Ethereum’s UpFiring Targets TRON’s BitTorrent As Sun and Buterin Draw P2P Battle Lines

UpFiring, a file sharing dApp on the Ethereum network, announced its launch on the same day that Justin Sun’s TRON-affiliated BitTorrent announced …

Ethereum’s UpFiring Targets TRON’s BitTorrent As Sun and Buterin Draw P2P Battle Lines

January 21, 2019 by Paul de Havilland0 Comment1445 Views

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UpFiring, a file sharing dApp on the Ethereum network, announced its launch on the same day that Justin Sun’s TRON-affiliated BitTorrent announced that BitTorrent Speed–formerly Project Atlas–would be ready by summer. This is the latest episode in the Sun vs Buterin war of words… and platforms.

Also read: Bakkt Acquisition: Backend Buyup to Boost Crypto Amid Payments Wars

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The Empire of the Sun

TRON founder Justin Sun acquired BitTorrent Inc. in June last year for a reported $120 million USD through Rainberry Acquisition Inc., a San Francisco-based company Sun owns. The purchase created a fair amount of conjecture about the future of BitTorrent and the ambitions of its new owner. The popular p2p platform saw a number of employees depart, including high level managers and inventor Bram Cohen.

Distrust of Justin Sun is not misplaced. TRON and network affiliates have notoriously made announcements bordering on fictitious, such as the integration of Poppy into the Clover POS system. And Vitalik Buterin’s legendary tweet accusing Justin Sun of plagiarism in the TRON whitepaper (an accusation leveled by many) has become the stuff of legend:

8. Better white paper writing capability (Ctrl+C + Ctrl+V much higher efficiency than keyboard typing new content)

— Vitalik Non-giver of Ether (@VitalikButerin) April 6, 2018

But the TRON network, to Sun’s credit, is a very active one. As “one of the largest blockchain-based operating systems in the world” in its own words, it enjoys an active ecosystem of apps, tokens, super representatives, and voting coin holders. Blocktivity ranked it third for usage in mid-December last year, albeit trailing EOS significantly:

https://t.co/KoSLzp1qzY#eospic.twitter.com/ZtCi60FvGl

— Scott Diamond 🌈💫 (@scottcarat) December 15, 2018

(It has since fallen from the 20 most active blockchains, with EOS still first and Ethereum at 6.) Disciples of Justin Sun are also ferocious defenders of their emperor, as demonstrated by the anger-fueled response to this Bitsonline article from April, 2018:

“… anyone with half a brain and just a little research can see that you are purposefully writing to influence the price of TRX most likely because you were too blind to see the value before the price went up a little.”

Needless to say, the accusation was baseless and entirely irrelevant. (It also failed to proffer any of the “research” its author suggested could be identified.)

The Return of the Non-Giver of Ether

Ethereum’s woes over the past 18 months have been well-documented. It almost ground to a halt as a result of the trading of CryptoKitties in December, 2017. And dApp activity on the network paints quite a glib picture, as reported by Bitsonline last month.

According to State of the DApps, My Crypto Heroes is the Ethereum platform’s most active dApp, with less than 4000 users. Strikingly, IDEX ranks second, at less than 600. Its highly anticipated Constantinople hard fork was postponed to February only last week:

[SECURITY ALERT] #Constantinople upgrade is temporarily postponed out of caution following a consensus decision by #Ethereum developers, security professionals and other community members. More information and instructions are below. https://t.co/p2znO8HGxf

— Ethereum (@ethereum) January 15, 2019

But UpFiring has given Ethereum something to get excited about. It is no doubt set to compete directly with Sun’s BitTorrent as a p2p protocol with tokenized incentives to seed, and its date of release of January 17th coincided neatly with the news of the later-than-anticipated launch of BitTorrent Speed. Maybe, a little too neatly.

Upfiring’s Blockchain File-Sharing Dapp is Live in Open Beta: https://t.co/uJYnrVw1G2

— Upfiring (@UpfiringHQ) January 17, 2019

In The UpFiring Line

Buterin’s passive-aggressive aloofness makes for an interesting contrast with Sun’s gasconading tendencies, and their rivalry makes for an interesting sideshow to the serious business of decentralized platforms:

Heuristic #103: anyone who puts a dollar sign followed by a ticker symbol in their tweet is basically a self-identified shill and not worth listening to.

— Vitalik Non-giver of Ether (@VitalikButerin) December 2, 2018

There is no love lost between the two, and new battle lines have now been drawn in the p2p protocol arena. UpFiring has upped the Sun vs. Buterin ante. May the force be with both men.

Who would you rather have a beer with? Justin Sun or Vitalik Buterin?


