First article submitted to Lunyr

오늘 흥미 진진한 소식을 전해드리고자 합니다! 지식 베이스의 가치는 벌써 증가하기 시작했습니다. 루나(Lunyr) 플랫폼 상에 이더리움(Ethereum)에 관한 첫 번째 기사를Jeremy Lim (@jeremylqe)씨가 실었습니다. 아래의 내용을 참조하시기 바랍니다. 비공개 알파 단계를 거치면서 루나의 지식 베이스는 시간이 지남에 따라 점차 중요성이 커지고 있으며, 오픈 베타 (Interstellar 출시) 단계를 거치면서 계속 될 것입니다.

루나에 실린 첫 번째 기사를 읽은 후, 새롭고 흥미 진진한 것을 배웠거나, 감수 또는 정보를 추가 하고 하는 사용자는 커뮤니티에 가입하고 루나 비공개 알파에 친구들을 초대하시기 바랍니다! 루나 커뮤니티에서 모든 사람들을 만날 수 있기를 기대합니다. 지식 공유의 미래를 함께 창조합시다.

Lunyr에 첫 번째로 기재된 글 (Jeremy Lim, @jeremylqe) :

Ethereum

Ethereum is an open source1, global, distributed computing platform, with the design goal of building “Unstoppable Applications2”. These decentralized applications are executed within a Turing-complete3 virtual machine, Ethereum Virtual Machine (EVM), which features smart contract4 functionality.

Within this distributed network, a cryptocurrency token called “Ether (ETH)” can be transferred between accounts, and used to compensate any nodes that perform network computations. “Gas”, an internal pricing mechanism used within the Ethereum network, allocates scarce network resources, and safeguards against spam attacks.

History

Origin

Vitalik Buterin5, a programmer involved with Bitcoin, felt that Bitcoin needed a scripting language6 to facilitate the creation of general purpose applications. In late 2013, he proposed the creation of a new platform that supports a general scripting language, after failing to gain support from the Bitcoin community7. In early 2014, a Swiss company, Ethereum Switzerland GmbH (EthSuisse) was incorporated, which formalized the development of the Ethereum project.

Funding

Ethereum is a community funded project, and development of the Ethereum Project was funded by an online public crowdsale, which lasted from July 22, 2014 to September 2, 2014. Within the first two weeks, over 50 million8 ETH tokens were sold in exchange for 25,000 BTC9 (17.300.000 USD).

Key Milestones

A Swiss non-profit foundation, the Ethereum Foundation10 (Stiftung Ethereum) was established to support the Ethereum platform. Prior to the official launch of the public Frontier network, several prototypes were developed by the Foundation, culminating in the public, beta pre-release known as “Olympic”. The Ethereum platform went live on July 30, 2015, with the release of the Frontier Network11.

The first protocol upgrade to the Ethereum Network, Homestead Milestone12, went live on March 14, 2016. This version of Ethereum is considered stable. Future protocol upgrades, such as Metropolis and Serenity Milestones, are being developed.

Hard Forks

In 2016, The DAO13, a decentralized autonomous organization14 was created to fund projects launched on the Ethereum platform, in a decentralized manner. After raising a record US$ 150 million in a crowdsale, The DAO smart contract was exploited15, and US$ 50 milion in Ether was claimed by an anonymous entity. The Ethereum network underwent a “hard fork” to reappropriate the stolen funds, igniting a contentious debate regarding the immutable properties of the Ethereum blockchain16.

Ethereum, continued on the forked blockchain, while Ethereum Classic17 continued on the original blockchain. This hard fork activated by the Ethereum Foundation created a fierce rivalry between the two networks18. In late 2016, Ethereum underwent two more hard forks, in response to distributed denial-of-service19 attacks by hackers on the network. These two forks did not result in the creation of new blockchain networks.

Architecture

Ether

Ether is the utility token of the Ethereum blockchain, commonly referred to as, “ETH”. It is used to compensate any public nodes for transaction fees, and computational services performed on the network. Fees for transferring tokens between accounts, and execution of smart contracts, are paid in Ether (calculated in gas).

