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Ethereum Difficulty Bomb – Why ETH Holders Should Care

February 20, 2019

I originally posted this on LinkedIn and CryptoChartist.com.

 

I think it is short enough to post entirely here.

Check it out if you're interested in ETH.

 

Ethereum developers understood the complexity of the difficulty bomb at the forefront. This makes the high degree of blocks happening a lesser probability. The devs have to run hardforks now and then to fix these types of bugs and keep the ecosystem up to date with the latest technical updates.

The difficulty bomb is going to make accessing ETH on the network impossible. After a certain point, everything will stop functioning. What will unfold is roughly 5,500 blocks per day if the block generation time can remain at 15 seconds. If/When this happens it is going to reduce a lot of the burden on Ethereum costs and could also assist in avoiding inflation. The changing will become exponentially more difficult over a very short period of time. As the mining difficulty increase, the amount of time blocks take to generate. The bomb is so dominant that the Ethereum network comes to a grinding halt.

Please see https://etherscan.io/chart/ethersupply There has been a stairstep down in block rewards since December. Also, you can make reference to the ProgPoW voting results over the last 24hr an in totality. 

https://www.etherchain.org/charts/progpow.  

 

Mining will unquestionably be affected and at etherchain.org/charts/TopMiners there is a breakdown of the top mining operations. A potentially inclusive benefit to the mining community would include network complexity decreasing and an increase of involvement potentially with companies like Nvidia/AMD. This would get a lot more eyes on Ethereum. Implementing, executing and running will be the whole other story to watch unfold.

 

I think the difficulty bomb is useful as the goal is to have a sounder ecosystem and a community resistant to change ultimately gets passed by in the end. It's an advantageous component because it encourages a level of social consensus. Adding more participants to a growing field should be a worthwhile mission

 

https://www.linkedin.com/pulse/ethereum-difficulty-bomb-why-eth-holders-should-care-mark-dukas-mba/?published=t

 

http://cryptochartist.com/ethereum-difficulty-bomb-eth-holders-care/
 

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