Images via Pixabay

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Ethereum’s important upgrade postponed to late February

Ethereum, one of the world’s largest cryptocurrencies and decentralized app platforms, was supposed to get an upgrade called Constantinople on …

Ethereum, one of the world’s largest cryptocurrencies and decentralized app platforms, was supposed to get an upgrade called Constantinople on January 16.

Alas, due to a security issue discovered just one day before the scheduled upgrade, Constantinople was delayed, and now we have a new date: February 27.

This is according to Ethereum developer Péter Szilágyi, who tweeted about the change late Friday.

Seems we’re going with block 7.28M for the #Ethereum Constantinople refork scheduled for the 27th of February! Will be a single fork on mainnet and a post-Constantinople-fixup fork on the testnets to get them back in line feature wise with the main network.

— Péter Szilágyi (@peter_szilagyi) January 18, 2019

According to Szilágyi, the upgrade is now scheduled to happen at block 7,280,000 in Ethereum’s blockchain, which roughly translates to Feb. 27 (it’s impossible to give a precise time since the blocks in the blockchain are discovered and added at regular, but not exact, time intervals).

Originally, Constantinople was supposed to activate five distinct upgrades called EIPs (Ethereum Improvement Proposals). Four of these make the network a bit more efficient and pave the way for future upgrades. Now, however, EIP 1283 — an upgrade that was supposed to make certain transactions on Ethereum cheaper, and also the one that turned out to be buggy — will be removed from the upgrade.

A particularly important upgrade called EIP 1234 will be included as originally planned. It adjusts the parameters of mining Ethereum, reducing the rewards miners get for discovering new blocks, and delays Ethereum’s self-imposed deadline clock called the difficulty bomb.

The changes, while important, mostly have to do with an upcoming, major upgrade of Ethereum called Casper, which is scheduled to go live sometime in 2019. A part of a larger effort that’s sometimes called Ethereum 2.0, Casper should bring major changes to the network, most importantly the switch from the proof-of-work consensus mechanism to the less energy-intensive proof-of-stake.

Reminder from @5chdn: Constantinopele delays do not at all impact the steady and ongoing progress of Casper/sharding/serenity: https://t.co/FfF9XRTSOY

— Vitalik Non-giver of Ether (@VitalikButerin) January 20, 2019

In a tweet posted Sunday, Ethereum co-founder Vitalik Buterin clarified that this postponement does not impact the work that’s being done on Casper, which is being developed by an independent team.

Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.

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Ethereum price (ETH/USD) tumbles amid wider crypto drop

The Ethereum price (ETH/USD) has dropped to an eight-day low following a sharp Sunday drop that also affected the wider crypto market.
Ethereum price (ETH/USD) tumbles amid wider crypto drop

The Ethereum price (ETH/USD) has dropped to an eight-day low following a sharp Sunday drop that also affected the wider crypto market.

The third-largest cryptocurrency on the market enjoyed strong positive action on Saturday, with its price surging to a three-day high of $125.90 during the morning portion of the session. The coin was able to defend most of these gains in the afternoon and eventually finished the session at $124.52, up from its opening level of $121.64.

However, the coin gave up all of its Saturday gains on Sunday following a price slump that hit the wider cryptocurrency market in the afternoon. ETH plunged to an intraday low of $118.70, before closing the session at $119.47.

Ethereum has seen further losses on Monday, with its price tumbling to an eight-day low of $116.16 during the morning session. The coin has since managed to pare its losses, although it is still trading below the level of its Sunday close. At the time of writing, its price was hovering around $117, according to data from digital currency tracker Coinmarketcap.

In other Ethereum-related news, the highly anticipated Constantinople hard fork, which is regarded as a major milestone in Ethereum’s transition from a proof-of-work to proof-of-stake protocol, is now estimated to take place around February 27, industry website Coindesk has reported. Originally scheduled for a mid-January release, the system update was delayed last week after smart contract audit firm ChainSecurity warned that one of the planned changes could create a critical vulnerability in the Ethereum protocol. The new deadline was set during a core developer phone call on Friday.

In today’s trading, the Ethereum price stood at $117.13, as of 15:17 GMT. The digital coin has lost 2.2% of its value in the past 24 hours.

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Ethereum (ETH) Chain Splits Accidentally; Constantinople Fork Now Scheduled for Late February

The Ethereum (ETH) developers canceled the deployment of the Constantinople hard fork. They urged everyone who had upgraded to upgrade again …

The Ethereum (ETH) developers canceled the deployment of the Constantinople hard fork. They urged everyone who had upgraded to upgrade again and remove Constantinople due to a critical security bug discovered in EIP-1283.

Essentially, the reduction of transaction fees in EIP-1283 opened the door for reentrancy attacks where hackers could steal all of the Ethereum (ETH) out of smart contracts. Not all miners received the memo though, and the Ethereum (ETH) chain split: 94 TH/s of mining power split off into the ‘erroneous’ Constantinople chain at block 7.08 million.

