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What Happened When A Secret Bitcoin Key Went Public

At least one bitcoin mystery can be checked off our lists.

The long-awaited reveal of the private keys connected to a now-defunct alert system built into bitcoin occurred Monday through an email by two Bitcoin Core developers, Bryan Bishop and Andrew Chow.

In the email, the two wrote that the reason for full disclosure of the bitcoin alert keys was to "mitigate the effects of unknown dissemination and proliferation of the keys." Further, Bishop and Chow emphasized that these keys would no longer pose risk to the bitcoin network, explaining that "the bitcoin alert system has been completely retired."

Retired or not, social media kicked into overdrive once news about this bitcoin secret having finally gone public caught wind.

Part of the chatter was for Bishop himself, who gave a talk the following day after releasing the private keys at a conference in Portugal. He spoke about the vulnerabilities of the retired alert system and why the project to get rid of the whole system started back in 2016.

'The Disclosure Is OK'

While the project started in 2016, one of the reasons behind why the keys stayed private until now was due to the danger full disclosure could pose to cryptocurrencies that still use an older version of the bitcoin code.

However, as explained by Pavol Rusnak, CTO of SatoshiLabs, the danger is presently limited to only one cryptocurrency, according to a script he ran checking the "sources of all altcoins on GitHub" and finding "only one that still has the alert key present."

As such, for Bishop, his confirmation of the bitcoin alert system being sufficiently "dead" is reason enough for why "the disclosure is OK" as he explained in a rather exasperated tweet.

But alert systems, in general, aren't all dead.

In fact, as Bishop and Chow say in their email, developers of cryptocurrencies wishing to use something like the bitcoin alert system but without the same vulnerabilities of private alert keys being hijacked can indeed implement "a few very simple fixes,"

Namely, developers have the option of downloading a recommended patch to "safeguard nodes from the aforementioned issues" accessible on the popular code-sharing website, GitHub.

While some of the vulnerabilities caused by the bitcoin alert system are addressed through this code update, certain vulnerabilities to developers could only be mitigated by publicizing the private alert keys, which is why to one user, the full disclosure was a "final step" in removing the whole bitcoin alert system once and for all.

Power in secrecy

Part of the reason for why full disclosure was necessary came down to the secrecy shrouding the original list of people and organizations who held possession of these private keys in the first place.

Indeed, any secret possession of the key would, in theory, open the risk of broadcasting false messages to nodes across the network.

In a tweet posted on June 14, Bishop wrote a message coded in one of the bitcoin alert key signatures to challenge Craig Wright to write a response in the same way, if he indeed had knowledge of this private information only known to a select few at the time.

Despite the open invitation to contradict his claim, Craig Wright did not respond, much to the dismay of some on Twitter.

In sum, "by broadcasting the values to make them available to everyone, the value of the keys is intended to be eliminated, since now everyone could feasibly sign messages, the value of the signed messages becomes zero," Bishop and Chow wrote.

Or, as one observer noted on social media, possession of the alert keys makes everyone Satoshi – sort of.

Lock and key via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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With Journalists on Ethereum, Will Fake News Meet Its Match?

Before discussing the launch of a blockchain platform for newsrooms, there was one thing I had to clear up with the Matt Coolidge, co-founder and communication lead at the Civil Media Company: was he planning to put me out of a job?

"Our visions of world domination stop short of disrupting CoinDesk," he said.

A truce achieved, it was time to move onto the details.

Civil, one of the mosthigh-profile projects under the umbrella of ethereum startup and incubator ConsenSys, is a response to a cascade of crises in journalism: the proliferation of "fake news," the splintering of the media into ideological "echo chambers" and technological disruption at the hands of search engines and social media.

To varying degrees, Civil aims to solve all of these problems. Paradoxically, its goal is to un-disrupt journalism by throwing yet another technological innovation into the mix – blockchain.

The Civil platform is based on the ethereum blockchain, a distributed ledger that could allow newsrooms to post content no single party can alter or take down, while ethereum-based smart contracts could enable innovative methods of earning and distributing revenue to content creators.

The blockchain might also allow Civil to conduct an experiment in decentralized governance using an ethereum-based ERC-20 token. Through what Coolidge called the "Civil economic game," newsrooms and readers might soon be able to enforce journalistic standards on a media industry that seems determined to forget them.

The "game" hasn't begun yet, but Coolidge said that a sale of the CVL crypto token is "imminent."

