ethereum - Ethereum's October Upgrade Is Dividing The Ecosystem

Ethereum’s October Upgrade Is Dividing The Ecosystem

Ethereum’s October Upgrade Is Dividing The Ecosystem

Ethereum has revealed more information on its network upgrade called Constantinople. The upgrade is scheduled for October, and the community is already abuzz about potential future problems. Specifically, the upgrade involves establishing a balance among ‘diverse stakeholders.’

Ethereum’s Constantinople Upgrade

Ethereum will also activate another important piece of code. Apparently, this code would worsen the situation related to the reduced block times. This is called ‘difficulty bomb.’ If the network does not take any measure against this problem, problems will persist into the future

Ethereum is experiencing a domino effect. If the so-called ‘difficulty bomb’ is not stopped and deactivated, miners will get a reduced cut. This would clearly create an unstable network.

As Coin Desk explains, there are three improvement proposals (EIPs) on the Ethereum network that are going to be considered during the hard fork. We are talking about EIP 145, EIP 1014, and EIP 1052. Apparently, these EIPs would be integrated into the code, increasing flexibility, scalability, and speed.

Stakeholders Divided

Several Ethereum stakeholders expressed their concern about these changes.

Brian Venturo, CTO of a recognized mining firm, proposed the EIP 1295. He believes that this is the only factor that would protect the network security. Moreover, he mentioned on the matter:

“Pricing out a large proportion of hardware […] such hardware might instead become available for attacks.”

There is currently no overarching consensus. Vitalik Buterin, Ethereum’s founder, does not support the EIP 1295. But this is not the only important figure in the market against this proposal. One fund manager, Spencer Noon, does not believe in the positive effects of these changes on network security.

Danny Ryan, a Casper developer, said that reducing the block reward to 2 ETH is a balanced and reasonable decision.

Ethereum’s changes and upgrades are very important for the virtual currency market. There is a possibility to experience a chain split as well. This would happen if some nodes decide to run a distinctive software. This has already happened in the past with the hard fork with Ethereum Classic (ETC).

Ethereum researcher, Andrew Bradley, commented:

“Reducing the likelihood of stale chains being picked up with little effort and sustained by exchanges or precarious particles without real development support.”

At the moment of writing, Ethereum is being traded close to $293 dollars, according to CoinMarketCap. Its market capitalization is $29.8 billion dollars.

 

Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

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