Connect with us

Cryptocurrency

Blockchain ‘Immutability’ Dispute Sparked by Ethereum Request for Reorg Contract – Featured Bitcoin News

Published

on

Just recently, a software developer and “solidity nerd” named Bunny Girl sparked heated discussions in the cryptocurrency community over a smart contract revealing a process called “Request For Reorg Contract (RFR)”. On Twitter, Bunny Girl stated that the contract “creates a mechanism that allows users to pay miners to reorganize the Ethereum blockchain”. Since then, the tweet went viral and there has been a lot of debate about whether or not blockchains are generally immutable.

Solidity Developer Unveils Smart Contract for Blockchain Reorganization for Ethereum

Conversations and debates about the immutability of the blockchain have been going on for years, and a new discussion has sparked over a tweet and smart contract posted on Github by developer Bunny Girl. On July 10, Bunny Girl stated that the smart contract aims to improve systematic chain reorganizations.

Blockchain reorganization is a controversial issue and basically occurs when a chain of recorded blocks is invalidated. Restructuring took place on various blockchains when a mining company or group of miners controls more than 51% of the hashrate.

Blockchain reorganizations force miners (who do not participate in the reorg) back to a point where they have to start again from a certain block height. It’s like resetting a recorded transaction history and re-recording it, but of course the new transactions would never be the same as the deleted ones.

Publication of NFTs to commemorate the reorgs of the Ethereum chain. Every time you request a reorg with the contract, you can mint one of these UniV3-like NFTs.

The higher the bribe for the Reorg, the rarer your NFT will be. pic.twitter.com/dVSqZ1QqZg

– Bunny Girl (@ 0xbunnygirl) July 11, 2021

Bunny Girl’s tweet explained how Ethereum developers can “codify chain reorgs” using the smart contract. “Announcing the Request For Reorg (RFR) contract,” said Bunny Girl. “This contract was inspired by a tweet from @EdgarArout. Are there any ways we can make payments to miners for reorgs in the chain? “

“Using the example of the $ 40 million Binance hack,” added Bunny Girl, “what if Binance wanted to pay a bounty to miners for reorganizing the chain to keep the hacker out of shipping? You could withdraw an amount less than the hack, e.g. $ 10 million. It turns out that all of this is possible with what Solidity has to offer. First, Binance will ask that the transaction be mined in a certain block in the past. You will attach the reward amount for this in the form of ETH. “

The software developer continued:

Next, the miner performs the time bandit. You would travel back in time to tear down a block from the past. This time, they add their “reorg” TX, which sets them up as the claimant for the reward associated with the reward. What happened to the previous request Tx? Since the state is reset, there is no request for now, is there? Quite simply, we reconstruct the state by first including the `request` tx. OLD CONDITION: Block N + 1 = [request]. NEW CONDITION: Block N = [request, reorg].

Additionally, Daniel Goldman was pursuing Bunny Girl’s RFR smart contract with an idea that put Reorgs called “Deorg” off.

“Released Deorg: A Bounty Creation Contract For Deterring Reorgs, Everything In The Chain,” Goldman tweeted. After Goldman posted his idea on Twitter, one person asked if the Deorg concept “would be a great incentive for miners to ‘hope’ for situations that could spark a battle for smart contracts between Reorg and Deorg?” Goldmann replied:

When a battle does arise, it is best for both sides to appear on the battlefield armed.

Is it misleading to describe blockchains as immutable?

The RFR thread was followed by an extremely mixed reception. “So are we just ignoring immutability now?” One person asked in response to the Bunny Girl tweet storm. Others made fun of Ethereum with memes and some mentioned previous controversies like the DAO rollback incident that caused the Ethereum Classic fork. Others claimed that once Ethereum 2.0 is finalized, it will no longer be possible with Proof-of-Stake (PoS).

In response to the immutability comment, Bunny Girl said, “This affects the time to finality. I suspect the immutability would not be compromised if people used this when the block is already deep in the chain. “

Who behaves badly in a “reorg as a service” scenario?

-The author of the software that makes it possible?
-The miner who accepts the reorganization fee?
-The party paying the fee to “buy” the Reorg?
-All of the above?
-None of the above?
-A mix of the above?

