Metropolis Is Coming!
What to expect?
Metropolis is an exciting upgrade to Ethereum, moving the network another step closer to “proof of stake” consensus.
Metropolis will include: Zero Knowledge Proofs (zk SNARKs)
The Metropolis release will integrate zk SNARKs into the Ethereum network, a method to anonymize transactions that was made famous by its use in the Zcash cryptocurrency. These zero knowledge proofs will enable users to privately store data on the blockchain, opening up an entirely new array of applications.
Ethereum and Bitcoin are considered “anonymous” by the mainstream media, however the reality is very different. Transactions can and have been traced back to individuals, and storing private data on a public blockchain is considered to be extremely insecure.
The privacy leak will likely still exist. Even though contracts will be able to pay for their own gas, you still sign all your interactions with the contract with your key, and there's a public record of it. Everyone will still know what method on the contract you called, what parameters you gave it, and what the method does.
Great to see we are moving away from Proof of Work and more towards Proof Of Stake. The reason I like Proof Of Stake as it is more resilient to a 51% attack. On Proof Of Work an attacker would significantly slow down the ETH as well as to revert the attack it will take a lot of resources which PoS doesn't take up.
I guess it is time to save some resources as bitcoin and ETH already use a tremendous amount of energy and maybe when blockchain technology becomes the next big thing we may use more energy than we have.
It is true that many people think that BTC and ETH are anonymous but I guess that would be more of a red herring as you can still trace where transactions are going due to how transparent the system is. I can't wait to see the Zero Know Proofs in action @surfyogi
There are numerous alt coins exist which advocates anonymity. For example, Verge, Monero. But the fact is Ethereum is based on smart contracts and have great real world applications as of now, I guess the implementation of zk SNARK's will definitely give a boost to ETHEREUM current price. Although, anonymity is always a requirement people demands in Cryptocurrency. Now, with Ethereum, it'll also be possible.
let's see the its effects on current price of ETH.
The only way to have anonymity is to make the entire network anonymous. Having any transactions open means that the chain can be strung together.
Besides, at least in the US, everyone gets onto the crypto highway with full identification which establishes the starting point of all transactions.
If you know what you are doing; you buy from anonymous parties...
That is true....although many, especially newer people. start with the Coinbases of the world.
Although the stability does provide them a bit of safety albeit at an expensive price.
There are also mix master exchanges, and it makes anonymous usage possible.
I intend to find a good one soon...
Blockchain might look anonymous from the outside - but it is the most transparent technology we ever had. But most people are simply not interested in crypto-technology and are not trying to understand it. I tried to talk with my father about it a few weeks back - he couldn't have been less interested..
dim
Do you think this will increase the price of Etherum in future?
yes
Great, the problem out here in India is that we do not have a good exchange on Etherum.
So buy LTC, BTC, Dash or whatever and then use an open market exchange to convert?
If you use a VPN, it should not matter where you live, to purchase ETH.
Ok, will then try to buy Etherum as soon as possible.
Expect a totally volatile price. Will rise to $ 450
500?
Anything can happen. But it sure surpasses the wall of the $ 400
is there anyone worried about the decreased reward of mining from 5 to 3 ether ? I am confused..
thanks for the source: https://ethereumprice.org/ground-breaking-metropolis-release-flying-radar/ , love his oppinions so far. Tackles possible questions people might ask on this post as well.
Ethereum currently using the prof of work consensus, which is costly, because it need a lots of computation power, miners use brute force to solve the hashes! In the prof of stake, the network will choose who has to verify the transaction, therefore it will be more energy efficient network! It will reduce the price and the time of a transaction! I think with this upgrade ethereum will be the winner over bitcoin! I expect a price boom after the upgrade!
Thanks for the topic!
I don't why mainstream media likes to tell different story from reality. This is really dangerous to the masses.
The mainstream media specializes in fake news.
Sad.
Yes it is but it has been that way for ages.
They are just an extension of the banking system, the ones who truly run the show. Thus lies about crypto are far from surprising.
Well i guess more people are beginning to find this out little by little that will make them have better judgement of issues.
Yes they are. Word is getting out there. People are seeing that not only does the MSM but also Facebook and Google manipulate the message that is delivered.
Facebook and google partners in crime. Hahahahaha
Block chains and crypto will be ignored by the corrupt government , but I have no doubt it will rise above all of its odds
Zak Snarks is an integral part of ZCash being anonymous. I am going to make a post about all these cryptocurrenncies who focuses on Privacy.
The changes might effect the rate of Etherium positive way .Who knows this might Hype the price even much higher .
for private transaction look into nav coin,it has best anon transaction wallet, plus they are working with changelly.com
I still support you although I do not really understand. the most important thing, whatever happens, you have to live it with patience and caution.
I'm sure you have the idea and the stability of thinking to take a right decision.
I think this will increase the price of Etherum in future..... Who know One day Etherum will Beat Bitcoin ...
@surfyogi I am looking for some Steem delegation would you like to lease some Steem power to me?
Still hoping for the best of it and monitoring for ether. still getting a positive risk so far. Thanks @surfyogi for the info.
here is a link to the description of zk-SNARKS by the Zcash team who worked together with the Ethereum devs to integrate Zero Knowledge proofs in Ethereum