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The creator of Ethereum, Vitalik Buterin, talked about his vision for enabling global open platforms and has a positive impact on human economic coordination.
This will be away
* resistance to censorship
* reduction of trust
* decentralization
* Resistant to frauds
* Robustness
Vitalik discussed these goals and benefits in more detail after talking about Ethereum it is much less efficient than normal computing.
Vitalik Buterin has toured the people through calculations on how Ethereum is a million times less efficient than Amazon EC2 for processing, networking and storage at the moment. Blockchains are NOT for simple raw efficiency.
Ethereum World Computer costs 1.4 million times more than Amazon EC2 Cloud for calculation / h2>
Amazon EC2 (cloud) price review. The calculation cost is currently around 4 cents per hour.
The cost of an Ethereum block is around $ 13.40. An Ethereum block is processed in 200 milliseconds. One hour of computing for Ethereum is 18,000 times more.
One hour of calculation for Ethereum is 1.4 million times more expensive than Amazon EC2.
The Ethereum Network is 1 million times less efficient [19659010] The Etherum network has a size of 15,000 nodes. There is a security factor, so the block interval is 14 seconds between blocks divided by the 200 millisecond block check time. A node in the Etherium network takes about 1/70 of its time to perform calculations.
Every 15,000 nodes repeat the calculation. 70 times 15,000 knots is 1.05 million
Storage costs 1 million times more on Ethereum
Storage costs about $ 80 for 250 gigabytes of hard disk. The Etherium global computer can fill a byte of contract data for a cost of 200 gas. Assuming that the ether is at $ 420 then it costs $ 84 million for 250 gigabytes. Storage costs are over 1 million times more.
Storage, networking and computing are currently around 1 million times more expensive.
The Ethereum World Computer is 1 million times less efficient than normal computers. The efficiency of raw execution is not what the blockchain gives you
Objective and benefits of resistance to censorship
Having a distributed system allows blockchain applications to resist governments, Internet companies and banks. This type of censorship has been seen many times.
Government censorship on the internet is not rare in Asia and the Middle East.
Fraud Resistance
This is where the person, company or organization is trying to rob you. This happened notoriously with the loss of cryptographic assets from Mount Gox. However, Mt Gox was a centralized exchange.
Robustness
A decentralized system can be more robust through redundancy and not have single points of error.
Interoperability
Blockchains can be made interoperable between different blockchains. [19659002] Many companies have built their activities on Facebook or Youtube. Facebook and Google have suspended APIs or modified the algorithms that have swept away many companies and companies.
Currently only public blockchains are willing to accept the efficiency of less than 1 million times
Currently only speculations on cryptocurrency and the Silk Road are the only ones accepting the efficiency of 1 million times lower than the blockchain on a continuous basis.
We will not be able to help the developing world with identification and microtransactions or many other applications until there is no more scalability.
Sharding Plasma Channels and other technologies could make Cryptocurrencies as Ethereum 1000 times more efficient
Sharding is where each node did not have to process each operation. The network is divided into sections that operate semi-independently.
Vitalik's Ethereum Research group is developing so-called shards. Sharding is called a Layer 1 scaling solution because it is implemented in the basic level protocol of Ethereum.
Level 2 solutions such as status channels, Plasma and Truebit can provide great efficiency gains. Allow multiple transactions from the same capacity.
Plasma is a framework for the incentivized and forced execution of smart contracts that is scalable to billions of status updates per second.
Plasma consists of two key parts of the project:
* Re-formulation of all blockchain calculations in a set of functions MapReduce
* an optional method for linking Stack Testing tokens on existing blockchains with the awareness that the incentives of the consent of Nakamoto discourage the withholding of the blocks.
Developers are willing to encode in Python against C, although Python has an execution speed of around 100 times lower. They exchange speed for simplicity and greater speed of development.
Only the business logic that absolutely needs consent must be worth 1000X. The rest can be built in the normal coding.
Public Blockchains also have problems with Latency
It can take 33 minutes to get the final confirmation of a blockchain transaction. 14 seconds for the first confirmation of an Ethereum transaction.
There are several types of security risks.
Level 2 solutions such as status, plasma and Truebit channels can move more off-line activities. Allow multiple transactions from the same capacity and can reduce latency. They can also improve privacy.
Vitalik provides the example of the game of plasma output. The game is implemented and set on chain, but there is a change in messaging that can affect the game. The messages are finally sent for resolution on the chain.
This increases the cost of security.
Status channels can solve latency problems. The signed messages are sufficient to authorize withdrawals without confirmation. The user has the finalty once the signed message is received.
There are also projects where money can not be stolen through hacking. However, hacking could force the temporary shutdown of the system to resolve transactions in a solution that did not allow the theft of resources.
The future of Ethereum and blockchain will cover the creation of applications that appropriately solve more efficient solutions with other desired features and objectives.
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