– Angela Walch (@angela_walch) July 11, 2021

Bunny Girl was also not overly friendly with some of the bitcoiners attacking the RFR thread. The developer noted that the fact that Ethereum can reorganize the chain through smart contracts is “epic” and Bitcoiners are “jealous”. The conversation also broke away from the Bunny Girl thread and brought up the debate about whether or not blockchains are immutable at all. Angela Walch, research assistant at the UCL Center for Blockchain Technologies, also discussed the topic on Twitter and spoke about the term “immutable”.

“For * 5 YEARS * I’ve been arguing that describing blockchains as * immutable * is misleading,” said Walch. “The ‘Reorg as a Service’ discussion about Ethereum is just the latest manifestation of why. Blockchains are immutable only if the people who make them * choose * not to change them. ”Walch believes the word“ immutable ”is a bad term to describe blockchain technology, and she wrote about this in her article entitled “The Path of the Blockchain Lexicon (and the Law).”

Bitcoin’s rollback in March 2013 and the claim of perpetual motion of an immutable blockchain

Walch and many others have been debating the topic for years and it was a hot debate when Binance CEO Changpeng Zhao (CZ) mentioned a reorganization after its exchange lost $ 40 million worth of BTC. Tim Swanson told Walch that he and Ernie Teo spoke about the issue in November 2015. Chris DeRose, co-host of Bitcoin Uncensored, published a paper on immutability on July 7, 2016, entitled “Why Blockchain Immutability is a Perpetual Motion Claim”. DeRose wrote at the time:

Immutability! It’s the buzzword that magically turns a simple database into the next million dollar VC fundraiser.

Additionally, in March 2013, Arvind Narayanan described a similar situation where the developers of Bitcoin (BTC) coordinated to get a large mining pool to roll back the chain to previous software after an accidental fork. Back then, Ethereum’s inventor Vitalik Buterin questioned the move, saying, “The incident raises serious questions about the nature of the Bitcoin protocol and highlights some inconvenient facts about Bitcoin’s notion of ‘decentralization’.”

Bitcoin isn’t immutable, but in 5,000 years of recorded history, it’s the best we have https://t.co/byHIMHbzLT

– Hector (@ hectorr159) July 11, 2021

There have been countless claims that Bitcoin is immutable and the word has been tossed around so much in the industry that it goes without saying and is hardly questioned. One person argued that Walch “ignored the concept of affirmations, so your assessment is wrong”. Walch replied, “I’m not ignoring them. This is orthogonal to my point of view that it is misleading to call blockchains immutable. “

There seems to be too many variables that suggest that the immutability of the blockchain is really an eternal movement. While blockchains like BTC and ETH are safe today, the rules and concepts that make changing blocks very difficult must also withstand the whims of future generations.

What do you think of the recent debate about the immutability of the blockchain? Let us know what you think on this matter in the comments below.

Tags in this story

Angela Walch, Arvind Narayanan, Blockchain Reorganization, Bunny Girl, Chris DeRose, Ethereum, Immutability, Immutable, Immutable Blockchain, Miners, Perpetual Motion Claim, PoS, PoW, Reorg, Reorg Blockchain, Request for Reorg Contract, Smart Contract, Tim Swanson, Vitalik Buterin

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or approval of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cryptocurrency

Indian Decor Brand The Rug Republic Starts Accepting Cryptocurrency for Payments: Report

Published

on

India’s decor brand The Rug Republic joins the ranks of Microsoft, Paypal and Overstock and has now reportedly started accepting payments in major cryptocurrencies for purchases. This makes the native decor brand the first major company to step into the insecure but exciting arena of cryptocurrency. The Rug Republic, which is said to be present in 90 countries, will reportedly use the WazirX and Binance platforms for these cryptocurrency transactions. Interested parties can purchase carpets, handmade accessories and other products available in The Rug Republic’s online shop using cryptocurrencies.

According to a report by Cryptopolitan, the company will accept payments in at least 20 major cryptocurrency tokens, including Bitcoin. The report also states that the Delhi-based brand plans to develop an in-house payment system for digital currencies.