In the meantime, newsrooms have already begun to publish on the Civil platform, including Documented, which covers immigrant communities in New York and the national immigration policies that affect them; Cannabis Wire, which tracks developments in the marijuana industry; and Sludge, which reports on lobbying and the influence of special interests in politics.

Alyson Martin, co-founder of Cannabis Wire, called Civil:

"One of the most worthwhile experiments in journalism that I'm aware of at a time when new solutions to the business of journalism are badly needed."

In all, Coolidge said, nearly 100 journalists have signed up for the platform.

Permanent and un-censorable

To understand how Civil plans on changing journalism, it's helpful to understand the main feature of the ethereum blockchain that the project plans to take advantage of.

The ethereum blockchain is not located in one place or controlled by one party but instead, stored and simultaneously updated across a large, distributed network of computers. This means that articles published on Civil cannot be changed or taken down by governments, hackers or any other entity.

Journalists who have launched newsrooms on Civil are particularly excited about this aspect.

"Creating indelible online publishing is an idea that really drew me," said Documented co-founder Max Siegelbaum.

David Moore, co-founder of Sludge, had similar things to say, contending that ethereum's censorship resistance is "terrific" for readers "in countries that have even more actively oppressive speech restrictions and government surveillance than the U.S. does."

Even without government interference, though, journalists have seen their work evaporate overnight, and as such like the idea of an immutable record. Coolidge cited the example of Gothamist and DNAinfo, publications that were abruptly shut down by their owner in November 2017, leading all their content to temporarily disappear from the internet (their archives were restored after a backlash and the publications were later bought).

Yet, for the time being, most Civil articles will sit on newsrooms' centralized servers, meaning they could potentially be taken down or changed.

Instead of storing the full-text articles, Civil's smart contracts – which have not launched yet – will store their hashes, enabling readers to verify that the article has not been modified. Hashes are strings of numbers and letters obtained by running data through certain algorithms. A given set of data will always yield the same hash, but if even one letter of the original data is changed, the hash will come out completely different.

Dan Kinsley, co-founder and engineering lead at Civil, described this approach as "a way to set us up in the future for decentralized file storage," perhaps using the Interplanetary File System (IPFS).

For especially high-value or sensitive content, though, newsrooms could store full-text articles directly on ethereum smart contracts today, but they'll have to pay higher network fees to the miners who maintain the blockchain.

New revenue models

Ethereum's smart contracts, which enable programs to be executed on the blockchain by means of publicly visible code, could change the way newsrooms monetize as well.

Readers, for instance, could subscribe to publications through smart contracts or pay per article – whatever model a newsroom chooses. And these payments could not be blocked by governments or anyone else.

Revenues could also be distributed in newer, more complex ways through smart contracts.

"There's many participants in getting a story to print," Kinsley said, naming editors, fact checkers, reporters, photographers and producers of other articles cited by that story.

He continued:

"One of our goals is to allow the value to trickle down to all of the participants in this value chain through licensing and content attribution and having that all on the blockchain so if one piece of content goes viral, how can you bring some of that value down to the photographer that took that original photo and licensed it in your article?"

For now, Kinsley said, these innovations are a ways off, but he noted, "That's something we're keenly interested in solving."

He also made it clear that "for the near term, we expect the bulk of payments to occur via credit cards."

Finally, ethereum's smart contracts could allow newsrooms and audiences alike to commission work, expanding the ways in which journalism is produced and paid for.

Moore expressed excitement at the idea that Sludge could put out a bounty for reporting from a freelancer, and readers could post bounties for a story they wanted to see reported.

Spot the fake news

While new revenue models are likely to be alluring for many newsrooms today, the most ambitious aspect of Civil's platform has to do with its token-based governance system.

Using the yet-to-be launched CVL token, the project hopes to bring so-called "crypto-economics" to bear on one of journalism's biggest problems. As Coolidge described it, the system is a kind of game, in which the objective is to "spot the unethical newsroom" – and there's a monetary reward if you succeed.

Every newsroom on the platform deposits a certain number of CVL tokens, and if one participant feels another is behaving unethically – printing fake news or hate speech, plagiarizing, encouraging violence or otherwise violating the rules of the Civil constitution – they can challenge the alleged offender's place on the platform by staking a matching deposit of tokens.

The other platform members then vote according to their token holdings, and if the challenger wins, the offending outlet is booted off of Civil (and its tokens distributed to voters on the winning side). If the challenger loses, they forfeit the tokens they staked and the newsroom they challenged stays put.

