Ethereum Classic Hard Forks; Diffuses Difficulty Bomb
Ethereum Classic Hard Forks; Diffuses Difficulty Bomb If the split between Ethereum and Ethereum Classic wasnt definitive before, it is now. Ethereum Classic, the project born out of rejection of Ethereums reversal of The DAO , hard forked today. With that, Ethereum Classic has implemented the biggest protocol change yet, and further differentiated itself from the Ethereum project. Most importantly, the hard fork dubbed Die Hard diffused the difficulty bomb, which was set to freeze the protocol later this year. Additionally, Ethereum Classic implemented replay protection, to ensure Ethereum transactions are no longer valid on the Ethereum Classic chain and vice versa. It also adjusted technical parameters to increase the cost of certain spam attacks. This protocol upgrade demonstrated growing maturity of Ethereum Classic, as it's starting to blaze its own path not only in terms of ideology, but also technical choices, Ethereum Classics project coordinator, Arvicco told Bitcoin Magazine. Such as a commitment to staying on proof-of-work consensus for a prolonged period. The original Ethereum protocol, as implemented by the Ethereum Foundation , included a so-called difficulty bomb. Baked into the software, Ethereums mining difficulty is programmed to increase exponentially over time. This has been unnoticeable up till now, but by around April or May of this year, it is set to increase so rapidly that mining will necessarily become unprofitable. As a result, no more blocks will be found at all, and the protocol will effectively freeze, creating an Ice Age. The Ethereum Foundation implemented this difficulty bomb to force its own hand and that of the broader Ethereum community. As outlined in its release documents , the Ethereum Foundation planned to roll out the Ethereum Continue reading >>
Ethereum 'difficulty Bomb' May Not Happen For Another Year Or Two - Bitsonline
August 22, 2017 by Jon Southurst 27 Comments 12926 Views There will be another delay for Ethereum minings difficulty bomb and switch to a proof-of-stake (POS) network, developers say. The decision could affect miners economic decisions in the near future, such as how much to invest in equipment and how much hashing power to devote to ETH. Also read: Shanghai Authorities Halt Blockchain Event, but No Fears of Wider Crackdown Increased Difficulty Means Leaner Times for ETH Miners There will likely be a squeeze on Ethereum blocks and block rewards from now until a new update arrives in late September. Reports from an Ethereum developers conference call last week said the long-proposed POS implementation, called Casper, will still not be ready soon. Originally planned for late 2017, the roadmap could push Casper back to the end of 2018 or later. Moving to POS has long been part of Ethereums roadmap, though the exact timing is unknown. It would fundamentally change the network, removing all ETH mining activity as it currently exists. Ethereum currently mines using proof-of-work (POW) like Bitcoin, where powerful machines race to solve a complex math problem and receive block rewards. Ethereum blocks are mined roughly every 12 seconds (depending on difficulty) and the block reward is 5 ETH. The rapid rise in ETH value from around $8 USD at the start of 2017 to around $400 in June has seen a rush to mine the token . It has also created a worldwide shortage of GPU cards. Under a POS model, Ethereum would require no GPUs at all. The difficulty bomb is code inserted into Ethereum that increases POW mining difficulty exponentially in preparation for POS introduction. The period where it gets too difficult to mine at all is called the Ice Age and its already beginning. The current Continue reading >>
Vitalik Buterin On Ether Price Affecting The Metropolis Update
Vitalik Buterin On Ether Price Affecting The Metropolis Update Vitalik Buterin, during a core developers conference call, spoke about how the increasing price of Ether is affecting the Metropolis release date. During the latest Ethereum core developers call on March 17, Vitalik Buterin mentioned that the recent Ether price increase has affected Ethereums impending Ice Age. The Ethereum Ice Age refers to the exponential slowing of the network as the difficulty bomb begins to make mining harder. This is all about the eventual switch to a Proof-of-Stake consensus algorithm, slated to slowly roll out until the Metropolis release intentionally (beneficially) hard forks the network away from mining. Whats interesting is how an increase in mining power pushes the Ice Age further back. Vitalik ran calculations based on the blockchains current statistics during the meeting. He concluded that by the end of June, the block time is only going to be around 19.5 seconds; by the end of August its only going to be about 28.5 seconds. Those are lower than previous estimates, which saw block times reaching over 32 seconds by the end of August. While only a difference of a few seconds, the deviation is significant and was brought about by the recent run-up in the price of Ether. Buterin is heard saying during the call that in general, the difficulty of a blockchain is a kind of very lagging, moving average of the price. Because of the math behind the difficulty bomb, as the networks mining power increases, the time when the difficulty bombs effects become apparent is pushed back. As the price of Ether climbs, more miners join the network, since their effort reaps that much more reward. To compensate for the increased hashrate across the network, mining difficulty adjusts upwards, increas Continue reading >>
