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How Satoshi Nakamoto and Vitalik Buterin Inspired Key Parts of Celestia - CoinDesk

Layer 1s July 10, 2024, 8:16AM EDT Published 1 minute earlier on

Ethereum co-founder Vitalik Buterin is advocating for the Ethereum network to be more prepared for the hypothetical case of censorship under a 51% attack.

This is the thing Im advocating we do more research on and we build, he said in a keynote speech at ETHCC in Brussels.

Buterin was considering the notion of a 51% attack, a state where more Ethereum blocks are being produced by a malicious actor (or multiple working in coordination) than by honest actors. He argued that one of the biggest concerns is that this could result in censorship on the network.

A potential response to such an attack, he said, would be for honest validators to move to a fork of the chain. The current plan would largely rely on social consensus, with community members working together to agree on a fork.

However, Buterin argued that it would be better if the network was more prepared for such a response. He said that it would be good for this response to be largely automated and planned out in advance.

"We want to make the response to 51% attacks be something that is as automated as possible. So if you are a validator then your node should run software, which, if it detects transactions are being censored or some validators are being censored or it's being censored it will automatically counter-censor the majority chain and all honest nodes will just automatically, as a result of code that theyre running, coordinate on the same minority software," he said.

Buterin acknowledged that it would be impossible to get 100% of the network to automatically move to a fork as there are a lot of limitations. But he said: The closer you can get to this, then the more we get to a situation where the amount of effort that social consensus needs to do is much lower.

He said the technological layer at the very least needs to present one obvious winning candidate for a soft fork that the community can rally around if it needs to move away from a censoring chain.

Buterin also argued for increased adoption of light clients across Ethereum's infrastructure layer, particularly including wallets. He said they should also support the verification of zk-EVMs, providing further support for Layer 2 networks.

He also addressed the issue of quantum resistance. He noted that this is a pending concern for the Ethereum blockchain. However, he argued that the network has four elements that are at risk Merkle trees, consensus signatures, blobs and user accounts but that each have their own solutions.

Beyond this, he pushed for further protocol simplification to make things easier for developers and users.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Vitalik Buterin pushes for Ethereum to respond to 51% attacks in a more automated way - The Block

Ethereum co-founder Vitalik Buterin has come under fire over a new controversial subject he waded into recently. As an outspoken nerd, one of the commenters on his post about COVID-19 has advised him to stick to core blockchain subjects.

The conversation started when the Ethereum innovator posted a photo of him on X with a special face mask. He said while the world needs to do more to clean up indoor air, he gave a thumbs up to a face mask innovator Zhou Liangs Mask.

The face mask essentially measures C02 in the immediate surroundings. It is also designed to protect the user from inhaling the bad air in the environment. It also helps detect the COVID-19 variants in atmosphere which to Buterin has continued to evolve. Despite the positive intention from Vitalik Buterin, he got canceled out by the community.

One user asked how this conversation will help the industry as a whole. This statement possibly stemmed from the global disparity and reception of COVID-19 vaccines. However, Vitalik Buterin has a deep interest in COVID-19 amelioration.

As reported by Coingape, the Ethereum founder once donated up to $1.2 billion in Shiba Inu and other tokens to COVID-19 non-profit in India. This donation comes off as one of the many attempts to find solution to real world problem by Buterin.

He is known to withdraw funds from some of his public addresses to fund research ventures. In the controversial thread on X, he hinted that researchers working to keep COVID-19 strains under do not get enough support. This suggests he might likely consider funding some of these startups or founders.

Besides his core support for cryptocurrencies, Vitalik Buterin is also interested in innovations that better human life in general. Beside public health, he is also known to publicly advocate for privacy, especially on general-use social media platforms.

He has also joined the call on developers to properly anchor the use cases for memecoins for the greater good.

Read More: Vitalik Buterin Proposes Requirements For Meme Coin Dominance

Originally posted here:

Vitalik Buterin Faces Community Rage Over COVID-19 Post - CoinGape

Mustafa Al-Bassam, cofounder of Celestia, shares his most vivid stories of his early days of hacking, the next steps for Celestia, and what hes cautious about.

Posted July 12, 2024 at 9:00 am EST.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Mustafa Al-Bassam was a teenage hacktivist who outsmarted a US government contractor, shamed the Westboro Baptist Church, hacked Sony a record number of times, and eventually got arrestedthough his 80 transgressions got halved for a funny reason.

At the Modular Summit in Brussels, Laura had a fireside chat with Mustafa to discuss how he went from his teenage years as the head of LulzSec and member of Anonymous to founding Celestia, a project aiming to solve key issues in blockchain scalability by going with a modular approach.

He also discussed data availability sampling, why he believes Celestia has achieved significant product-market fit since its launch, and the three key components of Celestias road map.

Show highlights:

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How Satoshi Nakamoto and Vitalik Buterin Inspired Key Parts of Celestia - Unchained

At the Ethereum Community Conference, the co-founder of the cryptocurrency, Vitalik Buterin, gave a keynote speech regarding its strengths and weaknesses. He began by highlighting the strength of the Ethereum ecosystem, describing it as large and reasonably decentralised, and highlighting the range of these applications that shows Ethereums versatility.

