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Ethereum: First Metropolis Upgrade in late September by joshbreslauer

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· @joshbreslauer · (edited)
$47.94
Ethereum: First Metropolis Upgrade in late September
https://cdn.ethnews.com/images/1024x512/Looking-forward-ethereum-2017-1024x512-12-29-2016.jpg

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
http://coveringbusiness.com/wp-content/uploads/2014/09/DATA-e1411945066246.jpg

**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

http://cdn.makeuseof.com/wp-content/uploads/2014/09/stress-free-programming-frustration.jpg?x92042

**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"

http://www.canadalandshow.com/wp-content/uploads/2016/06/Anonymous-Interview-Header.jpg

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.**

https://www.cryptocompare.com/media/351313/iceage.png
(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:* 
- https://steemit.com/ethereum/@joshbreslauer/ethereum-under-the-hood-upcoming-changes-in-metropolis
- https://themerkle.com/what-is-ethereums-metropolis-hard-fork/
- https://github.com/ethereum/cpp-ethereum/milestone/10
- https://medium.com/@pirapira/impressions-on-metropolis-fe64251b4175

https://themerkle.com/wp-content/uploads/2017/03/metropolis.jpg

_____________
sources
https://www.btc-echo.de/
_________________________________________
_________________

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@abdelone ·
$0.02
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.
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@andreolf ·
$0.21
so what are the implication for today? and what do you think will be the impact?
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@benwaldner ·
Thanks for sharing
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vote details (2)
@brenda-nalle ·
$0.12
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.
πŸ‘  ,
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vote details (2)
@budz82 ·
$0.31
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!
πŸ‘  
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@charles1 ·
$0.23
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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@joshbreslauer · (edited)
thank you for the kind words.
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@charles1 ·
$0.22
welcome , and thanks for the great contents. Following you in order to stay in touch
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vote details (1)
@coinlend · (edited)
$0.52
test title
Thanks for sharing
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πŸ‘Ž  
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vote details (6)
@joshbreslauer · (edited)
$0.08
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"
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vote details (6)
@deobrands ·
$0.02
Great articel thank you :)
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vote details (1)
@famunger ·
$0.34
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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vote details (4)
@bee-eats ·
$0.15
Yes, I think the reward is to be decreased from 5 to 3 eth.
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vote details (2)
@cryptoeagle ·
$0.13
This is great news! I hope Vitalik can pull this one off without hitches this time
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vote details (2)
@joshbreslauer · (edited)
$1.17
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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vote details (3)
@famunger ·
$0.04
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 .
πŸ‘  
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vote details (1)
@knircky ·
link is not working. any other reference?
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@joechiappetta ·
$0.06
Looking forward and beyond this so that proof of stake eventually becomes a reality for ETH.
πŸ‘  
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vote details (1)
@joshbreslauer ·
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
πŸ‘  
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@joechiappetta ·
$0.02
Ah, now you have jogged my memory. Thanks. I do recall reading something about that.
πŸ‘  
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vote details (1)
@john-robert ·
Thanks for sharing.  I did not know about this was the penultimate iteration.
πŸ‘  
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@joklahoma ·
$0.03
Interesting post. Thank you for shearing :)
πŸ‘  
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vote details (1)
@jrmoreau ·
$0.13
It's going to be an interesting Fall - Metropoulos HF, next Ethereal conference, then DevCon3. Oh golly.
πŸ‘  
properties (23)
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@karlz ·
$0.02
sharing is caring :D
πŸ‘  ,
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vote details (2)
@kickjohn ·
$0.03
Waiting for this Uptrend!
πŸ‘  
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@knircky ·
$0.16
Thank you! Following now!
πŸ‘  ,
properties (23)
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vote details (2)
@meshak ·
$0.30
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/
πŸ‘  , ,
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vote details (3)
@joshbreslauer ·
thanks for the reference
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@wyvern8888 ·
Thanks for the reference. Was looking high and low for it.
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@mikega ·
$0.22
followed you and resteemed , good post!
πŸ‘  
properties (23)
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vote details (1)
@namct ·
$0.03
I followed and upvote for you. I would be happy if you also help me. Thanks
πŸ‘  
properties (23)
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@patrickm ·
$0.27
Thank for sharing!
πŸ‘  ,
properties (23)
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vote details (2)
@piranhi ·
$0.06
Great article!
πŸ‘  
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vote details (1)
@rejoys · (edited)
$0.05
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
πŸ‘  
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vote details (1)
@joshbreslauer · (edited)
thanks for your comment. 

Masking stands for "Account Abstraction"

according to : 
https://themerkle.com/top-3-ethereum-metropolis-changes-to-look-forward-to/?utm_medium=push&utm_source=onesignal&utm_campaign=traffic%20boost&utm_content=extended%20%traffic%boost
this means... : 

ACCOUNT ABSTRACTION

>It is quite difficult to explain account abstraction without reverting to technical jargon. Account abstraction allows users to β€œdefine” their wallet address – of which they own the private key – in the form of a smart contract. This may not sound overly exciting to a lot of non-developers, but there are some benefits to using this new feature. Especially users who take account security very seriously may want to look into this change.

