Ethereum (ETH) Developers Cut Block Rewards By 33% to Delay ‘Difficulty Bomb’
On Friday, a group of 14 Ethereum developers spoke on a video call and agreed to support EIP 1234. A proposal that is expected to change how much ether enters the cryptocurrency economy. That proposal, if enacted, would reduce new Ether (ETH) emissions from 3 ETH per block to 2 ETH per block.
The developers agreed to delay the “Difficulty Bomb” by agreeing to include the code for such a change into the upcoming Constantinople hard fork.
Constantinople is designed to increase efficiency and lower transaction fees on the blockchain. It’s a protocol upgrade that seeks to smooth the transition from a Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS).
According to the post:
“This EIP proposes to delay the difficulty bomb for approximately one and a half year and to reduce the block rewards with the Constantinople fork, the second part of the Metropolis fork.”
The developers present at the meeting also agreed that the difficulty bomb should be delayed for a 12-month period. Another hard fork will be released eight months from the Constantinople upgrade, developers agreed.
With EIP-1234 in place, here are updated Ethereum issuance numbers in 2019.
In summary, a lot of unnecessary selling pressure is now out of the market and inflation is around 4.7%. pic.twitter.com/DbHFUWZhza
— Eric Conner (@econoar) August 31, 2018
Speaking in the meeting, Casper developer for the Ethereum Foundation Danny Ryan echoed this point, stating that because issuance is likely to drop considerably in an upcoming upgrade that will find Ethereum making a dramatic changes in how the network is secured, a decision in the interim should be seen as “incremental compromises until we get to the vision.”
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