Ethereum Has Successfully Postponed the Launch of the "Difficulty Bomb"

On Thursday evening, two hard forks took place on the Ethereum blockchain. Miners and crypto business supported the proposals of the developers, and ETH continues functioning as a single cryptocurrency.

At about 20:00 (UTC), the Ethereum network produced block number 7,280,000, on which the developers planned to hold two hard forks - Constantinople and St. Petersburg. The community supported the proposed improvements, and the network update was successful.

Constantinople and St. Petersburg are more focused on technical improvements of the Ethereum blockchain and smart contracts. In particular, updates cut the reward for a block mining from 3 to 2 ETH.

Also, Constantinople postpones the launch of the “difficulty bomb”, or as it is also called the “Ethereum Ice Age.” Its primary task is to complicate the mining of Ethereum and encourage blockchain participants to switch from Proof of Work to Proof of Stake.

ETH founder Vitalik Buterin and other cryptocurrency developers have long had plans to switch to a new consensus algorithm. But for now the community is not ready, so the launch of the "difficulty bomb" was postponed for another year.

According to Coinmarketcap, the price of ETH did not react immediately to the news of a successful hard fork. Over the past day, Ethereum fell by 0.70% and is now trading at $136.

1 year ago

Start Weekly Digest

Similar news