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Consensys on Ethereum
ConsenSys is the leading Ethereum software company. We enable developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Our product suite, composed of Infura, Quorum, Codefi, MetaMask, and Diligence, serves millions of users, supports billions of blockchain-based queries for our clients, and has handled billions of dollars in digital assets.
In case anyone was wondering how exactly Ether will be used on the Ethereum platform: lets peek under the covers...in order to power the decentralised web, Ethereum cannot possibly rely on any centralised authority (because that authority could manipulate the database). Instead, every node that participates on the network holds a copy of a decentralised database, which they audit. The network nodes process the code that is being executed in the database and come into agreement as to what the correct state of the database is through a vote. Majority always win the vote, and nodes are incentivised to do this verification work. Voting takes place at regular particular intervals, on average every 12.7 seconds. Contracts are triggered and executed when users or other contracts call them. If you were thinking that this necessary approach presents limits in terms of processing speed, you’d be correct. The total processing power of the Ethereum network, regardless of the number of nodes that forms it, is equal to a single smartphone from 1999. This means that you’re not going to want to store megabytes of data on the Ethereum network, or render 3d graphics. There are of course workarounds to this, including our upcoming storage solution called Swarm and our secure messaging protocol, Whisper, both companion technologies to Ethereum. It also means that because computing power is limited, it has to be measured carefully so that no single actor can commit evil deeds such as running infinite loops on all the world’s Ethereum nodes. This unit of measure is called ‘gas’. Gas comes into play when you try to make a contract do something. You ‘call’ a function of the contract, which then executes the code in that function. It could be validating an escrow, or ‘like’ a friend on a decentralised social app, or transfer an amount of contract-specific token to another user, etc. Anything. In order to execute this function, the contract will need gas, just like your car does. So, as part of the function call, you specify how much ‘gas’ you want to send to the contract, and how much you’re willing to pay for that gas (priced in ether, Ethereum’s fuel and unit of account). The different operations a contract can support are priced differently. One execution cycle cost one gas for example. Others, like writing to storage, cost considerably more (because storage is a very scarce resource). If you send too much gas to the contract, and it doesn’t use all of it, it is refunded to you. If you send too little, the contract stops and rolls back (just like your car when it’s ‘out of gas’). How gas is priced depends on the global consensus of the community. It’s therefore likely operations that have the best-priced gas will be executed first on the network, and the rest a bit later. With that said...I could see the resting price sitting at $5-10 USD in the near future. Not much higher as the only reason it could go that high is speculators holding ETH or companies like Microsoft and independent developers hording ETH for their DAPP development projects.
REMINDER: Please Reach Out If You Have Any Devcon2 Related Questions
Devcon2 is so close!!! We have been very hard at work putting together a great conference for the community! Because of this, some of the moderators have been less active on Reddit. We may have missed threads about Devcon2. If you have questions of any kind relating to Devcon2 please check out our website and fill out the contact form there. You can also email us directly at [email protected]. We will try to respond to any emails we receive within 48 hours (normally it is shorter). Protip: Get your passport/visas sorted out ASAP to avoid any last minute rushing before Devcon2 to get them sorted out. See you all in Shanghai :)
Which Presentations you would like to attend at DEVCON1 in LONDON?
Before any official release I would like to ask the community about which speakers & subjects you wish to have on the first Ethereum Developer Congress in London. Besides the main developer presentations, workshops or hackathons. Here it is my Whishlist:
Which is yours? By the way, It is written in the Devcon website that: “There are still a few speaker slots available. If you'd like to present at devcon one please email us your presentation topic and credentials”.
The Devcon Scholars Program is an Ethereum Foundation initiative designed to provide an opportunity for Ethereum ecosystem-members from underserved communities, unique circumstances, or developing areas to attend the largest annual gathering in the Ethereum ecosystem. Now in its second year, the Devcon Scholars Program provides full ... The Ethereum Foundation has outlined plans for Devcon 6 while teasing a “major announcement” in the coming days.. Ethereum is the world’s most popular smart contract platform and the second-largest cryptocurrency behind Bitcoin. Ethereum is a global, decentralized platform for money and new kinds of applications. On Ethereum, you can write code that controls money, and build applications accessible anywhere in the world. Devcon iv brought Ethereum's ecosystem and family back to Europe with a 2018 event at the Prague Convention Center in the Czech Republic (Czechia). With 3,000 strong in attendance, Devcon iv was filled with talks, experiences, teams from a matured application ecosystem, and more enterprise support than ever before. These shard chains are an important part of increasing the number of transactions Ethereum can handle per second. It's the job of the beacon chain to make sure every shard has the most up-to-date data.
It's Day 0 at Ethereum Developers Conference (Devcon)- the gathering of all the BUIDLers that want to push the boundaries of decentralization. I grab my camera and interview people attending the ... DEVCON1 09:20am Day 3 Ethereum's Vitalik Buterin (https://twitter.com/VitalikButerin) presents on the intricacies of the Ethereum Blockchain Protocol. Ethereum Devcon 4 is the place to be if you want to build anything on Ethereum. With over 3000+ of the smartest minds coming back together with some songs and dances, devcon4 is what every ... The #Ethereum community convened in Osaka, Japan for the fifth edition of #Devcon—the grandest event of the annual blockchain calendar. From the bombastic opening ceremony to the teeming ... Presentation Slides Download: https://ethereumfoundation.org/devcon/?session=2-ethereum-in-25-minutes Devcon2: Ethereum in 25 Minutes. Ethereum Foundation Ch...