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Vitalik Buterin wants to ‘make Ethereum cypherpunk again’
Ethereum co-founder Vitalik Buterin says the blockchain’s “cypherpunk” vision was largely swept under the carpet when cryptocurrencies began to over-financialize the network around 2017.
Ethereum needs to reignite the “cypherpunk” revolution that was first envisioned for the blockchain in its early days, says Vitalik Buterin, one of the network’s founders.
According to a Dec. 28 blog post from Buterin, Ethereum was initially envisioned as a “public decentralized shared hard drive” that could leverage peer-to-peer messaging and decentralized file storage, but the vision began to fade in 2017 with the turn toward financialization on Ethereum.
Decentralization, open participation, censorship resistance and credible neutrality are among the “cypherpunk” values Buterin wants to see firmly return to Ethereum’s future, and he remains hopeful that non-financial applications can flourish on the blockchain.
He highlighted that rollups, zero-knowledge proofs, account abstraction and second-generation privacy solutions have become more mainstream, which could uphold some of these cypherpunk values. Read More
Turing completeness in blockchain, explained
In computer science and blockchain technology, the term “Turing completeness” describes a system’s ability to carry out any computation that a Turing machine is capable of.
A Turing machine is a theoretical model of computation that can simulate any algorithm, making it a benchmark for computational universality. The concept of Turing completeness traces its roots back to the groundbreaking work of Alan Turing, a British mathematician and logician. In 1936, Turing introduced the idea of a theoretical computing machine that would later become known as the Turing machine.
All the essential functions required for universal computation are present in a Turing-complete machine. It is capable of handling and modifying a wide range of data types, including lists, words and numbers. The machine facilitates repetition through loops and offers directives for decision-making, such as “if-else” statements. It also provides methods for retrieving and storing data from memory, which opens up a world of computational possibilities and allows it to express any algorithmic calculation. Read More
Avalanche Foundation to Invest in Meme Coin Collection
The price of Avalanche-based meme coins including Husky Avax and Coq Inu rose by double-digits on the news.
The Avalanche Foundation, the non-profit organization that oversees development of the Avalanche network, said that it will purchase a collection of meme coins under its "Culture Catalyst" program.
In a post on Twitter, the foundation stated that it will purchase "select Avalanche-based meme coins to create a collection," as part of a bid to broaden its portfolio "to embrace a more complete spectrum of possibilities."
The Foundation's selection process for its meme coin collection will be based on criteria including the number of holders, its liquidity thresholds, the maturity of the project, "principles of a fair launch," and "overall social sentiment," it added.
Explaining its decision to invest in meme coins, the Avalanche Foundation claimed that they "go beyond mere utility assets," and represent "the collective spirit and shared interests of diverse crypto communities." Read More
Publicly Listed Bitcoin Miners Soar in 2023 — Marathon Leads With 767% Surge
Since the year began, both bitcoin and the broader crypto economy have risen a great deal in value, with bitcoin climbing over 150% since Jan. 1, 2023. Yet, an impressive 11 out of 13 bitcoin mining firms listed on Nasdaq have seen even more substantial triple-digit increases this year. Topping them all, Marathon Digital Holdings experienced a significant 767% rise since the year’s commencement.
13 Nasdaq-Listed Bitcoin Miners Triumph in 2023:
Bitcoin mining companies flourished this year, rebounding from a turbulent 2022. All 13 firms listed on Nasdaq, the electronic marketplace for securities swaps, have posted gains. A significant portion of these publicly traded miners outperformed bitcoin (BTC) this year. With the block reward halving event anticipated in approximately 116 days, 2024 is shaping up to be a pivotal year for mining companies and observers alike. Read More
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Entrepreneurs encounter many challenges that can impede their businesses' progress and prosperity. However, force multipliers such as technology, tactics, resources, software, and partnerships can enhance effectiveness and achieve significant results even with limited resources. Markethive, a social neural network, provides a range of force multipliers, including information and content sharing, user-generated content, blockchain technology, storefronts, campaigns, brand ambassadors, awareness of the market, and network connectivity. These force multipliers can expand a business's reach, influence, and development, making Markethive an invaluable asset for entrepreneurs.
The challenges that entrepreneurs encounter can hinder their businesses' long-term success and growth. One common obstacle is figuring out how to effectively utilize the limited resources at their disposal, whether time or money, to achieve the most significant impact and profitability. This is where force multipliers come into play. It is essential to understand what force multipliers are and how powerful they are in addressing these challenges.
The armed forces have long understood the importance of force multipliers. A troop multiplier, for instance, enhances an existing military capability by either increasing its size or utilizing machine guns as force multipliers for rifles. The military would integrate sniper training into various subjects to enhance the value of snipers as a force multiplier and ensure their survival in combat.
