Ethereum update: ETH ISSUANCE – thoughts on the ETH Core Devs Meeting #45
Ok this core dev meeting was quite something! First time i’ve seen spokespersons for mining pool/entities participating.
The 3 EIPs on the table differ quite drastically in how they approach the issuance problem.At this point i think everybody agrees the difficulty bomb should be delayed but NOT removed.
Here are the three competing EIPs to delay the difficulty bomb and reduce/maintain the block reward:
a. [EIP-858](https://github.com/ethereum/EIPs/pull/858) – Delay bomb and reduce block reward to 1 ETH per block.
b. [EIP-1234](https://github.com/ethereum/EIPs/pull/1234) – Delay bomb and reduce block reward to 2 ETH.
c. [EIP-1295](https://eips.ethereum.org/EIPS/eip-1295) – Delay bomb, keep rewards to 3 ETH, change other factors such as POW incentive structure.
There is renewed interest from miners to implement [ProgPoW](https://github.com/ifdefelse/ProgPOW#progpow—a-programmatic-proof-of-work).
I personally like EIP-1234 and *some* aspects of EIP-1295,namely the alterations to the POW incentive structure to incentivize a reduction in the amount of uncles mined.
i also believe ProgPOW should be implemented in a future hardfork (preferably sooner rather than later, ideally in the Istanbul HF 8 months after Constantinople).I especially like the approach they took in developing it:
try to fully utilize every bit of silicon in a GPU so to design an ASIC targeting ProgPoW you basically end up recreating a full GPU thus achieving minimal gains in efficiency and hashrate; all of this requiring significant engineering/manufacturing resources.
Thanks to all those who participated in the meeting. it was nice seeing representatives from the mining community debate in a civil manner.
About Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Author: ZergShotgunAndYou
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