Ethereum Proposal is Primed to Delay ‘Difficulty Bomb’ and Reduce Block Reward

John Medley

Earlier today, 14 Ethereum developers met over video conference to discuss changes to the proposed ‘difficulty bomb’ and block reward.

They agreed to support the EIP1234 that would decrease block reward from 3 ETH to 2 ETH as well as delay the ‘difficulty bomb’. The proposed EIP1234 would be added to the Constantinople upgrade, scheduled for October.

The postponement the difficulty bomb – a feature designed to increase the difficulty of mining rewards, making mining less attractive – has been received well by the community despite the fact it is considered a controversial topic - especially for miners invested heavily in hardware.

Many traders are in favour of the 2 ETH block reward as it reduces Ethereum’s inflation rate which is currently greater than that of Bitcoin.

It is thought that the reduced mining reward would constrain the supply, in turn reducing the selling pressure from miners. According to a Twitter thread from Eric Conner, the Ethereum network has paid $6.6 billion to miners over the past 365 days:

Some members of the community, however are not happy with the lack of discussion. Ethereum miners and investors who were present at the previous meeting regarding the Constantinople upgrade were excluded from today’s meeting. Some have seen this as a controversial decision, because the difficulty bomb and block reward reduction is likely to have a greater impact on miners than developers.

With over a month until the Constantinople upgrade, it remains to be seen whether the wider community of investors, traders, miners and developers will rally in support of EIP 1234.

Shopping on Amazon With Ethereum Could Soon Be Possible Thanks to Two Blockchain Startups

Francisco Memoria

Two blockchain-focused startups, cryptocurrency payments firm CLIC Technology and blockchain infrastructure provider Opporty, have recently revealed they’re set to soon release a browser extension that’ll allow users to shop on Amazon using Ethereum’s ether.

According to a recently published press release, the browser extension both startups are developing will allow its users to shop on the largest e-commerce website in the world, Amazon, even though the company itself doesn’t accept cryptocurrency payments.

The extension will allow its users to use the cryptocurrency through Plasma Cash, a technology Ethereum founder Vitalik Buterin described in March of this year. It’ll essentially work as a payments scaling solution, similar to Bitcoin’s Lightning Network, and according to the release it’ll “bring a modern day cryptocurrency economy one step closer to becoming a reality.”

This, the firm added, as Plasma Cash will “dramatically accelerate” transaction speeds when compared to the Ethereum blockchain itself, which the document claims can handle on average about 20 transactions per second. Amazon, it notes, processes over 300 transactions per second.

 Roman Bond, the CEO of CLIC Technology, was quoted as saying:

Bringing cryptocurrency to the e-commerce marketplace is the merging of two next-generation industries.

In the future, both companies are set to work together on similar cryptocurrency-focused payment products, with options being considering including ERC-20 and ERC-721 tokens. It’s worth noting this isn’t the first browser extension designed to let cryptocurrency users shop on Amazon.

In April of this year, a browser extension called “Moon” started letting Bitcoin’s Lightning Network (LN) users shop on the e-commerce giant using the flagship cryptocurrency’s layer-two scaling solution.

These extensions work by converting the cryptocurrency to fiat after the purchases are made, which means Amazon itself doesn’t handle any cryptocurrency. It’s worth noting the CEO of Binance has, back in February, noted Amazon will “sooner or later” issue a currency.