Ethereum mining difficulty increased significantly

What is the reason of Ethereum's abnormal difficulty increase?
10 July 2017   22948
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.

Societe Generale to Issue ETH DLT Based Bonds

Societe Generale SFH used the OFH security token, based on Ethereum's public blockchain to issue secured bonds for 100 million euros
24 April 2019   96

French banking corporation Societe Generale Group issued bonds in the form of security tokens, using the public Ethereum blockchain.

On Tuesday, the company announced that its division Societe Generale SFH used the OFH token to issue secured bonds worth 100 million euros. According to the investor services of the rating agency Moody’s, Societe Generale turned out to be the “sole investor” of the financial instrument and did not involve any third-party participants in its purchase.

A bond is issued for a five-year term with a 12-month grace period. The security presented by a token gives its holder the same rights as that issued in traditional form.

Moody’s argues that the use of the blockchain can have a positive effect on the rating of a financial institution, in particular due to increased transparency and reduced likelihood of errors resulting from the difficulties and the number of intermediaries involved in the process of issuing secured bonds using traditional means.

PwC auditing company acted as a technology consultant for the project, while French law firm Gide Loyrette Nouel provided legal support.

Earlier this month, Societe Generale-owned private bank Kleinwort Hambros announced the creation of a exchange traded note, intended for investment in the blockchain industry.