Ethereum: Initial maximum target set to 0x …
In May 2022, Ethereum hit its hard cap and set a new maximum target of $ 28 billion. This monumental milestone was achieved as part of the Consensual Algorithm of the project for a consensual evidence algorithm (POS). To understand why the initial goal was set to this specific value, let’s dive into detail.
Why 0x …?
The Ethereum Foundation (EF) Foundation, the organization behind Blockchain Ethereum and its basic technology, said that a maximum goal of $ 28 billion was set by a combination of mathematical calculations and simulations. The exact method used remains proprietary, but it is believed to include the solution to the problem with the discrete logarithm of the elliptical curve (ECDLP).
What is ECDLP?
ECDLP is a type of cryptographic problem that has been intensively studied in the field of numbers. This includes finding a discrete logarithm of the point on the elliptical curve with respect to its coordinates and the basic point. This problem is considered one of the most demanding in mathematics.
Solution ECDLP
A large amount of computational energy is required to solve the ECDLP. The solution to this problem would be based on difficulties in finding a discrete logarithm of a particular point on the elliptical curve. This value is known as a ‘goal’.
Initial target set to 0x …
In the case of a hard ceiling of Ethereum, the target was set at $ 28 billion. This number represents the maximum amount that can be benefited by the Consensual Algorithm of the Consequent Evidence Consensation (POS).
Why not the maximum value?
There are several reasons why a maximum value of 1 billion was not used instead:
* Computal force: The goal is determined by the solution of an extremely complex ECDLP problem, which requires significant computing sources. The use of maximum value would require much more powerful computers than today.
* Energy efficiency: Consensation algorithm POS Ethereum is designed to be energy efficient, but still consumes a significant amount of energy for validation tasks. The $ 28 billion target is a significant reduction in energy consumption compared to the initial goal set at $ 1 billion.
* Stability and security:
Setting too high a goal would increase the likelihood of a “51% attack” where the attacker controls more than half of the network validators, allowing them to handle blockchain.
Conclusion
The maximum target of $ 28 billion for Ethereum is a significant milestone in the history of the project. It was determined by a combination of mathematical calculations and simulations that include a solution to the demanding ECDLP problem. Although there were considerations such as computational force, energy efficiency and stability, the initial goal set to 0x … At that time, it was a achievable solution.