March 22, 2017 / news

How Does Ethereum Price Affect The Release Of Metropolis

The fourth hard fork of Ethereum

During the latest Ethereum core developers call on March 17 Vitalik Buterin suggested that the recent Ether price increase has affected Ethereum’s implementation Ice Age.

Price Increase Affects The Ice Age

The key point, he said the price increase affects the Ice Age (exponential slowdown of the network as the so-called “difficulty bomb” makes the mining process more complicated.

The “difficulty bomb” includes in the original Ethereum Foundation documentation. Its purpose is to abandon the mining and move to the Proof-of-Stake consensus algorithm through another network hail yet. 

This algorithm would be included in the upcoming release of Metropolis, but its date was still open. But, more interest, how the increase in the hash power of miners delays the Ice Age offensive.

His own calculations Buterin bases on the current statistics of the Ethereum blockchain. According to him, by the end of June the time of the block creation will be about 19.5 seconds, but by the end of August this figure will grow to 28.5 seconds. These calculations turn out to be lower than the previous ones, which allocated 32 seconds to the creation of the block by the end of August, but are significant enough to attract the attention of developers.

As the ETH price grows, more and more miners join the network, as their efforts mean a big reward. To compensate for the increased network hashrate grows the complexity of mining too.

For this reason, Ethereum developers considering various release date Metropolis, according to Buterin.

“In general, if we get it out before the end of June it’s even better, and if we get it out before the end of August that’s still, like, less bad. My recommendation is probably still end of June as a … normal case target and end of August as a worst case deadline,” Buterin said.

In February Vitalik Buterin said that one of the main innovations of Metropolis should be the so-called concept of “abstraction”. Its main goal is to make the whole system more simple by changing several basic rules of contract security.

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