Ethereum Miners Express Rejection Of Byzantium Economy Controversy …

Ethereum miners express opposition to Byzantium economy

The dispute between developers and Ethereum miners over certain characteristics of the upcoming update, designed to expand the system’s functionality, continues. Writes about this CoinDesk.

The discussion has been going on since at least July. The controversy is caused by the Ethereum EIP 649 improvement protocol, which should reduce the time for mining new blocks of transactions. The point of controversy is the fact that after the launch of the Byzantium update on the Ethereum blockchain, blocks will be issued 10 seconds faster than it is now. However, so that this change does not negatively affect the cryptocurrency rate, the developers decided to lower the reward for miners from 5 ETH to 3 ETH..

The proposed update can be seen as a response to a controversial piece of Ethereum code called difficulty bomb..

The increasing increase in complexity is embedded in the Ethereum code to make mining more resource-demanding over time. But while the code should encourage miners to switch to another network in the event of a fork, critics argue that lowering the reward for miners could backfire..

Since the change affects different groups of network participants, it is difficult to address the interests of all of them. Some commentators argue that the new EIP is an attack on miners with sufficient resources to operate at higher difficulty levels while receiving higher rewards..

Ethereum Miners Express Rejection Of Byzantium Economy Controversy ...

A similar controversy broke out earlier this year. Then the public was presented with EIP 186, which included a reduction in the reward for miners in order to curb inflation in the Ethereum economy. The overwhelming majority of voters were in favor of the change, with the result that EIP 186 served as the basis for the current EIP.

When the new code is presented as a hard fork, miners will have a choice: they can either switch to the new blockchain with a new set of rules, or continue to issue blocks on the old blockchain. It is noteworthy that similar events took place in 2016, when, as a result of disagreements, a group of miners refused to leave the old blockchain, continuing to issue blocks in it and calling it Ethereum Classic (ETC).