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On Inflation, Transaction Fees and Cryptocurrency Monetary Policy
The primary expense that must be paid by a blockchain is that of security. The blockchain must pay miners or validators to economically participate in its consensus protocol, whether proof of work or proof of stake, and this inevitably incurs some cost. There are two ways to pay for this cost: inflation and transaction fees. Currently, Bitcoin and Ethereum, the two leading proof-of-work blockchains, both use high levels of inflation to pay for security; the Bitcoin community presently intends to decrease the inflation over time and eventually switch to a transaction-fee-only model. NXT, one of the larger proof-of-stake blockchains, pays for security entirely with transaction fees, and in fact has negative net inflation because some on-chain features require destroying NXT; the current supply is 0.1% lower than the original 1 billion. The question is, how much "defense spending" is required for a blockchain to be secure, and given a particular amount of spending required, which is the best way to get it

SECURITY ALERT: Ethereum Constantinople Postponement
The Ethereum Core Developers and the Ethereum Security Community were made aware of the potential Constantinople-related issues identified by ChainSecurity on January 15, 2019. We are investigating any potential vulnerabilities and will follow with updates in this blog post and across social media channels. Out of an abundance of caution, key stakeholders around the Ethereum community have determined that the best course of action will be to delay the planned Constantinople fork that would have occurred at block 7,080,000 on January 16, 2019. This will require anyone running a node (node operators, exchanges, miners, wallet services, etc?) to update to a new version of Geth or Parity before block 7,080,000. Block 7,080,000 will occur in approximately 32 hours from the time of this publishing or at approximately January 16, 8:00pm PT / January 16, 11:00pm ET / January 17, 4:00am GMT.

[Blog] Ethereum Constantinople Upgrade Announcement - UPGRADE YOUR NODES
The Ethereum network will be undergoing a scheduled upgrade at block number 7,080,000, which is predicted to occur on Wednesday, January 16, 2019. The exact date is subject to change depending on block times between now and then and could be activated 1-2 days before or after. A countdown timer can be seen at You can monitor the network upgrade in real time at Constantinople is the name given to this network upgrade. Previous network upgrades have been given other names such as Spurious Dragon and Byzantium. If you use an exchange (such as Coinbase, Kraken, or Binance), a web wallet service (such as Metamask, MyCrypto, or MyEtherWallet), a mobile wallet service (such as Coinbase Wallet,, or Trust Wallet), or a hardware wallet (such as Ledger, Trezor, or KeepKey) you do not need to do anything unless you are informed to take additional steps by your exchange or wallet service.

Ethereum Foundation announces major grant to Parity Technologies
The Ethereum Foundation is thrilled to announce a scalability, usability and security grant of five million dollars (USD) to Parity Technologies. For several years, Parity Technologies has been an invaluable member of the Ethereum ecosystem for their leadership in core development efforts, their Parity Ethereum client and more. Their work has continued at a blazing pace. At Devcon4 in Prague, Parity team members presented their plans to develop a Serenity implementation, exampling an exciting direction for the years ahead. By all metrics, Parity is a major technical contributor to the Ethereum project, and they've notably done so as a self-financed and open-sourced effort since their founding.

Mapping Constellations: Help the Ethereum Foundation identify dApps solving real issues and impacting emerging economies.
At Devcon 4, Aya Miyaguchi gave a talk about the Ethereum Foundation's values, about Ethereum as being representative of hope for an open future, and about a better world that we can build by applying this philosophy and technology. Our community reflects this effort as many embrace the spirit of Kaizen, or continuous change for the better, through their work each day. As a non-profit organization, the Ethereum Foundation has a vision that we've outlined and tried to embody through our values, mission and work, but we know that the developers behind dApps built on Ethereum are the ones who will execute on this vision. Together, we can build a more globally accessible, more trustworthy and free internet, and eventually a society with less imbalance and injustice. That's why we're looking to learn more about the change already happening using impactful dApps built on Ethereum. If you, or someone you know, is building an application on Ethereum aimed at solving real-world issues, we would love to hear from you. Please take part in our short 3-5 minute survey, now available here.

[Blog] Devcon4 Videos and Pictures Released!
We're happy to announce that the presentation videos from Devcon4 are now available for viewing! As promised, we recorded sessions from the following rooms: Spectrum (Main Stage), Prism (Side Stage), Radiant Orchid (Breakout Room), and Ultra Violet (Breakout Room). This year you have two viewing options: SlidesLive and YouTube. SlidesLive allows you to view the talks with synchronized slides that are adjustable in size. You can view the SlidesLive versions of the talks here. You can look up talks by speaker name by using this link. See the Ethereum Foundation Devcon4 playlists on YouTube below: You can view the Devcon4 schedule to find your favorite talks here.