This happened because miners who had upgraded to Constantinople had to upgrade again to fix the problem. Without the second upgrade, they ended up on the wrong chain. The total mining power on the actual Ethereum blockchain is 180 TH/s, so a significant fraction of Ethereum’s total mining power was on the wrong chain for a period of time.

It is unknown how this chain split has evolved since there is no good way to monitor it, and the page monitoring the chain split has been stuck at 94 TH/s for the erroneous Constantinople chain for more than two days, indicating it is no longer being tracked.

Certainly, miners who made the mistake of being on the Constantinople chain lost mining revenue, and there were possibly transaction errors due to there being two competing blockchains. Further, this mess up likely lowers confidence in the Constantinople hard fork, making a permanent chain spit when Constantinople deploys more likely.

The Ethereum (ETH) Constantinople hard fork is now scheduled for block 7.28 million, which should occur on Feb. 27.

The Constantinople hard fork will no longer include lower transaction fees, which was one of its main selling points.

Additionally, the Ethereum (ETH) block reward will still be lowered from three ETH to two, beginning the planned transition away from proof of work (PoW) to proof of stake (PoS).

Further, a vote is underway to include ProgPoW, which disenfranchises ASIC miners, and nearly 99 percent of votes are for ProgPoW. The slashing of the block reward by 33 percent, lack of confidence in the fork, potential for blocking ASICs, and planned transition to PoS longterm may be enough to cause a miner revolt and chain split when Constantinople does deploy in late February.

The Ethereum (ETH) market is in the red following the delay of the Constantinople hard fork and chain split. Since the news broke about the Constantinople delay, Ethereum (ETH) has declined from $130 to $118 (nine percent).

Even before the Constantinople delay, the fork was weighing heavily on the market, and since Jan. 5 Ethereum (ETH) is down from $160 (26 percent).

The weeks ahead look to be turbulent for Ethereum (ETH) since the fork is becoming more controversial than ever due to the delay, chain split, and removal of lowered transaction fees. There is no way to avoid this hard fork since the difficulty bomb is already going off, causing block times to increase from 14 seconds to 15.5 seconds currently. By the time the Constantinople fork is deployed in late February, block times will be approaching 20 seconds, causing significant losses of revenue for miners and much higher transaction fees on the Ethereum (ETH) network.

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Ethereum’s Constantinople hardfork rescheduled for next month

Ethereum co-founder Vitalik Buterin, Hudson Jameson, Péter Szilágyi, Martin Holste Swende, Lane Rettig, and Afri Schoedon were amongst those …

Ethereum core developers have decided to activate the proposed Constantinople hardfork in late February. This latest development comes after the upgrade was suspended last week following the discovered of a security flaw in the proposed upgrade.

Smart contract audit firm ChainSecurity last week revealed that the Ethereum Improvement Proposal (EIP) 1283 has a loophole in its code that would allow hackers to steal user funds. The loophole dubbed reentrancy attack will enable hackers to enter a similar function multiple times without the user knowing what is happening. The Ethereum core developers pointed out that with this loophole, the attacker could withdraw funds multiple times without the knowledge of the user.

The core developers announced the change in schedule during a recent developer’s phone call on Friday, January 18. The project developers had earlier noted that it would take a while for them to fix the bug and the rescheduling will give them time to work on it. Ethereum co-founder Vitalik Buterin, Hudson Jameson, Péter Szilágyi, Martin Holste Swende, Lane Rettig, and Afri Schoedon were amongst those who participated in the phone call.

The Constantinople upgrade will most likely be implemented on February 27. Péter Szilágyi tweeted about it:

Seems we’re going with block 7.28M for the #Ethereum Constantinople refork scheduled for the 27th of February! Will be a single fork on mainnet and a post-Constantinople-fixup fork on the testnets to get them back in line feature wise with the main network.

— Péter Szilágyi (@peter_szilagyi) January 18, 2019

The Constantinople upgrade is composed of five different Ethereum Improvement Proposals (EIP). When the EIPs are implemented, the Ethereum blockchain will be permanently changed, with numerous backward-incompatible upgrades to be implemented.

The upgrade will force computer network running the Ethereum software to upgrade or continue operating with an old, out-of-date blockchain. The Constantinople upgrade is expected to play a crucial role as Ethereum network edges closer to using Proof-of-Stake protocol instead of the Proof-of-work it is currently using.

The hardfork is designed to make the network and fee structure more efficient. However, average users of the network will not notice most of the upgrades that Constantinople will come with.

Constantinople was expected to launch last year. It was however delayed after issues were found when the upgrade was launched on the Ropsten testnet.


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