EthereumPOW hard fork developers said they had eliminated the so-called difficulty bomb.
The impending merging of Ethereum will alter the blockchain’s transaction verification method, outsourcing the duty to validators rather than miners to minimise the blockchain’s energy consumption. This distribution of ETH gets ‘frozen,’ and the validation of transactions is assigned to the person who has staked the most number of tokens, rather than the user with the highest processing power.
Ethereum’s creators have planted a “difficulty bomb” in the network’s code to discourage miners from contributing to the proof-of-work blockchain as the switch approaches.
Although the shift helps the larger objective of decreasing the network’s energy usage, it may make the costly mining equipment obsolete.
The creators of EthereumPoW feel that while their goal is challenging, it is achievable. The organisation says in a letter that it has already overcome significant obstacles, such as “disarming” the difficulty bomb and establishing a testnet.
The Twitterverse replied with jokes to the group’s description of its latest hard fork as “inevitable.” The co-founder of EthHub announced through Twitter that the blockchain would self-destruct. Other sceptics, including supporters of Ethereum Classic, cautioned the EthereumPOW developers that the project would fail.
Chandler Guo, a Chinese miner, said earlier this month that a Chinese mining equipment manufacturer had recruited him to develop a new PoW fork. Reportedly, Guo, who resides in San Francisco, has sixty people working on their fork. Guo said that he expects the new blockchain to generate new tokens. While the planned integration may alter the pattern of ETH token production, no additional tokens will be produced.
The previous week, Buterin said in a webinar that additional forks will not disrupt the merging and that the Ethereum Classic community still had a better product in keeping with their principles.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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