Ethereum Blockchain Performance and Scalability

Ethereum

Next-generation platform for decentralised applications.
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Ethereum Block Rewards Drop to 10,000 ETH/Day Amid Issuance Reduction Discussion

Ethereum Block Rewards Drop to 10,000 ETH/Day Amid Issuance Reduction Discussion submitted by MnemonicPhrase to ethtrader [link] [comments]

Ethereum Block Reward Should be Reduced to 1 ETH

Ethereum Block Reward Should be Reduced to 1 ETH submitted by CryptoCrunchApp to CryptoCrunchApp [link] [comments]

How Ethereum block rewards changed: from 5 ETH to the thirdening

How Ethereum block rewards changed: from 5 ETH to the thirdening
In our last post, we talked about how new Ethereum blocks are mined, what uncle blocks are, and how miners get their rewards. This time, we’ll delve deeper into how the size of the reward is determined and thirdening means.
Ethereum is an inflationary currency. Its supply constantly grows, and there is no maximum limit on ETH supply. It’s the same with any fiat currency, actually. There can be as many USD in circulation as the US government wants to print. By the way, the situation is very different with Bitcoin, where the upper limit is set at 21 million BTC — and no more BTC will be mined beyond this point.
The difference between inflationary USD and inflationary ETH is that new ether is mined according to an algorithm. At any given moment, you can calculate how many new ETH will be produced on the main chain in the next 24 hours, week, or month. For example, right now the block reward is 2 ETH per block, and the average block time is 20 seconds. So about 6 new ETH are created every minute, 6*60=360 ETH every hour, and 360*24=8640 ETH every 24 hours.
To this, you need to add all the new ETH awarded for adding uncle blocks. As you may remember, when two blocks with the same transactions inside are mined at the same time, one is selected to be added to the main chain, and the other becomes an uncle block — a bit like an orphan block on Bitcoin. Some miners might continue to build on this uncle for a while, but eventually they abandoned it. We’ve also discussed that uncle blocks are rewarded, too, but at a lower rate. For the first one, a miner gets about 87.5% of the full block reward, but each new block added to the uncle chain gets less and less. That’s why miners switch to the main chain sooner or later.
Because it’s hard to predict how many uncle blocks there will be every day, you can’t calculate exactly how much new ether will be produced in any 24-hour period. But one thing is certain: Ethereum inflation never stops. And when there’s more money in circulation, it tends to lose value. So if the amount of ether becomes too great, its price might fall. The way the network tries to deal with this problem is to cut the block reward from time to time.
When Ethereum launched five years ago, a total of 72 million ether were produced as part of the genesis block. Those who contributed to the project were awarded 60 million ether, and the rest went to the Ethereum Foundation.
For a while after launch — until the block height of 4 399 999, to be precise — the reward was 5 ETH per block. Back then, the price wasn’t particularly high, though, so mining ETH wasn’t a get-rich-quick scheme at first.
On October 17, 2017, the Byzantium hard fork was activated. At block 4 370 000, the reward was cut from 5 ETH to 3 ETH. Uncle rewards were adjusted accordingly. This was part of the so-called EIP (Ethereum Improvement Proposal) 649.
Finally, on February 28, 2019, the Constantinople update went into effect at block height 7 280 000. That’s when the notorious “thirdening” happened. This means that the block reward was cut by one third — from 3 ETH to 2 ETH per block. This was an extremely controversial decision, and its negative effects for small, independent miners can be serious in the long term.
In our next post, we’ll talk about the difficulty bomb, the Ethereum ice age, and how miners can suffer from the thirdening. All this exposition is necessary before we can get to the most interesting part — 2Ether dynamic block rewards. Stay tuned and follow us on social network.
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submitted by 2Ether to u/2Ether [link] [comments]

Ethereum Block Reward Should be Reduced to 1 ETH: Poll

Ethereum Block Reward Should be Reduced to 1 ETH: Poll submitted by ThrillerPodcast to thrillerpodcast [link] [comments]

Ethereum Block Reward Should be Reduced to 1 ETH: Poll

Ethereum Block Reward Should be Reduced to 1 ETH: Poll submitted by Ranzware to BitNewsLive [link] [comments]

Ethereum Block Reward Should be Reduced to 1 ETH: Poll

Ethereum Block Reward Should be Reduced to 1 ETH: Poll https://upload.news/33gtn8
submitted by GaryPalmerJr to MintingCoins [link] [comments]