>More specifically, this change means private keys used to control an external account would be less susceptible to attacks executed by quantum computers against the signature scheme being used right now. Users can benefit from other security schemes, such as hash ladders. Other than the security changes, account abstraction also allows for contracts to pay for gas. This latter part will take a while to be properly used by the network, as there are no client standards to support this concept right now.

additional explanation here: 
https://ethereum.stackexchange.com/questions/18977/what-is-the-ethereum-account-abstraction

_______________

Imho Zcash is already irrelevant. (even if this is one of the most significant solutions in the last decades !) zero knowledge proof is a killer application. 
privacy is no product, it is an additional  tool !

The price of zcash is only good to reward the developers retrospective. 
______________________

there is no free crypto.
move your assets smart and mindful
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@reyjefe ·
$0.03
so with this next HF those that mean etheruem holders will get an extra coin like bitcoin did with bitcoin cash?
πŸ‘  ,
properties (23)
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vote details (2)
@joshbreslauer · (edited)
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...)
πŸ‘  ,
properties (23)
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vote details (2)
@dk-miner ·
$0.04
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.
πŸ‘  ,
properties (23)
authordk-miner
permlinkre-joshbreslauer-re-reyjefe-re-joshbreslauer-ethereum-metropolis-upgrade-in-late-september-20170820t154842985z
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vote details (2)
@reyjefe ·
$0.04
thanks for the info so will I have to worry about moving my coins in our out of a certain wallet?
πŸ‘  
properties (23)
authorreyjefe
permlinkre-joshbreslauer-re-reyjefe-re-joshbreslauer-ethereum-metropolis-upgrade-in-late-september-20170820t155521626z
categoryethereum
json_metadata{"tags":["ethereum"],"app":"steemit/0.1"}
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vote details (1)
@rocs57 ·
$0.18
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.
πŸ‘  
properties (23)
authorrocs57
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categoryethereum
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post_id15,288,411
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vote details (1)
@joshbreslauer ·
thanks, glad you like it.
properties (22)
authorjoshbreslauer
permlinkre-rocs57-re-joshbreslauer-ethereum-metropolis-upgrade-in-late-september-20170919t194003095z
categoryethereum
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@rogermarx ·
$0.11
Thanks for the info, I have resteemed and followed you
πŸ‘  
properties (23)
authorrogermarx
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categoryethereum
json_metadata{"tags":["ethereum"],"app":"steemit/0.1"}
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post_id12,512,844
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vote details (1)
@rtdcs ·
$2.09
Thank you for sharing!
πŸ‘  , , ,
properties (23)
authorrtdcs
permlinkre-joshbreslauer-ethereum-metropolis-upgrade-in-late-september-20170819t134356200z
categoryethereum
json_metadata{"tags":["ethereum"],"app":"steemit/0.1"}
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root_title"Ethereum: First Metropolis Upgrade in late September"
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max_accepted_payout1,000,000.000 HBD
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post_id12,263,635
net_rshares579,319,228,619
author_curate_reward""
vote details (4)
@spelgubbe ·
$0.03
they are delaying the difficulty bomb, not the other way around

ice age will happen in 2018

how do you get it all wrong?
πŸ‘  ,
properties (23)
authorspelgubbe
permlinkre-joshbreslauer-ethereum-metropolis-upgrade-in-late-september-20170819t220508634z
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json_metadata{"tags":["ethereum"],"app":"steemit/0.1"}
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root_title"Ethereum: First Metropolis Upgrade in late September"
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post_id12,298,318
net_rshares8,643,108,705
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vote details (2)
@benwaldner ·
Interessting point. Will look into this.
properties (22)
authorbenwaldner
permlinkre-spelgubbe-re-joshbreslauer-ethereum-metropolis-upgrade-in-late-september-20170819t231332669z
categoryethereum
json_metadata{"tags":["ethereum"],"app":"steemit/0.1"}
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@joshbreslauer · (edited)
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)
properties (22)
authorjoshbreslauer
permlinkre-spelgubbe-re-joshbreslauer-ethereum-metropolis-upgrade-in-late-september-20170819t221629307z
categoryethereum
json_metadata{"tags":["ethereum"],"app":"steemit/0.1"}
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@steem-on ·
$0.17
I'll be looking forward to Metropolis Upgrade. Resteemed!
πŸ‘  
properties (23)
authorsteem-on
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categoryethereum
json_metadata{"tags":["ethereum"],"app":"steemit/0.1"}
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root_title"Ethereum: First Metropolis Upgrade in late September"
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post_id12,192,296
net_rshares48,141,532,232
author_curate_reward""
vote details (1)
@joshbreslauer ·
thank you
properties (22)
authorjoshbreslauer
permlinkre-steem-on-re-joshbreslauer-ethereum-metropolis-upgrade-in-late-september-20170818t194809205z
categoryethereum
json_metadata{"tags":["ethereum"],"app":"steemit/0.1"}
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@titotips ·
$0.03
Excellent! let's be prepared. However that can be achieved.
πŸ‘  ,
properties (23)
authortitotips
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vote details (2)