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Algorithmic Bitcoin and Ethereum Social Attention List Ranks Influencers With Math

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Algorithmic Bitcoin and Ethereum Social Attention List Ranks Influencers With Math

On November 19, Hive.one, a project that maps the community clusters of Bitcoin and Ethereum social status using mathematics, announced the launch of a new algorithm version. Since the last time Hive.one published a list, social influencer scores and ranks changed and the creators believe the new scores “better reflect reality.”

Just recently Hive.one announced the launch of the project’s new algorithm (v 2.0) and said it was the “biggest change to the algorithm yet.” Hive.one characterizes itself as a platform that describes groups of people mathematically and the web portal showcases two lists of Bitcoin and Ethereum influencers. The lists are generated algorithmically using data from Twitter and it updates every 24 hours. Hive.one even created a Covid-19 list based on epidemiology-related Twitter influencers to help fight coronavirus misinformation.

The list of influencers represented on the bitcoin (BTC) side includes a great number of individuals. The top five social influencers include people like Adam Back, Pieter Wuille, Pierre Rochard, Elizabeth Stark, and Jameson Lopp. Following the top five today, influencers like Stephan Livera, Matt Odell, Matt Corallo, Olaoluwa Osuntokun, and Turr Demeester trail behind the top five respectively.

Algorithmic Bitcoin and Ethereum Social Attention List Ranks Influencers With Math

The list also gives a score, the number of people the influencer follows, how many individuals follow the luminary, and a seven-day percentage. The BTC list has 1,158 Twitter accounts recorded and there’s a document of the list as well.

Influencers stemming from the ethereum (ETH) list include Vitalik Buterin, Evan Van Ness, Hudson Jameson, Peter Szilagyi, and Hayden Adams for the top five. The latter end of the top ten list includes Nick Johnson, Austin Griffith, Joseph Lubin, and Georgios.

Algorithmic Bitcoin and Ethereum Social Attention List Ranks Influencers With Math

Hive.one says it only aggregates data from Twitter sources and the developers call the algorithm “Peoplerank.”

“It works similar to the original Pagerank,” Hive.one’s algorithm page states. “Instead of ranking websites— it ranks identities. Instead of tracking links— it tracks attention. It’s also a second-order metric. This means that it matters not only who pays attention to you, but also who pays attention to the people who pay attention to you. And so on.”

Additionally, the CIO from Arcane Assets, Eric Wall, discussed Hive.one’s recently updated algorithmic list on Twitter.

“I did a little bit of analysis on the [Hive.one] data to compare Layer 0 decentralization between BTC ETH,” Wall tweeted. “I figured the Gini coefficients of the influencer scores (top 50) would reveal the differences in influencer equality (which I bet has an impact on protocol consensus).”

Wall further added:

This little test indicates that ETH has a slightly higher degree of Layer 0 (social layer) inequality. This could possibly be a result of [Vitalik Buterin] having a much stronger standing in ETH vs what [Adam Back] has in BTC, as the influencer scoring shows (but I’m not certain). This isn’t a complete picture of course— it’s more of an idea for a methodology I’d like to propose. Generally, I think Layer 0 centralization is one of [the] most important aspects of centralization, yet we rarely try to measure it.

Following Wall’s tweet, Hive.one responded to the analysis and said that there is “a lot more that can be done with our data and we encourage creating your own analysis.” Hive.one says that the new algorithm is also “much faster when it comes to identifying changes in the cluster.”

“The algorithm now has self-correcting mechanisms,” Hive.one explained in a tweet. “It can identify changes in the underlying structure of the cluster as they happen and adjust accordingly. This means that the scores should maintain a stable level of accuracy over time. The algorithm can now scale ‘up and down.’ We can map sub-clusters within each cluster as well as the super-cluster it belongs to. This means that given enough data and [computation] we could index the whole Twitter with its millions of clusters,” the Hive.one Twitter account added.

What do you think about Hive.one’s social ranking list from Twitter for Ethereum and Bitcoin influencers? Let us know what you think about this subject in the comments section below.

The post Algorithmic Bitcoin and Ethereum Social Attention List Ranks Influencers With Math appeared first on Bitcoin News.

Ethereum 2.0 Deposit Threshold Met: Proof-of-Stake ‘Beacon’ Chain Starts in 7 Days

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Ethereum 2.0 Deposit Threshold Met: Proof-of-Stake 'Beacon' Chain Starts in 7 Days

The Ethereum network’s ETH 2.0 contract has crossed the threshold needed to initiate the upcoming upgrade. Currently, there’s more 694,368 ether worth over $422 million resting in the contract, as developers hope the proof-of-stake launch will begin on December 1.

