According to official reports, the Ethereum Classic By executing a well-planned fork at block 5,899,999, Ethereum Classic has neutralized the difficulty bomb. This significant move opens up discussions on what the difficulty bomb was and the prospects for the future of ETC, which today's piece will explore.
What was the Difficulty Bomb?
Referred to as 'the bomb', the difficulty bomb was embedded in Ethereum's original code to intentionally and drastically increase mining difficulty, leading to a halt known as the ice age. While this may initially seem detrimental, the ice age concept was strategically designed by Ethereum's developers for a specific purpose.
Introduced during Ethereum's launch in 2015, the difficulty bomb aimed at compelling the Ethereum Foundation and developers to transition the network from proof-of-work consensus to a new model. This necessity paved the way for Casper, which represents Ethereum's effort to evolve. official blog post Vinay Gupta explained how the difficulty bomb was utilized to ensure the switchover to a new network version. into proof-of-stake .
Ethereum Classic differentiates itself from its predecessor by steadfastly embracing PoW, whereas Ethereum has always aimed to transition away from it.
Ethereum Classic remains committed to the Proof-of-Work consensus mechanism.
Ethereum Classic developers anticipate that by maintaining dedication to PoW, they could capture a large share of the mining hash rate currently directed at Ethereum, especially after the recent introduction of Ethash-compatible ASICs.
With the advent of new Ethash-compatible ASIC miners earlier this year, Ethereum Classic can expect these devices to mine ETC, potentially boosting network speed and security. Some even argue ASIC mining can uplift coin prices, though it isn't always guaranteed. released by Bitmain Anthony Lusardi, leading ETC Cooperative, voiced the team's position against any resistance efforts.
The belief among developers is that resisting changes would not only be pointless but possibly harmful to the community. has stated The ETC Cooperative, through Twitter, confirmed the fork's success, a move primarily meant to reconfigure Ethereum Classic by eliminating the difficulty bomb. This development ensures mining proceeds normally and aligns with ECIP-1041's strategic plans. ASIC mining Shortly after the fork, notable improvements in block times were reported by the ETC Cooperative, down from 22 seconds to 14, alongside an increase in network hash rate.
The Bomb has been Disarmed
Hooray! Successful fork! pic.twitter.com/WADjZcplIo
— ETC Cooperative (@ETCCooperative) May 29, 2018
Success achieved! A major part of the mining power, 99%, has upgraded seamlessly.
Block time has impressively accelerated; they've reduced from 22 to 14 seconds.
Hashrate has surged from 5 TH/s to 8 TH/s, bolstering network security.
The value of ETC tokens has generally been in decline since last year's substantial surge. While they once peaked at $36.42, they're now stable between $13 and $15, significantly higher than their usual post-fork range of $1 to $2. Recent developments haven't dramatically impacted prices.
ETC's monthly price movement showcased by coinmarketcap.com https://t.co/vYuyzgVQ10
— ETC Cooperative (@ETCCooperative) May 30, 2018
With the difficulty bomb out of contention, Ethereum Classic developers are now turning their attention towards implementing their latest virtual machine, Sputnik, and enhancing sidechain support. These sidechains, running alongside the main blockchain, could introduce advantages like data mutability, appealing to corporations mindful of privacy.
The Ethereum Classic Summit, scheduled for its second year, will take place in South Korea this September. Although post-fork prices haven't fluctuated significantly, this stability might indicate strong ETC holder confidence.
What’s next for ETC?
Robert, the News Editor at Blockonomi, is passionate about a future digital economy defined by freedom, privacy, and independence, having immersed himself in cryptocurrency for years. Reach him at Robert@level-up-casino-app.com.
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