A Difficulty Bomb Has Exploded In Ethereum Blockchain
In the Ethereum cryptocurrency blockchain (ETH), is feeling the consequences of the "Difficulty Bomb" activation—program code aimed at increasing the mining complexity. According to Etherscan, on February 11, the ETH issue reached its historic minimum of 13.000 ETH per day.
The "Difficulty Bomb" was created in 2015 by developer Stefan Tual. It was developed to gradually increase the complexity of Ethereum mining for switching from a consensus-proof-of-work algorithm to a proof-of-stake algorithm. The bomb was activated in June 2017, after which the program code began to influence the operation of the Ethereum network. Bomb increases mining difficulty every 100,000 blocks. As a result, the time to add a new block is increased and the issue of ETH coins is reduced.
The “Difficulty Bomb” led to tangible consequences in 2 years: on February 11, a record low issue of Ethereum was registered (13,131 ETH per day). For comparison: in November 2018, this figure exceeded 20.000 ETH. Etherscan also note a decrease in the number of blocks added - their number is less than 4,500 per day. According to the programmer Afri Schoedon, in 2-3 months new anti-records will be delivered in the Ethereum blockchain, if the bomb's action is not stopped.
However, the developers of Ethereum are likely to postpone the Difficulty Bomb for 12 months during the implementation of the Constantinople hard fork. Ethereum's network upgrade should occur upon reaching block number 7.280.000. Also, it has become known about the key update of the blockchain called Ethereum 2.0 or Serenity, thanks to which a PoS algorithm will be implemented in the ETH. Afri Shchedon said that Serenity will not be activated in 2019. In this regard, Schedon and ETHHub cofounder Eric Conner believe that the bomb has lost its meaning and therefore it needs to be deactivated.
After the ingtegration of the Constantinople hard fork, the reward for mined blocks will reduce from 3 ETH to 2 ETH. Thanks to this, developers will be able to reduce the cryptocurrency inflation rate without the need to detonate a “Difficulty Bomb”. The first phase of the Serenity network update will begin, which will last until the end of 2021. Then Serenity will be fully implemented and the Ethereum blockchain will function on the basis of a proof-of-work algorithm.