Another suggestion to reduce the growth rate of the Ethereum (ETH) system is related to the analysis of the mining network, as some diggers recommend that speculators are more interested in getting cash for their property than in the security of the system. In the meantime, according to the proof-reader, the error that had corrupted the Medalla test network was the “best result”.
The focus of the discussion this time is a proposal known as EIP-2878, which proposes a monstrous 75% reduction in compensation squares for diggers with the ultimate goal of reducing the rate of expansion of the Ethereum system and thus increasing the probability of speculation for ETH holders.
According to the proposal, the reduction would result in the extension of ETH from 2 ETH per square to 0.5 ETH per square. As experts point out, however, such an emotional change can reduce the security of the system and even pave the way for possible attacks of 51%.
Looking at the proposal to discuss the Ethereum Magicians, one customer who had proved himself as an excavator on the GPU said that it was not for the reduction of the square fee, “except when it includes a change of the algorithm to exclude the ASIC from the system”, including:
ASIC is extremely profitable compared to graphics processors. Any reduction in quadratic compensations without changing the algorithm will eliminate the rest of the graphics processors from the system, which originated in ASIC, which controls the system completely.
Furthermore, condemning the proposal, Pegasys Point Leader Tim Baiko stated that the goal of bringing the Ethereum growth rate closer to the Bitcoin growth rate (BTC) should simply be one of the many reflections the network must make.
According to Baiko, the fundamental necessity must be the security of the system, including such things as reducing the probability of attack 51% and how to “preserve the heterogeneous arrangement of excavators” in the system.
The current offer made by Consensys’ supervisor, John Lilick, and Ledger’s global head of customer service, Jerome de Tihi, was made after the major renovation of Ethereum in Constantinople in mid-2019, when the square compensation of the system was changed from 3 to 2 ETH per square.
Medalla test network error does not delay ETH 2.0
Meanwhile, the exceptionally expected Medalla test network for Ethereum 2.0 is now facing its own difficulties after an error that affected how one employee in the system announced the time and date, and the vast majority of the system’s validators shut down on August 14.
The setback forced some of Ethereum’s toughest experts, including several from the Bitcoin SV (BSV) Human Group, to ensure that this event would delay the shipment of Ethereum 2.0 for a remarkable period.
In any case, as pointed out by Raoul Jordan of Prysmatic Labs, a firm engaged in the improvement of Ethereum, the error was “the best that could happen to the test network”, because it gives the opportunity to correct the situation before the main network is sent.
Jordan blogged this week about an incident:
“We agree that this event does not affect the date of shipment. The Prysmatic Labs group prescribes a schedule for sending ETH2 without delay. The event at the end of the week was a worthy test for some customers and indeed marked the couple of preconditions in the shipping agenda. Although the dispatch date has not been set, we accept that the normal dispatch focus within 2-3 months from the beginning of the Medalla work is still the ideal course of events”, however the agenda becomes longer.
Medalla, launched on August 4, is the last multi-client testing network before Phase 0 (Beacon Chain) ETH 2.0. As it turned out a week ago, the testing network showed a 30% increase in the number of dynamic validators and marked ETH during its first week, and was then largely portrayed by the Ethereum developers as a triumph.
In addition, as described in detail, Afry Shoedon, an Exit Administrator from the blockchain organization Parity Technologies, has estimated that November may be a conceivable time to send Phase 0, given that no major problems have been detected, But the middle of 2021 was also mentioned somewhere else on the Internet.
At 10:50 World Coordinated Time, the ETH rate had not been changed for the previous 24 hours and was exchanged at $408 for each coin. In any case, the value has dropped by 4% in a week, with Santiment, an online investigative company, yesterday warning that weight sales could continue.