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Ethereum Developers Postpone Difficulty Bomb – the Wait for the Merge Continues

Core Ethereum (ETH) blockchain developers held a meeting on Friday, which resolved with the decision to take a slow approach to the “Difficulty Bomb”, a critical point in Ethereum’s switch from Proof of Work to the Proof of Stake (PoS) model. The Difficulty Bomb is slated to be executed in two months, but it is yet unclear whether this fresh delay will further prolong the wait for the ‘Merge‘.

A Ticking Time Bomb for Ethereum’s Devs?

The Difficulty Bomb was planted in the code back in 2015, and is intended to increase the difficulty of block production. The code extends the time validators need to verify transactions, or send new ones to the blockchain. Indeed, it is crucial for the Difficulty Bomb to be completed at the right tim, as executing it too soon could result in huge financial losses and immense damage to the blockchain’s infrastructure.

A Crucial Process for ETH 2.0

The Difficulty Bomb was coded and implemented into Ethereum’s blockckain to  circumvent any possible refusal of validators to switch to the Proof of Stake (PoS) model. Near infinite block difficulty ultimately prevents validators from mining new transactions. As it stands, Ethereum (ETH) is the largest smart contract blockchain network, using the same validity checks as Bitcoin (BTC)

This soon will change, however, with the advent of the forthcoming ETH 2.0. The new model means that each validator must stake ETH in order to validate transactions and make new ones. In the event that not everyone agreed to the new model, the network’s developers programmed in the Difficulty Bomb.

Ethereum’s (ETH) Price Takes a Beating

As the turmoil of the crypto markets drags on, the second largest digital asset in the crypto game has gone through massive losses. At press time, Ethereum (ETH) is trading at $1,242.65, which is 15.4% less than 24 hours ago. Furthermore, the figure puts the leading Altcoin 31.9% in the red for the last 7 days. Has the delay to Ethereum’s upgrade plans caused the decline in price? It could be a contributing factor, but it has been heavly compounded by the shocking inflation of U.S. dollar, which saw an 8.6% increase in May alone, and the disturbance caused by the Celsius crypto exchange.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.