The point, Coolidge explained, is to provide a mechanism for keeping newsrooms honest, but also to take subjective bias out of the equation.

"It's not just because I'm a Republican and you're a Democrat and I don't like your politics, I'm going to challenge your newsroom," he said.

In other words, in Coolidge's optimistic interpretation, the Civil governance system not only counteracts fake news, it enables "a very diverse ideological and political spectrum of newsrooms" – what he also called "the anti-echo chamber."

It's not hard to imagine the system being exploited, however.

Peter Thiel, a billionaire tech entrepreneur, funded a lawsuit that bankrupted the news outlet Gawker after it outed him as gay (the lawsuit was brought by a different plaintiff over an unrelated issue). Creating a token economy system that gives wealthier participants more voting power almost seems like it could streamline the process of taking out pesky newsrooms.

Coolidge said that thought kept the Civil team up for many nights, but by creating the Civil Foundation, an independent body set up to govern the platform developed, whereby decisions can be appealed, he hopes to prevent something like that from happening.

It's worth noting that this structure bears some resemblance to EOS, where the arbitration process has led to unintended consequences.

For now, journalists on the platform are more focused on Civil's possibilities than its potential pitfalls. Siegelbaum told CoinDesk:

"They've really enabled an experimental way of covering news to flourish a little more."

Newspapers image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Timing the Crypto Market With RSI (A Beginner’s Guide)

Sure, a technical analyst can perform just fine with an understanding of candlestick patterns, support and resistance levels – but if you could add one more weapon to your trading arsenal, wouldn’t you? If you answered yes, then welcome to the world of supplemental indicators, namely the relative strength index …

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The EU’s Biggest ETF Firm Expands Into Crypto Products

Europe’s largest trader of exchange-traded funds (ETFs) is now entering the crypto world. Amsterdam-based speed trader Flow Traders NV co-CEO Dennis Dijkstra told Bloomberg Thursday that his firm was expanding its trading products to exchange-traded notes (ETNs) based on bitcoin and ether. XBT Provider, a Stockholm-based firm that offers ETFs …

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Tradeshift Pilots Stablecoin to Speed Up Business Payments

Stablecoin startup MakerDAO announced Friday that it has launched a pilot program with supply chain management startup Tradeshift aimed at speeding up payments for small businesses. In its announcement, MakerDAO – the company behind the stablecoin DAI – said its stablecoin is now being tested with the Tradeshift Cash solution …

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Swiss Stock Exchange to Tokenize Securities With New DLT Platform

Switzerland’s principal stock exchange has announced that it is developing a blockchain-based platform to tokenize traditional securities. In an announcement on Friday, SIX Swiss Exchange said it will build the new initiative – dubbed SIX Digital Exchange (SDX) – on a distributed ledger, utilizing its technical expertise in operating a …

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Bernstein: No, Crypto Markets Aren’t Like the Dot-Com Bubble

Analysts for Bernstein contended in a report published Friday that the cryptocurrency ecosystem is developing an alternative to Wall Street. The report argues that the blockchain industry is setting up “parallel financial networks” that exist as alternatives to incumbent systems in operation today. And while these new platforms still operate …

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Facebook Has a New Director of Engineering for Blockchain

Facebook appears to be getting more serious about blockchain, having recently named an engineering director dedicated to the technology. The social media giant has appointed one of its senior engineers, Evan Cheng, as its first “director of engineering, blockchain.” The new position was first reported by TechCrunch and confirmed by …

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Crypto Exchange Gemini Hires Former NYSE Tech Chief

Cryptocurrency exchange Gemini has hired former New York Stock Exchange (NYSE) chief information officer Robert Cornish to serve as its first chief technology officer. The exchange, founded by investor-brothers Cameron and Tyler Winklevoss, announced Friday that Cornish would be in charge of Gemini’s technology team and strategy, according to a …

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PoWx: The New Effort to Change Bitcoin Mining Explained

A long-controversial bid to change bitcoin just got a big boost.

Boasting the support of tenured developers, a non-profit foundation called PoWx launched this week with the goal of putting a more sophisticated wrapper on the idea that proof-of-work (PoW), the way the network comes to agreement on which transactions are valid, could be replaced with a newer, supposedly better, algorithm.

In short, PoWx advocates bitcoin adopt a new technology it calls "optical" proof-of-work, which uses a more energy-efficient laser technology as the cornerstone of mining.

