Month: September 2018

Anycoin Direct implements native SegWit

SegWit transactions are picking up speed more and more. After Coinbase and Bitfinex, one of the largest exchange offices for crypto currencies is now also implementing the technological innovation.

What is SegWit and a Bitcoin code?

SegWit (Segregated Witness) is a technical Bitcoin code approach designed to at least partially solve Bitcoin code review scaling problem. SegWit creates a larger capacity, allowing significantly more transactions to be processed per second. In addition, SegWit paves the way for the Lightning-Network, which makes it possible to send Bitcoins immediately and almost free of charge.

What are the benefits of Ethereum code?

SegWit (Segregated Witness) offers some advantages and changes to the Ethereum code. SegWit uses https://www.onlinebetrug.net/en/ethereum-code/ instead of block size, allowing blocks to be increased up to four megabytes, allowing more transactions for the network. If the utilization of the Bitcoin network remains as it is now, SegWit should result in lower fees to be paid.

Anycoin Direct uses the bech32 address format
What are bech32 addresses?
The SegWit protocol upgrade offers two new Bitcoin address formats. There are SegWit addresses that start with a 3 and SegWit addresses that start with “bc1”. The Bech32 addresses, i.e. the native SegWit addresses (bc1), use fewer characters than current addresses, and there is no longer any distinction between upper and lower case, which is of benefit to the end user.

Native SegWit at Anycoin Direct

Anyone who buys or pays out Bitcoins at Anycoin Direct* can do so via a bech32 address. But that’s not the only advantage of changing the address. The format has other advantages, such as an automatic filling function for the address or a better adapted QR code.

By activating and implementing Anycoin Direct SegWit (in the short time since Bitcoin Core 0.16.0), the popular exchange office can relieve the Bitcoin network and contribute to the success of Bitcoin.

About Anycoin Direct
Anycoin Direct is a Dutch company based in Veghel which operates a Bitcoin and crypto exchange office. The company was founded in April 2013 and operated under the name Bitplaats. In the past, Anycoin Direct concentrated mainly on the Dutch market, but today it targets the European markets.

The company’s primary goal is to provide customers with the easiest and fastest purchasing and sales process. Not only are the digital currencies sent quickly when shopping, but larger amounts of money are also transferred in the shortest possible time.

Ethereum Upgrade Sharding now on Github | Until 2020?

A long awaited Ethereum update is now available on Github. This update could be one of the biggest breakthroughs in Ethereum history.

Vitalik Buterin recently released the Casper Hybrid version. The hybrid Casper ensures that the current algorithm is changed from proof-of-work to proof-of-work (50%) and proof-of-stake (50%). It takes less than five months for the hybrid Casper to haunt the Mainnet.

What is the benefit of Bitcoin Trader

Each blockchain that uses nodes has a limit: How much can the https://www.onlinebetrug.net/en/bitcoin-trader/ nodes process? Nodes process all blockchain data, which can result in scaling limits. At Ethereum, this limit is called 7-15 transactions per second. However, these nodes are extremely important for security, which is why they cannot simply be “turned off”.

Sharding starts here and wants to break up the blockchain data. The data is chewed in front of the nodes, so to speak. Sharding divides the data that the node actually receives into individual parts called “shards”. For example, all addresses starting with 0x000 could be combined into one shard to facilitate the work of the nodes.

New Sharding Code on Github
Vitalik Buterin presented his Sharding code on Github. This is to show how one could use Sharding on the Ethereum Mainnet. With a special and random “beacon” and Shard block times < 10 seconds this should work.

Then it gets mighty complicated. Math geniuses who have received an award can most probably follow him. For “normalos” it will be difficult. With his new concept, there are:

Beacons: Cubes that generate random numbers.
Collations: A kind of bundle of transactions and transaction data.
Proposer: Validators of new blocks or a kind of miner.

Bitcoin Profit perform final checks

The beacon chain generates new blocks every 2 to 8 seconds, proposers suggest Bitcoin Profit new collations for each block and notaries check if everything is okay and release the block for the Ethereum blockchain.

Requirements for Proof of Stake
Proof-of-Stake (PoS) is currently still being worked on and nothing is yet final. Only when the PoS runs on the Ethereum-Mainnet are the requirements clear.

It is currently expected that 1,000 ethers will be required for the PoS. However, there will probably be staking pools. Stakers with smaller amounts can join forces there. In the future, only 32 ethers will be needed, making Ethereum more decentralized.

When can one expect Sharding?
It can only be estimated when sharding is ready for implementation. Vitalik Buterin is working hard on this project. It is likely that the Sharding project will be ready in 2019 or 2020.

Once sharding is published, each of the 100 shards can process around 1.4 million transactions per day, giving the network a capacity of around 140 million transactions per day or around 1,000 transactions per second.

Ethereum: Casper the Friendly Ghost now on Github

Today at 4 o’clock in the morning it was time. Casper, the friendly final gadget (FFG), was released on Github. The Ethereum Improvement Proposal 1011 includes the release of “Hybrid Casper FFG EIP“.

Hybrid Casper FFG
The improvement proposal for Ethereum includes the hybrid model of the Casper proof-of-stake upgrade. This ensures that the current algorithm is changed from proof-of-work to proof-of-work and proof-of-stake. With this hybrid model, it is possible that possible undiscovered errors in the proof-of-stake algorithm will not lead to disaster.

With this hybrid model, errors could be caught and, if necessary, the proof-of-work algorithm helps to secure the Ethereum blockchain.

Casper Version 1
The protocol upgrade Hybrid Casper, also called Casper Level 1 or Version 1, changes the proof of work. In addition, proof-of-stake extras and a fork selection rule (i.e. how to choose which chain is the right one) are implemented.

In order to participate with one’s own ether in the Casper Contract and become a validator, ether must be deposited and the user must be included in a validator pool, whereby he can then participate in the PoS consensus.

With the contract also some rules are implemented, which are called “Slashing Conditions”. For example, if two incompatible blocks are found by a validator and both are signed, then the slashing conditions must apply. The “slashing” means that the assets of the validator who makes wrong decisions or wants to cheat the Ethereum network are burned.

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Casper-Fork-Choice
Interesting is the extra “Casper-Fork-Choice”. With this extra it is possible that Ether users can decide which Ethereum blockchain they want to follow. For example, if 51 percent of the miners or 51 percent of the PoS validators were “bad” and want to harm Ethereum, you could choose the other side.