The developers of the Ethereum network have decided to delay the difficulty bomb, which is an important step leading up to the long-awaited Merge update for the Tier 1 blockchain.
They set a delay of two months to “make sure we check all the numbers for sanity before choosing an exact delay and rollout time,” according to lead developer Tim Beiko in a June 11 tweet.
In short, we agreed to a bomb delay. We’ve already run out of time and want to make sure we’re checking all the numbers correctly before choosing an exact delay and rollout time, but we’re aiming for a delay of around 2 months and for the update to go live at the end of June.
– Tim Beiko | timbeiko.eth (@timbeiko) June 10, 2022
The difficulty bomb will be a measure that will prevent ETH miners from keeping their physical mining devices up and running as the network transitions from proof of work (PoW) to proof of stake (PoS).
This makes it much more difficult for miners to verify transactions on the network, which reduces the profitability of PoW miners. Eventually, physical miners will not be able to verify the block. The difficulty bomb is a network feature added to the code in 2016 when plans were being formed to turn the merger into a consensus layer (formerly known as ETH 2.0).
According to some estimates, the transition to PoS should reduce the power consumption of the Ethereum network by up to 99.9%. Other PoS networks such as Polygon and Fantom Opera boast negligible power consumption compared to other PoW networks.
Although Beiko doesn’t mention it, the difficulty bomb’s delay could lead to further delays to the merger itself, which is expected to happen in August 2022.
The Ropsten testnet on Ethereum recently completed its own successful PoS merger on June 9, in what the developers described as the “first dress rehearsal” for a true merger.
Ethereum adoption is still on the rise
Despite the ongoing bearish sentiment in the cryptocurrency markets, the Ethereum user base remains strong. Daily transactions on the network exceeded one million, except for one day since December 2020. Measuring daily transactions provides a simple and concise overview of the overall load that the network is handling.
Number of unique addresses still increasing sharply every month. The number of new unique wallets has not slowed down since it first rose in December 2017. There are now about 198 million unique wallets on Ethereum, which is 14.5 times more than on December 7, 2017.
Ethereum price enters oversold zone for the first time since November 2018
The price of ETH has fallen along with most other cryptocurrencies over the past 24 hours by 6.8% to trade at $1360. according at CoinGecko.
Credit : cointelegraph.com