The hope is to "fix" mining by making it easier for more people to participate in the process, in part, because the barriers to entry have become so prohibitive. (At the beginning in 2009, users just needed a simple laptop to run the code to mine bitcoins. Now, they need to purchase specialized computers costing thousands of dollars and which they don't do anything else.)

Not to mention, the developers behind PoWx are the latest to point to one mining firm, Bitmain, and its influence on the network as a major issue. Though exact numbers are cloudy, estimates say the company is manufacturing between 50 and 80 percent of bitcoin's mining hardware.

Against this backdrop, the idea of swapping bitcoin's mining algorithm has been around for some time, mostly flaring up in times of perceived crisis. It's been seen almost as a last resort to be deployed only in the case miners do something really bad, such as colluding to attack the network.

But PoWx founder Michael Dubrovsky sees the change as an inevitability.

He calls mining centralization bitcoin's "Seldon Crisis," a specific type of earth-shattering issue found in the famous sci-fi series "Foundation" and which denotes a point of no return.

Dubrovsky told CoinDesk:

"I think PoW consensus is the most important innovation in bitcoin, and bitcoin is an incredibly important innovation in personal freedom and property rights."

To this end, he argues changing this underlying technology will help to "ensure the mining ecosystem is healthy enough and scalable enough to support crypto's growth over the next decade."

A better way?

More broadly, developers have long worried about bitcoin's level of "centralization," or the measure of how much control single stakeholders have over the technology. (Decentralization is seen as a key differentiator, one that makes bitcoin more unprecedented in the history of money.)

To that end, they've argued that if this problem goes unaddressed, mining centralization might lead bitcoin to turn into something resembling the financial system it's supposed to replace.

So, to attempt to put this problem to rest, developers have put forth a variety of potential technical fixes.

Dubrovsky grew interested in changing proof-of-work as a solution, deciding to work on the idea about a year ago as he became convinced optical PoW was the best solution.

According to the PoWx team, this new algorithm, if implemented, would usher in two huge improvements to bitcoin. One, the barrier to entry for startups producing the chips will be lower, thus increasing decentralization of the network. Two, it reduces power consumption (estimates suggest bitcoin now makes up 0.15 percent of the world's electricity costs).

One hurdle though is PoWx has yet to secure fundraising.

But their goals are nonetheless ambitious, vowing in the short-term to develop open-source hardware putting optical PoW into practice and to release a test network demonstrating their open-source design by Q1 of 2019.

Longer-term, they hope to launch a for-profit company called Arrakis Photonics to put this cutting-edge optical mining hardware into practice. (Their presentation outlines more specific details, including the technical makeup of the hardware they want to create.)

Popularity TBD

Although they're putting plenty of thought into this idea, swapping bitcoin's proof-of-work isn't at all an easy task.

It's a pretty drastic change, one that would require every user to update their software if it was coded into a formal proposal. If a larger number of users were to disagree on the proposal (if and when introduced), bitcoin could even split into two different cryptocurrencies, similar how bitcoin cash broke off due to disagreement about the project's technical direction.

Still, it's perhaps too early to say what users want - though the general idea has prompted outpourings of controversy, including lawsuit threats, in the past. And as bitcoin is a decentralized system, the opinion of users can make all the difference.

But Dubrovsky argues there's no choice - the community needs to make the change.

"I think it will be difficult, but what we are proposing is not just an improvement," he told CoinDesk. "Something like this is a necessity if cryptocurrency is going to be truly decentralized and used to securely store and move trillions of dollars of value."

As such, one of PoWx's main goals is to work with the bitcoin community to make the switch.

So far, the effort has won the support of Bitcoin Core contributor Luke Dashjr and pseudonymous bitcoin.org maintainer Cobra, two influential figures in the space who are also both known for espousing controversial points of view. (Most bitcoin developers have yet to make a public statement about their views.)

Finally, there's always the question of whether mining will just centralize again, even after PoW is changed. However, Dubrovsky argues it's unlikely.

"It is not clear that OPoW could ever lead to the same level of centralization we see today," he said.

Still, he's trying his best to look at the problem realistically, agreeing it's unclear how PoWx will work yet. And, even if it does, he admits bitcoin could still have future problems.

He concluded:

"I hope PoWx can participate in solving that next crisis as well, but we will all cross that bridge when the time comes."

Bitcoin miners via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Mining Giant Bitmain Valued at $12 Billion in New Funding Round

Bitcoin mining giant Bitmain has reportedly closed a Series B funding round that values the firm at approximately $12 billion.

