It is a document that covers the technical specification of the proposed change and the reason behind it. This is to preserve the purchasing power of Ethereum and bring its inflation rate closer to Bitcoin.Īnyways who decides all these? How was the block time adjusted from 15 to 13 seconds and who decided to bring the block reward down from 5 to 2 ETH? EIP – Ethereum Improvement ProposalsĮIP stands for Ethereum Improvement Proposal. Now there is also another proposal on reducing the rewards from 2 to 0.5 ETH (-75%). Later in Feb 2019 the Constantinople hard fork reduced the block reward from 3 to 2 ETH (-33%).Ĭurrently the block reward is 2 ETH. From 5 ETH per block it was reduced to 3 ETH (-40%) which was adjusted by Byzantium hard fork. Now is the block rewards same as 5 ETH per block? No. Later we’ll explain how the block time got adjusted. With an estimate of 6600 blocks a day the block time lies around 13 seconds.Īs you can see in the graph above from 15 seconds block time it gradually reduced to 13 seconds.
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So on average every 15 seconds a new block was mined which is 4 blocks a minute, 240 blocks an hour and 5760 blocks a day.īut according to the metrics by Etherscan Today on average 6400 to 6600 blocks are being mined in a day. When Ethereum was launched the target block time was 15 seconds and the block reward was 5 ETH per block. So what is the block time and reward on Ethereum? Ethereum block time and reward In Ethereum the problem is none of these elements are well established so one cannot come to a proper conclusion. This is something anybody can verify and confirm. With 10 minute block intervals and with 6.25 coins per block around 900 BTC are mined per day. The current Bitcoin block reward sits at 6.25 BTC per block which will decrease to 3.125 by 2024. The rewards per block will cut into half every 210,000 blocks until the total supply limit of 21 million Bitcoin is mined. The block time target of Bitcoin is 10 minutes and the block rewards started with 50 BTC per block initially.
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Only 21 million Bitcoin will ever exist out of which 18.6 million has been already mined. Satoshi Nakamoto, the founder of Bitcoin has predefined the coin supply with Bitcoin. Whereas in Ethereum none of these are hard-coded and this is where the confusion arises. In Bitcoin most of the aspects such as block time, block rewards, halving, coin supply are all hard-coded. Other than this the technical specification of both the blockchain differs.
#Live coin watch ethereum code
Anybody can build code and create smart contracts which anyone can connect and interact with. While Bitcoin is deigned to be a global decentralized money Ethereum is a smart contracts platform. Anybody can verify it but nobody can alter the data.įor now both the network uses Proof of Work to verify blocks but there are certain differences between the both. Both the blockchains are public and immutable. The verifiability of assets is the strong and unique feature of the blockchain. Only in cryptocurrency the supply of coins can be verified to the exact numbers. With Gold and Fiat currency only the rough estimate on supply count exists. Bitcoin and Ethereum blockchain – The difference Now before we get there let’s take a quick look at the difference between the Bitcoin blockchain and Ethereum blockchain. So why is there so much confusing regarding Ethereum supply? Here in this post we’ll clear out everything that you should need to know about Ethereum supply along with relevant sources. This unpredictable supply information and no limit cap on the total supply has raised concerns about inflation among many in the Ethereum community. Ethereum coin supply forecastĮthereum co-founder Vitalik Buterin once projected that the supply of ETH won’t even cross 100 million in the foreseeable future. We’ll get to that later.īut the thing is even the core Ethereum developers are unsure about the coin supply. The max supply is infinite but that doesn’t mean ETH is a highly inflationary currency. Unlike Bitcoin which has a capped supply of 21 million BTC Ethereum has no supply cap. Nobody exactly knows how much of Ether will exist in the future.
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This will keep changing and you can verify the circulating supply information on various Ethereum block explorers and websites like CoinMarketCap. However you’ll never find out the max supply information. Ethereum supply – What is the total supply of Ethereum? How many ETH are in circulation and how many ETH will ever exist in the future? These are some of the most common questions regarding Ethereum and is being debated over and over on a number of forums.Īs of writing this article there are around 114.3 Million Ethereum in circulation.