Ethereum Block Reward Should be Reduced to 1 ETH: Poll

Ethereum Block Reward Should be Reduced to 1 ETH: Poll submitted by n4bb to CoinPath [link] [comments]

How Ethereum block rewards work — part 1

How Ethereum block rewards work — part 1
In 2Ether, block rewards are dynamic. How much a miner receives for finding a new block depends on the block height, current market price, and the miner’s hashrate. We believe it’s a much fairer model compared to what Ethereum and Bitcoin use now. But before we can explain our block rewards, we need to look at how they work in Ethereum.
As you know, blockchain transactions are grouped into blocks. Miners confirm transactions, and once a certain number is collected, a new block is formed. The maximum size of a block is limited. For Bitcoin, the max size is 1 MB per block, but the number of transactions in it depend on how many bytes each contains. In April 2019, the average number of Bitcoin operations per block reached a record value of 2700 per block.
In Ethereum, it’s not the size of a block is limited but the amount of gas. There is no obligatory gas value you have to pay for a transaction, but the higher value you set, the faster it’s processed. The standard amount for a simple payment is 21 000 gas. The gas paid by all users is calculated in a growing total, and once it reaches the maximum, the block is finished. In Ethereum, most blocks have between 170 and 250 transactions, and the current gas limit is around 10 000 000 gas.
To add the block to the blockchain, miners need to solve a cryptography puzzle. It’s not a puzzle designed for humans, though: it can only be solved by a machine following a certain algorithm. ASIC chips are particularly good at this. Whoever finds the correct solution first gets to append the block to the chain and reap the reward.
It often happens that two different miners solve for the same block at the same time and both try to add it to the chain. The two blocks contain the same transactions, they are both mined properly, so nobody can be penalize for any wrongdoing. However, only one can be added. Which miner wins is decided by a consensus of nodes. The rejected block is called an orphan in Bitcoin and an uncle (or ommer) in Ethereum. Since Ethereum blocks take just 15–20 seconds, uncles appear quite often. Sometimes miners even start building the chain on an uncle block, though such a secondary chain is soon abandoned.
Bitcoin doesn’t reward miners who produce orphan blocks, but Ethereum does have a reward for uncles, even if it’s smaller than an average block reward. For the first uncle block, it’s 1/8 less than the full reward. Currently miners get 2 ETH per a normal block, so they receive 1.75 ETH for an uncle. For anyone who continues to build on the uncle chain, the reward for each new block will progressively decrease. That’s why miners tend to abandon such chains once they realized what happened. This is a handy mechanism used by Ethereum to avoid the blockchain turning into a tree with many competing branches.
The ether earned by miners as block rewards is the only way new ETH can enter the market. In other words, it’s the source of inflation. How fast the ETH supply grows, however, can change with each hard fork. In our next instalment, we’ll see how ETH block rewards changed through time — and why it’s such a source of controversy.

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Ethereum Block Rewards Reduced by 1000 ETH as Block Times Rise

Ethereum Block Rewards Reduced by 1000 ETH as Block Times Rise https://upload.news/zzwzr4
submitted by GaryPalmerJr to MintingCoins [link] [comments]

Ethereum Block Rewards Reduced by 1000 ETH as Block Times Rise

Ethereum Block Rewards Reduced by 1000 ETH as Block Times Rise submitted by Link0000054 to Bitcoin_2019 [link] [comments]

Ethereum Block Rewards Reduced by 1000 ETH as Block Times Rise

Ethereum Block Rewards Reduced by 1000 ETH as Block Times Rise submitted by n4bb to CoinPath [link] [comments]

Ethereum Block Rewards Reduced by 1000 ETH as Block Times Rise

Ethereum Block Rewards Reduced by 1000 ETH as Block Times Rise submitted by Ranzware to BitNewsLive [link] [comments]

Difficulty Bomb Sees Ethereum Block Rewards Drop by 1,000 ETH

Difficulty Bomb Sees Ethereum Block Rewards Drop by 1,000 ETH submitted by n4bb to CoinPath [link] [comments]

Ethereum Block Reward to Decrease from 3 ETH to 2 ETH

Ethereum Block Reward to Decrease from 3 ETH to 2 ETH submitted by jackthehorse to ethereum [link] [comments]