At the end of the first week of November, the Ethereum Foundation initiated the first process of the highly anticipated Ethereum 2.0 (ETH 2.0) upgrade specifications, which detailed the initial rules of the genesis phase 0. The genesis phase 0 contract specification noted that there needed to be approximately 524,288 ETH and at least 16,384 validators to invoke the proof-of-stake process.

The requirements needed to kickstart Ethereum 2.0 for December 1, mandated that the threshold be met by November 24, 2020. Additionally, a web portal called Launch Pad was published so users can learn how to be an ETH validator and secure the blockchain.

The requirements needed to spark the genesis phase 0 process were officially completed on the 24th and there’s now 694,368 ether worth $422 million in the contract.

The contract address has seen approximately 16,736 transactions of around 32 ether per transaction. 32 ETH is what is needed to become a validator and earn a stake on the Ethereum chain. At the current exchange rate of $608 per ether, it costs close to $20k per staking validator. Roughly the last 25% of the ether needed to meet the threshold was deposited into the contract in less than a four-hour timespan.

Screenshot from an editorial called “The Genesis of a Beacon Chain” written by Ben Edgington.

Following the deposit milestone, a great number of Ethereum proponents and developers celebrated. “We reached it,” said Ethereum 2.0 R&D member Hsiao-Wei Wang. “Thanks to all the Eth2 teams and the community that wrote the history. And thanks to the Ethereum critics who made us stronger. Don’t forget to update your Eth2 client in a couple days,” Wang added.

The “Eth 2.0 Deposit Contract – Progress Meter Bot” also tweeted about the landmark occasion and stated:

We have liftoff. Thank you to the devs, the researchers, educators, and community members who made this happen. See you on December 1st @ noon UTC.

Many Ethereum supporters also understand that the Ethereum 2.0 genesis phase 0 will initially start with the “Beacon” blockchain, a baby-step that will make it so the upgrade will have less of an impact on the main network. The ETH 2.0 upgrade will start in seven days’ time and the Beacon chain will begin the first of four initial phases.

Estimates say that Ethereum 2.0 validators could earn about 20% in annualized rewards. After the requirements were filled, Ethereum proponent Tom Shaughnessy said that the Ethereum 2.0 launch “got more attention in an hour than every other layer 1 did this entire year put together.”

Ethereum Foundation member Hudson Jameson tweeted about how the Ethereum 2.0 Beacon chain launch will happen the day prior, and what needs to happen in order to create a successful launch.

“The beacon chain marks the beginning of the transition to Eth 2.0, but that doesn’t mean that everything immediately changes,” Jameson wrote. “Eth 2.0 is a multi-year process and the first few pieces of that process won’t heavily affect the current Ethereum mainnet.”

Jameson also stressed that whatever happens, the Ethereum community should be impressed with the Ethereum 2.0 development team. He also explained when he thought the Beacon chain launch would begin.

“My opinion (not an official stance of the Ethereum Foundation) is that we will launch between December 1st and December 5th,” Jameson concluded. “I base this on how quickly deposits are coming in as of the last 48 hours.”

At the time of publication, ethereum (ETH) is trading for $608 per ether, as the token has gained 26% during the last seven days and 49% in the last 30 days.

What do you think about the culmination of the highly anticipated Ethereum 2.0 launch? Let us know what you think about this subject in the comments section below.

The post Ethereum 2.0 Deposit Threshold Met: Proof-of-Stake ‘Beacon’ Chain Starts in 7 Days appeared first on Bitcoin News.

Ethereum Community Enthralled Over Controversial ProgPoW Proposal

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The Ethereum community has been debating a proposal called ProgPoW as many ETH proponents believe the Programmatic Proof-of-Work function will alter the network significantly. The contentious topic has seemed to galvanize the community, with the ProgPoW proposal favored by a significant proportion while being detested by others. A few Ethereum participants were shocked on February 21 when the Ethereum Improvement Proposal (EIP) 1057 (ProgPoW specification) was submitted at a developers meeting.

Also read: Market Update: Coronavirus Fears, Stock Market Crash, and Bitcoin Price Predictions

The Controversial Programmatic Proof-of-Work Proposal

While the Steemit and Tron communities argue and bitcoiners from various big blocker and small blocker communities squabble, Ethereum participants have been debating as well. There’s been various headlines and threads on forums and social media about “ProgPoW,” a proposal that stands for Programmatic Proof-of-Work. Basically ProgPoW is an extension of the current Ethereum algorithm Ethash but it allows graphic card components to join the mining race.

