Ethereum developers delay the “Difficulty bomb,” a crucial step leading up to the Merge upgrade.

Developers of the Ethereum network have decided to delay the “Difficulty bomb,” an important step leading up to the highly anticipated Merge upgrade for the Layer 1 blockchain.

They set off for another two months to “Make sure we check all the numbers before choosing the exact delay and deploy time,” according to lead developer Tim Beiko in a June 11 tweet.

The difficulty bomb is a measure to reduce ETH mining incentives as the network shifts from proof-of-work (PoW) is proof-of-stake (PoS).

This greatly increases the difficulty for miners to verify transactions on the network. and will ultimately reduce profitability for PoW miners, where the difficulty bomb isNetwork features thatAdded to the code in 2016 the map will be changed to the Consensus Layer (formerly ETH 2.0).

Switching to PoS will reduceEthereum Network Power Requirements up to 99.9% according to estimates Other PoS networks such as Polygon and Fantom Opera require very little power compared to other PoW networks.

Although Beiko did not mention this, slowing the difficulty bomb could lead to additional delays for Merge itself, which is expected in August 2022.

The Ropsten testnet on Ethereum just completed its PoS merge on June 9.The developer is called “It’s a rehearsal” before the real thing.

Ethereum adoption continues to grow

Despite the continued downtrend in the crypto market, the Ethereum user base remains strong.transactionDaily on the network is also more than a million entries.

Daily transactions on Ethereum since 2015.
Daily transactions on Ethereum since 2015.

number ofatThe uniqueness continues to increase dramatically every month. There has been no slowdown in the number of new unique wallets since the first increase in December 2017, and there are now approximately 198 million unique wallets on Ethereum, a 14.5-fold increase since December 7, 2017.

refer : LINK

The post Ethereum developers slow down the “Difficulty bomb,” a key step leading up to the Merge upgrade, before it appeared first on Bitcoin Addict.

source site