A Case for Ethereum Block Reward Reduction in Constantinople (EIP-1234)

A Case for Ethereum Block Reward Reduction in Constantinople (EIP-1234) submitted by econoar to ethereum [link] [comments]

A Case Against Ethereum Block Reward Reduction to 1 ETH in Constantinople (EIP-858)

A Case Against Ethereum Block Reward Reduction to 1 ETH in Constantinople (EIP-858) submitted by econoar to ethereum [link] [comments]

A Case for Ethereum Block Reward Reduction in Constantinople (EIP-1234)

A Case for Ethereum Block Reward Reduction in Constantinople (EIP-1234) submitted by econoar to ethtrader [link] [comments]

Ethereum Block Reward to Decrease from 3 to 2 ETH

Ethereum Block Reward to Decrease from 3 to 2 ETH submitted by DCC_Official to ethdev [link] [comments]

what cryptocurrency would be worth mining when ethereum block reward is reduced to 0.6?

im currently mining ethereum with 4x 6gb gtx 1060 and thinking about switching to xmr or zcash. which would have the most potential growth in the future?
submitted by wutisduhmeaninoflife to EtherMining [link] [comments]

Ethereum Block Reward Reduction by 33% (What it Means!)

Ethereum Block Reward Reduction by 33% (What it Means!) submitted by hashoshi4 to CryptoCurrency [link] [comments]

A Case Against Ethereum Block Reward Reduction to 1 ETH in Constantinople (EIP-858)

A Case Against Ethereum Block Reward Reduction to 1 ETH in Constantinople (EIP-858) submitted by econoar to ethtrader [link] [comments]

Ethereum Block Reward to Decrease from 3 to 2 ETH

Ethereum Block Reward to Decrease from 3 to 2 ETH submitted by DCC_Official to ico [link] [comments]

Ethereum Classic (ETC) Block Reward reduction happening soon!! Are you ready?? Ethereum Classic Price Analysis - 16th April 2020 Bitcoin Halving  Ethereum Staking  Ripple XRP  Ravencoin KAWPOW fork! Will Ethereum Classic take off with the block reward getting cut and Ethereum's transition to PoS? Both BTC and ETH Median Transaction Fees Have Exploded Since the Halving

Based the mining hardware inputs provided, 0.03630860 Ethereum can be mined per day with a Ethereum mining hashrate of 500.00 MH/s, a block reward of 2 ETH, and a Ethereum difficulty of 2,379,601,826,268,297.00. After deducting mining power costs and mining fees, the final daily Ethereum mining profit is $6.96 Ethereum to USD. Etherchain is an Explorer for the Ethereum blockchain. It allows you to view your account balance, look up transactions and explore smart contracts. Block 10463550 - etherchain.org - The Ethereum Blockchain Explorer Etherscan allows you to explore and search the Ethereum blockchain for transactions, addresses, tokens, prices and other activities taking place on Ethereum (ETH) Some of the altcoins, like Bitcoin Cash, Ethereum Core, and so on, are implementing a larger block size to gain overall transaction performance. The theory behind this approach is that since PoW mining is the main bottleneck in the entire process, by increasing the block size we can have more transactions processed per mining. A block on the main chain gets a reward of 1. When a block includes an uncle, the uncle gets a reward of 7/8 and the block including the uncle gets a reward of 1/16. The score of a block is zero for the genesis block, otherwise the score of the parent plus the difficulty of the block multiplied by one plus the number of included uncles.

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Ethereum Classic (ETC) Block Reward reduction happening soon!! Are you ready??

Ethereum staking on Ethereum 2.0 is apparently just around the corner, Ethereum is likely to prove to a hybrid blockchain combining proof of work, which is mining, and proof of stake, which is ... A 20% Ethereum Classic Block Reduction is happening in the next 18 days. With a fixed supply working in it's favor, this might cause a supply shock. I believe this might not have been accounted ... Currently, their revenue from fees is a very small percentage of that of block rewards. Ethereum’s fees increase can also be attributed to the increase in the activity of stablecoins, many of ... The Ethereum Classic block reward was recently reduced by 20%, but still remains higher than the Ethereum block reward. In this video, I take a look at the upcoming Ethereum Classic (ETC) block reward reduction; fixed supply and upcoming Ethereum transition from Proof of Work (PoW) to Proof of Stake (PoS) and ...