Force multipliers are a means to accomplish more remarkable results with the same or reduced amount of effort, similar to how using a drill instead of a screwdriver can make tasks more manageable. These force multipliers can be vital in ensuring the business's survival. Read More
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Ethereum co-founder Vitalik Buterin Proposes Signature Reduction
Vitalik Buterin, Ethereum's co-founder, recently proposed a significant change to the Ethereum blockchain's proof-of-stake (PoS) system. The core of his proposal is to reduce the number of signatures that validators must process. Currently, Ethereum's PoS mechanism involves around 895,000 validators processing approximately 28,000 signatures per slot, which results in a heavy load on the network.
The Need for Change: Balancing Decentralization and Efficiency:
This high number of validators and the associated signature load come with major technical downsides. It limits quantum resistance, complicates forking, and challenges scaling signatures through zero-knowledge proofs (SNARKs). Moreover, the high minimum of 32 ETH for becoming a validator remains prohibitive for many, limiting widespread participation.
Buterin suggests that reducing the signature requirement to about 8,192 per slot, down from the current 28,000, would offer several benefits. It would simplify the consensus mechanism, make the blockchain more quantum-resistant, and maintain a high total of slashable ETH (1-2 million ETH), a mechanism to enforce good behaviour among validators. Read More
Cross-chain Orbit Bridge reportedly suffers $82M exploit
Hackers appear to have rung in the new year with a massive $81.7 million hack targeting Orbit Chain’s bridging service.
Hackers have reportedly exploited Orbit Bridge, the bridging service of the cross-chain protocol Orbit Chain, for a total of $82 million.
In a Dec. 31 post to X (formerly Twitter), pseudonymous Twitter user Kgjr drew attention to the potential exploit, pointing to a series of large outflows from the Orbit Chain Bridge protocol. On-chain sleuth Officer CIA and blockchain security firm Cyvers have posted similar information.
According to data from blockchain analytics platform Arkham Intelligence, the hackers appear to have made off with a total of $81.68 million in ill-gotten funds. Read More
Vitalik Buterin reveals Ethereum game plan for 2024
Ethereum co-founder Vitalik Buterin declares that the role of single slot finality is the most straightforward approach to tackling the majority of shortcomings in the Ethereum PoS design.
Ethereum co-founder Vitalik Buterin has shared the Ethereum roadmap for 2024, admitting that there are only minor changes compared to last year.
In a series of posts on X (formerly Twitter), Buterin outlined that the continued focus for Ethereum in 2024 is on six main components.
Furthermore, in a detailed chart with annotations and diagrams, Buterin elaborated on these six elements — the Merge, the Surge, the Scourge, the Verge, the Purge and the Splurge.
He pointed out that, as Ethereum’s technical direction becomes clearer, there are only a handful of minor adjustments compared to 2023’s roadmap:
“As Ethereum’s technical path forward continues to solidify, there are relatively few changes.” Read More
Crypto Crystal Ball 2024: Bitcoin Meets TradFi—For Real
Analysts weigh in on when, if ever, Bitcoin and the crypto market will begin to sway the global economy. Hint: pretty soon.
By all accounts, crypto is at a crossroads. Across markets, the legal and regulatory landscape, and the Web3 startup ecosystem, there’s little disagreement among industry leaders that 2024 could shape up to be one of crypto’s most consequential years yet. Whether those events will finally lift the industry out of winter to new highs, or imperil it, remains another question.
But do not panic, dear reader. While nothing about the future can ever be certain—least of all when it comes to crypto—Decrypt has spoken to analysts across finance, policy, and the NFT space to peek behind the curtain.
Following a look at the potential impact of a spot Bitcoin ETF, here's how crypto and traditional finance could merge in 2024 and beyond. Read More
‘Bitcoin accepted here’: How Coin Bureau’s YouTuber Guy Turner got into crypto
Guy Turner has long been the face of Coin Bureau, a popular educational channel that has attracted millions of subscribers on YouTube.
“Crypto YouTubers” often get a bad rap for “shilling shitcoins,” but Guy Turner is not cut from the same cloth. The host of the educational channel Coin Bureau is a recognizable face who has garnered a reputation for delivering witty, entertaining and insightful content.
Speaking to Cointelegraph during the Bitcoin Amsterdam conference in October 2023, Turner recounted his journey into crypto and how Coin Bureau successfully transitioned from a blog-only platform to a video content powerhouse.
Having studied English at university, Turner spent several years teaching corporate writing before discovering Bitcoin in 2013 at a local pub in East London called the Pembroke Tavern:
“They had a sign behind the bar saying ‘Bitcoin accepted here.’ That’s the moment it first sort of registered with me. I went home and Googled a bit further, and that was it — I was fascinated.” Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
