Ethereum metropolis github
The forwarding contract verifies the signature, and if the signature is correct it sets up a payment to the miner and then sends a call to the desired address with the provided value and data. The benefits that this provides lie in the most interesting cases: Multisig wallets: currently, sending from a multisig wallet requires each operation to be ratified by the participants, and each ratification is a transaction.
This could be simplified by having one ratification transaction include signatures from the other participants, but even still it introduces complexity because the participants' accounts all need to be stocked up with ETH. With this EIP, it will be possible to just have the contract store the ETH, send a transaction containing all signatures to the contract directly, and the contract can pay the fees.
Ring signature mixers: the way that ring signature mixers work is that N individuals send 1 coin into a contract, and then use a linkable ring signature to withdraw 1 coin later on. The linkable ring signature ensures that the withdrawal transaction cannot be linked to the deposit, but if someone attempts to withdraw twice then those two signatures can be linked and the second one prevented.
However, currently there is a privacy risk: to withdraw, you need to have coins to pay for gas, and if these coins are not properly mixed then you risk compromising your privacy. With this EIP, you can pay for gas straight our of your withdrawn coins. Custom cryptography: users can upgrade to ed signatures, Lamport hash ladder signatures or whatever other scheme they want on their own terms; they do not need to stick with ECDSA.
Something like this is crucial in the long term because, in a world where all accounts are contracts, we need to preserve the ability to send to an account before that account exists on-chain, as that's a basic functionality that exists in all blockchain protocols today. We are aiming to release an "Olympic testnet" version of Rinkeby for initial deployment and can make that implementation more important if it doesn't blow up.
Carbonvote link. Reddit thread 1. Reddit thread 2. Hudson: Haven't looked into this, but it seems to be getting some community traction so I added it to the agenda. AVSA: My initial thoughts are that we should not be playing with the issuance or economic policies if things are not very broken. Additionally it would increase the controversy of the upcoming Metropolis hard fork that is currently non-controversial.
Martin H. S: I don't particularly support this, but I am curious at how large the community support is. We discuss that carbon vote's website is running a poll on it, but we are skeptical about the reach and how it truly represents the community in this instance because this EIP is not widely being contentiously debated or discussed outside of Reddit posts and the EIP itself. Nick: I generally think it is not a bad idea if it is greater than or equal to the amount they would have received with the ice age because at that point they are not likely to oppose the fork because they will be worse off.
Hudson: This may not even be a question of whether it should go on, but whether it should go in for Metropolis or should be discussed for a different hard fork in order to avoid making Metro a big deal. Those who deal with economic policy and other related research fields have commented on this primarily, but this week many of them are in Malta at a conference and therefore aren't here to provide comment. I saw Vitalik write somewhere that he would be willing to consider it more seriously with enough community support behind the idea.
What changes would have to happen on the technical end in order for this to go in? Pawel: Change in code is super simple. My perspective is that this could make a less controversial hard fork a controversial one. Hudson: So I'm wondering if it is better to implement this based on some possibilities that we aren't sure yet, but face the backlash of a more controversial hardfork and related complications, as well as setting precedence for changing core economic principles on a whim?
Peter: Aren't we already changing core economics by delaying the ice age? Hudson: True, but this economic change is more of a side affect of preventing the impending block time changes that will affect the network. AVSA: The ice age was never meant to be taken into prod. People never took it seriously that we wanted to slow the system down to a halt, it is just a mechanism to force a fork. No one believes we want to have a 10 min. Idea was that PoS would be ready by then, but it is not, so the economic policy of the ice age should not really count.
My fear is that we are taking something the community doesn't really want and are creating a discussion around it when it isn't truly widely recognized. I could be wrong though. S: I think it's a good thing we are talking about this because it shows that we are looking out for what is being discussed in the community even if we core devs aren't following it closely ourselves. I think the intentions behind the EIP are good so discussion is good. Like all of these things it comes down to the clients wanting to implement it and seeing how large the community push is for this change.
Alex B: Are we changing the block for the ice age in Metro? Peter: Idea was that we add special rules to the difficulty calculation to effectively pause the difficulty between different blocks s. In previous dev meetings, we discussed having 1 HF for metro, so that seems like what we are doing. We will bring this up next meeting to let some of the researchers, like Yoichi and Vitalik, comment on this. Metropolis testing and client implementation updates [Dimitry and Core Devs] Dimitry gives an overview of how the tests are coming along and what can devs do to help.
Dimitry: To make tests better it would help to have better indication in Github of which EIPs are included in Metropolis. It is hard to follow what is included. We will also incorporate Alex B. If client's submit their general state tests Martin H.
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The difficulty bomb will exponentially increase the difficulty so much so that mining will become impossible. Like we have said before, the difficulty level adjusts according to the rate at which the blocks are being mined. This is how the difficulty adjustment algorithm worked in the Homestead version of ethereum.
So, what the difficulty bomb is going to do is that it will increase the difficulty by such an exponential amount without adjusting it that it will take more and more time to solve the cryptographic puzzles. Eventually, it will become near impossible to mine on the chain. Will this be utilized in Metropolis?
