Ethereum update Constantinople will reduce the reward of the miners by 33%

0
Ethereum update Constantinople will reduce the reward of the miners by 33%
Ethereum update Constantinople will reduce the reward of the miners by 33%

Ethereum is testing a network update that includes code optimization, improved scaling, pricing, data processing, and a reduction in the award of miners to 2 ETH.

August 31, was completed the development of a new package of system-wide updates Constantinople, which is actually a hardfork. It consists of five proposals for improving the Ethereum (EIP). Most of them are aimed at improving the quality of the platform and helping developers of smart contracts and applications, but for ordinary users, they will be almost insensible.

Get The Latest Cryptocurrency News First - Join Us In Telegram

However, the most controversial EIP 1234 will have a huge impact on the economic component of the ecosystem. This proposal provides for a reduction in reward miners for block closure from 3 to 2 ETH. In addition to reducing the profitability of production by 33%, it is planned to gradually increase the complexity of mining, which is planned to stretch for a year.

These steps are taken in order to prepare the platform for the transition to the consensus algorithm (PoS). The community of miners very negatively perceived such a decision of the developers, but investors and experts believe that the update will help to increase the rate of the ETH and simultaneously slow the process of its depreciation due to unlimited emissions.

The preliminary release date is called October 8, but the testing and refinement process may be delayed. Therefore, the hardfork can be moved to November or even further. Those who do not support the upgrade will continue to work in the old blockchain of the project.