Unrelenting-Rip-Offs-Ethereums-Gambling-Problem-Is-Getting-Out-Of-Hand

Ethereum is an unusual cryptocurrency in that there’s no fixed total supply: a certain amount of ETH is released per block. A new Ethereum Improvement Proposal (EIP), however, could significantly reduce new emissions of ETH.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Coin Market Insights

I will never give away, trade or sell your email address. You can unsubscribe at any time.

On Friday, a group of 14 Ethereum developers spoke on a video call and agreed to support EIP 1234. That proposal, if enacted, would reduce new Ether (ETH) emissions from 3 ETH per block to 2 ETH per block.

Unlike bitcoin, which has a fixed supply of 21 million bitcoins, Ethereum has no fixed total supply. New ETH is emitted as each block is mined. The community has targeted a range of 0.5% to 2% inflation per year. Today, there are over 101 million ETH in circulation.

EIP 1234 is being debated as part of a series of ongoing discussions surrounding Ethereum’s scheduled October upgrade called Constantinople.

Interestingly, this week’s meeting did not include investors and miners, although the meetings from last week did.

The key takeaway from today’s meeting is that Ethereum’s difficulty bomb – a piece of code designed to add time pressure to upgrades – will be delayed for a 12 month period. This difficulty bomb has been one of the more contentious additions to Constantinople’s code.

Developers have also agreed to hold the next Ethereum hard fork 8 months after the October Constantinople upgrade.

Dropping from 3 ETH per block to 2 ETH per block may not seem like a big deal – but it is. That’s a 33% reduction in ETH emissions overnight. It’s like if the inflation rate was suddenly cut in half by one third.

Reducing the ETH block emission to 2 ETH is being called the conservative choice by researchers. The controversial addition doesn’t need to go into the Constantinople upgrade, but it will be revisited after 8 months.

“I think we also need to be conservative with changes and make changes incrementally, and not dictate changes against the will of the community, but apply conservative measures in doing changes but trying to keep with the intent of the community,” said Ethereum security researcher Martin Swende during the call, as reported by CoinDesk.

The move is expected to bring ETH issuance down to the range of 0.5% or 1% per year.

Other upgrades for Constantinople are still being debated. The developers and community have not yet agreed, for example, on an algorithm change that would make Ethereum more ASIC-resistant.

Ethereum is slowly migrating from a GPU-dominated mining ecosystem to an ASIC-dominated mining ecosystem. ASICs are specialized mining hardware. We first saw ASICs for bitcoin, but now companies like Bitmain and other giants are releasing Ethereum ASICs.

In addition to the controversial changes mentioned above, the Constantinople October upgrade for Ethereum will include EIP 145, EIP 1014, EIP 1052, and EIP 1283, none of which are seen as controversial. All of these improvement proposals boost efficiency and scalability on the network.

Theoretically, reducing ETH emissions from 3 ETH to 2 ETH should raise the value of your ETH. It makes your ETH more valuable than it would be if there were 3 ETH emitted per block. This is good news for ETH holders, although it’s unclear if this will change after the 8 month period.

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer

<< LIVE COIN MARKET CAP CRYPTOCURRENCY PRICES CHANGE + VOLUME >>

Coin Market Cap Price Change 24 Hour Volume
BTC $93.06B $5,267.3904 -3.64% $6.29B
ETH $16.42B $155.1489 -5.69% $2.9B
XRP $12.41B $0.2954 -1.99% $515.27M
BCH $4.71B $265.4880 -6.05% $258.17M
LTC $4.47B $72.6320 -2.88% $1.01B
EOS $4.39B $4.6519 -2.90% $1.16B
BNB $3.29B $23.3270 1.77% $168.48M
USDT $2.84B $0.9920 -1.42% $5.97B
XLM $1.89B $0.0991 -4.93% $51.61M
ADA $1.79B $0.0690 -5.71% $79.66M

<< TODAY’S TOP BITCOIN, BLOCKCHAIN AND CRYPTO NEWS HEADLINES >>

10:41 AM BITCOIN CASH Price Prediction Today: Daily (BCH) Value Forecas...
08:02 AM Verge Price Prediction Today: Daily (XVG) Value Forecast - Apr...
07:43 AM Ethereum Price Prediction Today: Daily (ETH) Value Forecast - ...
08:02 AM Dogecoin Price Prediction Today: Daily (DOGE) Value Forecast –...
07:04 AM DASH Price Prediction Today: Daily (DASH) Value Forecast – Apr...
06:42 AM Bitcoin Price Prediction Today: Daily (BTC) Value Forecast - A...
05:32 AM New York Attorney General’s Office Accuses Bitfinex Of Coverin...
12:54 AM Binance Coin Price Reaches An All-Time High After Bottoming in...
12:30 AM Digitex Bitcoin Futures Exchange Set to Launch April 30, Looks...
12:24 AM Iran Makes History with Country's First Ever Bitcoin ATM Setup...
12:17 AM Binance DEX User Beware as New Decentralized Exchange Terms Sa...
12:10 AM “Crypto Assets” Should Be Used, Rather Than “Virtual Currencie...
12:03 AM Messari Founder Goes Inspector Blockchain, Talks About Ripple'...
11:55 PM Analyst Calls Bitcoin the Ultimate “Decentralized” Project, Ar...
11:49 PM ETC Labs Launches EtherNodes Driving Up the Numbers for Ethere...
11:44 PM Bitcoin's April Is Highlight of 2019 So Far, But Are We Near T...
11:37 PM Trustee of Battered and Bruised Mt Gox Exchange Extends Rehabi...
11:31 PM Lenovo Signs Agreement with IBM to Use Blockchain Technology f...
11:20 PM Private Letter Gone Public Leaks with Ethereum-based Project M...
11:15 PM Abra Wallet Founder: Bitcoin (BTC) And Crypto Assets Can be Ex...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

13 − four =