A phone call could affect the future of Ethereum – And it's happening today



Miners, investors, developers and more.

This is a summary of the heterogeneous series of stakeholders who will be present at an upcoming call for developers, according to the communications officer of the Ethereum Hudson Jameson Foundation. The live streaming meeting will be held at 14:00 UTC on Friday and aims to address some of the most challenging questions from the platform before its system-level update in October.

As part of this update, there are several non-proposals for contagious Etna improvement (EIP) already ready for testing, but also others that have provoked controversy

In particular, three concepts – the difficulty bomb, the Issue of ether and ASIC resistance – are at the center of the debate, since everyone could have a lasting impact on how the blockchain works. For example, these code proposals could alter the regularity of updates to ethereum, change the economic policy of the network and prevent specialized hardware from mining on the blockchain.

As such, the main developers who usually attend meetings have called for a larger group of voices, namely miners and ether investors, to discuss a way forward.

"There is a strong community feeling about the delay bomb, to reduce the reward of the block and to introduce changes to the hashing algorithm, however, it is not clear how we proceed from here," he said to CoinDesk, director of communications from the ethereum software provider Parity Technologies, Afri Schoedon.

In the rush to the meeting, the debate has developed on social media, with many of the platform stakeholders having incompatible views. And because the result will have a conflicting impact on the stakeholders, Jameson has invited a number of people to the call to give their position on the proposals.

"We have several miners, including almost 50% of the hashing ethereum power (46%) or who participate in the call or make statements that will be read during the call," Jameson said.

He told CoinDesk:

"Our goal was to have a variety of voices working together on this theme."

Investors

Adding urgency to the current discussion is the so-called "difficulty bomb": a piece of code stuck in the platform that makes its blocks consistently less efficient for my time.

Because delaying the bomb also has an impact on the issue, there are a total of six conflicting proposals, each of which offers slightly different methods to move forward.

Two proposals on Friday's meeting try to reduce the issue – something that some ether holders think is too high. (Currently, the inflation rate is set at 3 ETH per block – down from the 5th ETH since last October.)

While there are a myriad of ethereum investors who still have to publicly comment on the issue, several Investors have adopted social media to demand a reduction in the issuance of the ethereum, arguing that the current rate of inflation is an unnecessarily high tax on cryptocurrency holders.

For example, some indicate a quotation attributed to the creator of ethereum Vitalik Buterin in 2017 which states: "In the near future, the offer will not far exceed 100 million", a figure that has now been exceeded .

Others go so far as to blame the rate of inflation as the reason for the decline in market value of the ether, which hit a low of 2018 below $ 300 at the start of this month.

"The ether emission is wildly as far as it should be", wrote a user.

Again, because it decreases the amount of ether miners are assigned to my blocks, there is a danger that too much emission reductions are detrimental to miners, forcing them to move their equipment to a & # 39 other network.

Miners

That said, some argue that despite the high issue, miners who rely on general-purpose hardware are already suffering.

"Right now there is virtually zero profit for normal GPU miners," a user said on Github.

As detailed by CoinDesk, while ethereum was previously thought of as GPU-compatible and ASIC-resistant cryptocurrency, specialized mining chips are available for use on the network since March. The main supporters of GPU extraction argue that efforts should be made immediately to remove the hardware from the platform.

In recent months, questions about ASIC resistance have largely fallen, but questions about the difficulty bomb tweaking and underlying issue model have triggered the reactivation of the arguments. This is because supporters say that a reduction in emissions could push the last miners of the GPU out of the network, who are already competing against a growing hashrate.

Several stakeholders are aiming for a proposal called EIP 1057 as a method for ASIC resistance, which uses a randomized, ASIC-resistant job testing algorithm originally designed for monero to remain resilient against ASIC hardware manufacturers .

Speaking to CoinDesk, Peter Pratscher, founder and CEO of Ethermine, an ethereal mining pool, said that among the miners of the company, the issue of resistant ASIC eclipses all other concerns.

"We have reached our miners and from their response, it is clear that the most important point for them is to include a change [proof-of-work] into obsolescence ASIC," said Pratscher, adding that the attitude around issue is "a little bit ambivalent".

However, it is a question that has been shown to be divisive, with some users who have hired Reddit "It is not the answer", and could affect valuable time for developers during the trial period.

Developers

Of all the parties involved in the platform, developers are perhaps the most difficult to define – especially if you avoid taking sides in polarized debates, preferring instead to concentrate on delivering the code.

However, among this group, there is a general tendency to be less interested in the issue of issuance – partly because there is an attitude that the high valuation of the issue. ether reduces its usefulness to the inside of the platform.

For many ethereum developers, for example, the issue of ASIC resistance also has an important ideological importance, as it relates to the basic decentralization of the network – and therefore to its ability to resist attack.

Others maintain the reverse position, believing that by increasing the cost of attack on the network – the ASICs are comparatively much more expensive than the GPUs – the hardware is good for

That said, there is a topic which remains of particular interest to developers – the difficulty bomb

"Delaying the bomb is the easiest part, everyone agrees that we should do it," Schoedon told CoinDesk [19659002] And although it is true that the consensus is roughly that the bomb should be postponed, there is some disagreement about whether to completely remove its code or keep it embedded in the software. Since it was installed to prepare the network for editing the game test, some argue that it is now irrelevant given the delay in the timing of the change for execution.

Still, others believe that he developed a completely new function – forcing ethereum to meet and find consensus on complicated problems, just like these.

Speaking of this, because of the difficulty of the bomb, the main developer Nick Johnson told CoinDesk:

"People are welcome with the status quo, but they have to make an affirmative decision to do it, rather than leaving that the inertia do the work for them. "

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