Difficulty Bomb After Metropolis (byzantine) : Ethereum
Welcome to r/Ethereum , the front page of the Web 3. No inappropriate behavior. This includes, but is not limited to: personal attacks, threats of violence, gossip, slurs of any kind, posting people's private information. Keep price discussion and market talk, memes & exchanges to subreddits such as /r/ethtrader Keep plain ICO advertisements to subreddits such as r/ethinvestor . Keep mining discussion to subreddits such as /r/EtherMining . No creating multiple accounts to get around Reddit rules. English language only. Please provide accurate translations where appropriate. Posts and comments must be made from an account at least 10 days old with a minimum of 20 comment karma. Exceptions may be made on a discretionary basis. Continue reading >>
Eth Difficulty Bomb Today
ttps://steemit.com/ethereum/@joshbreslauer/ethereum-metropolis-upgrade-in-late-september In addition, the so-called Difficulty-Bomb is actually delayed and will be part of the 2nd Hardfork of Metropolis. The Difficulty Bomb should cause an expanding difficulty in ethereum's mining. It is an intermediate step for the gradual replacement from proof-of-work to proof-of-stake. This is the so called Ethereum "Ice Age". But for the next Metropolis HF in September 2017 this should be delayed to the 2nd part and replaced by a simple Block Reward reducement from 5 to 3 ether per block. For those of you wondering what the real world impact of these bombs going off is, they are significantly increasing the amount of time it takes to mine blocks. Before one of the first bombs went off in mid May, it took on average about 14.5 secs to mine one block which contained 5 ETH. If you look at this chart you can see the exact times each subsequent bomb has gone off to the point we are at now were it is taking about 21 secs to mine 1 block of ETH. With the current implementation of Ice Age, this is what block times will look like over the coming bomb drops: 100% anonymous! Guard your Privacy! Subscribe YouTube Reddit Telegram ONION on NovaExchange "This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. ttps://steemit.com/ethereum/@joshbreslauer/ethereum-metropolis-upgrade-in-late-september In addition, the so-called Difficulty-Bomb is actually delayed and will be part of the 2nd Hardfork of Metropolis. The Difficulty Bomb should cause an expanding difficulty in ethereum's mining. It is an Continue reading >>
Ethereum's Difficulty Bomb: All Smoke, No Fire? - Coindesk
Ethereum's Difficulty Bomb: All Smoke, No Fire? Sometimeinthe future(we can't be certain when), ethereum will likely switch from its proof-of-work consensus algorithm to Casper, a proof-of-stake system its developers are now in the throes of completing. While this may sound like a slight change to those who are unfamiliar, altering this one parameter will have an outsized effect.When the protocol change happens, the ethereum blockchain will hard fork, meaning that, for a short period of time, two networks the old and new will exist simultaneously. At that point, the goal for ethereum will be to persuade the majority of its users to upgrade to thenew proof-of-stake-powered blockchain. Otherwise, ethereum risks winding up creating another blockchain, as it did when a past technical update created ethereum classic . On the surface of things, getting the companies that use the ethereum network to switch should not be a problem. After all, proof of stake promises to be faster and more scalable, and to consume far less energy than proof of work. To most of the ethereum community, Casper sounds like a great deal. Unless, of course, you are a miner. That's because proof of stake doesnt rely on mining. Rather, it gives the job of creating the next block to those who own tokens on a blockchain a move that essentially puts miners out of a job . But, two things could go wrong with ethereum's big switch. One would be if Casper does not work as planned. In this case, ethereum could simply delay the switchover. The second is if miners continue mining the old chain. But ethereum has always had a plan for that something called the 'difficulty bomb'. Baked into ethereum shortly after the network launched, the difficulty bomb was created to make mining a block increasingly difficult over Continue reading >>
What Is The Ethereum Difficulty Bomb?
