• The difficulty bomb won't be activated after the Istanbul update.
  • The hard fork will take place on December 7.

The Ethereum development team agreed to an urgent hard fork shortly after the Istanbul update, TrustNodes reports.

The discussion was attended not only by developers of the second cryptocurrency, but also miners, as well as other market participants. All of them supported the proposal to postpone the so-called complexity bomb. The latter is a programmed Proof-of-Work mining restriction to encourage Ethereum ecosystem members to switch to the Proof-of-Stake (PoS) algorithm.

The participants discussed both the possibility of the complete removal of this mechanism and the postponement. Thus, the developer Aleksey Akunov mentioned that the risk and reward ratio of the complexity bomb was not yet impressive.

However, Augur Project Marketing Specialist Eric Conner opposed the complete removal of the complexity bomb, as it could trigger an adverse reaction in the community.

Touching upon inflation issue, Tim Beiko from PegaSys startup said:

Just wanted to point out that this would be the first push back of the bomb without an issuance change.

It is worth noting that Istanbul hard fork will be launched on block 9,069,000, approximately on December 7.

Istanbul will be the last hard fork on the Ethereum 1.0, network that will pave the way to Serenity and the transition to Ethereum 2.0.

This large-scale update will be preceded by the activation of Casper and the switch to the Proof-of-Stake algorithm, sharding, virtual machine update (EWASM), change of cross-contact logic and protocol economics.

Before that, another major update called Berlin will be launched by the end of June 2020

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD consolidation lags triangle breakout

Bitcoin remained under pressure during the entire weekend. The attempts made to stay above $7,200 support failed, leaving to the path of least resist ace to be below $7,000. Bitcoin’s immediate upside is limited by the 50 SMA on the 2H chart.

More Bitcoin News

Ethereum Price Update: ETH/USD defends $140 support yet again

Ethereum is largely unchanged compared to the levels towards the end of last week. The pressure oozing from the bears continued across the weekend session. Besides action beyond $145 remained limited.

More Ethereum News

Ripple Price Analysis: XRP/USD spirals in freshly reignited downward momentum

Ripple has ignited the bearish momentum breaking the weekend-long support at $0.2160. The losses come after an attempt to break out from the descending channel resistance failed.

More Ripple News

Cardano’s IOHK celebrates 120 staking pulls less than 24 hours after testnet launch

The research firm in charge of developing Cardano, a major cryptocurrency, IOHK was delighted to announce the fantastic performance of the newly launched testnet.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP