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.

Coinbase’s New ‘Bridge’ Links Coinbase Wallet to Your Desktop Browser

Crypto exchange has announced a new feature (called "WalletLink") for Coinbase Wallet, its non-custodial mobile wallet, that makes it possible to link decentalized applications (DApps) running on your desktop browser to the Coinbase Wallet app on your mobile phone.

What Is Coinbase Wallet?

Here is how Coinbase explains the differences between Coinbase.com and Coinbase Wallet:

"Coinbase.com a.k.a Coinbase Consumer is a digital currency brokerage - you use it to buy or sell cryptocurrency in exchange for fiat currency (i.e. USD or your local currency). Coinbase Consumer can also act as a custodian, storing your digital currency for you after you purchase it. Coinbase Consumer is available in 32 countries.

"Wallet is a user-custodied digital currency wallet and DApp browser. This means that with Wallet, the private keys (that represent ownership of the cryptocurrency) are stored directly on your device and not with a centralized exchange like Coinbase Consumer. You do not need a Coinbase Consumer account to use Wallet and you can download Wallet from anywhere in the world."

What is WalletLink?

In a blog post published on Thursday (August 22), Coinbase Wallet Product Lead Siddharth Coelho-Prabhu announced that Coinbase Wallet users can now use their favorite DApps "on any desktop browser with Coinbase Wallet’s WalletLink," with WalletLink acting "as a secure bridge between your Coinbase Wallet app and your desktop browser."

All you need to start using this new feature is to "scan a WalletLink QR code with your Wallet app." 

Using DApps Outside Coinbase Wallet's Integrated DApp Browser

The Coinbase Wallet Product Lead says that although using DApps via Coinbase Wallet's integrated DApp browser has been a great experience on mobile phones, the desktop experience has been quite different and much poorer:

Users on desktop web browsers have had to resort to installing clunky browser extensions, copying and pasting private keys across devices, and seeing fragmented wallet balances.

The Coinbase Wallet team is hoping that WalletLink will adequately address this issue.

Getting Started With WalletLink

Here is what you need to do:

  • Ensure that you've got "the latest version of Coinbase Wallet (version 19.1 on iOS and 18.0 on Android)." 
  • Visit any of the DApps that have integrated with WalletLink; currently, Compound, dYdX, IDEX, and Maker are supporting WalletLink (and UniSwap will offer integration with WalletLink soon).
  • Tap on "the option to connect your Coinbase Wallet."
  • Scan the QR code with Coinbase Wallet's QR scanner (this creates a secure connection between the Coinbase Wallet mobile app and your desktop browser).
  • Approve access to the DApp.

From now on, "whenever you submit a transaction, you’ll get a ping on your phone for you to approve the transaction."

Note that WalletLink "also supports persistent connections to multiple dapps, so you don’t have to scan a QR code each time you want to use a new dapp."

The Coinbase Wallet team have tested WalletLink with the following desktop browsers: Google Chrome, Mozilla Firefox, Microsoft Edge, Brave, and Opera.