While the transition to proof of stake is supposed to happen soon for the Ethereum blockchain, the “difficulty bomb” has been delayed again. This inevitably leads to an extension of the time for the merger (The Merge) to take place.
The 2 month delayed difficulty bomb
After meeting on Friday, the core developers of the Ethereum blockchain decided to to delay what is called the “difficulty bomb”. This is a essential element in the network’s transition from proof of work (PoW) to proof of stake (PoS).
The difficulty bomb was incorporated into Ethereum’s code in 2016 in order to force miners to accept network update. Last week, the Ropsten testnet officially went under proof-of-stake consensus. It was a ” first dress rehearsal for the merger according to Ethereum core developers.
After discussing a number of bugs revealed by the test merge, the developers offer of delay the difficulty bomb to august 2022. This one has already been delayed five times.
Lead Ethereum developer Tim Beiko confirmed this in a tweet posted on Friday:
In short, we agreed to the bomb delay. We were already over time, and want to be sure that we sanity check all the numbers before selecting an exact delay and deployment time, but we are aiming for a ~2 month delay, and for the upgrade to go live late June.
—Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) June 10, 2022
This delay inevitably leads an extension of the deadline for the merger to take place.
Ben Edgingtonanother Ethereum lead developer, claimed in a tweet thathe sincerely hoped that the merger would not be delayed.
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What is the Difficulty Bomb?
The Ethereum Blockchainwith its main cryptocurrency Ether (ETH), will migrate from a model of proof of work (PoW) to a model of proof of stake (PoS) which should make the blockchain much more efficient and less energy consuming. This migration is called “The Merge”.
This blockchain is currently powered by miners who use remote computers to solve complex mathematical problems in order to record and verify transactionsjust like on the Bitcoin blockchain.
After the infamous merger, miners will instead stake cryptocurrencies to confirm transactions, and there are fears that some miners may reject proof of stake.
This update to Proof of Stake should drastically reduce energy consumption of the blockchain.
Ethereum price drops sharply
Ether is the second cryptocurrency in terms of market capitalization, behind the famous Bitcoin (BTC).
Ether cryptocurrency price experienced a sharp drop in the last 24 hours after the announcement of this news and against the backdrop of a decline in the entire cryptocurrency market.
According to data from Coingecko, the price of ETH is down by -32% over 7 daysand -12% over the last 24 hours. She is trading now below $1,300.
ETH is now down 70% from its all-time high of $4,891.70 in November 2021.
👉 More info: Bitcoin (BTC) and Ether (ETH) on the way to another fall?
Source : Twitter
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