A recent news about the 33% reduction in Ethereum’s production has sparked waves in the bear market. Ethereum price has also fluctuated due to the spread of this news — rumors — clarification.
What is this news?
The message is summed up in one sentence: ‘The Ethereum agreement will carry out the upgrade of Constantinople at a block height of 4.200000.’
The specific performance is as follows: “At that time, the reward for generating new blocks will be reduced from the original 3 ETHs to 2 ETHs (33% reduction).
Is this a false news?
There are quite a few self-medias in order to log traffic, and they rushed to the table in the first time, saying that this is a false news. The evidence is — in the Etherscan we can clearly see that the block height has reached more than 6.4 million, far exceeding the height of the 4200000 block, so they mistakenly believe that this fork will only be carried out on a test chain in Ethereum. Regardless of the main chain, it has no effect on ETH and even the big market.
Although the 4200000 here does refer to the block height in the Ethereum test network, the significance of the Ethereum test network is to test the feasibility of various improvement measures. The block height may be lower or higher due to different test chain startup time, etc. For example, the main network has reached more than 6.4 million blocks, and the test network has reached more than 420 million.
The fork of this test network is actually testing the feasibility of the Ethereum network from PoW to PoS.
This means that if the fork in the test network does improve efficiency, reduce cost and energy consumption, and facilitates a smooth transition from PoW to PoS in the Ethereum network, the fork will be applied to the main network. The test will last for 3 weeks and is expected to be completed in early November.
Ethereum coin has delayed the upgrade, from the delay to the fourth stage POS, to the scalability problem that has been unable to solve. Is it because the bear market is too long and there is no motivation to do things, for fear that this good will not be able to excite the currency? However, if the delay is too long, when the expected value is exhausted, other public chains have already caught up, and the Ethereum market crisis really comes. After all, all the technological developments are not going forward.
Ethereum Info
Ethereum price today is $225.40 on October 8, 2018, increasing 0.66%.