Ethereum Hard Fork In Progress

717
3564
Ethereum Hard Fork In Progress
Ethereum Hard Fork In Progress

The planned Ethereum network hard fork, codenamed Metropolis, is well and truly underway. Beginning on September 18 with the first phase, called Byzantium, is expected to mitigate the consequences and actions of malicious presences within the broader Ethereum network.

Ethereum creator and lead developer Vitalik Buterin, announced on Twitter only a day after Byzantium had gone live on testnet that Ethereum had just verified its first zk-snark proof transaction. He then thanked the ZCash development team for their support in the endeavour.

Ethereum Hard Fork In Progress

The Tweet is seen as further evidence that the potential for zero-knowledge (zk) proofs is real. This cryptography technology was first used and promoted by the developers of anonymous cryptocurrency ZCash and is touted as a method for truly anonymous transaction. This is due to it verifying ledger entries without revealing the identity of either receiver or sender.

Unlike the Bitcoin hard fork issues, Metropolis has received wide support from the Ethereum community, although this is arguably credit to its somewhat centralised approach in development.

Its creators see the hard fork proposal as a necessary technological upgrade and scalability solution, given increased usage and application of the Ethereum network. This has been true particularly among businesses and governments seeking to further explore the Ethereum ecosystem.

The second phase of Metropolis – Constantinople – is due to roll out sometime in October 2017. Once completed, a significant change will be the ongoing shift from Proof-of-Work to Proof-of-Stake, with miner rewards reduced to 3 ETH from its current 5 ETH.

717 COMMENTS

  1. Nice read, I just passed this onto a friend who was doing a little research on that. And he just bought me lunch because I found it for him smile Therefore let me rephrase that: Thanks for lunch! “To be 70 years young is sometimes far more cheerful and hopeful than to be 40 years old.” by Oliver Wendell Holmes.

  2. Hiya very nice web site!! Man .. Excellent .. Amazing .. I will bookmark your blog and take the feeds additionallyKI’m happy to search out numerous useful information here in the submit, we’d like develop more strategies in this regard, thank you for sharing. . . . . .

  3. Generally I do not read post on blogs, but I would like to say that this write-up very forced me to try and do so! Your writing style has been surprised me. Thanks, very nice article.

  4. Hey There. I found your blog using msn. This is an extremely well written article. I’ll be sure to bookmark it and return to read more of your useful information. Thanks for the post. I’ll definitely comeback.

  5. Pretty nice post. I just stumbled upon your weblog and wished to say that I’ve truly loved browsing your weblog posts. After all I will be subscribing in your feed and I’m hoping you write once more very soon!

  6. Good day very cool blog!! Guy .. Excellent .. Superb .. I will bookmark your web site and take the feeds also…I am satisfied to search out numerous useful info right here within the submit, we want develop more strategies on this regard, thank you for sharing. . . . . .

  7. Heya i’m for the first time here. I found this board and I to find It really helpful & it helped me out a lot. I’m hoping to offer something again and help others such as you aided me.

  8. Thank you a lot for giving everyone an extremely memorable chance to check tips from here. It is often very fantastic and jam-packed with a lot of fun for me and my office fellow workers to search your web site at the very least thrice every week to find out the fresh guides you have. And of course, I am usually astounded with your fabulous things you give. Certain 1 facts in this posting are clearly the most suitable we have all ever had.

LEAVE A REPLY

Please enter your comment!
Please enter your name here