Constantinople Difficulty Bomb Delay and Block Reward Adjustment
EIP-1234 proposes to delay the difficulty bomb for approximately 12 months and reduce the block rewards with the Constantinople fork, the second part of the Metropolis fork. The difficulty bomb, also known as the "ice age," is causing the average block times to increase, and delaying it for another year would allow the Ethash proof-of-work to remain feasible for miners and maintain stability of the system. To offset the delay, the block reward would be reduced to a base of 2 ETH, and uncle and nephew rewards would be adjusted accordingly. The proposal aims to prevent sudden increases in miner rewards and decrease the likelihood of a miner-driven chain split as Ethereum approaches proof-of-stake. The specification involves replacing the use of block.number with a fake block number in the exponential ice age component for calc_difficulty and adjusting the block, uncle, and nephew rewards. The proposal is part of the Standards Track: Core and is intended to maintain the stability and efficiency of the Ethereum network.
The average block times are increasing due to the difficulty bomb (also known as the "ice age") slowly accelerating. This EIP proposes to delay the difficulty bomb for approximately 12 months and to reduce the block rewards with the Constantinople fork, the second part of the Metropolis fork.
CNSTNTNPL_FORK_BLKNUM the client will calculate the difficulty based on a fake block number suggesting the client that the difficulty bomb is adjusting around 5 million blocks later than previously specified with the Homestead fork. Furthermore, block rewards will be adjusted to a base of 2 ETH, uncle and nephew rewards will be adjusted accordingly.
The Casper development and switch to proof-of-stake is delayed, the Ethash proof-of-work should be feasible for miners and allow sealing new blocks every 15 seconds on average for another 12 months. With the delay of the ice age, there is a desire to not suddenly also increase miner rewards. The difficulty bomb has been known about for a long time and now it's going to stop from happening. In order to maintain stability of the system, a block reward reduction that offsets the ice age delay would leave the system in the same general state as before. Reducing the reward also decreases the likelihood of a miner driven chain split as Ethereum approaches proof-of-stake.
Relax Difficulty with Fake Block Number
For the purposes of
calc_difficulty, simply replace the use of
block.number, as used in the exponential ice age component, with the formula:
fake_block_number = max(0, block.number - 5_000_000) if block.number >= CNSTNTNPL_FORK_BLKNUM else block.number
Adjust Block, Uncle, and Nephew rewards
To ensure a constant Ether issuance, adjust the block reward to
new_block_reward = 2_000_000_000_000_000_000 if block.number >= CNSTNTNPL_FORK_BLKNUM else block.reward
(2E18 wei, or 2,000,000,000,000,000,000 wei, or 2 ETH).
Analogue, if an uncle is included in a block for
block.number >= CNSTNTNPL_FORK_BLKNUM such that
block.number - uncle.number = k, the uncle reward is
new_uncle_reward = (8 - k) * new_block_reward / 8
This is the existing pre-Constantinople formula for uncle rewards, simply adjusted with
The nephew reward for
block.number >= CNSTNTNPL_FORK_BLKNUM is
new_nephew_reward = new_block_reward / 32
This is the existing pre-Constantinople formula for nephew rewards, simply adjusted with
This will delay the ice age by 29 million seconds (approximately 12 months), so the chain would be back at 30 second block times in winter 2019. An alternate proposal was to add special rules to the difficulty calculation to effectively pause the difficulty between different blocks. This would lead to similar results.
This EIP is not forward compatible and introduces backwards incompatibilities in the difficulty calculation, as well as the block, uncle and nephew reward structure. Therefore, it should be included in a scheduled hardfork at a certain block number. It's suggested to include this EIP in the second Metropolis hard-fork, Constantinople.
Test cases shall be created once the specification is to be accepted by the developers or implemented by the clients.
Copyright and related rights waived via CC0.
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