Ethereum’s Community Supports a Block Reward Reduction to 1 ETH, Poll Shows

By December 23, 2019 Ethereum
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A poll conducted on Reddit shows that the majority of the Ethereum community supports a block reward reduction on the biggest altcoin’s network to 1 ETH per block, instead of the current 2 ETH per block.

The poll was conducted on the r/ethtrader subreddit and saw 68.6% of the votes go in favor of reducing the mining reward to 1 ETH, currently worth little over $130, per block. Around 19.4% of votes were for a reduction to 1.5 ETH per block, while only 12% voted not to see a change.

The vote saw a tokenized version of Reddit’s karma, known as donuts, be used. A total of 7.6 million ‘donuts’, nearly 20% of the tokenized karma supply, were used by voters. Using ‘donuts’ for the vote means gaming the poll’s results wouldn’t have been easy,

To earn ‘donuts’ on the subreddit users have to contribute to it, just like Reddit users earn karma. While it’s possible to buy and sell ‘donuts’, only those earned by submitting content, participating in polls, and commenting on the subreddit were counted in the poll.

Ethereum Is Still the Number One Decentralized Application Network, Report Finds https://t.co/LnZMEHftFE #Ethereum.Ether $ETH #EOS #TRON $TRX

— CryptoGlobe (@CryptoGlobeInfo) December 20, 2019

The poll was conducted as Ethereum’s developers are considering implementing Ethereum Improvement Proposal (EIP) 2387, which is to scheduled a hard fork, known as the Muir Glacier hard fork, for January 6 to delay the so-called “difficulty bomb” for another 4 million blocks.

The hard fork, scheduled for block number 9,069,000, will bridge Ethereum’s current Proof-of-Work (PoW) consensus algorithm chain with the Beacon Chain, the first phase of the upcoming Ethereum 2.0, which will work with a Proof-of-Stake (PoS) consensus algorithm.

The “difficulty bomb” is set to gradually increase the hashing difficulty on the cryptocurrency’s blockchain in a bid to force the network to move towards PoS. If EIP 2387is implement, this will notably be the third time the “bomb” is delayed, as in last year’s Byzantium hard fork it was delayed for 3 million blocks, and earlier this year it was delayed for 2 million blocks in the Constantinople hard fork.

Some worry about inflation on Ethereum, as it’s circulating supply was, according to a 2016 prediction made by Vitalik Buterin, not expected to cross 100 million in the foreseeable future. In the last three years it crossed that mark after adding over 35 million ETH.

Featured image by Arnaud Jaegers on Unsplash

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