Tech

“Best Thing” for Testnet; Miners. Investors Clash over ETH Proposal

A new proposal by Ethereum is facing criticism from the miner’s community, as miners suggest to be more focused on making money than the security. An editor said “best thing” was a bug that infected Medalla Testnet. The proposal has 75% reduction in block rewards to miners to lower the inflation rate and improvement in all investments of ETH holders. This proposal is called EIP-2878. The proposal might reduce inflation of ETH down from right now at 2 ETH per block mined, to 0.5 ETH per block as per source. This may affect security of the network by 51% of attacks, says the critics.

Tim Beiko, the product manager at PegaSys says, an identified GPU miner said they don’t agree with the proposal “till ASIC is removed from the network with a algo change” as ASIC’s is more profitable as compared to GPU. Reduction in block rewards without an algo change may affect GPU, resulting in ASIC a great controlling network. Ethereum’s inflation rate closer to bitcoin (BTC) should be one of the priorities that the community needs to take. Visit Official site if you want to invest in bitcoins

Beiko also talks about how to reduce the chances of attacks and how to “keep a great set of deals for miners” on the network. Security should be the main point. Ethereum’s Constantinople upgrade in 2019 changed the network’s block reward from 3 to 2 ETH per block is the current proposal by ConsenSys managing director John Lilic, and the global head of client success at Ledger, Jerome de Tychey.

Medalla Testnet bug will not delay ETH 2.0

Medalla testnet for Ethereum 2.0 is facing difficulties right now. On August 14 a bug affecting one server on the network reported time and date took most networks of the validators offline. Some of the members of Bitcoin SV (BSV), claimed that the event would set the launch of Ethereum 2.0 back by a period of time and this led to some Ethereum’s critics.

The bug is “the best thing to happen to a testnet” as it will help to fix the problems before the mainnet launches, says Rahul Jordan of Ethereum development firm Prymatic Labs. Medalla launched ETH 2.0 on August 4 before Phase 0 (the beacon chain). The tesnet has raised by 30% in active and staked ETH during its first week, and was a smart yet successful step taken by Ethereum developers.

ETH is also trying their best to hold a position in the cryptocurrency market by introducing digital payment offers. Yet now it has become the second largest cryptocurrency company and is looking forward to introducing more and more new offers for the users to give benefit in every transaction.

November could be a great time to launch Phase 0 and maybe no issues could be probably seen, also 2021 was mentioned on the internet said Afri Schoedon, release manager at blockchain infrastructure company parity Technologies.

ETH was unchanged in the past 24 hours and the price was at 408 per coin. However, the price went down 4% for the week. Yesterday warning that selling pressure could continue for the asset and with on-chain analytics firm sentiment.

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Published by
Barry Lachey

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