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Ethereum [ETH]’s hard fork Constantinople to hit the Testnet soon, says a community member

Priyamvada Singh

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Ethereum [ETH]'s hard fork Constantinople to hit the Testnet soon, says a community member
Source: Pixabay

On 15th September, a community member of Ethereum, Eric Conner tweeted about the upcoming hard fork called Constantinople. He wrote that the hard fork is planned to be implemented by the end of October. However, the Testnet will happen much sooner. The Tweet read:

“Ethereum’s Constantinople hard fork will hit the Ropsten testnet October 9th. It will then be implemented on the main chain soon after Devcon 4 (oct30-nov2).”

Recently, the first announcement of the hard fork took place wherein the release date stated to be in the second week of October by the developers. The community claimed that Constantinople will see a cost-friendly Mainnet and will be efficient to use.

In another Tweet, Conner stated that Ethereum is currently generating 7,300,000 ETH per year. However, he believes that the arrival of Constantinople and Proof-of-Stake will pull that number down on a massive scale. He added:

“Constantinople: 4,900,000 ETH a year
PoS: ~1,000,000 ETH a year (likely less)// For ref, total ICO treasuries sit at 3,500,000 ETH”

In a Reddit forum discussing the hard fork, certain EIPs [Ethereum Improvement Proposal] were mentioned, such as Difficulty Bomb delay, Ether issuance reduction, and ASIC resistance.

In the last hard fork of Ethereum known as Byzantium, Difficulty Bomb was delayed to secure the block time of the blockchain. However, this will create a new problem related to Ether issuance. To solve this, the community suggested the reduction of mining reward from 3 to 2, 1 or 0.5 Ether. Furthermore, the post in the forum stated:



“But issuance reduction decreases mining profitability, cutting out smaller miners and favoring ASIC, resulting in centralization and lesser network security. To mitigate this issue ASIC resistance has been proposed to eliminate mining cartels.”

Difficulty Bomb is a term that defines the mining difficulty level wherein the time required to mine one block keeps stretching until a time comes where it is impossible to mine blocks anymore on the Ethereum blockchain.

The user who opened the discussion on Reddit also gave a personal stance on the situation. She stated that it is not a good idea to eliminate Difficulty Bomb. However, delaying it till 30th July 2019 could benefit the blockchain. The comment read:

“I am strongly against eliminating Difficulty Bomb, however I am in favor of delaying it to no later than 30th July 2019. I also think Ethereum is overpaying network security, therefore I support block reward reduction to 1 ETH coupled with implementation of ASIC resistance. If ASIC resistance is rejected, I would like to see community discuss block reward reduction to 1.5 or 2 ETH with block time of 30s.”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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