Futures Friday: Ethereum’s Ice Age
All you need to know about Ethereum Ice Age, Difficulty Bomb and Hard Forks explained by BTCMEX.
Future of Ethereum by BTCMEX
Every change in a blockchain protocol needs a Hard Fork — an upgrade to the system accepted and performed by miners and node operators. Since 2016 the Ethereum community has gone through a number of Hard Forks on the way to Ethereum Serenity — the 2.0 version of the protocol, which is not fully implemented yet. What to expect from Serenity? Learn with BTCMEX.
Ethereum is the first and the biggest project to switch from Proof of Work to Proof of Stake. No surprises, cryptocurrency enthusiasts are waiting for the implementations to happen and set a new benchmark in the development of blockchain technology.
Ethereum’s Ice Age was introduced to assure the whole community switches to the upgrades by increasing the difficulty of mining. The extensive growth of time and cost spent on mining and expected to be implemented into the current Ethereum network is called the Difficulty Bomb. To put it simply, miners who refuse to upgrade the nodes to 2.0 Proof of Stake version will soon become unprofitable. Read the full article on BTCMEX.
Please note, that the article is a part of BTCMEX Blog, the views and opinions expressed here are the contributing author’s only, and do not necessarily represent the views of the company.
Julia Bulakh for BTCMEX