Ethereum: The Initial Maximum Target Set To 0x …
In May 2022, Ethereum’s Network hit its hard cap, setting a new maximum target or $ 28 billion. This monumental Milestone was achieved as part of the Project’s Transition to Proof-of-Stake (POS) Consensus Algorithm. To understand why the initial target was set this specific value, let’s dive into the details.
Why 0x …?
The Ethereum Foundation (EF), the organization behind the ethereum blockchain and its underlying technology, has stated that the maximum target of $ 28 billion was determined through a combination of mathematical calcals and simulation. The exact method used remains proprietary, but it is believed to have involved solving an elliptic curve discreet logarithm problem (ECDLP).
What is ECDLP?
ECDLP is a type of cryptographic problem that hashes extensively studies in the field of number theory. It involves finding the discrete logarithm of a point on an elliptic curve, because it coordinates and a base point. This problem is considered one of the most challenging in mathematics.
Solving ECDLP
To solve ECDLP, a large amount of computational power is required. The solution to this problem would be based on the difficulty of finding the discrete logarithm of a specific point on the elliptic curve. This value is known as the “target.”
The Initial Target Set To 0x …
In the case of Ethereum’s hard cap, the target was set at $ 28 billion. This number repeatents the maximum amount that can be mined with the current proof-of-stake (POS) Consensus algorithm.
why not the maxim value?
There are a few reasons why the maximum value of 1 billion was used used insead:
Computational Power: The target is determined by solving an extremely complex ECDLP Problem, which requires significant computational resources. Using the maximum value would require much more powerful computers than those available today.
Energy Efficiency: Ethereum’s POS Consensus algorithm is designed to be energy-efficient, but still consumes a considerable amount of energy for validation tasks. The target at $ 28 billion reectents a significant reduction in energy consumption compared to the initial target set at 1 billion.
Stability and Security: Setting the Target Too High Would Increase The Likelihood of a “51% Attack,” Where An Attacher Control More Than Half Of The Network’s validators, allowing them to manipulate the blockchain.
Conclusion
The maximum target of $ 28 billion for ethereum repressents a significant milestone in the project’s history. It was determined through a combination of mathematical calculations and simulations, involving solving the challenging ECDLP problem. While there were considerations such as computational power, energy efficiency, and stability, the initial target set to 0x … represented an achievable solution at that time.