The initial supply of Ether tokens is 72 million Ether20. 60 million Ether was distributed proportionally to contributors of the public crowdsale, in 2014. 12 million Ether, or 20% of the initial crowdsale supply21, was distributed to early contributors, developers, and the Ethereum Foundation. Issuance of Ether is capped at 25% of the initial supply, or 18 million Ether, per year. The supply of Ether is projected to experience a decreasing rate of inflation on a year-on-year basis, with an algorithm that predicts a gradual decline to 1.59% inflation by 206522.

Gas

“Gas” is an internal pricing mechanism used within the Ethereum network23. It measures the amount of “work” needed to perform a certain action, or a set of actions. Any operation that can be performed by a transaction, or executed within a smart contract, has a fixed gas cost. This fixed gas cost is directly related to the complexity of computation performed.

The price of one unit of gas is decided by the user, based upon the urgency of the transaction. One GWei is 10-9 Ether. High gas prices will incentivize miners to preferentially add this transaction to the network. The network gas price varies between 5 to 21 GWei24. Total fees paid by the user, is the product of the gas cost, which depends on computational complexity, and the gas price, in GWei (or 10-9 ETH).

Proof-of-Work

Ethereum network uses a proof of work (PoW) algorithm called Ethash25, to secure the distributed network, and propagate blocks in the blockchain26. This incentive-driven security model of PoW, dictates that the process of finding the next block requires enumeration of all possibilities, while the verification of a solution is trivial and cheap. Any node participating in the network can mine Ether to generate revenue, and secure the network by verifying computations. Consensus is achieved by choosing the block that contains the highest total difficulty, which can be independently verified by any other node27.

By manipulating the difficulty threshold within the Ethereum network, it is possible to control the time taken to find a new block. A protocol dynamically adjusts the difficulty threshold within the network, to ensure that on average, a block in generated every 15 seconds (or 15 sec blocktime28).

Note: In the Ethereum Serenity Milestone, proof-of-stake29 (PoS) is likely to replace Ethash PoW.

Performance

All transactions and smart contracts are stored publicly on every node within the Ethereum network, allowing for independent verification of blockchain data. Since every node calculates and verifies smart contracts in real time, the network capacity is capped at 25 transaction per second30 (TPS). This is sub-optimal network performance, when compared to Visa network which operates at 45,000 TPS31, and Facebook which handles an estimated 175,000 requests per second32.
Smart contracts

A smart contract33 refers to any computer program that executes the terms of its preprogrammed contract, which are a set of commitments, defined in the form of programmable electronic data. This deterministic exchange mechanism facilitates transfer of value between untrusted agents34, circumventing censorship35 and minimizing counter-party risk36. Decentralization, immutability and transparency of the blockchain, provides smart contracts with a reliable execution environment. Smart contracts are used as carriers to record state changes of data, on the Ethereum network. Instructions stored within Ethereum smart contracts are paid for in Ether, with the gas cost dependent upon the complexity of computation.

Virtual Machine
The Ethereum Virtual Machine37 (EVM) is a sandboxed38, runtime environment for smart contract execution in Ethereum. With EVM, every node in the Ethereum network executes the same instructions, maintaining consensus across the distributed blockchain database. EVM is Turing-complete39, allowing it to execute code of arbitrary algorithmic complexity40. As a result, Ethereum is a programmable blockchain, allowing users to create operations of varying complexity within a peer-to-peer network41. In a broad sense, Ethereum can be described as a “world computer”.42

Programming Language

Smart contracts can be modelled, and implemented using a variety of Turing-complete scripting languages, such as Solidity43, Serpent (similar to Python44), LLL (a low-level Lisp-like45 language) and Mutan (Go46 based). These high-level programs are compiled down to EVM bytecode and deployed to the Ethereum blockchain, for execution. EVM has been implemented in C++47, Go, Haskell48, Java49, JavaScript50, Python, Ruby51 and Rust52.

Future Features

Metropolis
Metropolis Milestone is intended to reduce the complexity of the EVM, and provide additional flexibility for smart contract developers.

