Byzantium fork for Metropolis is live

Byzantium fork for Metropolis is now live on Ethereum’s Ropsten testnet
19 September 2017   2083

The date of a launch for the Byzantium testnet, the next critical step towards Metropolis, a major upgrade for Ethereum, has been announced recently.

The day has come

Thus, today marks a significant milestone for Ethereum. The first iteration of Metropolis upgrade is finally being tested on Ethereum’s testing network, as reported by ethnews.com.

According to the report, the Ethereum Ropsten testnet has reached block number 1,700,000. Hence, Geth 1.7 has automatically implemented nine Ethereum Improvement Proposals (EIPs) as well as the Byzantium hard fork.

There are two main upgrade optimizations taking place today:

  • Data storage requirements for fast-synced nodes have been nearly halved, from 26.3GB to 14.9GB.
  • The reduction of filtering time required for contract events being stored and indexed by the EVM from minutes to seconds.

It is believed, that this is the beginning of a new era and a gradual shift away from proof-of-work and toward proof-of-stake. 

Ethereum charts on coinmarketcap.com Ethereum charts on coinmarketcap.com

Meanwhile, Ethereum is doing well and making progress in growing. At the time of writing, the price of the cryptocurrency is about $283, its market capitalization is $26,847,744,466.

SEC May Signal Some Flexibility on ICOs

Looks like senior advisor for digital assets and innovation at SEC is not 100% against ICOs
14 December 2018   41

Some blockchain projects may be able to circumvent the requirements of US securities laws by contacting the Securities and Exchange Commission (SEC) for a so-called non-action letter. As SEC consultant on digital assets and innovations Valerie A. Szczepanik explained, such letters will not be issued often, but this does not mean that they cannot be received at all.

I think that’s a way forward for a lot of people who want to implement some of these things that may not exactly fit in the format of the rules that we want. 
 

Valerie A. Szczepanik

Senior advisor for digital assets and innovation, SEC

According to advisor, issuers of tokens have three ways to comply with the requirements of the laws: register an offer of securities, declare an exceptional case, or "make sure they're not a security."

In certain cases, the SEC may decide that “maybe this doesn’t fit the letter of our law or regulation but it fits the spirit and we can accomplish all the goals of investor protection”. In this scenario, the SEC may indeed issue such a letter, which will indicate that its employees do not recommend taking legal measures against a particular issuer.

The letters set forth exactly what the person plans to do or the entity plans to do and if it’s something that the SEC feels comfortable with we can release a no-action letter for exemptive relief saying ‘we can recommend no enforcement action.
 

Valerie A. Szczepanik

Senior advisor for digital assets and innovation, SEC

As reported, her remarks signaling a modicum of flexibility are notable in light of SEC Chairman Jay Clayton’s advice last month to anyone raising money by selling a token that they should “start with the assumption that it is a security.”

Speaking about the principles of recognition of tokens as securities, Valerie recommended to take into account the structure of sales. According to her, only in rare cases the token will not be recognized as a security. Most often, investors expect to profit from investments in such proposals, which is enough to recognize them as the spread of securities.