Ethereum’s big transition to a more energy-efficient system that developers have been promising for years could be kicked down the road yet again as they plan to delay a so-called "difficulty bomb" that’s designed to slowly boot miners off the blockchain.
The difficulty bomb, which is a special code that’s always been a part of Ethereum, swiftly increases the computing difficulty of mining the underlying token, eventually making it impossible to do so.
When the bomb goes off and is allowed to run its course, it’s an indication that the days until the so-called Merge — Ethereum’s switch to the proof-of-stake system for ordering transactions — are numbered.
In proof of stake, people stake coins to order the transaction, a process which is supposed to consume 99 per cent less power.
Developers decided to delay the difficulty bomb on Friday after they discussed ironing out various bugs they’ve discovered when they ran the software for the Merge on Ropsten, one of the oldest testnets of the network.
While developers hadn’t officially set a particular date for the Merge — Ethereum co-founder Vitalik Buterin said it could happen as soon as August if there are no major issues — the decision to push back the difficulty bomb raises fears that the much-anticipated upgrade could take more time.
“Delaying it gives you time,” said Thomas Jay Rush, a participant in the call. “It looks bad to the community, but there’s nothing you can do about that.”
The difficulty bomb had been delayed multiple times before. Though it went off this month, developers are planning to disable it and then deploy it again at another time. It is unclear when they’d do so. Many hoped it wouldn’t have to be delayed, as the Merge would happen soon.
The Merge could be pushed back to September or October if developers need more time, Mr Buterin said last month.
There’s only a 1 per cent to 10 per cent chance that the Merge won’t happen this year, Tim Beiko, who co-ordinates Ethereum developers, said in a recent interview with Bloomberg.
During the Friday call, developers emphasised the difficulty bomb delay has no implications for the timing of the Merge.
Mr Beiko, who also facilitated the Friday call, said he is worried about developer burnout if they rush to get the Merge done without delaying the difficulty bomb for a reasonable amount of time.
“If we do delay this, I think it should be a realistic delay to still maintain a sense of urgency,” Mr Beiko said. “But too much pressure pushes teams to burn out, that’s also a situation we don’t want to be in.”
The potential delay dampens the excitement around the Merge after the developers carried out the upgrade on Ropsten on Wednesday.
Since it’s one of the oldest testnets for Ethereum, Ropsten is able to provide one of the most realistic technical environments to test out the Merge, check for bugs, and evaluate the outcome of the final process. Developers have uncovered a number of issues in the test so far.
“Maybe we are not quite at the mainnet code,” Mr Beiko said on the call.
The second largest token by market value after Bitcoin declined as much as 6.4 per cent on Friday and has plummeted about 66 per cent from its record high in November 2021. Ether traded at $1,673 on Friday evening.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
More coverage from the Future Forum
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UAE currency: the story behind the money in your pockets
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- Priority access to new homes from participating developers
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More from Neighbourhood Watch:
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
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Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
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Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Global state-owned investor ranking by size
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China
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Canada
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
The biog
Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
