Ethereum (ETH) Is In A Do Or Die Situation Again
- Developers on Ethereum have proposed a hard fork this week.
- Dubbed Muir Glacier, this is going to prepare the network for the dooming Ice Age.
- Ethereums so-called Ice-Age is in reference to the hashing difficulty becoming ever increased in the mining algorithm.
Developers on Ethereum have proposed a hard fork this week. Dubbed Muir Glacier, this is going to prepare the network for the dooming Ice Age, which is set to cause a pretty big slowdown on the mainnet for the Ethereum network.
Typically known as Difficulty Bomb in the community, Ethereums so-called Ice-Age is in reference to the hashing difficulty becoming ever increased in the mining algorithm used to reward miners with Ethereum on its blockchain.
Such coding like this artificially slows everything down. Especially in regards to the production of blocks on the Ethereum blockchain. This then results in functions becoming a deterrent for miners who could end up choosing to further proof of work despite Ethereum transitioning of proof of stake.
One developer on Ethereum, James Hancock wrote that the proposed hard fork would push back the mechanism even further – i.e the Ice Age.
According to Hancock though, the current integration of Ice Age is very confusing and complex, which is very unneeded as to communicate to the community. He continues saying that any updates to the design should be able to ‘model’ the effect on the network in a simple way that is easy to predict when it occurs.
As it stands, the developer does not believe this is the case.
“This fork would give us time to address the community to understand their priorities better as far as the intentions of the Ice Age, and give time for proposals for better mechanisms to achieve those goals.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!