Ethereum mining difficulty increased significantly

What is the reason of Ethereum's abnormal difficulty increase?
10 July 2017   13251
Ethereum

Open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements

For the last 24 hours, Ethereum mining difficulty increased by 20%. ETC mining difficulty is now almost 1208234552666986.0, this is all-time record. 

ethereum difficulty chartEthereum difficulty chart

This situation can be caused by so called "Difficulty bomb impact". 

Difficulty bomb impact
Difficulty bomb impact

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks.

How this will affect the price of ETC in the medium and long term we cannot know. Today, 10 of July, Ethereum lost about 6% in last 24 hours. Now it's $229.

Ethereum price chart
Ethereum price chart

What is Ethereum Ice Age? 

The Ethereum Ice Age is a difficulty adjustment scheme that was put in place to ensure that everyone has an incentive to move to the new blockchain once the hard-fork is implemented. It was introduced on the 7th of September (2015-09-07), about 11 months ago and it's programmed to raise difficulty exponentially.

It's impossible for miners to keep up with the increase of difficulty which would raise block time and it would make the blockchain freeze, hence the name Ice Age.

Ethereum Community Fund Created

Cosmos, Golem, Global Blockchain Labs, Maker, OmiseGo, Raiden and Tendermint are involved in the creation of the new fund
16 February 2018   112

Prominent members of the Ethereum ecosystem open a fund designed to support projects developed on the blockchain of the second largest crypto currency. This is reported by CoinDesk.

Cosmos, Golem, Global Blockchain Labs, Maker, OmiseGo, Raiden and Tendermint are involved in the creation of the Ethereum Community Fund (ECF). Their goal is to introduce the services on the basis of Ethereum in the infrastructure of companies, which they can be useful.

The fund's founders also intend to launch a grant program that will provide "permanent financial security" to selected projects, the press release said.

The founder of Ethereum Vitalik Buterin directly participates in the work of the fund, in a letter to CoinDesk confirming that he acts as an adviser.

Ethereum has grown beyond my expectations over the last few years, but the work is clearly not finished. Delivering value that matches the hype should be the mantra of 2018; efforts such as the ECF which help organize the development of the ecosystem are going to help make that possible.
 

Vitalik Buterin

Co-creater, Ethereum

ECF is not the only organization dedicated to the development of the Ethereum ecosystem. Ethereum Foundation, a not-for-profit organization that also makes a significant contribution to the development of the platform, in January announced the launch of two sponsorship programs designed for developers seeking solutions to scale the network. The Enterprise Ethereum Alliance provides resources to companies interested in applying Ethereum, and links Fortune 500 companies with crypto-cash start-ups.