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    Home Unlabelled Ethereum Messari: Ethereum Is Poised To Settle $8 Trillion In 2021. Here’s The Primary Reason for the Increase

    Ethereum Messari: Ethereum Is Poised To Settle $8 Trillion In 2021. Here’s The Primary Reason for the Increase

    July 16, 2021

    Ethereum Messari: Ethereum Is Poised To Settle $8 Trillion In 2021. Here’s The Primary Reason for the Increase

    Messari: Ethereum Is Poised To Settle $8 Trillion In 2021. Here’s The Primary Reason for the Increase

    Posted: 16 Jul 2021 12:39 PM PDT

    BTC, ETH & other Cryptocurrency creates wealth mobility and equality, Coinbase CEO contradicts Dogecoin creator

    Posted: 16 Jul 2021 07:07 AM PDT

    EIP 3554 or: How I Learned to Stop Worrying and Love the (Difficulty) Bomb

    Posted: 16 Jul 2021 10:12 AM PDT

    EIP 3554 or: How I Learned to Stop Worrying and Love the (Difficulty) Bomb

    Believe it or not, there exist EIPs that aren't numbered "1559," and we're shining the light on a little discussed part of the upcoming London hard fork – EIP 3554.

    EIP 3554 will delay the difficulty bomb on Ethereum until December when PoS can *hopefully* be merged in.

    But what's the reason for the delay? Why don't we just remove the difficulty bomb so we don't have to worry about it?

    You might be wondering,

    What is the difficulty bomb to begin with?

    The difficulty bomb is a built in function that exponentially "explodes" block times after a certain difficulty level is met. When it explodes, the usability of Ethereum goes to 0 as transactions slow to a crawl. It's happened before in 2017 and twice in 2019.

    https://preview.redd.it/lzeph7dvulb71.png?width=1200&format=png&auto=webp&s=03193e019118c9ca7189eee532f1a2dd65d06c4a

    ​

    So, what are the benefits?

    There are a couple:

    The first is that, EIP 3554 is a defense against attackers that fork Ethereum. Although changing the code is relatively simple, distributing clients (like ours) that ship with the code change is very difficult. This is where Ethereum's multi-client system shines – if it's a hostile fork, it's convincing one client team isn't the end of the story, you need to ask all of the major clients.

    The other benefit is that, it ensures there is continued maintenance and urgency for changes. If allcoredevs drag their feet with implementing changes, the difficulty bomb sets in and Ethereum becomes unusable.

    This is what Tim Beiko of the Ethereum Foundation had to say about this:

    https://twitter.com/TimBeiko/status/1414635059324198913?s=20

    For better or worse, I suspect London would have shipped 1-6 months later if it were not for the difficulty bomb.

    Finally and perhaps most importantly, when the merge happens, it'll encourage everyone to hop onto the Proof of Stake system, or else they risk staying on a chain that is unusable.

    This was the original reason that this was put in, as miners wouldn't be able to pretend that PoS would be implemented.

    Do you think the difficulty bomb is worth keeping on even on PoS?

    Let us know down below and drop a follow if you want to see more of this kind of content as we're trying out Reddit.

    Check out this PEEPanEIP Episode from @EthCatHerders that this post was based on: https://www.youtube.com/watch?v=QwCPrw-4d98

    submitted by /u/nethermindeth
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    With its latest update, Metamask now supports transacting with Optimism

    Posted: 16 Jul 2021 08:32 AM PDT

    We all started out just curious... Then shit happened...

    Posted: 16 Jul 2021 05:33 PM PDT

    Ethereum Name Service (ENS) Accounts Grew 30x in 4 Months, Data Shows

    Posted: 16 Jul 2021 04:43 PM PDT

    What’s New in Eth2 - 16 July 2021

    Posted: 16 Jul 2021 04:58 PM PDT

    Are you ready for the 4th industrial revolution? This interview with Cryptokang could help you in your quest!

    Posted: 16 Jul 2021 06:58 AM PDT

    EthStaker's London Network Upgrade Livestream Party �� Broadcasting ~ Block 12965000, expected between August 3-5, 2021

    Posted: 16 Jul 2021 05:19 PM PDT

    Accounts in the Ethereum Name Service (ENS) increased 30 times in four months, according to data.

