The developers of the Ethereum platform are trying to achieve a balance in a tug of war between the miner and the developer community regarding the upcoming changes.
Last July, CoinSpeaker reported that the developers of Ethereum worked on a system-wide update for their blockchain network. The next Constantinople hard-fork is ready to solve problems of efficiency and scalability of the network. However, the implementation of a system-wide update is certainly not a walk, as developers have to overcome major problems of coordination difficulties and ensure that the newly implemented code works properly.
How Constantinople 's forks are expected to arrive In October 2018, developers are facing a major challenge to strike a balance between the various stakeholders in the network. Another major challenge facing the developers of Ethereum is the "difficulty bomb" that prepares to reactivate at the beginning of 2019.
The "difficulty bomb" was originally added to the Ethereum network for bring a change in consensus among the participants of the Ethereum blockchain, from a proof of work algorithm to a proof-of-stake algorithm. Any kind of abandonment in dealing with the "difficulty bomb" could push the mining difficulty to such high levels in which transactions can not be processed, ultimately pushing the Ethereum network into oblivion. The Ethereum network is currently under pressure to update its code before it hits the bomb
Currently, four Ethereum enhancement protocols (EIP) are under discussion. Many are arguing that the updating of Constantinople will reduce the benefits of miners in delaying the trouble bomb. On the other hand, the miners warned that a considerable cut in the reward structure could also have an impact on network security, as more miners would shift their attention to other digital currencies.
Which series of EIPs to include in the upcoming Constantinople hard fork will be discussed by developers in today's developer meeting.
Balancing the law to preserve the Ethereum Network Sanctity
Three of the four EIPs – EIP 145, EIP 1014 and EIP 1052 – are absolutely uncontroversial and try to achieve improvements in terms of scalability, flexibility and speed of contract verification. However, it is the EIP 1295 protocol that has sparked debate among the main stakeholders in the network.
Brian Venturo, CTO of a mining startup named Atlantic Crypto, recently said that "the security of the Ethereum network is not something to compromise". He supported EIP 1295 as the only protocol that did not lower network security. The EIP 1295 proposal does not reduce emissions, but reduces the amount of Ether awarded to miners.
In one word with CoinDesk, Venturo said: "If you reduce the block's reward, you will get a large percentage of hardware," which could easily become available for attacks in the event that premiums for malicious services increase. However, Venturo's comments were frowned upon by the Spencer Noon fund manager who tweeted:
I completely lack support for EIP 1295 and question the motif of its author (Atlantic Crypto Corp).
ACC is a mining company managed by former hedge funders. This has nothing to do with "network security" – a reduction in the reward of the blocks would damage their bottom line. https://t.co/rvihmS01d1
– Spencer Noon 🕛 (@spencernoon) 24 August 2018
While miners reject the proposed reduction of emission, merchants, d & # 39; on the other hand, they point to the drastically falling prices of the Ether token and therefore required some specific measures to preserve its value by limiting the emission.
Eric Conner, an Ethereum trader, made a comparison between the existing Bitcoin issuance rate and the Ethereum issuance rate. Conner said that if the reduction of the emission of Ethereum is reduced to 2 token ETH, it is still above the existing emission rate of Bitcoin. Conner said this is necessary to preserve the value of the network. Juggling the miners' requests, Conner recently tweeted:
4 / This is not a shock given the high ETH inflation rate of ~ 7.5%. Due to delays in Proof of Stake, this has pushed more than 100,000,000 of Ethereum's total ether and must be resolved immediately.
Fun fact! Over the past 365 days, the Ethereum network has paid $ 6.6 billion to miners. pic.twitter.com/KRUuLHqKyb
– Eric Conner (@econoar) 27 August 2018
Casper developer Danny Ryan, recently supported Conner's views at a developer meeting , stating that 2 The reduction of ETH to the issue is like a "reasonable compromise" while balancing the interests of both communities, traders and miner. He also pointed out that, considering the fact that the miners of the GPU are facing difficulties in competing with the ASICs, changing the test of work and removing the hardware from the platform would be another "reasonable compromise".
It remains to be seen what will be the result of today's meeting and how the developers will further push the progress of the Forcella di Costantinopoli.