According to recent reports, the Ethereum (ETH) Blockchain is being affected by the “difficulty bomb” a fragment of coded embedded in the network. This month’s hard fork is expected to push the effects of the difficulty bomb further into the future.
The code was created as an incentive for miners and developers to help them manage the transition from the PoW to PoS consensus algorithm.
Ethereum (ETH) Price Today – ETH / USD
The bomb started to “go off” last December after it was delayed in June 2017 and October 2017. The impacts of the code are slowly starting to become more noticeable on the network.
Ethereum (ETH) Saw its Lowest Block Reward Issuance at 13,131 ETH This Monday
As per data provided by Etherscan a Blockchain analytics site, Ethereum saw its lowest daily block reward issuance this Monday at 13,131 ETH. This looks bad in comparison to what was attained in mid-November above 20,000 ETH.
Etherscan data shows a clear decline in the block production since December of 2018. This is presently below 4,500 blocks per day.
Afri Schoedon who serves as the release manager for Ethereum’s client Parity, believes if left unchecked, it could take up to two to three months for the difficulty bomb to bring Ethereum (ETH) to new record-lows.
Before that occurs, the bomb is expected to be delayed once more for 12 months due to the Constantinople system-wide upgrade.
Constantinople will stabilize the average block count to about 5,700 blocks per day and reduce the block time creation to 15 seconds, Schoedon remarked.
Schoedon expressed exasperation about the need to tackle the effects of the difficulty bomb.
Now is the Time
Schoedan also talked about the the transition to a PoS consensus which is likely not going to occur in this year or even the next year.
Following this point, the founder of Ethereum information website ETHHub, Eric Conner told CoinDesk that, the positive effects of the difficulty bomb is not the same as it once was.
On the other hand, however, some developers, continue to regard the difficulty bomb as a tool that plays a significant role in the evolution of the Ethereum network.
The Difficulty Bomb Effect is a Blast From the Past
In the case of the difficulty bomb included Byzantium’s upgrade in 2017, users had to face record low block counts. Mining difficulty levels increased by a factor of two because of the bomb. As a result, during the months preceding Byzantium upgrade in October 2017 the average block times on Ethereum (ETH) reached record highs of 30 seconds per block.
This time, there may not be any further impacts on the Ethereum (ETH) network by the difficulty bomb, considering the fact that Constantinople will occur before the next uptick in mining difficulty when it reaches block 7,300,000.
After the Constantinople upgrade has been initiated, Ethereum (ETH) will face an additional reduction of block reward issuance. The reduction “thirdening” was installed to mitigate the effects of inflation on the Ethereum (ETH) network. In any case, the projected pattern for issuance is highly dependent on the activation of Constantinople and the Serenity upgrades in the next two or three years. A testnet is scheduled for the initial phases of the Serenity protocol in March this year.