Serenity
Serenity Milestone is focused around a fundamental shift from PoW hardware mining, to PoS53 virtual mining, under the Casper54 consensus algorithm. This milestone will offer developers advanced flexibility in smart contract execution, allowing smart contracts to be more autonomous, through the use of UTXO55 tree token management56.
zk-SNARKs
zk-SNARKs57 (Zero-knowledge Succinct Non-interactive Argument of Knowledge), or “zero-knowledge proofs”, provides an avenue to efficiently perform secret arbitrary computations, that is verifiable by any third party. This method for anonymous transaction of value will be available with the release of Metropolis Milestone58.

Sharding
Sharding59 is a scaling solution that allows a small subset of nodes to validate a specific portion (or shard) of the blockchain, instead of processing every transaction, and smart contract execution60. Blockchain sharding will theoretically decrease block times, and drastically increase the throughput61 of the Ethereum network beyond 25 TPS. Since validators are a prerequisite for sharding, the Metropolis hard fork and Casper PoS algorithm must precede the deployment of sharding solutions. Despite intensive research that is being conducted on sharding solutions, there is no timeline for its release on the Ethereum network62.
Research
Viper, is an experimental, strongly-typed63, Python-derived language that is being developed to replace Serpent64.
Raiden Network65 is an off-chain scaling solution that enables near-instant, low-fee and scalable payments on the Ethereum blockchain. Micropayments, peer-to-peer cash and instant token swaps will be enabled through state-channel66 technology, implemented by Raiden. There is no official timeline for the release of Raiden on the Ethereum network67.
Plasma68 is a scaling solution that creates “child” blockchains to the main “parent” Ethereum blockchain69, authored by Vitalik Buterin and Joseph Poon70, author of Bitcoin Lightning Network71. With Plasma, decentralized applications are executed on its own blockchain, and it is theorized that a billion computations can be performed every second.
Ecosytem
Decentralized applications
• Knowledge base: Lunyr72
• Digital gold pegged to gold: Digix73
• Platform for prediction markets: Augur74, Gnosis75
• Digital advertising industry: Basic Attention Token76
• Asset management platform: Iconomi77, Melonport78
• Secure identity systems: Civic79, uPort80
• Online gambling: Etheroll81, DAO.Casino82
• Mobile browser: Status83
• Cryptocurrency debit card: TenX84, Monaco85, TokenCard86
• Distributed VC platform: Cofound.it87
• Cloud storage: Storj88
• Cloud computing: Golem89, iEx.ec90
• Mobile payment service: Everex91, OmiseGo92
• Invoice Finance: Populous93
• Healthcare: Patientory94
• Virtual Private Networks: Mysterium95
• Blockchain-based funds: TaaS96, Blockchain Capital97
• Arbitrage and market maker: Rialto.AI98
• Market sentiment provider: Santiment99
Enterprise Ethereum Alliance
In March 2017, the Enterprise Ethereum Alliance100 (EEA) was announced with 30 founding members, which included Accenture101, British Petroleum102, Credit Suisse103, Intel104, JP Morgan Chase105, Microsoft106, Thomson Reuters107, Banco Santander108 and UBS109. By July 2017, there were more than 150 enterprise members, making EEA the world’s largest, open-source blockchain initiative110. Notable members that were added include Lunyr111, BNY Mellon112, Cisco Systems113, Deloitte114, DTCC115, ING116, Mastercard117, National Bank of Canada118, Samsung SDS119, Scotiabank120, and Toyota Research Institute121.
EEA is a non-profit organization that connects Fortune 500 enterprises, startups, academics and technology vendors with Ethereum subject matter experts. The purpose of the EEA is to facilitate the establishment of an open-source reference standard, and private, “permissioned” version of the Ethereum blockchain. In order to define enterprise-grade software that is capable of handling high demand, complex applications, performance and privacy improvements are the focus of the Enterprise Ethereum’s roadmap.
Permissioned Ledgers
Ethereum is being tested by enterprise software companies for various applications, including use as a permissioned blockchain122. A few members within EEA have indicated interest, in researching on hybrid architectures that anchor private, permissioned blockchains to the public Ethereum blockchain123.
Quorum
JP Morgan Chase is developing a blockchain on top of Ethereum, dubbed “Quorum”. The design goal of Quorum is to balance the needs of regulators who require seamless access to financial records, while keep the identity and transaction details of clients private, away from the general public124.
Project Ubin
Monetary Authority of Singapore125 (MAS) introduced a distributed ledger trial, with the goal of tokenizing the Singapore Dollar126 (SGD). MAS partnered a group of Singapore banks, professional services firm Deloitte, and distributed ledger consortium, R3, to conduct distributed ledger testing on a private Ethereum blockchain and Quorum (JP Morgan Chase). A working interbank prototype was built on a private Ethereum network, and successful end-to-end integration with the MEPS+127 (Real Time Gross Settlement for local currency interbank transfers) test environment was achieved128.
Emerald
Royal Bank of Scotland129 (RBS) built a Clearing and Settlement Mechanism (CSM), dubbed “Emerald”, based on the distributed ledger and smart contract design of the Ethereum platform130. RBS Emerald is a proof-of-concept platform that aims to increase transaction speeds, minimize settlement risk, and lower cost of cross-border remittance131.
Coco Framework

