All About Ethereum – Byzantium


All About Ethereum Byzantium
Hello everyone, my name is Anthony and today
let’s talk all about the Ethereum Byzantium
update
run intro
So Byzantium is part one of a two part hard
fork leading to Metropolis.
As of today, the Ethereum Ropsten testnet
has already hard forked and updated to Byzantium
and it seems to be going well
The Byzantium hard fork is schedule for block
4.37 million, which will happen around October
17th.
The byzantium hardfork is based around two
goals.
Enhancing smart contracts functionality, and
adjusting ether issuance.
Some specifically notably Byzantium changes
include…
EIP98 � Which allows for more compute parralyzation
on transaction processing, by not calculating
the state root until after each transaction.
EIP214 � This introduces a new op_code that
creates a safer way for one contract to call
another contract.
Previously when a contract called another
contract, that 2nd contract took priority
over the process and can do whatever it wants.
Including calling back the original contract
to change the state.
This new opcode allows contract calls while
disallowing changes to the state until the
call has ended.
There are a few other smart contract functionality
updates that I didn’t include.
You can check them out in the link in the
description.
https://www.reddit.com/r/ethereum/comments/702t95/eli5_byzantium_changes/
The next updates I’ll talk about affect ethereum
inflation rates.
EIP100 � This changes the way mining difficulty
is calculated.
Previously, mining difficulty did not adjust
for uncle rewards
(Check out my video about Uncles, if you wanna
learn mre about them),
Without this adjustment more ether uncle rewards
are less predictible and possibly issues more
ether than what devs intended.
EIP100 solves that by including uncles in
the constant average rate of created blocks
used to calculate mining difficulty.
EIP649 � Resets the ethereum difficulty
bomb and reduces the block reward to adjust
for it.
The original intent of the difficulty boomb
was to force miners to switch over to proof
of stake.
The bomb slowly increases mining difficulty,
making it less and less profitable for miners
to continue with Proof of Work.
Due to this difficulty bomb, ethereum is currently
running 30 second blocks with a 5ether reward.
This has cut mining profitibility in half,
since before the difficulty bomb we were averaging
sub 15 second block times a few months ago.
Since proof of stake is delayed, the difficulty
bomb is making miners increasingly less profitable
for no reason.
And we don’t want miners to become too unprofitable,
because that will make them leave the network
for something better.
The solution to this problem is to reset the
difficulty bomb in the Byzantium hard fork.
Making miners more profitable, as well as
buying more time for the Casper proof of stake
update.
However, the developers also don’t want to
make miners too profitable all at once.
I think the reason being that that may cause
a price crash due to rapid increased inflation.
So the solution here is to drop the block
reward from 5ether to 3.
I’m interested in finding out how the decrease
in block reward will stack with a decrease
due to uncle calculation.
This won’t affect miners individually, but
it will affect inflation rate as a whole.
Which may increase the ethereum price.
One last update that snuck into Byzantium
is zk-snarks.
Zk-snarks help with privacy.
This update allow smart contracts to verify
zk-snark transactions.
However it will still be difficulty to write
these transactions for now.
Well that’s it for today, guys.
What do you think about the Byzantium Hard
Fork?
Seems pretty tame, right?
Usually planned Ethereum hard forks go by
without a hitch and I see no reason why this
one won’t also.
Thanks for watching.
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Until next time.
Goodbye

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