Block Rewards Down to 2 ETH Explained

Block Rewards Down to 2 ETH Explained

Last Friday saw an Ethereum Core developers’ meeting dedicated to Constantinople, a planned hard fork of Ethereum. The developers decided to cut block rewards to 2 ETH and postpone the difficulty bomb for 12 months

The meeting covered a range of topics including ASIC resistance, the ProgPow consensus algorithm, and the difficulty bomb (also known as the ice age). As the result of an hour-long discussion, the participants agreed to accept Afri Schoedon’s EIP-1234 with a slight modification to the difficulty bomb delay from 18 to 12 months.

This means that block rewards will be adjusted to a base of 2 ETH with uncle and nephew rewards reduced proportionally. The ice age component will be modified, so that the block difficulty will be calculated based on a fake block number, which will delay the difficulty bomb by 29 million seconds (approximately 12 months) and bring the block time back to 30 seconds by winter 2019.

Afri himself summarized the meeting in a reddit comment saying,

We agreed to accept EIP-1234 w/ 2 ETH block reward with the modification to delay the bomb by 12 months not 18. And it was accepted under the "condition" that we consider ProgPoW in the next hardfork and that we go for a better defined monetary policy

Afri Schoedon of Parity Technologies

Originally scheduled to October, the Constantinople hard fork is expected to take place in November 2018.

The full meeting is available on YouTube:

Ethereum

ETH
Price
272.72 USD -8.76%
0.03118000 BTC 2.16%
Volume, 24h
2,405,210,584 USD
0.00%
Marketcap
28,549,930,014 USD
10%
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