Microsoft built an enterprise blockchain consortium framework132, dubbed “Coco”. The Coco framework sits on top of existing blockchain platforms such as Ethereum, and leverages existing trusted execution environments133 (TEEs) such Intel SGX134, and Windows Virtual Secure Mode135. In order to achieve adoption within financial services, retail and supply chain, Coco framework focuses on improving network throughput and reducing latency, provision of confidentiality models, network governance and support for non-deterministic transactions136.

References:

1. https://opensource.com/resources/what-open-source

2. https://www.ethereum.org

3. https://cs.stackexchange.com/questions/71473/what-does-being-turing-complete-mean

4. http://www.blockchaintechnologies.com/blockchain-smart-contracts

5. https://medium.com/@VitalikButerin

6. https://www.tcl.tk/doc/scripting.html

7. https://web.archive.org/web/20140302035654/http://blog.ethereum.org/2014/01/23/ethereum-now-going-public/

8. https://blog.ethereum.org/2014/08/08/ether-sale-a-statistical-overview/

9. https://bitcoin.org/bitcoin.pdf

10.            https://www.ethereum.org/foundation
    

11.            https://www.etherchain.org/account/0x5abfec25f74cd88437631a7731906932776356f9
    

12.            http://ethdocs.org/en/latest/introduction/the-homestead-release.html
    

13.            https://www.wired.com/2016/06/biggest-crowdfunding-project-ever-dao-mess/
    

14.            https://www.coindesk.com/information/what-is-a-dao-ethereum/
    

15.            https://www.nytimes.com/2016/06/18/business/dealbook/hacker-may-have-removed-more-than-50-million-from-experimental-cybercurrency-project.html
    

16.           https://ethereumclassic.github.io 
    

17.            https://spectrum.ieee.org/tech-talk/computing/networks/hacked-blockchain-fund-the-dao-chooses-a-hard-fork-to-redistribute-funds
    

18.            https://www.coindesk.com/ethereum-classic-explained-blockchain/
    

19.            https://www.incapsula.com/ddos/denial-of-service.html
    

20.            https://coinmarketcap.com/historical/20150823/ 
    

21.            https://www.ethereum.org/ether
    

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23.            https://ethereum.stackexchange.com/questions/3/what-is-meant-by-the-term-gas 
    

24.            http://ethgasstation.info
    

25.            https://github.com/ethereum/wiki/wiki/Ethash
    

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27.            http://www.ethdocs.org/en/latest/mining.html#what-is-mining
    

28.            https://etherscan.io/chart/blocktime
    

29.            http://www.ethdocs.org/en/latest/mining.html#pos-vs-pow
    

30.            http://www.ibtimes.co.uk/how-are-banks-actually-going-use-blockchains-smart-contracts-1539789
    

