Ethereum to Bitcoin atomic swap completed

Altcoin Exchange performed first atomic swap between Ethereum and Bitcoin
09 October 2017   11637

Altcoin Exchange announced the completion of the first atomic transaction (swap) between Bitcoin and Ethereum.

Altcoin Exchange exchanged 0.12345 ETH for 0.12345 BTC as part of an open source online process.

As reported by the Bitcoin. com, the CEO of the exchange, Andrew Gazdetski, announced his intention to create a repository on GitHub on Tuesday. He is convinced that the future of cryptotrading behind decentralized platforms, and atomic swaps are an integral component of this business model. In general, Gazdetski is confident that atomic swaps will replace traditional exchange transactions because they are safer and not inferior to them in speed.

Since June of 2011, 26 exchanges have been compromised, resulting in the loss of millions of dollars worth of coins. To prevent more of these types of hacks, decentralized exchanges are needed, and atomic swaps bring us one step closer to achieving this goal. What makes the technology behind Atomic Swaps so exciting is it allows for nearly instant direct trades between cryptocurrencies. We believe this to be a critical component for creating a truly decentralized exchange that executes transactions at the same speed in which centralized exchanges are able to but without the risk of hacking and theft.

Andrew Gazdetski
CEO, Altcoin Exchange

Also, developers highly appreciated the contribution of the Decred team and the founder of Litecoin, Charlie Lee, to the development of this technology.

Istanbul Ethereum Hardfork to be Implemented

The 2nd part of the upgrade called Berlin is expected to happen before the end of June 2020
09 December 2019   71

The planned Istanbul hard fork on the Ethereum network has officially taken place. The update occurred on block # 9069000 at 00:25:09 GMT on Sunday, December 8th.

The block on which the hard fork took place found the Chinese mining pool SparkPool.

The upgrade was designed to ensure Ethereum compatibility with Zcash cryptocurrency, increase the scalability of solutions based on zero-disclosure proof technology (SNARKs and STARKs), change the cost of gas of various operating codes (opcodes) in order to complicate spam blocks and increase the network's resistance to DoS attacks.

These are Ethereum Improvement Proposals, included in the hardfork:

  • EIP-152 - this proposal introduces a new precompiled contract that implements the compression function F used in the Blake2 cryptographic algorithm. The goal is to create interoperability between the Ethereum virtual machine (EVM) and Zcash or other cryptocurrencies based on the Equihash protocol.
  • EIP-1108 - is aimed at reducing the precompiled cost of gas (fees for the implementation of smart contracts), which in turn will favorably affect the development of a number of solutions in the field of privacy and network scaling.
  • EIP-1344 is a proposal to use a chain ID to prevent transaction replay attacks between different blockchains. Until now, there were no such clear specifications for setting the chain ID for a particular network, and everything was manually determined by the operators of the clients and communities of a particular network.
  • EIP-1884 - this proposal is aimed at increasing the cost of gas for certain opcodes, which against the background of the rapid growth of the Ethereum network began to consume more resources (CPU, memory, etc.). According to the developers, in this way it will be possible to achieve a better balance between gas consumption and resource consumption.
  • EIP-2028 - the proposal is aimed at reducing the cost of gas when calling on-chain data from the current 68 units per byte to 16 units. This will increase network bandwidth, as more data can be placed in one block.
  • IP-2200 - Offers a structured definition of gas metering changes for the SSTORE opcode. This will create additional opportunities for using contract storage systems, reducing unnecessary fees.

The second part of the upgrade (Berlin) is expected to happen before the end of June 2020. It should include proposals that require more time for testing, for example, EIP-1057, a controversial issue - a modified ProgPoW mining algorithm, aimed at reducing the influence of ASIC devices.