First of all, I would like to thank the community, and especially those close to the project which in many cases abandoned their work to devote their time to it, for their extreme patience concerning the launch of the sale of ether. We have promised that the sale would occur in two weeks for six months, and many members of the team have endured substantial difficulties due to the expectations that we have set ourselves when we are able to finance. We have certainly poorly calculated the pure difficulty of navigating in the legal processes relevant in the United States and Switzerland, as well as the surprisingly complex technical problems surrounding the implementation of a secure sales website and a cold wallet system. However, the long wait is over, and we are delighted to announce the launch of the sale.
During the six months that followed, our time was spent on the following:
- Develop Ethereum customers, to the point where we now have four complete implementations of the protocol, two of which are entirely compatible and the other two almost. Originally, the intention was only three implementations; However, a member of the community (Roman Mandeleil) independently presented a functional Java client. POC5 is released today.
- Development of programming languages and Ethereum compilers, to the point where we have moderately stable versions of snake, LLL and Mutan.
- Develop the Ethereum protocol. Major changes between February and June include:
- The transaction system-to-computation, when a transaction specifies the amount of the “gas” that it is authorized to consume and pay fees for this. Originally, contracts paid for the calculation, forcing each contract to have a security “wrapper” requiring minimum costs to avoid balancing attacks.
- The concept of a recursive virtual machine, where contracts can “call” other contracts such as functions and receive “return values” in response. This allows a high level of generalization and reuse of the code in the blockchain, reducing the bloating.
- A block time of 10 to 20 seconds, against the 1960s. This will be added in POC6.
- The concept of “micro-chaînes”, where the upper block header will only contain information relevant to the POW, reducing the minimum storage and bandwidth requirements for a light 4x node (although the rapid block time will again increase these 4x requirements). This will be added in POC6.
- The placement of transactions in a Merkle tree, allowing the development of a light customer protocol for the verification of the execution of individual transactions.
- The concept of memory as an byte table, which facilitates the wearing of existing compilers to compile Ethereum scripts.
- Mid-term developments in the mining algorithm thanks mainly to the work of Vlad Zamfir. More details should be published soon.
- Develop an increasingly important directory of test installations to help ensure compatibility between customers.
- Set up our legal organizational structure in Switzerland.
- Legal process of diligence in the United States.
Ether will be bought directly via our website at https://ethereum.org. There are also a number of documents providing more details on sales, including a development plan (ĐV plan), roadmap, Planned use of the income document,, Ethereum Genesis terms and conditions,, Ether product purchase contract, and updated White paper And Yellow paper. Note particularly the following:
- Ether will not be usable or transferable Until the launch of the Genesis block. That is to say that when you buy ether and download your wallet, you can do nothing with the launch of the Genesis block.
- The price of the ether is initially set at a reduced price of 2000 ETH by BTCand will remain for 14 days Before reducing linearly at a final rate of 1337 ETH by BTC. The sale will last 42 daysConcluding at 11:59 pm Zug time, September 2.
- The launch time provided for the Genesis block is Winter 2014-2015. This date has been continuously postponed largely due to delays in financing, but development should soon start to proceed much faster.
- Ether is a product, Not a security or investment offer. Ether is simply a useful token for paying transaction costs or the construction or purchase of decentralized application services on the Ethereum platform; It does not give you voting rights, and we do not guarantee its future value.
- We don’t block the United States after all. Yay.
- It is very likely that alternative versions of Ethereum (“alt-ethera” or “forks”) will be published in the form of distinct block chains, and these chains will compete against the official ethereum for value. The purchase of ETH successfully from the sale of Genesis only guarantees that you will receive ETH on the official network, not forks.
- The terms and conditions of the sale of Ethereum Genesis and the Ether product purchase agreement are the only documents for sale. All the statements we have made to this point are zero and not avenue. The Ethereum.org website, blog articles since the recent articles by Taylor Gerring and other articles that we have carried out on various forums, including our forum and Reddit, must be treated as informal communications designed to maintain the community in the event of what is happening with Ethereum.
- The annual publication rate is 0.26x The initial quantity of ether sold, reduced compared to the 0.50x which had been proposed in January. We can choose later to adopt other consensus strategies, such as hybrid proof of participation, so that future fixes can reduce the issue rate. However, we absolutely make no promise of this, except that the emission rate will not exceed 26.00% per year from the amount of ether sold in the sale of Genesis.
- There is Two endowment pools, each 0.099x The initial quantity of ether sold, which will be allocated in the first case to the first contributors to the project and in the second case to a long -term endowment to our non -profit foundation (see sales documents for more information). This is reduced by our proposal in April 0.075x to the first contributors and 0.225x to a foundation.
- We reserve the right to use up to 5000 BTC from the presale while the presale works to speed up development. We may or may not take this option according to the community response; If this is done, it will be done transparently.
- If you are eligible for a sacaïl or a share of the pool of early contributors, you will soon be contacted.
- Do not refresh the page When using the Ether Sale website.
- If you buy ether, Do not lose your wallet file or password or you can never access your ether. In addition, make sure you Download your wallet First.
The Exodus address is 36PRZ1KHYMPQSYAQXSG8VWBUIQ2EOGXLO2; However, Do not send BTC directly to this addressSince transactions that are not correctly formatted will not be valid and treated as gifts in Ethereum Switzerland GmbH. Use the request for sale on the website. Unlike some other projects, however, paying with BTC using our request for sale from a Coinbase account or an Exchange account is no problem. The BTC address you send does not matter.
For advanced users and those who are not comfortable buying via a website, a Python library to make purchases is also available https://github.com/ethereum/pythsaletool.
The address is a multi-4 configuration on cold storage, between four centers which are themselves protected via mechanisms such as the secret sharing of Mo-N Shamir. Check This transaction on blockchain.infoEntrance 4, to see the proof that we are able to spend funds from the address. We will soon publish a more detailed description of the cold storage policy, although strategically important variables (for example, the precise locations of the sites, passwords, combinations with safes) will unfortunately be kept secret.
More information will be published throughout the sale, and we will soon have an AMA on Reddit. We look forward to continuing this fascinating trip together!
