…a piece of open source software called an Ethereum node collects together a random, unordered collection of transactions, and after throwing out the invalid ones, puts the rest in a well-defined order.
The system then seals this newly ordered list for the rest of human history (modulo re-orgs) by creating a 32-byte block hash that stands in a one-to-one correspondence to that ordered list.
The system then quickly moves on to a newly growing collection of unordered transactions, leaving behind it a trail of sealed blocks.
This trail of sealed blocks is the best data the world has ever seen.
This the second in a series of two articles detailing Ethereum’s issuance. Read the first part, which discusses the
blockReward calculation. Also, see the code base for the actual code. This article discusses the
Previously, we looked at the ungrammatical second sentence in Section 11.3 of Ethereum’s Yellow Paper. In the first article, we discussed the first half of that sentence concerning
blockReward. In this article we discuss the remaining half of that sentence (shown below) which details the
It would be more accurate for the Yellow Paper to say that the “beneficiary of each ommer gets rewarded…”…
Recently, there was a dustup on Crypto Twitter (started here, carries on here) about Ethereum’s money supply. The claim was made that Ethereum’s money supply was not easily available, nor was it widely agreed upon.
News flash: Both of these claims are right.
While the work we present here doesn’t necessarily make the numbers easier to get (fix the node!), the numbers are accurate to 18-decimal places and verified to the on-chain…
This article is incomplete in the extreme.
[Jan 20, 2021: Since writing this article, we’ve come upon a project called TurboGeth. It reduces the size of the hard drive needed for an archive node from 6TB to around 1.5TB. Significant difference. Same data. Less costs.]
In the first part, we simply present pictures and prices for the components we used to build the two Ethereum archive nodes we run in house. This list is outdated. …
Why build an 18-decimal place accurate ledger if it doesn’t balance?
I had a call this morning with a cryptocurrency accountant. He’s a wonderful fellow. One of those people who can happily wade through thousands of rows of a spreadsheet trying to get the digits to behave themselves. He’s a man after my own heart.
This accountant — call him Mr. Green — makes a good living helping people do their crypto-taxes. He’s busier than ever. He tells me, and here I quote, “Nothing ever balances.”
How is this possible? Isn’t Ethereum supposed to be an 18-decimal-place accurate…
I hate mushy-assed shit, so this ain’t that…but…times of high turmoil bring out both the best of us and the worst of us.
Here are two of the things that are the best of us:
…and two of the things that are so far on the side of ‘the worst’ that ‘worst’ has lost its meaning. What a fucking couple of idiots.
PS: The following completely unrelated image is here so I can use it as the image for this article. Without it, Medium only lets me use the image of the asshole and the asshole licker above. Something I was loathe to do.
This is short update on what we’ve been doing since receiving so many wonderful grants during the GitCoin CLR matching fandango. This money goes a long way. It allows one of us (Rush) to make a trip to EthDenver, where he will be judging some hacks. It has also paid for some much needed help developing the React frontend. If you donated (or even if you didn’t), and you’re in Denver this week, seek me out. I’ll be happy to share our latest work.
We’ve accomplished three primary things so far this year: (1) nearly finished trueblocks-core (our backend), (2)…
One of the reasons I fell in love with blockchain tech way back in 2013 was because I felt that for the first time in history, engineers had created a system that could produced undeniable data. Undeniable access — yes, but more importantly, undeniably high-quality data. That was a paradigm shift.
While, technically, the data on a blockchain may be untrue, what is mathematically undeniable is that at least 51% of the participants have agreed that the data is consistent — maybe that’s as close as we can get to data being ‘true’.
Bitcoin (and other blockchains) produces the best…
Blockchain Enthusiast, Founder TrueBlocks, LLC and Philadelphia Ethereum Meetup, MS Computer Science UPenn