The 2 Month Hard Difficulty Bomb
After meeting on Friday, the core developers of the Ethereum blockchain decided to speed bump what is called the “difficulty bomb”. This is a essential element in the network’s transition from proof of work (PoW) to proof of stake (PoS).
The difficulty bomb was incorporated into Ethereum’s code in 2016 in order to force miners to accept network update. Last week, the Ropsten testnet went under proof-of-stake consensus. It was a ” first dress rehearsal for the merger according to Ethereum core developers.
After discussing a number of bugs revealed by the test merge, the developers offer of speed bump the fix bomb to august 2022. This one has already transferred five times.
Lead Ethereum developer Tim Beiko confirmed this in a tweet posted on Friday:
In short, we accepted the delay of the bomb. We are already over time and want to be sure to double check all the numbers before selecting an exact rollout time and timeframe, but we are aiming for a lead time of around 2 months and the upgrade towards the end of June.
—Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) June 10, 2022
This delay inevitably leads an extension of the deadline for the merger to take place.
Ben Edgetonanother core Ethereum developer, claimed in a tweet thathe sincerely hopes that the fusion would not be spent.
👉 To understand everything about the Ethereum (ETH) blockchain
What is the Difficulty Bomb?
The Ethereum Blockchainwith its main cryptocurrency Ether (ETH), will migrate from a model of proof of work (PoW) to a model of proof of stake (PoS) which should make the blockchain much more efficient and less energy. This migration is called “The Merge”.
This blockchain is currently powered by miners which uses remote computers to solve complex mathematical problems in order to record and verify transactionsjust like on the Bitcoin blockchain.
After the infamous merger, miners will instead stake cryptocurrencies to confirm transactions, and there are fears that some miners may reject proof of stake.
This update to Proof of Stake should drastically reduce energy consumption of the blockchain.
Ethereum price drops sharply
Ether is the second cryptocurrency in terms of market capitalization, behind the famous Bitcoin (BTC).
Ether cryptocurrency price experienced a sharp drop in the last 24 hours after the announcement of this news and against the backdrop of a decline in the entire cryptocurrency market.
According to data from Coingecko, the price of ETH is down by -32% over 7 daysand -12% over the last 24 hours. She is trading now below $1,300.
ETH is now down 70% from its all-time high of $4,891.70 in November 2021.
👉 More info: Bitcoin (BTC) and Ether (ETH) on the way to another fall?
Source : Twitter
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