Ethereum Hardfork? Time to jump ship or catch the rocket?
WHAT THE FORK?
Seems like we are warming up to the flavour of the next few weeks/months 'hardforks'. Thought only bitcoin does hardforks? Not entirely. Although labelled a 'hardfork' for Ethereum I think 'upgrade' is better terminology. This upgrade is called the 'Metropolis upgrade'and will involve the application of new code 'Byzantium'. This is a much awaited upgrade and was supposed to be released in September but was delayed for further testing. You will notice the price of Ethereum making sideways action since last month.
NOTE: There will be no new coin from this hardfork.
Some technicals from Coindesk for those that love a good chart:
FORK OFF?
Since last week we note that Ethereum has been ascending higher. Is it accumulation by smart investors for the upgrade? Only time will tell. This upgrade is looking to be applied at block number 4,370,000, or about October 17th 2017 based on block production forecasts. My thoughts are we can expect a rally or upwards move in price (this is my opinion and I can be wrong).
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WHAT ARE THE BENEFITS OF THE HARDFORK?
- Potential for private transactions through incorporation of (zk-SNARKS) - think of this as anonymous transactions
- 'Difficulty bomb/ice age' the switch from Proof of Work (mining) to Proof of Stake (holding the coins and supporting the network) - this is great from an environmental perspective of reducing electricity use. Although it has been made slightly harder the switch has been said to be postponed to next year
- Protection against quantum computing hacks
- When lambo? An early investor bought a 'bitcoin lambo' this week. Be interesting to see if we can have the same happen for Ethereum one day.
RISKS
- Although testing has been conducted there could potentially be some functional issues/bugs when rolled out onto the 'Mainnet'
- People may decide to focus on the BTC hardfork and continue to dump alternate coins for BTC for this over glorified 'BTG (Bitcoin Gold)'
DISCLAIMER: Please note I am not a financial advisor and none of this should be taken as financial advice as they are my opinions and always do your own research as you should only be investing with money you can afford to lose. There are comments we are embarking on bubble territory and it might pop soon. I don't believe we are there yet.
Cryptoshaf
Ladies and Gentlemen, Don't Panic .
All Aboard the Ethereum Rocket.
Destination? TO THE MOON
Seriously though, this fork is nothing to worry about. It's a step in the right direction for Ethereum. I'm very impressed with Vitalik's performance in his previous speeches. I'm bullish long-term for ETH. Wouldn't be surprised if we were at 450-500 By January.
Lets hold our breath and embrace this forthcoming ETH fork. There is no need to panic, just hold onto your ETH tokens.
Maybe not I seen an article online and posted about it on steemit
not sure whats going on with it https://steemit.com/cryptocurrency/@bitcoinman/ethereum-cash
Thanks for the update.
Resteemed your article. This article was resteemed because you are part of the New Steemians project. You can learn more about it here: https://steemit.com/introduceyourself/@gaman/new-steemians-project-launch
compared to bitcoin's hardfork, this ethereum hardfork gives a positive outlook of ethereum blockchain network without giving any conflict from ethereum supporters. switching from PoW to PoS, reduces environmental hazards. Ethereum's creator and its team are a great visionary, way ahead than Bitcoin core's team.
Nice.