Ethereum Mining Pools Push for a Block gas Limit Increase

In the Ethereum community, there are some concerns regarding the current network state. More specifically, it seems the network blocks are filling up …

In the Ethereum community, there are some concerns regarding the current network state. More specifically, it seems the network blocks are filling up quicker than anticipated with no immediate solution in sight. As such, it seems various mining pools are now looking for ways to increase the gas limit per block. A stop-gap measure, albeit an interesting development regardless.

The Scaling of Ethereum

It is a well-known secret how there needs to be a scaling solution for Ethereum. While initially designed to be implemented over a year ago, the switch has been postponed multiple times since. That in itself is not necessarily a bad thing, although it does paint a very interesting picture as to where the ecosystem is headed next. No rushed solution should be implemented by any means, as that will only cause more issues.

For the time being, there is no immediate fix to Ethereum’s scaling solutions. As such, the pending transaction queue continues to grow over time. Despite a big dip at certain hour of the day, the average sits close to 100,000 transactions at any given time. There are also concerns about potential spam or dusting attacks on the network, which help fill up the blocks even quicker. Several mining pools have now taken a stance to address this issue.

Raising the Block Gas Limit

Over the past few weeks, multiple Ethereum mining pools have started to raise the block gas limit to 10 million. Those pools include F2Pool, Spark Pool, and Ethermine. Although this is merely a test, these pools hope to convince the community this change needs to happen across the board. Whether or not that will prove to be a successful endeavor, is a different matter entirely.

Under normal circumstances, the Ethereum block gas limit sits at 8 million gas. A 25% increase of this kind is very significant, although it also highlights how dire the situation has become. Not all pools see this as a smart decision, as Nanopool is the only one still openly opposing this idea. That said, it only takes three pools to increase the capacity permanently. This creates a very intriguing situation worth keeping an eye on in the weeks and months ahead.

Ethereum 2.0 Can’t Come Soon Enough

Creative solutions like this one are nothing more than a bandaid on a hemorrhaging wound, in the end. It can offer some minor relief, but the big fix still needs to materialize. The sooner that happens the better, albeit, in the case of Ethereum, it will take a while. Their Ethereum 2.0 upgrade is supposed to increase the network capacity exponentially, although its release date remains unclear.

It is good to see the developers taking their time to ensure the upgrade works as expected. The last thing the network needs is a half-baked solution which only makes the situation progressively worse. Even so, the overall “usage’ of Ethereum seemingly continues to increase. That in itself can create additional problems if no other solutions are proposed by network participants.

Related Posts:

  • No Related Posts

Ethereum Meta (ETHM) Price Reaches $0.0000

Ethereum Meta (CURRENCY:ETHM) traded down 78.3% against the US dollar during the one day period ending at 7:00 AM E.T. on September 14th.

Ethereum Meta (CURRENCY:ETHM) traded down 78.3% against the US dollar during the one day period ending at 7:00 AM E.T. on September 14th. Ethereum Meta has a total market cap of $2,754.00 and $303.00 worth of Ethereum Meta was traded on exchanges in the last day. During the last week, Ethereum Meta has traded down 41.9% against the US dollar. One Ethereum Meta token can now be purchased for $0.0000 or 0.00000001 BTC on popular cryptocurrency exchanges including Token Store and STEX.

Here is how related cryptocurrencies have performed during the last day:

  • XRP (XRP) traded up 0.7% against the dollar and now trades at $0.26 or 0.00002476 BTC.
  • Tether (USDT) traded 0% higher against the dollar and now trades at $1.00 or 0.00009713 BTC.
  • Binance Coin (BNB) traded 0.2% lower against the dollar and now trades at $21.01 or 0.00203513 BTC.
  • Bitcoin SV (BSV) traded 0.4% lower against the dollar and now trades at $117.87 or 0.01141460 BTC.
  • Stellar (XLM) traded down 0.2% against the dollar and now trades at $0.0577 or 0.00000559 BTC.
  • TRON (TRX) traded up 4.3% against the dollar and now trades at $0.0154 or 0.00000150 BTC.
  • COZ (COZ) traded up 26.7% against the dollar and now trades at $0.22 or 0.00004541 BTC.
  • NEO (NEO) traded 0% higher against the dollar and now trades at $8.96 or 0.00086777 BTC.
  • Chainlink (LINK) traded 2.7% lower against the dollar and now trades at $1.62 or 0.00015714 BTC.
  • Atlantis Blue Digital Token (ABDT) traded 5% lower against the dollar and now trades at $2.32 or 0.00022540 BTC.

Ethereum Meta Profile

Ethereum Meta was first traded on December 28th, 2017. Ethereum Meta’s total supply is 96,571,598 tokens and its circulating supply is 58,591,243 tokens. Ethereum Meta’s official website is ethermeta.com. Ethereum Meta’s official Twitter account is @EthereumMeta and its Facebook page is accessible here.

Buying and Selling Ethereum Meta

Ethereum Meta can be traded on the following cryptocurrency exchanges: STEX and Token Store. It is usually not possible to purchase alternative cryptocurrencies such as Ethereum Meta directly using US dollars. Investors seeking to trade Ethereum Meta should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Coinbase, GDAX or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Ethereum Meta using one of the aforementioned exchanges.

Receive News & Updates for Ethereum Meta Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Ethereum Meta and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

Related Posts:

  • No Related Posts

Ethereum Classic successfully completes a new hard fork

Ethereum Classic has recently completed its Atlantis hard fork. … ETC/USD has charted seven bearish days in a row, wherein the price has fallen from …
  • The hard fork, dubbed “Atlantis,” expects all software users to upgrade their clients.
  • Atlantis was scheduled to be released in summer, but it was postponed over disagreements.

