Etheria ethereum mistakes
The last week was quite hectic for all of us in the Ethereum ecosystem. While many have suggested an immediate hard-fork, the implications of such action are yet to be fully understood. A similar mechanism is provided by version 1. If the soft-fork passes, it will block all DAOs from releasing funds, not just the ones the community considers attacked. This is understandably undesired for all legitimately split DAOs. As such — if the community votes to enact the soft-fork — we propose a follow up patch to the soft-fork that will whitelist all DAOs split according to the intent upheld by the enacted soft-fork.
Miners supporting the DAO soft-fork can do so by starting Geth 1. This will cause the block gas limits to be lowered towards Pi million until the deciding block approx. If the gas limit of this block is below or equal 4M, the soft-fork goes into effect and all updating miners will start blocking DAO transactions that release funds. Miners not supporting the DAO soft-fork can run Geth normally without any extra arguments needed.
They will try to keep the block gas limits at the current 4. If the gas limit of the decisive block will be above 4M, the soft-fork is denied and all updating miners will accept DAO transactions that release funds.
All updating clients will agree upon the outcome of the vote and will adhere to that decision. If the soft-fork vote passes, miners voting against it will start blocking transactions too; whereas if the soft-fork is denied, miners voting for it will also accept all transactions.
Miners who do not update by definition vote against the soft-fork as they will continue the current logic of keeping the gas limit above the vote threshold.
If the soft-fork is accepted by the majority, non-updating miners will still accept blocked transactions. From the perspective of non-miners, this update has little relevance. This release implements a soft-fork. A soft-fork is perfectly compatible with all protocol rules and requires only the consensus of the majority of miners to enact.
This release does not represent a consent to hard-fork the network. It is a means to give people more time to come up with the best solution. Paradox of all this is that developers who sought to take the human element out are discovering that to solve community issues you have to act as a community and thus are reliant on the human element.
IE Ethereum ecosystem has a social layer and the social layer is as important as the code. Imo, the social layer is the biggest weakness. If I were an attacker to the system, I would try this as an entry point. I think the human element is the most important because the platform is for human users and a human community determines the development path, changes, forks, etc. Dissapointed with you Donald. If we let our most enthusiastic early adopters and evangelists, such as the DTH become victims from an exploit such as happened, then the very dapp you are trying to build and with funds from TheDAO!
Far better for your goal is that we embrace consensus for an early fork even it sets your app back a bit in short term, it improves its chances of success in the longer term. Hi Mark, I understand your point, but disagree. I think a wealth management dapp would be even more credible if there was no possibility of freezing or confiscating funds in the network. Remember it is a global borderless network and people from Argentina, China, Iran, to Venezuela would greatly value no possibility of censorship and full protection of their wealth from arbitrary actions from any entity whatsoever.
However, I think the majority agrees as well that these forks should never happen again, I think this may bring back credibility and security to the network in the medium term. This is why I think we should build Etherplan. Ohhhh how fun, not it sucks to be the dapp, they messed up they fix it.
I think I know how this will be resolved. There will be a soft fork only, no hard fork. All investors will have not lost any USD due to a rise in price relative to what they paid for the ETH at the time of buying tokens. And there will be no real loss since the remaining ETH people have after the soft fork will in fact be worth more. Of course, those who never participated in TheDAO will benefit the most.
The hacker… will get nothing. This is not correct. The price will plummet if the fools who invested in the DAO are gifted their funds back from a poor investment.
The ones that will pay are the miners either from hacker dump or DAO fool dump. No win for the miners unless stolen funds are destroyed. Either the attacker will remove it, or it will be restored to the DAO token holders. So there was never any chance of it being destroyed, and it will not be locked up for long. Ohhhh how fun, not it sucks to be the dapp, they messed up they fix it… and your talking about theft… not cool he was not a hacker well at least not what I consider one.
Nanopool started to mine according the voting results. The results are reviewed once a day. Is gas already an average over many prior blocks? By looking at only one block, if this is not the case it hardly signals, one way or the other what the overall consensus is. From my point of view, this is a huge mistake. Democracy does not only involve voting by the participants, but that the participiants also understand what they are voting about.
So to be clear: This point has never been clearly explained. We agree that the labels used in the campaign have been incorrect.
All parties involved are simply people and there is no good or bad. Voters prefer prepackaged opinions. Thus propaganda will always have a place in the world unless there are no humans involved. Any system based on consensus can be changed by propaganda. This was always the case with blickchain, the social laws of consensus dominate the laws of math.
However as the reach of ethereum grows, building consensus for forks will become more difficult, thus the system will ossify to an extent where only major events can create forks. Over a long enough time period, any system that can fork, will fork. Well, the social consensus was that you can make contracts that strictly follow the laws of math ie. And this is exactly what happens now. This is fundamental, unchangeable socket that ethereum is standing on.
This is an acknowledgement that ethereum does not work as expected in the social consensus. If you the ethereum developers will push through the hard fork, you will exploit ethereum yourself by social engineering for the first time in its young history.
The DAO offered a contract and he went in. There is no such thing as an interpretation and you are not the judges of ethereum. If you want to fork, you may of course. What i do now, if they dont use fast this hardfork, some off the designers go too prison. This 50 milion not a small amount the us Government go after them. Gavin Wood the only who sees the danger see Dutch blockchain conference. This gay is streetwise,Vitalik do this hardfork and go on.
Ok, you took your decision, de facto a fork is a new cryptocurrency. At least be honest and change its name in Ethereum 2. What is the purpose of a crypto currency? I am a newbie. I have gleamed that some very important ideas are: Bitcoin has a growth rate and reaches a maximum sometime out in the future.
Ethereum grows so many coins at a certain rate, forever. When someone, or organization steps in and says these valid coins are no longer acceptable, then, you are breaking the foundation of this cryprto currency.
A fork will do the same, thus, creating deflation. Yes, it is awful that someone found a loophole in the DAO, however, it is up to the DAO and its creators to protect it. Why do we have private wallets for our ethereum? So, that we may provide our own security to the level that we feel safe with. This idea of a fork is the same as a government saying that we are going to burn all of the money that you have stored in your vault, because we can find it and we are able to burn it.
If you destroy this ethereum, then what is to prevent you from destroying my ethereum in the future. Now I see that Ethereum is just like a national bank. Just like in democracy people vote on people who are in charge, here the community decides on forks that in fact are not forks but patches.
I think to have truly smart contracts, we need to be able to take care of auditing our contracts so they can bear up against big numbers, and have a way to deal with things like errors and omissions, insurance, and version control at the contract level. This can be done by making these funds available for contract certification and security analysis for large scale enterprises such as the Dao intended to be. We need to find insurers and insurance models willing to back these contracts after this new layer of contract analysis and due diligence, and a way to insure new unqualified investors from errors and omissions on behalf of the contract authors.
These implementations of proper business safeguards will cause Ethereum to climb back up in value because we can truly solve something here that has not been addressed and which is the underlying cause of the problem at hand. We must keep Ethereum arms-length from DAO, but any hard fork should implement a feature wherein the contracts themselves can be upgraded by consensus, a sort of built-in version control that will supply a pointer to any superceded contract.
It also needs to be easy to use and be implemented by all those with standing to vote in such a decision. We may need to hard fork into a type of mechanism for Ethereum to avail an easy big red button to kill any renegade contract as well or at least suspend it from processing for a period of time to analyze.
Twitter Phishing Account Steals Ethereum by Pretending To Do. Undefined Matlab. Damascoin, Damas.