Although the company is a global player in the decor business, the company has limited the acceptance of cryptocurrencies to its Indian customers only. Additionally, to avoid confusion, the company will reportedly keep a list of sales made through cryptocurrency tokens. The brand’s invoices will indicate the method of payment, including the name of the digital currency used, the date of purchase and the amount paid, as shown on the report.

Raghav Gupta, the CEO of Rug Republic and a cryptocurrency enthusiast, is quoted in the report as saying that blockchain is an excellent technology and can transform the financial world.

The Rug Republic boss is said to have invested in his first Ethereum token in 2016 and benefited from the cryptocurrency boom in recent months. Gupta also reportedly holds stakes in Polygon, an Indian cryptocurrency company that owns the Matic token. He explains in the report that the purpose of adopting digital currencies is not to convert them into major currencies. However, he expects the digital currency to see a historic surge. The Cryptopolitan report also states that Gupta trusts cryptocurrency more than the US dollar or Indian rupee.

In India, start-ups such as HighKart and Purse were among the first to accept cryptocurrencies as a means of payment. Among the countries, El Salvador recently became the first country to legalize cryptocurrencies.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

Cryptocurrency prices on Indian exchanges

Follow Gadgets 360 on Twitter, Facebook, and Google News for the latest technical news and reviews. Subscribe to our YouTube channel for the latest gadget and tech videos.

Samsung Galaxy S22 Series May Come With 65W Fast Charge Support, Model Numbers Indicated Tip Amazon Prime Day Sale 2021: The best deals and deals on kitchen appliances

Continue Reading

Cryptocurrency

NSAV ANNOUNCES IT’S ON SCHEDULE FOR AUGUST 9, 2021 LAUNCH OF CRYPTOCURRENCY EXCHANGE

Published

on

NSAV DIRECTOR AND BITMART EXCHANGE MANAGING PARTNER, MR. YUEN WONG TO OFFER VIDEO UPDATE TO SHAREHOLDERS NEXT WEEK

London, England, July 26, 2021 (GLOBE NEWSWIRE) – Net Savings Link, Inc. (OTC Pink: NSAV), a cryptocurrency, blockchain and digital asset technology company, announced today that it has signed up for the August 9 is on schedule. 2021 launch of its wholly owned cryptocurrency exchange. Mr. Yuen Wong, NSAV Director and Managing Partner of the leading cryptocurrency exchange, Bitmart https://www.bitmart.com, will give shareholders a video address next week and update the status of the exchange which will be branded NSAV. The launch officially marks the company’s entry into the global $ 2 trillion cryptocurrency market, making NSAV the second publicly traded US company to own a cryptocurrency exchange at over Coinbase after Coinbase https://www.coinbase.com/ went public in April $ 85 billion.

NSAV’s management believes that given the expertise of its management and strategic partners, the company can capture a significant share of the massive Chinese cryptocurrency market. Currently, Huobi Cryptocurrency Exchange https://www.huobi.com/en-us/ has over $ 6 billion in 24-hour trading volume and 40% of its users are from China. Huobi is number 3 worldwide in daily sales with $ 2.29 million, behind Upbit https://sg.upbit.com/home $ 3.42 and industry leader Binance https://www.binance.com / s with $ 3.48 million.

The NSAV added a countdown timer to their corporate website https://nsavholdinginc.com/ to keep shareholders informed of how much time there is before the official launch of our cryptocurrency exchange.

The management of NSAV and its partners are pioneers in the digital asset and blockchain industry. The team is led by the above mentioned NSAV director, Mr. Yuen Wong. Mr. Wong is also the CEO of LABS Group Limited https://labsgroup.io, the world’s first end-to-end real estate investment ecosystem powered by blockchain and powered by decentralized finance (DeFi) and governance from the LABS ecosystem Token is powered.

The story goes on

As one of the founders of Bitmart Cryptocurrency Exchange, Mr. Wong helped BitMart become a leading global digital asset trading platform with over 2 million users worldwide and was among the top crypto exchanges on CoinMarketCap. Bitmart’s platform supports over 220 cryptocurrencies and has a 24-hour trading volume of approximately $ 2 billion.

NSAV’s management released the following statement: “We are really excited to provide weekly updates to our shareholders and to be on track with the launch of our own cryptocurrency exchange.”

