Ethereum developers have agreed to postpone the difficulty bomb, increasing inflation while most coins are trying to reduce it.
03 December, 2019 | AtoZ Markets – The recent debate on the Ethereum difficulty bomb is finally over, with a rough consensus. According to the developers, the bomb of difficulty will see another delay.
Ethereum to Postpone the Difficulty Bomb
The details of what has been said are a bit more difficult to obtain. However, the public call between the developers has experienced several technical problems. However, Tim Beiko of PegaSys has confirmed that the developers have agreed to push the difficulty bomb by 4 million additional blocks.
According to estimates, the issue of the bomb of difficulty will arise in about 700 days, in about two years. In other words, the bomb will kick again in 2021-2022. However, the PoS Beacon Chain will go much earlier, probably in the spring of 2020.
Meanwhile, inflation will rise by 2,000 ETH per day at the time the fork occurs. Currently, the number of ETH per day is about 11,600. It is expected to return to 13,600, about the same number as before the bomb kicked in.
The developers made all the decisions between them without the participation of the Ethereum community. One of the decisions is the proposed name of the fork, the Melting Glacier. However, the name was finally changed to Mountain Glacier.
The new name always contains the same message of "melting the ice age," which is also called the bomb of difficulty. Moreover, the increased difficulty of mining would require more energy, which would make it less profitable and less damaging to the environment.
We thought we had months until it kicked in, but those numbers were wrong. The Ice Age is already being felt!
— Tim Beiko | timbeiko.eth (@TimBeiko) November 29, 2019
There is now a proposal for a single-EIP upgrade after Istanbul to push it back: EIP-2387 a.k.a. Mountain Glacier?
We'll see on the call if & how it goes through!
Read More: Ripple Transfers 1 Billion XRP Tokens from Escrow Account
Ethereum (ETH) 2.0 Upgrade 2020
For now, the developers have agreed to hold an urgent hard fork soon after the new Istanbul update. And the range will be in just a few days, on December 7, on the 9,069,000 block. This will supposedly be the last hard fork that Ethereum 1.0 will ever know. And it will pave the way for Serenity, and eventually Ethereum 2.0.
AtoZ Markets reported earlier, Ethereum (ETH) 2.0 Upgrade may bring another round of staking enthusiasm if it moves forward to replace mining in 2020. However, before switching to Ethereum 2.0, the network will experience several changes. This will also include the activation of Casper, the so-called changeover to PoS, the update of the Ethereum virtual machine. And it will change in the logic of cross-contacts and protocol economics. Besides, in June 2020, the Ethereum network should receive another update called Berlin, which will be the next step towards Ethereum 2.0.
Think we missed something? Let us know in the comments section below.