31.            https://www.coindesk.com/information/will-ethereum-scale/
    

32.            https://medium.com/@FEhrsam/scaling-ethereum-to-billions-of-users-f37d9f487db1
    

33.           https://blockgeeks.com/guides/smart-contracts/ 
    

34.            http://www.econmodel.com/classic/terms/agent.htm
    

35.            http://gilc.org/speech/osistudy/censorship/
    

36.            http://www.investopedia.com/terms/c/counterpartyrisk.asp
    

37.            http://gavwood.com/paper.pdf
    

38.           https://stackoverflow.com/questions/2126174/what-is-sandboxing 
    

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63.            https://themerkle.com/what-is-ethereums-viper-coding-language/
    

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65.            https://raiden.network
    

66.            http://www.jeffcoleman.ca/state-channels/
    

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68.            https://www.coindesk.com/ethereum-lightning-buterin-poon-unveil-plasma-scaling-plan/
    

69.            http://plasma.io/plasma.pdf
    

70.            https://www.coindesk.com/striking-twice-lightnings-joseph-poon-takes-on-ethereum-exchange-project/
    

71.            https://lightning.network
    

72.            https://lunyr.com
    

73.            https://digix.global
    

74.            https://augur.net
    

75.            https://gnosis.pm
    

76.            https://basicattentiontoken.org
    

77.            https://www.iconomi.net
    

78.            https://melonport.com
    

79.            https://www.civic.com
    

80.            https://www.uport.me
    

81.            https://etheroll.com
    

82.            https://dao.casino
    

83.            https://status.im
    

84.            https://www.tenx.tech
    

85.            https://mona.co
    

86.            https://tokencard.io
    

87.            https://cofound.it/en/
    

88.            https://storj.io
    

89.            https://golem.network
    

90.            http://iex.ec
    

91.            https://www.everex.io
    

92.            https://omg.omise.co
    

93.            http://populous.co
    

94.            https://patientory.com
    

95.            https://mysterium.network
    

96.            https://taas.fund
    

97.            http://blockchain.capital
    

98.            https://www.rialto.ai
    

99.            https://santiment.net
    

100.        https://entethalliance.org
     

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102.        http://www.bp.com
     

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110.        https://entethalliance.org/enterprise-ethereum-alliance-becomes-worlds-largest-open-source-blockchain-initiative/
     

111. https://medium.com/lunyr/lunyr-joins-the-enterprise-ethereum-alliance-f333513b192f

112.        https://www.bnymellon.com/
     

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121.        http://www.tri.global
     

122.        https://monax.io/explainers/permissioned_blockchains/
     

123.        https://www.nytimes.com/2017/02/27/business/dealbook/ethereum-alliance-business-banking-security.html
     

124.        http://fortune.com/2016/10/04/jp-morgan-chase-blockchain-ethereum-quorum/
     

125.        http://www.mas.gov.sg
     

126.        http://www.mas.gov.sg/~/media/ProjectUbin/Project%20Ubin%20%20SGD%20on%20Distributed%20Ledger.pdf
     

127.        http://www.mas.gov.sg/singapore-financial-centre/payment-and-settlement-systems/clearing-and-settlement-systems/meps.aspx
     

128.        http://www.opengovasia.com/articles/7845-mas-introduced-sgd-on-ledger-concept-for-blockchain-based-interbank-payment-system-poc
     

129.        https://www.rbs.com
     

130.        https://emerald-platform.gitlab.io/static/emeraldTechnicalPaper.pdf
     

131.        http://www.ibtimes.co.uk/rbs-builds-ethereum-based-distributed-clearing-house-1589897
     

132.        https://azure.microsoft.com/en-us/blog/announcing-microsoft-s-coco-framework-for-enterprise-blockchain-networks/
     

133.        https://www.globalplatform.org/mediaguidetee.asp
     

134.       https://software.intel.com/en-us/sgx 
     

135.        https://blogs.technet.microsoft.com/ash/2016/03/02/windows-10-device-guard-and-credential-guard-demystified/
     

136.        https://www.infoq.com/news/2017/08/Coco-Blockchain