Discover and read the best of Twitter Threads about #thirdening
Most recents (2)
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)
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.
#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.
