The Ethereum (ETH) developers met yesterday at Ethereum Core Devs Meeting #40 to discuss the upcoming update to the ETH blockchain.
Ethereum’s Twitter handle tweeted about the event;
— Ethereum (@ethereum) June 15, 2018
The developers met to talk about the postponement of the release of the two main Ethereum chain upgrades such as Casper and sharding. The developers have proposed that Casper should be released on a shard or a sidechain even though originally, it was supposed to be released separately from a shard as a smart contract.
Sharding was announced by Vitalik Buterin two months ago, and its main function is to increase the number of transaction that a network can process within a specified timeframe. Sharding works in such a way that the network nodes store just a part of the distributed registry. However, each of the nodes should be able to rely on the information that others provide.
Casper FFG which was first deployed in October last year, as a “proof of stake (PoS)-based finality system which overlays an existing proof of work (PoW) blockchain.” The Casper chain aims to solve “open questions of economic finality through validator deposits and crypto-economic incentives.”
Towards the end of April, Hybrid Casper FFG was introduced by the network as the Ethereum Improvement Proposal (EIP) #1011. Casper FFG was designed to provide a hybrid system of consensus and thus, solving the problems linked with cryptocurrency mining. The goal of this Casper FFG introduction was to smoothen ethereum’s transition to Proof-of-Stake (PoS), thus the need to combine the Proof-of-Work (PoW) and PoS consensus. The block reward for miners is set to be reduced from 3 ETH to 0.6 ETH, according to the specification of the EIP updates.
Buterin, in a recent meeting, noted that changing the launches of sharding and Casper could basically scale up the ethereum chain to its maximum, theoretically. He further suggested that by rescheduling the upgrades, the deposit amount required to participate in securing the Ethereum blockchain would reduce from 1,500 ETH to just 32 ETH, thus making participation more viable. He also noted that the new model means that developers would be able to launch Casper without making huge changes to the ethereum network, adding that Casper is “more separate from the main chain.”
The Casper component is somewhat more separate from the main chain. That means it can be developed less intrusively in some ways, it can be developed as a separate chain and can have its own rules.
Reports surfaced last month which suggested that tech giants Google showed an interest in recruiting Buterin to join their team. Buterin briefly tweeted about this on May 20 after he posted and later deleted the screenshot from a Google recruiter who asked him if Google “make[s] sense for you now or in the future,” with Buterin including a poll asking the cryptocurrency community if he should take the job or not.
He has so far stayed put, which means that he is okay leading Ethereum at the moment and isn’t much interested in working for Google
ETH futures might soon come now that SEC declares Ethereum is not security
CBOE Global Markets president, Chris Concannon, has stated that ETH futures might soon be rolled out by the firm after SEC declares that the cryptocurrency isn’t a token. This is according to a report by Bloomberg. Concannon stated that the company has been considering ETH futures but couldn’t move forward due to claims that it is a security by SEC. however, now that SEC has made its decision, CBOE might soon launch the ethereum futures.
William Hinman of SEC, two days ago, revealed that the commission doesn’t consider Ethereum as a security. He stated;
Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions.
He further added;
When we think about how Ether today is operating, at least, we see a highly decentralized network, not the type of centralized actor that characterizes securities offerings and in its current state, we don’t see value regulating it.
This statement by Hinman subsequently lifted the spirit of Ethereum enthusiasts and the whole cryptocurrency market as the prices of nearly all the cryptocurrencies in the top 100 recorded gains shortly after the SEC declaration.
More good things are now coming to ethereum after the SEC announcement. CBOE’s president recently revealed that the decision by SEC means that the regulators wouldn’t stop them from adding Ether futures to their portfolio. He stated;
We are pleased with the SEC’s decision to provide clarity with respect to current Ether transactions. This announcement clears a key stumbling block for Ether futures, the case for which we’ve been considering since we launched the first Bitcoin futures in December 2017.
So far, CBOE is offering only Bitcoin futures which the options exchange launched December last year. The launching of the BTC futures led to a rally in the prices of cryptocurrencies back then with Bitcoin price surging from $15,000 to around $16,800.
However, it has been on the news lately for the wrong reasons after cryptocurrency researcher and analyst Thomas Lee, claiming the expiration of Bitcoin futures a few days ago was a possible reason the Bitcoin price dipped by nearly 2% within 24 hours.