Ethereum: First Metropolis Upgrade in late September

in #ethereum7 years ago (edited)

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

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?

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

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 .

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 !!

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

I really appreciate it.

link is not working. any other reference?

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

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

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/

thanks for the reference

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.

thank you for the kind words.

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.

thanks, glad you like it.

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