Chinese news outlet Caixin reported on Friday, citing anonymous sources familiar with the deal, that although the exact number of the new equity financing is unknown, it's somewhere between $300 million and $400 million.

According to the report, leading investors in the new round include Sequoia Capital China, U.S. hedge fund Coatue as well as EDBI, a Singapore government-backed investment fund.

The news comes nearly a year after Bitmain raised $50 million in a Series A funding round, led by Sequoia Capital China and IDG Capital, as previously reported by CoinDesk.

Caixin's report also indicated that Bitmain is currently conducting a pre-IPO funding round and could go public on the Hong Kong Stock Exchange in the future.

The news, if true, would make Bitmain another Chinese bitcoin mining giant seeking an initial public offering (IPO).

As previously reported by CoinDesk, other major mining hardware makers in China, including Canaan Creative and Ebang Communication, have both filed IPO applications with the Hong Kong Stock Exchange.

A representative from Bitmain said the company has no comment on the news.

Image via CoinDesk

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Ethereum’s Growing Gas Crisis (And What’s Being Done to Stop It)

Ethereum is in the midst of a "gas crisis."

At least, that's according to Taylor Monahan, CEO of MyCrypto, who took to Twitter this week to remind users of best practices for setting transaction fees when using the world's second-largest blockchain. The words of concern are warranted – because of changing conditions on the network, there's a possibility users of the startup's wallet software are overpaying for transactions.

In total, ethereum users spent 5,862 ether, or $2.7 million, to send transactions on Monday, an all-time high according to available network data. The culprit? A single exchange, China-based FCoin, appears to be congesting the blockchain with a controversial business model.

"It's [good to remember] what gas actually is, how it works, and why it's necessary… and why this situation is unnecessary," Monahan tweeted.

A measure of computational effort, the price of gas (effectively what users pay to use the network) fluctuates according to demand. And that demand appears to be escalating to unprecedented levels. While December saw a popular digital cat breeding game CryptoKitties overwhelm the network, cumulative gas expenses at that time were less than half of this week's new heights.

"Gas prices not looking good right now," warned Eth Gas Station, a primary resource for ether gas metrics, on Twitter Monday, stating that users should pay $3.20 for a transaction to be accepted, or wait for periods of 30 minutes for that transaction to be accepted into a block.

The situation has since corrected – transaction fees, while still high, have settled relative to Monday's peaks – but still, developers are exploring ways to ensure that volatility is improved.

"The problem is what is causing these fees to go up and how that affects to the usability of the blockchain in a broader sense," Monahan told CoinDesk.

And what's because, while transaction costs point to a wider scaling issue (as the network reaches its limits, transaction fees increase) there's steps that can be taken to improve costs before ethereum moves into a more scalable architecture.

For example, Monahan said it's due to imperfect tooling, like gas pricing algorithms that occasionally go awry, and human error on behalf users accounts for much of the price rise.

Monahan summarized:

"The fees are very high due to a few events over the past few days that have increased demand [and] a few parties who have external factors that make paying exorbitant transaction fees worthwhile."

Gas attacks

One such actor, according to Monahan, is FCoin.

A China-based exchange, FCoin has previously drawn attention due to its novel revenue model, which involves distributing free tokens to users trading on the platform. As detailed by CoinDesk, the model has proved popular, having led the exchange to 24 trading highs of $5.6 billion last month, a figure that vastly exceeded the top exchanges on CoinMarketCap combined.

Behind the ethereum congestion however is that currently, FCoin is running a daily competition, whereby users vote for a token listing by depositing that token – repeatedly – onto the exchange.

As a result, it spurred token developers to send out airdrops to a multitude of accounts, sparking hundreds of thousands of transactions, a gesture that for many in the ethereum community was not well received.

"$240,000 burned in gas so far," founder of Fresco, Roy Huang, tweeted on Monday, "If you want this madness, you are in blockchain for wrong reason."

Speaking to CoinDesk, Monahan echoed this sentiment, calling it an "absolutely despicable voting mechanism," that was incentivizing Sybil attacks, a kind of spam attack that swarms a network with false identities.

Sparked in times of network congestion, the result is what ethereum researcher Philippe Castonguay calls a "gas price war," in which users battle for network inclusion by bidding higher fees.

The impact of this is numerous: transactions fees increase, transactions fail due to inefficient fees, and others, out of frustration or accident, send enormously high transaction fees- which drives up the price for everyone else.

