Another suggestion to reduce the rate of expansion of the Ethereum (ETH) organization is a comparison with an analysis of the mining network, as some diggers recommend that token speculators be more interested in getting cash on their property, than the security of the system. In the meantime, according to one of the leaders, the mistake that spoiled the Medalla test network was the “best way out”.
At the heart of the discussion this time is the proposal known as EIP-2878, which offers a huge 75% reduction in the square prizes for excavators with the ultimate goal of slowing the rate of expansion of the Ethereum system and, thus increase the measured profit for the ETH Holders.
According to the proposal, the reduction would increase ETH from 2 ETH per square to 0.5 ETH per square. However, according to the scientists of the husbands, such an emotional change can reduce the security of the system and even pave the way for possible attacks of 51%.
Speaking about the proposal in the discussion Ethereum Magicians, one client who proved himself as an excavator on the GPU said that it is not for the reduction of the square fee, “except when it includes a change of the algorithm to exclude ASIC from the system”, including:
“Asics are exceptionally efficient compared to graphics processors. Any reduction in the number of rewards without changing the algorithm will result in the removal of the rest of the graphics processors from the system that are used in the ASIC, which controls the system completely”.
Similarly, Pegasys Element Administrator Tim Baiko, a distrustful Pegasys element administrator, has stated that the goal of bringing the Ethereum expansion rate closer to the Bitcoin expansion rate (BTC) should simply be one of many ideas the network should embrace.
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 “save another set of excavators” in the system.
The current offer made by Consensys’ supervisor, John Lilick, and Ledger’s global customer service manager, Jerome de Tihi, was made after how the Ethereum Constantinople update in mid-2019 changed the square compensation of the system from 3 to 2 ETH per square.
Meanwhile, the well-anticipated 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 on August 14, most of the system’s validators were disabled.
The catastrophe led some of Ethereum’s toughest experts, including some from the Bitcoin SV (BSV) Human Group, to ensure that this event delayed sending Ethereum 2.0 for a critical 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 has no inherent effect on the date of dispatch. The Prysmatic Labs group requires the ETH2 shipping schedule to continue 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 date of dispatch has not been set, we accept that the normal direction of dispatch within 2-3 months from the beginning of the work of Medalla is still an ideal schedule”, however the agenda becomes longer and longer.
Medalla, launched on August 4, is the last multi-client testing network before Phase 0 (Beacon Chain) ETH 2.0. As announced a week ago, the testing network demonstrated a 30% increase in the number of dynamic validators and marked ETH during the first week, and was then generally depicted by Ethereum engineers as a triumph.
In addition, it was announced that Afry Shoedon, the head of the Parity Technologies Block Structure Development Division, had estimated that November might be a conceivable time to send phase 0, given that no major problems had been discovered, but mid-2021 was also mentioned elsewhere 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. However, the cost dropped by 4% a week, and yesterday Santiment, a network testing company, warned that weight could be sold further.