February Ethereum UpdateDecentral Toronto Ethereum Meetup

Feb 4, 2014

Overview

• Ethereum Bug Bounty Program

• Ethereum Security Audit

• Mining Update

• Project Progress

• The Crypto 2.0 Application Stack

What is Decentralization?

What is Ethereum?

Example Applications• The standard run-of-the-mill Financial Applications

• Mesh Networking

• Decentralized file storage

• Permanent Web (IPFS)

• IoT / EoT

• Prediction Markets

• Platform to generalize and disrupt centralized applications

Ethereum Bug Bounty Program• Bug Bounty is now live!

• Goal: Eliminate bugs in protocols, clients, and network code

• 11 figure total satoshi rewards

• Leaderboard listing top contributors by total hunting score

• Detailed submission guidelines, rules and other info available https://bounty.ethdev.com/

Ethereum Security Audit

• Ethereum must undergo and pass an independent full industry-standard security audit prior to genesis block creation

• A large-scale stress test network is to be instituted for testing against a range of real-life adverse situations

• Participants: Established software security firms, academics, blockchain research firms, and companies interested in utilizing Ethereum.

Ethereum Security Audit

• 1000s of individually remote-controllable nodes to be run and tested

• Example scenarios simulated: Simulate ISP attacks, net splits, rogue clients, arrival and departure of large amounts of hash-power

• Example of metrics collected: block & transaction propagation times and patterns, uncle rates and fork lengths

Go!

• Ethereum 1.0 is going to launch with the Go Client as the main client

• Command Line Interface will be included

• Available for Mac, Linux, Windows

• Alpha versions of Mist and other clients will be available time of the release

Solidity• Solidity is the main high-level language for creating Ethereum smart

contracts

• Why Solidity? To make smart contract creation accessible to as many people as possible

• It should be easy to write smart contracts and to write them correctly

• Accessible - A web developer with some Java knowledge will be able to write smart contracts

• Minimize barrier to entry and leverage existing skill set

Solidity• Solidity syntax and paradigm is similar to JavaScript

• Familiar concepts are used: Contracts are like Classes. Instanced Contracts behave like Objects.

• Formal Proofing – Users of Dapps are assured that a contract does what it claims to does. (Ecosystem of signed Dapps and unsigned Dapps)

• NatSpec - ///Comments in contract language include a popup prompt in the client before user executes sensitive code involving private keys

• Try Solidity in your browser: https://chriseth.github.io/cpp-ethereum/

Mining Update• Mining Algorithm is called Dagger Hashimoto

• Combines mining algorithms Hashimoto by Thaddeus Dryja and Dagger by Vitalik Buterin

• Algorithm is GPU targeted

• Rapid Block Time: 12 seconds

• GPU Miner available for download at launch

• Mining Pools will not be available at launch

• Features: ASIC resistant, Light Client Verifiable, Full Chain Storage

Mining Update

• ASIC resistant - Reading from memory (RAM) I/O operations is used as the limiting factor in the mining process instead of computer power

• ASIC resistant - Memory-hard computation but memory-easy validation

• Light Client Verifiable - Light clients are supported but mining rewards are only provided to clients running a full node.

• Fast light client boot time of 40 seconds

• Full Chain Storage - Those running a full client get mining rewards. This Incentivizes the running of full nodes

• ASIC resistance and a mix of Full Node and Light clients results in a highly decentralized network

Project Progress

• To view project progress search for “Ethereum Gantt” or visit link below available on Ethereum Twitter feed (@ethereumproject)

• http://instagantt.com/snapshot.html#/54b845c6a88104c84a000097

The Crypto 2.0 Application Stack

How to get involved• www.ethereum.org

• www.ethdev.com

• Ethereum Forums

• Reddit Community r/ethereum

• Twitter @ethereumproject

• IRC #ethereum and #ethereum-dev

• IRC webchat: https://webchat.freenode.net/?channels=%23ethereum

• Join the Toronto Ethereum Meetup Group (Search “Toronto Ethereum”)