Over the past few months, there has been a lot of speculation regarding Ethereums mining difficulty. This problem is known as the Difficult Bomb, and it poses a significant threat to the ecosystem. Or that is what most people think will happen if things ever come to such a point. Switching to proof-of-stake should make this a non-issue, though. Now is a good time to look at Ethereums difficulty bomb and what it could potentially mean for the network if left unchallenged. The Ethereum Difficulty Bomb Makes Mining Impossible It is important to understand the problem of the Ethereum difficulty bomb first and foremost. When Ethereum was first created, the developers had to create a consensus algorithm. Similar to Bitcoin, this consensus is achieved through mining in a proof-of-work environment. However, with the mining difficult going up over time, it could potentially create a problematic scenario. After all, it does not appear there will be ASIC-like mining hardware for Ethereum anytime soon. However, the Ethereum developers have come up with a different plan. From the outset, the plan was to make Ethereum mining impossible at some point in the future. This change will be introduced through an arbitrarily difficult block to mine, which will effectively create the difficulty bomb in question. As this difficulty bomb is activated on the network, the mining difficulty will skyrocket and eventually make Ethereum mining unfeasible and extremely unprofitable. Some people would expect this to be the end of Ethereum, but there is no reason to panic just yet. The goal is to switch over to a proof-of-stake algorithm before the Ethereum difficulty bomb can even become a problem. Right now, that PoS algorithm is still in development, albeit its completion appears to be imminent. Do Continue reading >>
Is Serenity The Solution To Ethereums Difficulty Bomb?
Is Serenity The Solution To Ethereums Difficulty Bomb? There is a difficulty bomb programmed into the Ethereum network that could freeze the Ethereum Blockchain later this year. The views expressed here are the authors own and do not necessarily represent the views of Cointelegraph.com Ethereum has four milestone phases in its development post-release; Frontier , Homestead , Metropolis , and Serenity. Ethereum is currently in phase three - Metropolis version Byzantium. However, Ethereum has had a difficulty bomb a protocol that makes mining the cryptocurrency more difficult programmed into its Blockchain since the Frontier phase. Ethereums final milestone phase is Serenity. A major change that comes with Serenity is that Ethereums Blockchain consensus algorithm will change from proof-of-work (PoW) to proof-of-stake (PoS). Before the Ethereum network is able to make the shift from PoW to PoS, the network has to shift miners off of the PoW Blockchain, onto the PoS Blockchain. For the Ethereum network to continue functioning with full support, miners will have to support the PoS Ethereum Blockchain and not the chain that will proceed with a PoW protocol. This is a bit confusing - and that is exactly why developers programmed a difficulty bomb into Ethereums Blockchain, to eliminate any confusion. The difficulty bomb was first mentioned on August 4, 2015 in a blog post by former Ethereums chief commercial officer Stephan Tual that announced the first patch to Frontier. A lot of you have been wondering how we would implement a switch from PoW to PoS in time for Serenity. This will be handled by the newly introduced difficulty adjustment scheme, which elegantly guarantees a hard-fork point in the next 16 months it works as follows: starting from block 200,000 (very roughly 1 Continue reading >>
The Ethereum Platform Will Undergo A Major Upgrade In September
The Ethereum Platform Will Undergo a Major Upgrade in September Ethereum has announced a late-September release for a new update known as Metropolis. First announced in February, this update is expected to include a number of highly anticipated changes related to anonymity, programming, and security. We now have a timeframe for when one of the most anticipated events in the world of cryptocurrencies is going to occur. Last week, the Ethereum team announced that their Metropolis hard fork will take place toward the end of September 2017. The announcement comes roughly six months after the company revealed their 2017 Road Map and less than a month following bitcoins split into bitcoin and bitcoin cash . This fork will implement a number of changes and improvements, including higher levels of anonymous transactions, easier programming and smart contracts, and additional security in the form of masking, which will help protect users against hacking. The upgrade was expected to include a Difficulty-Bomb that would make ether token mining harder to perform, but according to the Ethereum team update, that will now be added as part of a second hard fork at a later date. The news of a implementation date for Ethereums hard fork is drawing a great deal of attention and speculation from industry experts , who arent certain how the market will react to the change. In the announcement post, the Ethereum team addresses this uncertainty, noting that prices could increase or decrease. Previous upgrades and forks have lead to the former, which, in turn, led to surges in ether mining. A similar chain reaction could come as a result of this fork, they explain. Metropolis isnt the final planned update for Ethereum. The next upgrade, known as Serenity, is expected to bring the breakthrough Continue reading >>
When Will Ethereum Mining End?
