Ethereum block finding rate drops 7% ahead of Istanbul fork

Judy Rubio

If earlier in the day 12,600 Ethereums were mined, now the figure has decreased to 11,800 ethereums, which corresponds to 7%. Block creation time increased by almost 15 seconds. All this happened before the launch of the Istanbul fork.

Ethereum actively reduces inflation

According to Etherscan, inflation was halved during the month. As a result, in November, its decline was 13%. The bomb of the difficulty in Dec may cause a decrease in the daily production of coins to 10000.

Recall, hard fork Istanbul is scheduled for December 7. In the article "What is Ethereum?" you can read more about this cryptocurrency and smart contracts based on it.

Ethereum told about plans after Istanbul update

The Ethereum team intends to hold an urgent hard fork when the Istanbul update is carried out.

Ethereum developers, as well as miners and traders took part in the discussion. They unanimously noted the need to postpone to a later date the difficulty bomb, which will limit the mining of PoW in order to create incentives for participants in the crypto system and the transition to the PoS confirmation system. The discussion was conducted in relation to the deferral or complete removal of the mechanism. For example, Alexey Akunov said that the ratio of risk and income from the difficulty bomb does not look promising.

Eric Conner, who is a marketing expert for the Augur project, is against the complete removal of the difficulty bomb, because it can lead to a backlash in the community.

Opinions of developers and experts

Project coordinator James Hancock noted: "I don't think we should touch on emissions. Now you can see a decrease in hashrate, so I do not think it is necessary to reduce the security fee."

Tim Beiko of PegaSys commented on the inflation issue: "After the Istanbul update, the difficulty bomb will be delayed, it will be the first to be produced without changing the emission.

Wei Tang noted: "For Parity, defusing or delaying the complexity bomb, as well as changing the reward, is nothing more than a json configuration. Therefore, I believe that it will not be difficult for us to solve the task in a short time."

One of the employees of the Ethereum Foundation believes that the optimal time for the hard fork will be the middle of January 2020. He noted: "In this case, we will have the necessary time to update the nodes so that the result does not depend on their state."

Istanbul will be the last hard fork of the first generation of Ethereum. The next stage of cryptocurrency development is Serenity, which will open the transition to Ethereum 2.0. Before such a large-scale update, Casper will be activated and the transition to the PoS algorithm, sharing and updating the virtual machine, a change of cross-contract logic will be made. It is also planned to update the Berlin platform, which will be launched at the end of the first half of 2020.

Ethereum Foundation told about the details of Instanbul hard fork

The company has published a guide for the future update of Istanbul. It details what users need to do and what the software should be.

Node operators must update the software by December 1. Parity and Geth, as well as Besu, Aleth and Nethermind are on the list of joint improvement clients.

The recommendation warns that if the user's client does not have the required version at the time of the Istanbul release, the node will be synchronized with the previous version of the blockchain, and it is not compatible with the new block. The user will not be able to receive and send transactions and perform other operations on the updated network.

Users of mobile applications, web and hardware wallets, as well as exchanges do not need to perform any actions on their own initiative. They need to be updated only if the administration of the services will provide appropriate recommendations.

Binance crypto exchange launched Ethereum futures with 50x leverage

The Binance trading platform announced the launch of a new perpetual contract with Binance Futures, allowing Ethereum to trade with USDT. Traders have leverage in the range of 1-50x.

At the moment, Binance Futures offers users bitcoin futures with a maximum leverage of 125x.

The Block conducted a study that showed an increase in Binance's market share. In the spring, this exchange accounted for 70% of real sales in the market. After three months, the indicator decreased to 53%, but in recent months it has almost recovered to the previous values (68%).

Developers shed light on the launch

On January 3, 2020, the zero stage of the transition of the Ethereum system to the 2.0 update will be launched. This statement was made by Justin Drake, who is the developer of the network. The date is very symbolic, it was January 3, 2009 that the bitcoin block was created.

By June 30, Ethereum owners intend to approve the zero-stage specifications. For example, before launching the network, a Deposit contract must be formed for the purpose of crediting funds by validators. It is expected that its presentation will take place during the conference Devcon, the venue chosen by Japan. The purpose of the event is to prevent the spread of fraudulent addresses for cryptocurrency.

Mr. Drake emphasized that the Ethereum team will have 3 months to collect Deposit funds, after that, within 7 months, it is necessary to withdraw at least two clients to the "production» stage". Here we mean a security test that will pass a security check and will be able to successfully pass a long test.

Despite the decline in the exchange rate, Ethereum continues to actively develop. Interest in the second largest cryptocurrency is not decreasing. On the contrary, the developer reports plans to develop their offspring. So, now is the time to buy coins, while the price is at a low level. Our portal will inform you about the latest news in the field of cryptocurrencies.