Buterin mentioned that Ethereums weaknesses still need to be addressed. The co-founder is known for openly discussing the cryptocurrencys weaknesses despite its numerous successes.

Among the more prominent weaknesses is Ethereums usability, which renders the network incredibly complicated for non-experts and discouraging for new users. He pushed for simplifying the existing protocol to ease things for developers and users alike.

Furthermore, Buterin noted that solo staking is still very difficult as the current process requires 32 ETH before one can become a validator in addition to the complicated process of running a node. However, he reassured the crowd that these issues are very addressable.

He also advocated for preparedness in the hypothetical case of a 51% attack and stated that his biggest concern is that it could result in network censorship. He admitted that developing a solution for this is not as simple as it depends on a lot of assumptions around coordination, ideology, and various other things, and its not clear how to do something like that as well in 10 years.

However, he proposed that increasing the quorum threshold from 75% to 80% can help prevent difficulties in the network recovering from attacks when the chain finalises.

We want to make the response to 51% attacks be as automated as possible, Buterin stated. Essentially, if a validator or transaction is censored, it will counter-censor the majority chain, and all honest nodes will coordinate on the same minority software.

Vitalik Buterin presented an honest and unbiased representation of Ethereums current state while proferring solutions to certain issues through various technological innovations.

For example, to address Ethereums scalability issues, Vitalik stated that a solution lies in shards, which will allow for the division of workload among parallel chains. He also stated that continuous research will be conducted to improve and address security concerns.

To round up his speech, he stressed the value of doubling down on strengths while still recognising and fixing any inadequacies.

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Vitalik Explores Ethereums Strengths and Weaknesses at ETHCC - CoinJournal

The blockchain-based betting site Polymarket announced Tuesday that it raised $70 million in two fundings rounds, one which saw participation from Ethereum co-founder Vitalik Buterin.

The Series B funding round that Buterin participated in also saw allocations from Eventbrite co-founder Kevin Hartz, the crypto venture fund Dragonfly, and the Founders Fund, a venture capital firm co-founded by Peter Thiel, which led the $45 million funding round.

That was preceded by a $25 million Series A funding round led by the early-stage venture capital firm General Catalyst, which also saw participation from Airbnb co-founder Joe Gebbia, Polymarket said in a press release.

Buterin previously participated in a 2018 seed funding round for StarkWare, creators of the Ethereum scaling solution Starknet. Last year, the Ethereum co-founder also participated in a seed funding round for Nocturne, a protocol enabling private accounts on Ethereum.

Market-based forecasts will inevitably become an integral part of how we follow news and find truth, Shayne Coplan, Polymarkets founder, said in a statement. It has been humbling to see that vision begin to materialize at scale, with so many people relying on Polymarket when following important current events.

Polymarket has registered $39.5 million in volume over the past 28 days across 2,600 active wallets, according to a Dune dashboard. As of May 8, the platform had $20.5 million in bets outstanding, a 15% bump over the past month.

On Polymarket, traders can speculate on a myriad of topics, from when the Federal Reserve will cut interest rates to whether Former First Lady Michelle Obama wins this upcoming U.S. presidential election. At times, that range has proved controversial, such as betting last year on whether a submarine lost in the Atlantic Ocean would be found or Snoop Doggs smoking habits.

With the new funding, Polymarket said its weighing the prospect of a U.S. debut, with help from Richard Jaycobs, the companys new head of market expansion. Prior to joining Polymarket, Jaycobs served as the CEO of The Clearing Corporation and President of Cantor Exchange.

Polymarket was ordered to pay a $1.4 million penalty by the Commodity Futures Trading Commission in 2022 for offering users off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility (SEF).

Ive been involved in the registration and operation of over a dozen innovative financial derivatives exchanges and clearinghouses, he said. Regulated markets serve an important economic role for commercial interests and offer exceptional transparency.

Buterins comments on Polymarket have been few and far between on social media, but the Ethereum co-founder indicated that he was experimenting with Polymarket years ago.

Buterin said on Twitter (aka X) that he was trying out Polymarket in 2020, describing its user interface as something optimized for attracting users outside of crypto. Additionally, he pointed out the websites ability to let speculators use a credit card to purchase the stablecoin USDC, the token that Polymarket facilitates users trading in.

In March, he referenced Polymarket as a guide to see how far Ethereum transaction costs could fall following Ethereums latest upgrade. Noting that some crypto market-participants may be expecting a less pronounced fall, Buterin said, you can use the market to hedge!

Edited by Stacy Elliott.

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Polymarket Raises $70 Million With Backing From Vitalik Buterin and Peter Thiel Fund - Decrypt

Gamza Khanzadaev

Ethereum creator Vitalik Buterin makes next big step in solving Ethereum's gas problem

In a bid to address Ethereum's ongoing high gas problems,Vitalik Buterin has unveiled a major newproposal aimed at optimizing transaction calldata and gas usage within the network.

The draft proposal, dubbed EIP-7706, introduces a novel approach to managing transaction calldata by incorporating a new type of gas specifically tailored to calldata transactions. By providing a separate fee market for calldata transactions, complete with distinct basefee and per-block gas limits, the proposal aims to significantly reduce the theoretical maximum calldata size per block while making calldata more affordable on average.

