extra coin like bitcoin did with bitcoin cash?

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this is very unlikely to happen.
as this Hardfork is part of ethereums roadmap, there probably will be an easy consensus.
so in this case nobody would support the the "old chain" and everbody would go with the "upgrade".
(steemit already had 19 Hardforks, you didn't received any other steem...)

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Thats a good point, but we do have ETC. My real question is where will all the miners go, because that's going to drive the difficulty up on all the other coins to mine.

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Etc is the result of an unexpected hardfork, triggerd through the DAO drama.
So there was a moral issue about this Hardfork, which ended up in two camps.
But we don't had another splitted chain after the Hardfork from "Frontier" to "Homestead".
Cause no one wants stay in an outdated system if everybody else is going with the updates.
As this is transparent and foreseeable for everbody an agreement about the metropolis HF should be easy.
Nearly everbody involved and excited about ethereum should already agree about this, as it is part of ethereums evolution process.

Miners do whatever will be profitable.
i am not sure which coins are profitable to mine with eth mining hardware.

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thanks for the info so will I have to worry about moving my coins in our out of a certain wallet?

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no. you don't have to do anything.
(if you don't mine)
but it is always advisable to have your coins in a certain wallet

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what wallet do you recommend ? i currently use EXODUS

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i depends on the usage.

Cold wallet : paper wallet, ledger nano, etc.
Hot wallet : myetherwallet , metamask, parity, (, mist) ...

i don't know much about exodus wallet, but maybe you feel rationally comfortable with it.
It is useful to manage several cryptocurrencies in one wallet.
just be aware if you just want to hold your ether you should prefer a cold wallet.
if you want to make transactions just try some Wallets and find out which one works for you the best.
But be aware that there are scammers, phishing attacks and other things going around the wild west. (e.g. myetherwallet)

Interesting post. Thank you for shearing :)

Waiting for this Uptrend!

Ethereum price is gaining traction against the US Dollar and Bitcoin, but ETH/USD has to trade above $310 to move back in the bullish zone.

Great articel thank you :)

sharing is caring :D

Thanks for sharing. I did not know about this was the penultimate iteration.