ethereum value of ether
The DAO, an Ethereum-based blockchain investment authority, is currently suffering a massive hack, akin to a bank robbery, in which a single individual has already siphoned off Ether worth over USD $43 million at current values.The hacker is taking advantage of the “recursive calling vulnerability,” a known issue in the DAO formula that the network’s leadership consciously decided did not pose a serious threat.The hack has sent Ethereum values plummeting, with the crypto currency’s price falling 10 percent to $17.68 within a matter of hours.To stem the crisis, DAO developer George Hallam called for an immediate cessation of trading on all Ether exchanges and proposed several changes to the underlying rules of the DAO that may allow token-holders to recover some of their coins.But as of Friday morning, Gemini, the only government-approved exchange that currently trades in Ether, had not suspended trading, and users in Ethereum discussion forums were hotly debating whether the proposed “hard fork” constituted a power grab by the currency’s leaders.$ETH hacker now owns 4.4% of all Ether in circulation — almost as big a stake as Satoshi has in Bitcoin.
https://t.co/XSgDZzSqMb— Tuur Demeester (@TuurDemeester) June 17, 2016 The “recursive calling” vulnerability occurs when a user calls a split from the DAO to create a child DAO, and then calls a split recursively within the separate account to a third child DAO that they fully control.
litecoin mining shopThis process allows an attacker to siphon off an almost unlimited number of coins from the original DAO that contained more than $150 million in total value.
20 mh/s bitcoinThe only good news is that the hacker won’t be able to actually transfer any of the coins into Bitcoin or cash for 27 days, giving the DAO community time to address the problem, if they can agree on how to do so.Any fix though would require accessing the “child DAO” controlled by the attacker, which many in the community are loath to do, because technically the DAO belongs to the hacker.
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DAO Ethereum bug found.Someone is stealing all the DAO Ether.https://t.co/8PzO0I2XR3 #bitcoin— Datavetaren (@Datavetaren) June 17, 2016 Ethereum itself is not under attack, only the DAO, which is a separate investment entity that works on the blockchain principles underlying Ether.Nonetheless, the DAO troubles seem to be impacting the price of Ethereum, as some of the currency’s value likely rests on the inherent possibilities of blockchain technologies like the DAO.If decentralized initiatives like the DAO continue to falter, as the young history suggests they might, few people may be willing to plow their money into even more ambitious schemes.The DAO has been hacked.Millions of ether stolen.https://t.co/c1hXM8iKCS— Andrew DeSantis (@desantis) June 17, 2016 Current proposals to fix the problem have at least 27 days to pass before the hacker can walk away with whatever millions remain in the “child DAO” at that time.If the community cannot pull together to stop the attacker from skating away, it could lead to a mass sell-off in the DAO and a potential crash of Ethereum.
Perhaps the best news for Ether-holders is that the hacker’s coins only have value as long as Ethereum itself is valuable.So even if they could crash the entire DAO, it may not behoove them to do so.But, of course, the internet is a strange place, and anything is possible.Hand flipping an yes/no coin image via Shutterstock Bitcoin remains the safest cryptocurrency out there, but Ethereum is coming from behind and has already managed to dethrone other digital currencies such as Litecoin and Ripple.Ethereum’s value has climbed 1,000 percent since the beginning of 2016.The digital token of the Ethereum platform is gaining momentum after its price increased to $12 from $1 within a short period of time, taking the value of all ether currency (the token unit of the Ethereum platform) to more than $1 billion.Although bitcoin retains supremacy after it claimed over $6 billion in value this month, ether is now playing in the big leagues.As Joseph Bonneau, a computer science researcher at Stanford, told The New York Times recently, “bitcoin is still probably the safest bet, but Ethereum is certainly No.2.” Ethereum has been a constant presence since the launch of the project in July 2015, but something triggered its colossal growth.
Some people believe that the value of ether will continue to increase, but cryptocurrency enthusiasts fear that the growth may not be sustainable yet.After every spike, ether went down again proving that it is still unstable.Meet us in London: The Conference for Java & Software Innovation ECLIPSE MICROPROFILE: ACCELERATING JAVA MICROSERVICES Emily Jiang (IBM) JAVA SE 9 MODULES: AN INTRODUCTION Stephen Colebourne (OpenGamma) What is Ethereum?Ethereum is a decentralized platform created by Vitalik Buterin, a 21-year-old Russian-Canadian programmer.What makes the platform the runs smart contracts —apps which run on a custom built blockchain— different from bitcoin is the former’s promise to offer a way to develop online markets and smart contracts (programmable transactions).For example, one application which is currently in development would allow farmers to put their products up for sale directly to consumers —they would also take payment straight from consumers.
Some of the functioning applications that have already been built on Ethereum allow new ways to pay for sports bets, electricity and even Ponzi schemes.According to the Ethereum project, ether is “the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources).” Developers who intend to build apps that will use the Ethereum blockchain need this digital token, as well as users who wish to have access and interact with smart contracts on the Ethereum blockchain.Pros and cons The New York Times cited bitcoin advocates as saying that this cryptocurrency’s No.1 rival is likely to face more security problems than bitcoin due to the bigger software complexity.Plus, the fact that Ponzi schemes can be written directly into the Ethereum system could also draw authorities’ attention.Although Ethereum could face some of the same legal and technical problems that have affected bitcoin, the silver lining is that some executives in corporate U.S.
In 2015, IBM announced that it was experimenting with this platform as a way to control real world objects in Internet of Things.Microsoft is also trying to make it easier to use Ethereum on Azure.Marley Gray, a director of business development and strategy at Microsoft, told the American publication that the platform developed by Buterin allows users to “solve problems in many industries using a fairly elegant solution.” The downside is that several companies have already developed their own Ethereum networks, which means that the value of an ether could decrease.Forced success or determination?One thing that Ethereum and bitcoin have in common is that they both became widely known after attracting a loyal and dedicated network of followers who support the software.In mid-March, 5,800 computers were helping support the Ethereum network worldwide, The New York Times revealed.Although the bitcoin network had roughly 7,400 computers, these numbers could mean that the Ethereum network’s goal may be to increase the pool of followers and ultimately boost the price of this digital token.