    Posted: 16 Jul 2021 10:27 AM PDT

    How quickly baseFeePerGas changes in EIP-1559 (gSheet and charts)

    Posted: 16 Jul 2021 07:31 AM PDT

    How quickly baseFeePerGas changes in EIP-1559 (gSheet and charts)

    Twitter thread (if you'd like to RT and help broadcast some ecosystem education)

    How quickly baseFeePerGas changes in EIP-1559

    I was asked how quickly the EIP-1559 baseFeePerGas rises / falls, & didn't know of an accessible resource.. ..so I made this Hopefully this helps to estimate how quickly we stabilize depending on congestion around London (~Aug 4)

    At London, the baseFeePerGas (bFPG) starts at 1 nanoeth (gwei), takes ~3.3 min to ~6x Charts assume only full blocks going up, (+12.5% bFPG / block) and only less than full on the way down.

    This is *just* to show the max speed bFPG can rise and fall, reality may not b so smooth

    https://preview.redd.it/hcb4ulif4lb71.png?width=940&format=png&auto=webp&s=3c755aba234136fc61b2bbc967ccc78d50c9b22a

    Let's step back to look at every other block: baseFeePerGas takes ~6.5 min to ~30x

    If you were looking closely, you would have seen that baseFeePerGas drops slightly faster than it rises, due to how % work #math

    https://preview.redd.it/yvb0wdgj4lb71.png?width=940&format=png&auto=webp&s=c2d2ce4dad134fe1e79cac8ddcaa487ddda22f9a

    Now every 3 blocks: it takes ~10 min to ~200x If recent gas price trends hold, we can expect the baseFee to stabilize well before this point.

    During long periods of successive full blocks, blockspace reverts to a "first price auction" via the priorityFeePerGas: aka "the tip"

    https://preview.redd.it/63nqmcdn4lb71.png?width=940&format=png&auto=webp&s=4617622c406d64b04c131d998c92c4a6c267ced9

    Finally, every 4 blocks. This is an edge case which may only happen rarely, but after 60 successive full blocks, baseFeePerGas spikes all the way to 1,172 nanoeth (gwei)!

    https://preview.redd.it/17aioo2q4lb71.png?width=940&format=png&auto=webp&s=90468cf01726e2614c2f0382681e95ca099ed39f

    Note: you may have heard the term baseFee, but in this thread I used the full name: "baseFeePerGas" baseFeePerGas is not a flat fee, it works the same as gas price today: multiplied per gas for how complex your transaction is.

    The"multiplier" field in the gSheet can be adjusted to view different timeframes. Thanks @TimBeiko @barnabemonnot @MicahZoltu for reviewing, and @quentinc137 for prompting the question.

    London is projected to land Aug 4. I hope you're anticipating it as much as I am!

    submitted by /u/trent_vanepps
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    Ethereum London Upgrade Community Call

    Posted: 16 Jul 2021 06:09 AM PDT

    The Ethereum Cat Herders is hosting a community call inviting the Ethereum community to join us in the celebration of the (soon to be) mainnet deploying the London upgrade.

    Event: Aug 02, 2021, at 1400 UTC

    This meeting will be an hour-long which will also provide you an opportunity to ask questions. If you have a question about the EIPs going in the London upgrade or are curious to know what to expect with future upgrades, general understanding of the Ethereum chains, please post your question in the comment section, and our team will relay it to the participants.

    Read the Medium post for announcement details.

    YouTube stream

    submitted by /u/poojaranjan19
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    Ethereum Co-Founder to Sell Firm, Quit Cryptocurrency: Report

    Posted: 16 Jul 2021 03:01 PM PDT

    Now you can run a custom game of Dark Forest locally with just a few commands

    Posted: 16 Jul 2021 05:02 PM PDT

    The new Bankless Weekly Roll Up is live!

    Posted: 16 Jul 2021 11:47 AM PDT

    ⟠ Latest Week in Ethereum News!

    Posted: 16 Jul 2021 07:12 PM PDT

    Introducing OpenZeppelin Subgraphs

    Posted: 16 Jul 2021 04:59 PM PDT

    Phil Daian of Flashbots' Statement Chain Reorgs as a Service

    Posted: 16 Jul 2021 09:10 AM PDT

    Introducing Radicle Orgs, a decentralized code management tool for DAOs built on Gnosis Safe

    Posted: 16 Jul 2021 06:32 AM PDT

    The Heart of Diligence - Git visualization of how 100+ audit reports were created.

    Posted: 16 Jul 2021 08:05 AM PDT

    Anish Mohammed, Founder of Panther Protocol: "I took 0 monetary upside from co-authoring Ethereum's orange paper to be unbiased". We need more people like this in crypto!

    Posted: 16 Jul 2021 03:34 PM PDT

    Blinded by Bias - The Daily Gwei #292

    Posted: 16 Jul 2021 07:12 AM PDT
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