It even causes advanced users to collude with miners to skip the transaction fee, Monahan said.

Network fixes

But regardless of the actions of FCoin, developers are emphasizing that there's ways to improve the situation for all users, irrespective of whether that usage is condemned.

"On the recent high gas fees I have to disagree with criticism regarding 'spam transactions,'" Georgios Konstantopoulos from Loom Network tweeted, "We're in a permissionless network. There are no spam transactions. If somebody pays the required fee, the [transaction] is not spam."

As such, there's work being done that can improve the situation, in both the short and long term.

For example, Griff Green has authored a proposal based on research by Alexey Akhunov, in which ethereum adopts a technique inspired by bitcoin, named the "child pays the parent" strategy.

Rather than transactions by the same account being processed separately, miners can sort transactions according to account, and claim a higher bounty by processing them simultaneously, which could be useful for "super users," like exchanges, that send multiple transactions at once.

"Right now the miner is just leaving money on the table," Green told CoinDesk.

Founder of ethereum, Vitalik Buterin, has also authored a proposal, that simplifies the gas pricing algorithm, making it easier to predict what the correct gas price should be.

Down the line, such a simplified algorithm could eliminate the errors of the gas pricing market today. But while it has been broadly well received, it would require all users to upgrade the software.

"It definitely attacks the heart of the problem, but I would be surprised to see this implemented before the end of 2018," Green told CoinDesk.

On the other hand, Green's proposal, that could have a "strong impact on the network," according to Green, only requires the code to be implemented by miners, and wouldn't require a hard fork to improve efficiency.

Green told CoinDesk:

"It effectively adds a feedback loop that can help everyone prioritize transactions effectively."

Bigger picture

However, speaking to CoinDesk, Afri Schoedon, a communications manager at Parity, said that underlying the conversation is the bigger issue of scaling ethereum to keep up with user demand.

"In general the gas price market is a good thing, in theory, but in reality clients are at the limit what they can process," Schoedon told CoinDesk.

Castonguay, who is responsible for a short term scaling-measure named GasToken Factory that allows users to profit from cleaning unnecessary data from the blockchain, agreed that scaling was the underlying concern.

"The recent gas price surges are really only a reflection that the ethereum blockchain has been close to its maximum throughput for a while," Castonguay said, "It reflects that people have been using the protocol consistently and that ethereum needs to scale."

That said, scaling solutions, such as sharding, are far-reaching, experimental technologies, and the timeline for their completion is still unknown.

"This is cutting-edge research," ethereum developer Nick Johnson, responding to a disgruntled user, wrote on Reddit, "Nobody else has solved it either. Give it time."

Yet both a scaling and an optimization problem, speaking to CoinDesk, Monahan emphasized that this widens the pool of those capable of assisting in network improvements.

"We all have a role to play in building the future," Monahan said, concluding:

"We should all try to take part in discussions, provide feedback on the tools we are using, and be active participants in this future. The best world is one where we are all working together."

Oil spill via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Cloud Provider Xunlei Launches Blockchain File System

Chinese technology company Xunlei Limited, known to some as the BitTorrent of China, announced Friday that it has launched a new distributed file system aimed at supporting blockchain platforms. The ThunderChain File System (TCFS), as well as three ThunderChain Request for Comments (TRC) standards, will help support blockchain development, the …

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Bitcoin Awaits Price Breakout As Trading Range Tightens

The price of bitcoin (BTC) is stuck in a $400 range defined by key technical levels, and the direction of the breakout will likely set the tone for the next move in the cryptocurrency. The trading range’s lower end is $6,341, a double bottom neckline (former resistance-turned-support), which was scaled …

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Bitcoin’s Price Declines Over Q2 for First Time on Record

In the case of bitcoin’s Q2 price movements, it turns out history didn’t repeat. As the three-month period came to a close this week, the final figures indicate bitcoin fell 8 percent according to CoinDesk’s Bitcoin Price Index (BPI), snapping a 7-year win streak for the market’s leading cryptocurrency. As …

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Spain’s Lawmakers Push for Blockchain Use in Governance

Spain’s main conservative party believes the government should utilize blockchain to operate the country’s public administration more efficiently. Last week, 133 deputies from the Popular Party submitted a blockchain-related proposal to the Congress of Deputies, the lower chamber of the Spanish Parliament. This proposal recommends that the government introduce blockchain …

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