Buterin's motivation behind the proposal stems from the need to tackle the inefficiencies in the current gas model.

Despite Ethereum's gas limit appearing suitable, concerns persist regarding the network's ability to handle increased transaction volume without compromising on block size, efficiency and cost. EIP-7706 seeks to mitigate these concerns by introducing a streamlined mechanism for managing calldata gas, thereby optimizing block space and transaction costs.

Moreover, the proposal introduces a new transaction type that encompasses basefee and priority fee as a vector, facilitating the handling of all three types of gas through the same code paths. This unified approach ensures consistency across different gas types, thereby enhancing the overall efficiency and stability of theEthereum (ETH) network.

This development comes hot on the heels of Buterin's recent insights into multidimensional gas and the transition toward a more efficient transaction processing model.

The shift from a single-dimensional gas model to a multi-dimensional one has been widely heralded as a significant leap forward forEthereum, promising increased scalability, efficiency and readiness for future demands.

About the author

Gamza Khanzadaev

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.

Continued here:

Ethereum's Gas Crisis Over? Vitalik Buterin Presents New Solution - U.Today

Ethereum co-founder Vitalik Buterin proposed introducing multidimensional gas pricing.

In his latest essay, Buterin proposed eliminating the limitations of the existing commission system using multidimensional gas pricing.

The network uses a peer-to-peer model in which all computing processes, including storage, data transfer, and encryption operations, are measured in a single metric, gas.

With this approach, various resources are considered as interconvertible but are not. Although the system simplifies market transactions and the calculation of commissions, it combines fundamentally different types of resources, Buterin noted.

According to Buterin, mixing leads to inefficient computing power use and the potential rejection of safe blocks or, conversely, the inclusion of dangerous blocks in the blockchain.

The Ethereum co-creator proposes that moving to a multidimensional gas model may better reflect the networks true constraints and capabilities, potentially increasing capacity without making resources more fungible.

Buterin has previously spoken about the concept of multidimensional gas, noting its implementation in the EIP-4844 update. The new type of transactions for large binary data arrays, BLOBs, added during the Dencun update significantly reduced costs for layer 2 solutions, especially those based on rollup technology. The Dencun hard fork was successfully implemented on the mainnet on March 13.

Link:

Vitalik Buterin proposes method to increase Ethereum capacity - crypto.news

Wed 15 May 2024 3 min of reading by Eddy S.

In a continuous effort to optimize and balance the Ethereum network, Vitalik Buterin, the co-founder of Ethereum, recently proposed a new protocol improvement, known as EIP-7706. This proposal aims to introduce a new type of crypto transaction fee, specifically for transaction data, or calldata, which are essential for executing smart contracts on the Ethereum blockchain.

EIP-7706 suggests adding a new type of crypto transaction that would provide distinct values for the maximum base fees (max_basefee) and priority fees (priority_fee) in the form of a vector. This vector would include values for execution gas, blob gas, and calldata gas, thus offering a more granular and potentially more efficient fee structure.

The proposal also seeks to modify the basefee adjustment to use the same mechanism for all three types of gas. This would simplify the basefee adjustment rules and ensure that the more robust mathematical properties of the new basefee adjustment algorithm of EIP-4844 cover all gas types.

This initiative could represent a significant advancement in the management of transaction costs on Ethereum, especially at a time when high gas fees are a major concern for crypto users and developers. By separating calldata fees from other gas types, EIP-7706 could offer greater flexibility and efficiency, allowing users to better manage their gas expenses and developers to design more cost-effective smart contracts.

The impact of this proposal, if adopted, could be considerable. It could not only reduce costs for end-users but also improve the overall scalability of the network by optimizing gas usage. This demonstrates the continuous commitment of the Ethereum community to innovate and enhance the user experience while maintaining the security and decentralization of the crypto network.

EIP-7706 by Vitalik Buterin is a bold step toward better resource management on Ethereum. It reflects the spirit of innovation that characterizes the Ethereum community and could mark a turning point in the way crypto transactions and smart contracts are handled on the blockchain.

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Le monde volue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto la base, je m'intresse tout ce qui touche de prs ou de loin la blockchain et ses drivs. Dans l'optique de partager mon exprience et de faire connatre un domaine qui me passionne, rien de mieux que de rdiger des articles informatifs et dcontracts la fois.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Crypto: Vitalik redefines gas fees with Ethereum EIP-7706! - Cointribune EN

Ethereum (ETH) is indicating signs of a bearish move on Tuesday as it is largely trading horizontally. Its co-founder Vitalik Buterin has also proposed a new type of gas fee structure, while the chances of the Securities & Exchange Commission (SEC) approving a spot ETH ETF decrease with every passing day.

Bitcoin (BTC) price tests the patience of traders as it glides along an ascending trendline on the four-hour time frame. Meanwhile, the GameStop saga that has resurfaced after three years distracts the market.

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Cryptocurrencies Price Prediction: Cryptos, Ethereum & Bitcoin American Wrap 14 May - FXStreet