ETH Devs to Agree to Increase Emission on Jan 6th

Ethereum developers have reached tentative agreement regarding the transfer of the complexity bomb for several years, Trustnodes writes with reference to the discussion.

The current proposal is block 9.2M, which would bring us to ~January 6th. There are no objections on the call, so it seems we have rough consensus to upgrade on block 9.2M, push back the difficulty bomb 9M blocks, and use the Mountain Glacier name.
 

Tim Beiko

PegaSys

Nine million is the current value of mined blocks. The developers agreed to transfer the complexity bomb to another four million blocks, which corresponds to approximately two years of network operation with a block time of 15 seconds. Thus, if this fork is approved, the complexity bomb will only be activated at the end of 2021 or the beginning of 2022.

Meanwhile, the Ethereum 2.0 Beacon Chain is preparing to launch. It can begin to function in the spring and will increase emissions by an amount determined by the number of ETH allocated for staking.

In addition, inflation will instantly increase by 2,000 ETH per day with the launch of this fork due to the normalization of rewards, which have recently declined amid the onset of the complexity bomb.

Participants in the wider community and ETH holders were not involved in the discussion of the problem, and the developers solve the monetary policy issues of the second largest cryptocurrency exclusively among themselves, Trustnodes notes.

A chain based on Proof-of-Stake is designed to eliminate miners, however, according to the creator of Ethereum Vitalik Buterin, several years can pass before a complete transition. All this time, a hybrid ETH mining mechanism will be used based on the existing PoW chain and the new PoS network.

It was previously thought that a complexity bomb could push miners to support ETH 2.0, but with a two-year delay in a complexity bomb, they would no longer have such an incentive. While other cryptocurrencies reduce emissions by 50%, Ethereum developers decide to conduct an urgent hard fork to increase them.