NSAV’s vision is to create a fully integrated technology company providing turnkey technological solutions for the cryptocurrency, blockchain and digital asset industries. Over time, the company plans to offer a wide range of services such as software solutions, e-commerce, advisory services, financial services, and information technology.

For more information, please contact NSAV at info@nsavholdinginc.com

The NSAV’s Twitter account can be found at https://twitter.com/nsavtech. be called

The NSAV corporate website can be found at http://nsavholdinginc.com

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe havens it creates. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, Net Savings Link, Inc.’s ability to meet its stated business plan. Net Savings Link, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable and that any such assumption may be inaccurate and, therefore, no assurance can be given that the forward-looking statements contained in this press release will prove to be substantiated to be exact. Given the significant uncertainties inherent in the forward-looking statements contained herein, inclusion of such information should not be taken as a representation by Net Savings Link, Inc. or any other person.

Contact
Net Savings Link, Inc.
info@nsavholdinginc.com

Continue Reading

Cryptocurrency

Bitcoin Jumps as Much as 20% to a Six-Week High

Published

on

Bitcoin price jumped to a six-week high on Monday, with some investors blaming the rally on liquidation of short positions and speculation that Amazon.

AMZN 0.51%

com Inc. may venture into digital currencies.

Bitcoin rose to $ 39,544.29, according to CoinDesk, its highest level since mid-June. It is up 18% from its Friday at 5 p.m. ET after briefly rising more than 20% on Monday morning. The rival currency, Ether, rose more than 14%.

Recent bullish comments from high profile cryptocurrency supporters have helped prop up price gains. Last week, Elon Musk, chief executive of Tesla Inc., said he and his rocket company SpaceX are holding Bitcoin despite concerns about its environmental impact. Mr Musk also said that Tesla would likely accept the cryptocurrency as payment again if the process of creating it, known as mining, became less dependent on fossil fuels.

“There has been a lack of good news in the cryptocurrency market for the past two months,” said Bobby Lee, founder and CEO of Ballet, a hardware wallet for cryptocurrencies. “Now they are trickling out, so investors and speculators are taking this opportunity to build their positions and buy back Bitcoin, causing the price to go up pretty dramatically.”

Bitcoin is still about 40% below its high of nearly $ 65,000 in mid-April. The following month, China’s renewed efforts to crack down on Bitcoin mining and trading contributed to sharp falls in prices.

Speculation has risen in recent days about Amazon’s possible plans for cryptocurrencies and related technologies after the company posted a position for a digital currency and blockchain expert.

The online retail and cloud services giant said the person who would be on its payments team in Seattle will be tasked with developing “Amazon’s digital currency and blockchain strategy and product roadmap.” That sparked online chatter that the company might one day allow customers to pay in cryptocurrencies. Amazon did not immediately respond to a request for comment.

China’s recent warning about cryptocurrencies has left the market in a tailspin. WSJ’s Aaron Back explains why recent changes in the value of Bitcoin, Dogecoin, Ether and other cryptocurrencies may point to barriers to mainstream adoption. Photo: Dado Ruvic / Reuters

According to data from Bybt, short positions in Bitcoin worth around $ 740 million were liquidated on Monday, more than ever in the past three months.

Many cryptocurrency exchanges allow their users to bet on price drops by taking short positions in their margin trading accounts. As with stocks, traders do this by borrowing cryptocurrencies like Bitcoin – sometimes with leverage or borrowed money – and selling them before buying them back at a lower price to repay their lenders.

Mr Lee said that when prices rise unexpectedly – especially in cryptocurrencies where there are a large amount of futures and other derivatives – traders are caught short, causing what is known as a short squeeze and making the price go even higher.

Claire Wilson, partner at Singapore-based consulting firm Holland & Marie, said volatility in the crypto market caused by a variety of factors is nothing new. “In the past few months, however, these wild price fluctuations have been linked more often to comments from personalities on social media,” she said.

Write to Elaine Yu at elaine.yu@wsj.com and Caitlin Ostroff at caitlin.ostroff@wsj.com

Copyright © 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Continue Reading
Advertisement

Trending