In August of this year (2017), Vitalik Buterin, creator of Ethereum , released the implementation guide for the first version of Casper. As a hybrid proof-of-stake (PoS)/proof-of-work (PoW) algorithm, Casper v1 is going to decrease (and eventually end) the profitability for Ethereum miners . The release date is estimated to be sometime in 2018 as part of the Constantinople hard fork and theres a lot to learn before this happens: Casper is a PoS algorithm thats projected to be released on the Ethereum network sometime in 2018. Beginning as a hybrid with the current PoW algorithm, the first version of Casper will only use a PoS consensus to validate every 100th block, called checkpoints. Once a checkpoint is validated, theres no way to go back and use a chain without it. Even if 99% of miners support a chain that doesnt include a checkpoint block, all clients in the network will still continue to use the one with the checkpoints. This removes a lot of the power that miners currently have. The Ethereum community hypothesizes that the switch to PoS will help with the scaling issues that the network is currently facing. The algorithm should enable new blocks to be created more quickly while allowing the network to scale more efficiently through sharding. Sharding is a horizontal partitioning of a large database into smaller and more easily managed parts. Beyond that, PoS algorithms also use less energy to run the network, reduce centralization, and make 51% attacks more difficult. With the upcoming hard fork, there could potentially be three forks of Ethereum: And, if youre a miner, you may be thinking, No big deal, Ill just continue to mine and give support to the Ethereum PoW fork. The Ethereum developers have stated that theyll be releasing what they call the difficulty Continue reading >>
Ethereum: Winter Is Coming!
Ethereum marches into the Ice Age; the Difficulty Bomb starts to become noticeable, as the miners need more time to find new blocks. This freezing of the network aims to help to master the switch to Proof of Stake. Currently, the Difficulty Bomb of Ethereum is hard to see. Since the beginning of 2017 the price of the second most valuable cryptocurrency is sharply rising, and with this, naturally, the hash rate of the miners and the difficulty of mining are rising too. But if you take a closer look, you will find something unusual. The difficulty is growing a bit faster than the hash rate. Usually, both grow in parallel, or the hash rate hurries ahead. It happens in all cryptocurrencies that the cryptographic riddles the miners have to solve to find a block are becoming more difficult when the miners invest more power. If they would not, neither the interval between the blocks nor the generation rate of new coins would be stable. Without an adjustment of the difficulty to the hash rate, every cryptocurrency would suffer from runaway inflation. In Ethereum , however, this balance is slowly falling apart. The difficulty is growing stronger than the hash rate. The result is that the system is slowing down. While until now there has been a block every 14 seconds, it has become 15 seconds during April. That is not much, but is significant growth. At the same time, the daily rate of newly generated ether is falling. In January and February, the miners created roughly 30,000 ether each day. At the time of writing, this rate has been reduced to 27,500. If the blocks arrive more slowly, less ether are generated. Thats easy to get. Right now the impact of the difficulty bomb is little and not harmful. You might see it in the charts, but there is zero effect on the usability of Et Continue reading >>
What Is The Ethereum Ice Age?
Ethereum is currently a Proof of Work cryptocurrency, meaning that computational power is needed, not only to produce new coinsbut to process transactions and to keep the entire ecosystem moving. In order to ensure the system is scalable and decentralized, Ethereum plans to move to a Proof of Stake protocol where a lot lesscomputational power is required and miners can earn rewards according to their balance. The Ethereum Foundation is still working on the Proof of Stake protocol, Casper. Since Casper is not finished and it's not contained in the release version of Ethereum a hard-fork might be required to implement this change. An hard-fork creates an incompatibility between the previous version and the latest, there is always the possibility to create a "split" that result in two blockchains, like Ethereum Classic , did on the 1920000th block, after the hard-fork to refund The DAO token holders took place . In order to ensure such event doesn't take place (although it did already) and to give themselves a time-frame to finish Casper (making the community aware of the introduction of a hard fork within that time-frame), a Difficulty Time Bomb, is also known as Ice Age was implemented in Ethereum. The Ethereum Ice Age is a difficulty adjustment scheme that was put in place to ensure that everyone has an incentive to move to the new blockchain once the hard-fork is implemented. It was introduced on the 7th of September (2015-09-07), about 11 months ago and it's programmed to raise difficulty exponentially. It's impossible for miners to keep up with the increase of difficulty which would raise block time and it would make the blockchain freeze, hencethe name Ice Age. The key part is the calculation for the increase in difficulty is Math.pow(2,Math.floor(block.number / 10 Continue reading >>
