Ethereum 2.0 Will Release in August 2022 with Difficulty Bomb

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NewsUpdate — Ethereum 2.0 is rumored to be released in August 2022 after a statement from the main Ethereum (ETH) developer at the Permissionless event last week and the “difficulty bomb” mechanism or an increase in the difficulty of mining ETH which should also be launched in the same month.

The Ethereum development team is catching up on time heading into August. Because with Ethereum 2.0 they have to take care of the “difficulty bomb”. Mechanism or increase the difficulty of mining ETH. Which should also be launched in August.

Difficulty Bomb

Difficulty bomb is a mechanism created by Ethereum developers in 2016. In order to continuously increase the difficulty of Ethereum mining so that the miner rewards continue to decrease over time.

This mechanism is implemented on its current blockchain which uses a Proof of Work mechanism. The upcoming Ethereum 2.0 update uses proof-of-stake (PoS) rather than proof-of-work (PoW) when validating transactions and blocks.

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CryptoWatch Co-founder and Smart Money Channel Manager Christopher Tahir. Explained that the ethereum update indicator (ETH/USD) should not be a buying decision.

“I myself tend to be more vigilant, especially yesterday there was just a reorg (blockchain reorganization), which according to Ethereum developers. Is because there are miners who haven’t updated their software. However, because the number is quite large, it is classified as an attack,” Quoted from Investing.com , Monday (30/5).

According to him, people are more waiting to see if the solutions given today can be proven to solve the scalability problem of Ethereum

Reporting from coinmarketcap, the price of Ethereum until (30/5) at 10.30 reached USD 1,875. Ethereum (USD/ETH) currently has a market cap of USD 226.85 billion.

“I even tend to be on guard at the level of USD 1,600. If it is penetrated, it can be chaotic,” he added.

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Gabriel Rey, Founder dan CEO Triv.co.id

CEO Triv Gabriel Rey

Meanwhile, Triv CEO Gabriel Rey explained that for Ethereum 2.0 the price is already priced in, so there is nothing to speculate about anymore.

“Ethereum is quite suitable for an additional portfolio, although it should not exceed bitcoin. Keep in mind that unlike bitcoin, ethereum does not have a maximum number of coins at this time,” he explained.

So far, if it goes according to plan, according to him, Ethereum 2.0 will be launched in August which makes the difficulty bomb even bigger.

Reporting from Warta Ekonomi, Co-founder of Ethereum, Vitalik Buterin. Admits that the high cost is a significant challenge for digital assets. Buterin also acknowledged this was a threat to his vision of creating a decentralized economy.

During an interview with Time magazine, Buterin noted that the high costs are thwarting the usefulness of Ethereum as the migration to proof of stake (PoW) continues.

“Cost is a big issue for the usability of Ethereum, especially for things other than some of the financial applications that have dominated recently,” he explained.

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