In a post on the Reddit forum r/ethereum called “ELI5: What Is ProgPoW?” the independent programmer and miner Jonathan Toomim explained what ProgPoW is and how it relates to the Ethereum network. “ProgPoW is a proposal to change the Proof of Work function for Ethereum from the current Ethash algorithm (which can be effectively performed by both ASICs and GPUs, though ASICs are more efficient) to a new algorithm that is more heavily biased towards GPUs,” Toomim said.

Ethereum Community Enthralled Over Controversial ProgPoW Proposal

ProgPoW has had a long and controversial history since it was introduced more than two years ago. It was created by a group called Ifdefelse and one of the original members Kristy Leigh-Minehan has written extensively about the subject. “A lot of research was done into ProgPoW and to whether it protects the incentives of the network participants (common and commercial miners). We believe it does,” Minehan wrote in June 2018. The proposal has two algorithm features that are claimed to make mining more decentralized by making graphic card mining more competitive against a network full of Application-Specific Integrated Circuits or ASICs. Minehan and other ProgPoW proponents wholeheartedly believe the proposal will address centralization within the mining ecosystem.

“ProgPoW addresses the problem of centralization by minimizing the benefit of specialized, secretly-developed ASICs,” Minehan’s blog post called “A Perspective on ProgPoW” notes. “A simpler algorithm benefits those developing a secret ASIC. Those who say simple algorithms allow competition are misunderstanding the hardware ecosystem.” Minehan’s editorial adds:

ProgPoW has been designed to be a vendor-neutral proof-of-work, or more specifically, proof-of-GPU. ProgPoW has intentionally avoided using features that only one core architecture has, such as LOP3 on NVIDIA, or indexed register files on AMD.

While some Ethereum proponents believe ProgPoW will decentralize mining, others detest the idea and hope it never gets implemented.

ProgPoW Concerns: Forced Redistribution, Keccak Function Worries, ASIC Resistance Failures, and the Proposal’s Creators Are Anonymous

Despite the beliefs of Minehan and others, ProgPoW is not favorable in the eyes of many ethereans. Some have called the idea a “socialist agenda” which uses “the initiation of force to redistribute wealth.” Last year as the debates continued, Ethereum supporter Martin Köppelmann tweeted that he is against the ProgPoW concept. “I am against a ProgPoW hard fork,” Köppelmann wrote. “To me, there are only two legitimate reasons to hard fork Ethereum – address an existential threat or bring Ethereum one step closer to a long term sustainable stable state. ProgPoW is tinkering in favor of one group (GPU miners) vs another.” Ethereum members also took issue with an audit published in September 2019. The audit was delivered by Least Authority, a security consulting company. The audit revealed a unique type of the cryptographic function Keccak and Least Authority addressed this change. The Ifdefelse Twitter account responded to the community’s concerns over the change but it remained a topical discussion.

Ethereum Community Enthralled Over Controversial ProgPoW Proposal

The ProgPoW debate continued during a developer meeting held on February 21 and even more so when the Ethereum Improvement Proposal (EIP) 1057 (ProgPoW specification) was submitted for review. ProgPoW haters don’t think driving ASIC miners off the network is ideal and skeptics say that ASIC resistance has destroyed networks like Bitcoin Gold.

At this point in time, numerous crypto influencers don’t believe an ASIC resistant chain can be built securely and ASIC manufacturers will always find a way to create an ASIC rig that mines the coin. Other ethereans see ProgPoW as a distraction toward moving the Ethereum chain toward proof-of-stake (PoS). People think that ProgPoW could cause a potential chain split like the Ethereum Classic hard fork and skeptics also take issue with the fact that Ifdefelse representatives are anonymous.

On March 2, Ethereum developer Hudson Jameson addressed the “topic of contention in the Ethereum community” in a blog post called “ProgPoW: The Ethereum Community Speaks.” Jameson discussed a number of pros and cons associated with the proposal and he denounced those who have harassed people during the debate.

“We need to have productive, civil discourse as we try to solve difficult governance and communication problems — I believe we can do it,” Jameson wrote.

What do you think about the ProgPow debate within the Ethereum community? Do you think ASIC resistance is not feasible or do you think developers will be able to stop ASICs going forward? Let us know what you think about this subject in the comments section below.

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