The Search for a Stable Cryptocurrency -- Vitalik Buterin
Special thanks to Robert Sams for the development of Seignorage Shares and insights regarding how to correctly value volatile coins in multi-currency systems Note: we are not planning on adding price stabilization to ether; our philosophy has always been to keep ether simple to minimize black-swan risks. Results of this research will likely go into either subcurrencies or independent blockchains One of the main problems with Bitcoin for ordinary users is that, while the network may be a great way of sending payments, with lower transaction costs, much more expansive global reach, and a very high level of censorship resistance, Bitcoin the currency is a very volatile means of storing value. Although the currency had by and large grown by leaps and bounds over the past six years, especially in financial markets past performance is no guarantee (and by efficient market hypothesis not even an indicator) of future results of expected value, and the currency also has an established reputation for extreme volatility; over the past eleven months, Bitcoin holders have lost about 67% of their wealth and quite often the price moves up or down by as much as 25% in a single week. Seeing this concern, there is a growing interest in a simple question: can we get the best of both worlds Can we have the full decentralization that a cryptographic payment network offers, but at the same time have a higher level of price stability, without such extreme upward and downward swings

[Blog] How the Ethereum Foundation grants program makes decisions
Our goal on the grants team is to be faithful stewards of Ethereum community resources. As part of the Ethereum Foundation's ongoing effort to diffuse power throughout our community, we give grants that we believe will return the highest impact on the Ethereum ecosystem over the long-term. Funding is only for future work Avoid playing favorites.  We try not to advantage one team over others Avoid grants at the application layer, though we do believe that projects and teams working at the application layer should apply when they are building open source tools applicable to the wider ecosystem Avoid giving an Ethereum Foundation stamp of approval.  EF Grants are not intended to be an endorsement of a particular project over others.

Announcing Our dc??v Sponsors and Supporters! [Ethereum Blog]
Today, we're excited to unveil our Devcon4 Sponsors. Each of this year's six tiers of sponsorship is supporting the Foundation's work in significant and impactful ways. We're thrilled to involve many major and growing teams in Devcon, and to make the most of this opportunity to support the Foundation's core mission. To this end, we're proud to first announce this year's premier Devcon supporters: SERENITY: AdEx, BlockAsset Ventures, Blockchains LLC, Blockfolio, Colony, ConsenSys, OmiseGO, Sparkpool, and Status METROPOLIS: Celer Network, Kyber Network, imToken, Santiment, and ShapeShift HOMESTEAD: Ernst & Young, FunFair, Golem, Microsoft, MyEtherWallet, SingularDTV, and Wanxiang Blockchain Labs

Ethereum Foundation Grants Update - Wave IV
Greetings from the Ethereum Foundation Grants Team! As we go full steam ahead to Devcon 4, we're back to announce Wave 4 of the Grants Program! Thank you to all the fantastic community members that have applied with creative ideas on how to bolster our ecosystem. We would not exist without the time and energy that you put into Ethereum. While the program continues to grow, we will increasingly continue to involve more community members in the decision making process. The Grants Program today is vastly improved from just earlier this year, thanks to all the helpful feedback from the community, allowing us to provide better public tools and infrastructure.

Announcing Swarm Proof-of-Concept Release 3
The Swarm Team is pleased to announce the immediate release of Swarm client v0.3, the third proof-of-concept release (POC3) of the Ethereum Swarm client. The POC3 code is now merged into the official go-ethereum repository's master branch. Swarm 0.3 has been deployed to the public Testnet, and the Ethereum Foundation is running a 50-node strong cluster of Swarm nodes together with a public web gateway on We welcome everyone to try it out or commit to operate stable nodes. It has been a year and a half since the first release of the POC2 series was deployed and the Swarm project launched its public alpha network. Two Swarm summits, two orange papers and forty thousand lines of code later, it is time to take stock.

Devcon4 Announcement - Ethereum Blog
Now that we're well into the year, we know that many of you have started to plan ahead for changing weather, holiday celebrations, and (of course) Devcon! We're excited to announce today that Devcon4 will take place in Prague from 30 October - 02 November of this year. The first iteration of this conference took place in 2014 as a classroom-sized gathering in Berlin called Devcon0. There, the first visions of what Ethereum would come to be were presented to core developers and founding team members. Four years later, Devcon has become the most anticipated gathering for blockchain application and platform developers, and through it all we've worked hard to stay true to our roots.

Announcing Beneficiaries of the Ethereum Foundation Grants - Ethereum Blog
We're excited to share the results of the first wave of grants from the Ethereum Foundation. As a reminder, the Ethereum project seeks to support useful dapps and smart contracts on the Ethereum blockchain, and the goal of the Ethereum Foundation is to empower developers with best-in-class R&D, developer experience, and education. Despite the early promise of the ecosystem, we still have a long way to go, and we are here to work with the community to drive concrete progress. These grants will fuel the teams working hard at research & development to support the entire ecosystem. Furthermore, we hope that these grants will signal to the community what we think are the missing pieces in the ecosystem that need more support. Said in another way, the Foundation is here to serve teams and individuals that are working to prevent a tragedy of the commons.

Farewell and Welcome - Ethereum Blog
It is with sadness that we announce that Ming Chan, who has served as Executive Director at the Ethereum Foundation for nearly three years, is leaving the Foundation. Since her arrival in 2015, she has played a critical role in the development and success of the Foundation. We will miss the leadership, commitment and integrity that she brought to the Foundation, and wish to thank her for her dedicated service and many significant accomplishments including: To address current and future leadership needs for the Foundation, we have already completed our search for a worthy successor. Effective February 1, 2018, Aya Miyaguchi will be assuming the role of Executive Director at the Ethereum Foundation. Aya is a veteran of the blockchain space and was most recently the Managing Director of Kraken Japan. She brings many years of organizational leadership experience to the table and has a passion for non-profits and social enterprise. We feel fortunate to have her join us and welcome her warmly to her new role.

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