Ethereum Classic has recently completed its Atlantis hard fork. The goal of the fork is to increase its interoperability with Ethereum. All software users are expected to upgrade their clients to be in tune with the hard fork. Ethereum Classic Labs reported that Atlantis comprises of 10 Ethereum Improvement Proposals (EIPs). The upgrade was focused on improving stability and performance and add opcodes, precompiled contracts, zk-SNARKs and enhanced security.

Afri Schoedon, the hard fork coordinator, said: “And we are on Atlantis. Congratulations, everyone.” Yaz Khoury, ETC Cooperative director of developer relations, took to Twitter saying that this fork was “one of the longest debates to reach consensus along with a lot of the immutability politics.” He further added: “Learned a lot about the beauty of decentralization and a distributed community.”

Atlantis was scheduled to be released in summer, but it was postponed over disagreements, particularly over EIP 170. ETC Labs worked with Chainsafe System and ETC Cooperative, among other community members, on the hard fork. No single actor coordinated the hard fork.

Previously this week, around 60% of the nodes and over 75% of the hashing power had confirmed the upgrade. Major exchanges Coinbase, Poloniex, Binance, Bittrex, Kraken, Shapeshift and OKEx confirmed with ETC Labs that they had updated their software to support Atlantis.

Terry Culver, ETC Lab’s CEO, reported that Atlantis wishes to work with ethereum. Numerous Atlantis’ EIPs have been on ethereum for years and should allow for more crossover between the platforms, especially for dapps. He said:

“The hard fork clearly shows we are committed to compatibly and working with ethereum. What we would like to do is find ways to make the two chains support one another.”

ETC/USD daily chart

fxsoriginal

ETC/USD has gone down from $6.22 to $6.19 in the early hours of Saturday. In the process, ETC/USD has charted seven bearish days in a row, wherein the price has fallen from $6.71 to $6.19. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The SMA 50 curve acts as immediate market resistance.

Related Posts:

  • No Related Posts

Ethereum Classic Price Changed by -2.97 percent

As at 2019-09-13 average Ethereum Classic price is 6.15226862 USD, 0.00059873 BTC, 0.03396978 ETH. It’s noteworthy that is issued into …

As at 2019-09-13 average Ethereum Classic price is 6.15226862 USD, 0.00059873 BTC, 0.03396978 ETH.

It’s noteworthy that is issued into circulation Ethereum Classic.

Ethereum Classic average change within 24 hour is -2.97 against USD, -1.75 against BTC, -2.81 against ETH. Weekly report: -10.24 against USD, -9.67 against BTC, -16.15 against ETH. Monthly report: 8.59 against USD, 8.02 against BTC, 13.82 against ETH.

Ethereum Classic ETC/USDT on BitAsset exchange is 6.12. The trading volume on BitAsset is 382687.00.

At the same time Ethereum Classic ETC/KRW on Bitsonic exchange is 6.43. The trading volume on Bitsonic is 0.00.

Ethereum Classic ETC/USD on Whitebit exchange is 6.11. The trading volume on Whitebit is 124457.00.

Ethereum Classic ETC/USDT on Exrates exchange is 6.12. The trading volume on Exrates is 4737201.00.

Ethereum Classic ETC/SATOS on SatowalletEx exchange is 0.54. The trading volume on SatowalletEx is 0.00.

In this regard, 24 hour trading volume is 397359136.85220000 USD or 38670.42398541 BTC. At the same time Ethereum Classic market capitalization is 697931932 USD or $67921 BTC.

Related Posts:

  • No Related Posts

On September 12-13 The Blockchain – powered Ethereum Classic (ETC) sheds in value over -0.54%

International Cryptocoin Experts believe that Ethereum Classic (ETC) is … The highest price was $6.38 and lowest of $6.121 for September 12-13.

It was bad day for Ethereum Classic (ETC), as it declined by $-0.0339999999999998 or -0.54%, touching $6.205. International Cryptocoin Experts believe that Ethereum Classic (ETC) is looking for the $6.8255 goal. According to 5 analysts could reach $13.5809335241262. The highest price was $6.38 and lowest of $6.121 for September 12-13. The open was $6.239. It last traded at Coinbase exchange. Aproximately 254,968 ETC worth $1.60 million was traded.

For a month, Ethereum Classic (ETC) tokens went up 11.02% from $5.589 for coin. For 100 days ETC is down -24.05% from $8.17. It traded at $4.37 200 days ago. Ethereum Classic (ETC) has 113.43 million coins mined with the market cap $703.83 million. It has 210.00 million coins in circulation. It was founded on 23/07/2016. The Crypto ETC has PoW proof type and operates under Ethash algorithm.

Ethereum Classic is an attempt at keeping the Ethereum blockchain unaltered by the part of the community that opposed the hard fork and the return of The DAO funds. It started trading on Poloniex and is getting more and more traction.

The Ethereum Classic mission statement is:

“We believe in decentralized, censorship-resistant, permissionless blockchains. We believe in the original vision of Ethereum as a world computer you can’t shut down, running irreversible smart contracts. We believe in a strong separation of concerns, where system forks are only possible in order to correct actual platform bugs, not to bail out failed contracts and special interests. We believe in censorship-resistant platform that can be actually trusted – by anyone.

Our block explorer data: total coins supply, total network hash rate, last block number and total difficulty are freely provided by https://gastracker.io/

In 2017, the Die Hard fork was implemented in ETC, removing the Ethereum difficulty bomb. Currently, there are no plans to move to Proof of Stake like Ethereum, although developers at the IOHK institute are developing a new PoS protocol for Ethereum Classic.

Receive News & Ratings Via Email – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings with our FREE daily email newsletter.

Related Posts:

  • No Related Posts