Discover and read the best of Twitter Threads about #Thirdening

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0/ There has been a lot of misinformation spread surrounding Ethereum's upcoming issuance reduction - codenamed the #Thirdening

In this thread, I’ll explain the process that Ethereum issuance reductions go through before they can be considered “consensus”.

(thread)
1/ The issuance rate for Ethereum has been a constant talking point for years now. We can track discussions about a block reward reduction back to the 22nd of December 2016 when EIP-186 (github.com/ethereum/EIPs/…) outlined 3 possible issuance reductions and related schedules.
2/ This initial thread spurred lots of discussion in the community & many people joined in to offer substantive research on how a reduction in issuance would affect the security of the network. Discussions on this thread dropped off around August 2017 & continued in other areas.
Read 16 tweets
#Ethereum is about to undergo the #Thirdening - a reduction in issuance of new $ETH to miners from 3 ETH/block to 2 ETH/block, or a reduction of 33%. It will happen at block 7,080,000 as part of the Constantinople hard fork, which is estimated to be January 16th.
That's a bit like the US Federal Reserve saying, "we're about to reduce the number of new dollars we print next year by 33%." This is one step along the way to #Ethereum's eventual plan to have <1% annual issuance, as Proof of Stake and Serenity roll out. #Thirdening
When an asset's supply goes down (fewer miners selling newly-mined $ETH), assuming demand is the same (or higher), prices trend up. This is obvious when looking at $BTC price mapped against the #halvening, a similar event in $BTC where block reward halves, next one is May 2020.
Read 10 tweets

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