The difficulty time bomb is supposed to explode at the end of but it looks like it has been delayed by a year and a half. However, with Metropolis, the development team has made two changes that will smooth the process over to POS. Casper will be applied and as mentioned above, every th block will be mined via proof of stake. The mining reward is going to decrease from 5 ether to 3 ether.
The goal is to get the entire network used to Proof of Stake protocol and to iron out all the issues before fully utilizing it in Serenity. What are smart contracts? Smart contracts are how things get done on ethereum.
The idea is simple. Imagine A and B getting a transaction or a function done without the intervention of a third party. This is a rough analogy to help you understand how it works. So, what are the innovations that ethereum is bringing along to make their smart contracts better and more easy to develop? Suppose A gives B a smart contract to execute. The gas price chart looks like this: Image courtesy: Etherscan Now, while bitcoin usually spends the same computational power for all transactions, ethereum can vary the computational power required for each of its contracts.
Each contract has its own gas limit which is set by the contract giver. This can lead to two scenarios: The gas required is more than the limit set. The gas required is less than the limit set. During a contract execution if one wishes to go back to an earlier state during the execution, it would require manual triggering of an exception eg.
The unused gas will be refunded to the contract creator. Abstraction means that anyone can use any system or protocol without completely knowing the ins and outs and all the technical details. You simply press on the screen to activate an app, or press on the call button to call someone. Abstraction makes a complex technology accessible to the masses by removing the complexities. Abstraction is what ethereum plans to achieve in the future. As part of abstraction, ethereum is planning to blur the line between its two accounts.
Ethereum, as of writing at least, has two accounts. One is the external account, the one controlled by keys that most users are aware of i. Then you also have the contract account aka the smart contract code in the blockchain. The idea is to essentially allow users to define their external accounts in the form of a smart contract. Once this is done, the codes backing the keys can put their own unique spin on the transactions backing the code.
How does that help? As you may be aware that Quantum computing is fast becoming a possible threat to the cryptography which makes the cryptocurrencies. So suppose you want to save your transactions from a quantum attack by a malicious attacker, what can you do about it? With account abstraction, you can use signature schemes like hash ladders to define your own account which has a possibility of being quantum proof. Your accounts can now be customizable quite like a smart contract.
What are Byzantium and Constantinople? What do they mean? Metropolis is bringing in a lot of significant changes at the same time. This is why, ethereum is launching Metropolis in two phases and both will be introduced as hardforks. These two phases are: Byzantium. After a lot of delays, Byzantium hardfork will now occur at block number ,,, or about October 17 given current block production metrics. Byzantium will introduce a lot of features. The main ones being: Zk-Snarks. Revert and returndata.
Account abstraction. It is not clear when Constantinople will happen but it is being planned to take place in The main feature of it is to smooth out all the issues that may come up because of Byzantium and, more importantly, to introduce the proof-of-stake and proof-of-work hybrid chain. So ethereum is going to hard fork again?
Will there be a third ethereum coin? Because of the Ethereum- Ethereum Classic and the Bitcoin-Bitcoin Cash hardforks, people have started to assume that all hard forks are bound to cause chain splits. That is simply not the case. The reason why those forks split the chain was because the changes proposed the ethereum hardfork and the Segwit activation were so controversial that not everyone was on board. However, these upgrades have been unanimously agreed upon for a long time.
Everybody knew that this was going to happen. The only bone of contention could be the proof-of-stake hardfork, however, the miners are not going to gain much by remaining on the old chain since, as already discussed, the difficulty bomb will make mining near impossible. So, is the value of ether going to go up? You need to do your own research before you invest in a coin. Byzantium is bringing in so many changes to ethereum that it will be fascinating to see how things turn out.
The implementation of zk-snarks is particularly game changing and of course, Constantinople with its proof of stake is going to be something that everyone in the crypto world is going to keep their eye on. The upcoming year could be absolutely revolutionary for ethereum and their dream of a decentralized future. With this EIP, it will be possible to just have the contract store the ETH, send a transaction containing all signatures to the contract directly, and the contract can pay the fees.
Ring signature mixers: the way that ring signature mixers work is that N individuals send 1 coin into a contract, and then use a linkable ring signature to withdraw 1 coin later on. The linkable ring signature ensures that the withdrawal transaction cannot be linked to the deposit, but if someone attempts to withdraw twice then those two signatures can be linked and the second one prevented. However, currently there is a privacy risk: to withdraw, you need to have coins to pay for gas, and if these coins are not properly mixed then you risk compromising your privacy.
With this EIP, you can pay for gas straight our of your withdrawn coins. Custom cryptography: users can upgrade to ed signatures, Lamport hash ladder signatures or whatever other scheme they want on their own terms; they do not need to stick with ECDSA. Something like this is crucial in the long term because, in a world where all accounts are contracts, we need to preserve the ability to send to an account before that account exists on-chain, as that's a basic functionality that exists in all blockchain protocols today.
Miner strategy Note that miners would need to have a strategy for accepting these transactions. This strategy would need to be very discriminating, because otherwise they run the risk of accepting transactions that do not pay them any fees, and possibly even transactions that have no effect eg.
One simple approach is to have a whitelist for the codehash of accounts that they accept transactions being sent to; approved code would include logic that pays miners transaction fees.
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