Ethereum Difficulty Bomb Ethereum Classic PoS PoW The Merge
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Today, let’s take a look at the Ethereum difficulty bomb, the good news of Ethereum Classic, and the good news of Ethereum’s PoW -> PoS conversion The Merge.
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Ethereum Difficulty Bomb Not Postponed More Merging Goods
Ethereum developers have decided not to postpone the Ethereum difficulty bomb.
Ethereum’s developers have decided not to postpone Ethereum’s difficulty bomb. The merge could happen this summer.
To summarize the contents of the Ethereum developer meeting
Ethereum developers have decided not to postpone the difficulty bomb. Because the beacon chain the merge could happen this summer.
If everything goes as planned, Ethereum developers can fork the testnet in two weeks, eliminating the hard fork for the difficulty bomb.
According to Ethereum lead developer Tim Beiko, the final difficulty bomb can be decided before the end of May.
Ethereum founder Vitalik also participated in the meeting.
Vitalik, the creator of Ethereum, said that Ethereum, which had an average block time of 13 seconds with this difficulty bomb, may temporarily need block confirmation time of up to 25 seconds.
However, it is said that 25 seconds of pain (sacrifice) for the further merge of Ethereum is temporary and tolerable.
This is the Ethereum Developers Conference YouTube.
The 138th Ethereum Core Developer Meeting was held from May 13, 2022 to May 14, 2022 in Korean time.
It was an Ethereum developer conference hosted by the Ethereum Foundation.
There was a lot of dark content in this developer conference chat.
Goodbye Terra, Goodbye Ethereum
There were many chat comments like this.
Probably most of them are miners.
In this Ethereum developer meeting, the stance of the Ethereum developers is that they will not postpone the difficulty bomb.
What was proposed this time at the Ethereum Developers Conference
Transactions with Expiration
First feedback is needed.
This part has little to do with the good news of the Ethereum difficulty bomb, but since it was from the developer meeting, I will introduce it briefly.
Ethereum can send transactions, such as paying gas fees and triggering transactions. However, there is a problem that transactions are not transmitted for life if the gas cost is low.
Until now, in order to solve this problem, it was necessary to increase the gas cost and request Ether transfer again. (You can overwrite a new transaction with the same nonce.)
However, this request is very cumbersome, and if it is not confirmed that the transmission was not possible due to the low gas cost, there is a problem that all transmissions are not performed after that.
Therefore, it is EIP5081 that proposes to automatically expire transmission. This update will address the issue of coins not being transferred due to low gas rates and the wallet being stuck in a deadlock.
Today’s difficulty has nothing to do with the good news of the bomb.
What was the price of Ethereum Classic?
Ethereum, which exceeded 60,000 won in early April, was almost cut in half at the end of April.
Bitcoin’s fall was the biggest impact.
Ethereum’s PoW to PoS transition is a huge boon for both Ethereum and Ethereum Classic, but it hasn’t been able to overcome the huge downside of Bitcoin’s decline.
After trading at the lowest price of about 22,000 won yesterday, it showed a sharp surge.
It has risen more than 20% to 28000, but it is still far from it.
If the difficulty of Ethereum mining increases rapidly due to the difficulty bomb of Ethereum, mining Ethereum and Ethereum Classic may be equally profitable, or mining Ethereum Classic may be more profitable.
Profitability refers to the profitability of miners.
Therefore, many miners will move to Ethereum Classic, and as the hash rate of Ethereum Classic increases, the network becomes more robust and the price rises.
Since the price has risen, Ethereum Classic becomes more profitable, and if Ethereum miners enter Ethereum Classic again and repeat … indefinitely, Ethereum Classic will eventually absorb Ethereum miners.
In addition, Ethereum will be able to proceed with the merge more naturally.
What happens when Ethereum mining ends after the Ethereum the merge?
You will no longer be able to mine Ethereum.
This is also the reason why the price of graphics cards has been falling sharply in recent years.
Therefore, miners who were mining Ethereum have no choice but to mine Ethereum Classic.
Even in such a case, the hash rate of Ethereum Classic will rise sharply, and the network will become more robust.
This article is not a recommendation to buy or sell Ethereum and Ethereum Classic. If you want to trade Ethereum and Ethereum Classic, please do more research before trading.