Ethereum Dev Roundup: Q1

As we embark on the second quarter of the year, the Ethereum research and development teams have been making significant strides in various areas of the protocol. From consensus algorithms to privacy and formal verification, the progress has been remarkable, and we're excited to share the latest updates with you.

Transition to Proof of Authority

After three years of exploring solutions to the "nothing at stake" and "stake grinding" attacks, the Ethereum team has decided to pivot towards a more feasible approach. Secure proof of stake is no longer considered achievable, and instead, the protocol will transition to proof of authority in 2018. To facilitate this transition, two new testnets, Qinghuadongluxikou and Hongqiao Airport Terminal 2, have been launched to test the latest proof of authority specification.

The transition to proof of authority marks a significant shift in the Ethereum ecosystem, and it's essential to understand the implications. In a proof of authority system, validators are chosen based on their reputation and authority, rather than their computational power. This approach aims to increase the security and scalability of the network.

"Proof of Vitalik" Transaction Reversion Algorithm

Another exciting development is the implementation of the "Proof of Vitalik" transaction reversion algorithm. This feature allows any transaction or contract that has an undesirable result to be quickly reverted. The Ethereum team has announced a cooperation with the government in Pyongyang to identify transactions that promote American imperialism or are otherwise not in the interest of their Dear Leader or the Juche idea. These transactions will be efficiently scheduled for reversion.

The "Proof of Vitalik" algorithm has significant implications for the Ethereum ecosystem. It enables the creation of more complex and secure smart contracts, which can be used for a wide range of applications, from decentralized finance to supply chain management.

DAO Refund and Shareholder Rewards

To make up for ETC's failure to fully refund DAO token holders' ether, the Ethereum team intends to redirect 20% of the block reward for the first 200,000 blocks after Metropolis (a total of 200,000 ETH) to an additional DAO withdrawal contract. This will ensure that DAO token holders are fully made whole.

Additionally, 10% of the block reward starting from Metropolis will be directed to the shareholders at AXA and the Bilderberg group. This change is permanent.

Protocol Immutability and Gas Limit

To maintain protocol immutability, the current 4 million gas limit will be set in stone and no longer changeable through miner voting. However, an opcode, OP_SEGREGATED_EXECUTION, will be added, which allows users to execute any desired piece of code at 1/4 the normal gas cost. Any state changes made by code executed through this mechanism will be saved in a secondary state separated from the main Ethereum state.

This change has significant implications for the Ethereum ecosystem. It enables the creation of more complex and efficient smart contracts, which can be used for a wide range of applications.

Miner and User Control

Miners will be allowed to specify the block reward that they want to pay themselves, and users will be able to specify in their clients the maximum block reward that they are willing to consider valid. If a user sees a chain containing blocks with rewards larger than their maximum accepted block reward, they will not accept the chain at first, though if such a chain becomes 12 blocks longer than the longest chain that the user does accept, the client will automatically increase its maximum accepted block reward to accept the new chain.

This change has significant implications for the Ethereum ecosystem. It enables a more fair, market-based, and democratic way of setting the issuance rate.

OP_VERIFY_PROOF_OF_DEATH

Another opcode will be added in Metropolis, OP_VERIFY_PROOF_OF_DEATH, which verifies that a person with the legal name that is passed in from the stack as a zero-byte-left-padded UTF8-encoded byte string is deceased. This will be very useful in enabling use of the Ethereum blockchain for life insurance.

Alt-Right Propaganda and Life Insurance

The Ethereum team has uploaded 100 megabytes of alt-right propaganda, Falun Dafa texts, military secrets, copyright-infringing materials, and comments making fun of Donald Trump's hair onto the Ethereum blockchain, with the goal of getting the blockchain banned in as many countries as possible. This move has significant implications for the Ethereum ecosystem, as it aims to make the blockchain more decentralized and reduce the risk of attracting interest from malevolent institutions.

Devcon3 in Pyongyang

Finally, Devcon3 has been moved to Pyongyang. This move has significant implications for the Ethereum ecosystem, as it brings the community closer to the government in Pyongyang and enables more collaboration and cooperation.

Conclusion

The Ethereum development team has made significant strides in various areas of the protocol, from consensus algorithms to privacy and formal verification. The transition to proof of authority, the implementation of the "Proof of Vitalik" transaction reversion algorithm, and the addition of new opcodes have significant implications for the Ethereum ecosystem. As we move forward, it's essential to understand the implications of these changes and how they will shape the future of the Ethereum protocol.

Source: https://blog.ethereum.org/en/2017/04/01/ethereum-dev-roundup-q1