Eth Has Activated The Difficulty Bomb - On The Way To Freeze -> Pos
ETH has activated the difficulty bomb - on the way to freeze -> POS Etherium has activated the difficulty bomb on the way to POS (will affect all cards/miners). Maybe you can read about it here (german): This, btw. is also the reason, why ETH will never take the place of BTC ^^ Maybe you can take a translator, charts dont need translation, if some people give a small donation (BTC 3G9YceFNne4B1UUsinKFDP5bb8gmbtHgYW), All the information about the difficulty bomb should also be available in other locations (search for it !). Why is this exciting? Is there anything new in this post? I attached the Google Translated version: Posted on 30. May 2017 by Christoph Bergmann // 24 Comments Sailing on Ice. Picture of Simon Matzinger via flickr.com. License: Creative Commons Ethereum sails into the ice age: The Difficulty bomb begins to make itself felt by the miners needing more and more to find new blocks. This ride into the ice age should help to master the transition to Proof of Stake. The Difficulty Bomb of Ethereum is barely visible. Since the beginning of the year, the price of the second-most important crypto diet has been rising steadily, and with it also the Hashrate of the Miner as well as, naturally, also the Difficulty. If one looks closely, however, one can see that the Difficulty increases a bit faster than the Hashrates. Actually, both should run synchronously or the Hashrate should the Difficulty advance. Increase of Hashrate and Difficulty superimposed. In less full blue is the Difficulty, which decouples over time from the Hashrate. Source of the chart: Creative Commons It is normal that the difficulty of the cryptographic puzzles that the miners have to solve increases with the computational force that they pump into the network. This is so with every crypto d Continue reading >>
Why Did Ethereum Difficulty Spike Recently?
Why did Ethereum difficulty spike recently? Three days ago I noticed a serious drop in my mining income and went to do some research. All I could find is this chart showing some huge jump in mining difficulty which explains reduced income. Initially, I thought that it was connected with the rise of $ but that doesn't cover it. Does anyone know why did the difficulty increase so much? When is the block time increase happening? Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a transaction fee. Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. very nice and detailed explanation...not! Hey, just put Difficulty bomb ETH on google Everyone already know about this, sorry if I don't have time to explain If you are mining, you have to be informed about this kind of stuff or you'll lose money I will try to explain it as simple as I can , Difficulty bomb is a way to increase the difficulty of mining at a point it will become impossible to keep up with it ( They call it Ice Age ) , Why they doing it ? It is because when casper get implemented ( POS ) there gonna be hard fork and that Ice Age era will prevent people from staying in the original ETH network so basically it is to force people to adopt POS ( casper ) . This is just the simple way to explain it it might not be accurate in term of tech. You should read about it your self ( Google search real easy ! ) if you want things in details ! very nice and detailed explanation...not! Hey, just put Difficulty bomb ETH on google Everyone already Continue reading >>
Ethereum May Reduce Mining Reward And Inflation By 40%
Ethereum May Reduce Mining Reward and Inflation by 40% Ethereum developers are considering splitting the next big upgrade, Metropolis, into two hardforks, with the first hardfork expected sometime in September. That hardfork may reduce mining reward, and thus inflation, by around 40%, from 5 eth per block to 3 eth per block, while at the same time delaying what is called a difficulty bomb as Casper is not yet quite ready. The difficulty bomb is an automatic increase of ethereums mining difficult which has the effect of increasing block times withHudson Jameson, an ethereum developer, estimating they would rise to 45 second per block by November from what used to be around 15 seconds. That difficulty/time bomb was place in there to give miners no choice during the Proof of Stake upgrade known as Casper, but that has apparently been delayed. As such, the developers are proposing that the difficult bomb is delayed too, but to keep mining reward somewhat in line with what it would have been had the difficulty bomb proceeded, they are proposing to reduce block rewards from 5 to 3. The proposal appears popular, not least because if demand remains the same then a reduced supply may lead to a price increase, but some are concerned about the interference with fundamental parameters. Moreover, miners will need to upgrade and if they fail to do so it may lead to another chain-split. But if the proposal is indeed popular, then most eth users will probably value the reduced block reward chain higher. In any event, as a price rise to compensate for the reduced supply should be expected, it may be the case that miners are not actually affected by the change. Which raises the question of why do it at all, with the main reason appearing to be concerns over an increased miners power due Continue reading >>