Ethereum Classic Atlantis Hard Fork Explained By ETC Labs Tech Coordinator

Stevan Lohja, the Technology Coordinator at Ethereum Classic Labs, one of the first blockchain-focused incubators that supports the development of various projects on the Ethereum Classic (ETC) network, has confirmed that the Atlantis hard fork for the Turing Complete platform will be activated.

Lohja, a former Technical Writer at ETCDEV, an Ethereum Classic-focused development organization that shut down due to lack of funding (last year), noted that Atlantis Ethereum Classic Improvement Proposal (ECIP-1054) consists of a subset of updates including EIP-161.

Elaborating on the recent concerns cited by the proof-of-work (PoW)-based platform’s community members, Lohja wrote in a blog post, published on May 31, 2019, that EIP-161 has raised concerns because it proposes “an irregular state change.”

EIP-161 Would Make It Possible to “Remove Empty Accounts at a Low Cost”

Lohja, a Fine Arts in Web Design and Interactive Media graduate from The Illinois Institute of Art-Schaumburg, claimed that the Ethereum (ETH) network has a denial-of-service (DoS) attack vulnerability where “someone can create empty accounts that increase the size of the blockchain.”

The experienced technical writer explained that activating EIP-161 would “make it possible to remove empty accounts at a low cost.” He added that removing the empty accounts effectively “reduces the size of the blockchain state” which results in improved network performance. For instance, a reduction in blockchain state would also reduce the “sync times for clients,” Lohja wrote.

EIP-161’s “Context and Result” Different Than That of Ethereum’s DAO Fork

Loha further noted that EIP-161 “removes system empties” and it will “not infringe on a user’s value or code.” He also clarified that the “context and result” of EIP-161 are “different than that of the radical and irregular DAO ICO bailout fork.” That’s because the DAO ICO bailout fork altered the Ethereum blockchain’s checks and balances (belonging to its users at that time) - in order to “bail out special interests.”

In September 2016, the Ethereum network suffered DoS attacks that adversely affected the performance of its network. After the hack, the attackers managed to create “significant state bloat of account empties; lacking code, balance, storage, and nonce == 0.” To address these issues, EIP-161 was implemented as it allowed developers to “clean” account empties.

As noted by Lohja, EIP-161 was activated on November 22, 2016, at block height 2,675,000. However, a “consensus bug” was discovered just a few days later and Ethereum developers had noted (at that time) that the software glitch was due to two separate implementations exhibiting “different behavior in the case of state reverts.” The issue was later fixed to “clarify that empty account deletions are reverted when the state is reverted”, Lohja noted.

Ether (ETH) Futures 'Likely' to Launch in 2020, Says CFTC Chairman

Heath Tarbert, the Chairman of the U.S. Commodity Futures Trading Commission (CFTC) has revealed he believes ether (ETH) futures contracts will be launched in 2020.

Speaking at a fireside chat during the first day of the DC Fintech Week, Tarbert revealed he believes ether futures contracts could soon launch, saying it’s “likely that you would see a futures contract in the next six months to a year.”

The CFTC, as reported, declared ether a commodity earlier this month and revealed the agency would be willing to approve ETH futures contracts. At the time, Tarbert said:

We've been very clear on bitcoin: bitcoin is a commodity. We haven't said anything about ether—until now. It is my view as chairman of the CFTC that ether is a commodity.

During the fireside chat, according to CoinDesk, Tarbert noted that to his knowledge no company has, so far, applied to launch ether futures contracts, even though the CFTC is open to approving such a product. Approval will, nevertheless, depend on the application itself.

Tarbert also revealed other cryptocurrencies may soon be seen as commodities, and there other crypto derivatives are coming soon. As there are thousands of cryptoasset out there, it’s unclear which he may have been referring to, if any.

The CFTC Chairman added that an asset can evolve from a commodity to a security and vice versa, although when asked he revealed there may not be a precedent to this happening. The Securities and Exchange Commission, he said, is the entity that determines when an asset is a security.

The SEC has notably been cracking down on initial coin offering (ICO) projects in the last few months, It recently filed an emergency action against Telegram for issuing its Gram tokens without registering with it, and earlier sued messaging app Kik for allegedly running an illegal securities offering that raised $100 million, in which it issued its KIN token.

Featured image by Chris Liverani on Unsplash.