Hard forks are always been in limelight since the inception of Cryptocurrencies. In
From investing point of view, Hard fork is often considered as Huge catalyst for growth.
Ethereum is blockchain platform which is being used to create dapps and issue tokens widely. Its native coin is called Ethereum which is #2 cryptocurrency according to Coinmarketcap data. Ethereum was initially launched as a Proof of work coin, where mining is required to issue coins and validate transactions, Proof of work is the same consensus algorithm being used in Bitcoin as well. Mining has became costly because of increasing cost of electricity, also proof of work coins are slow in nature when it comes to transaction speed. For a mass adoption, transaction speed is the way to look forward which is not supported by Proof of work consensus. Hence Ethereum decided to transit into proof of stake consensus, which is fast, easy and environment friendly. Ethereum 2.0 Vision’s is largely depended on Proof of stake and sharding. According to Ethereum updated roadmap, They will transit completely into Proof of stake in 2019.
The upcoming hardfork is the preparation for this transition into proof of stake. The hardfork is named Constantinople.
Along with the Constantinople hard fork, there are three more
- Classic Vision
The Classic Vision
hardforkis the Ethereum Classic hardfork. The hardforkcame about after a breach of security that the original Ethereum network had. Majority of the Ethereum community wanted to erase all traces of the breach, while a very small part wanted to address the issue.
In an attempt to erase the security breach, which brought up questions about the network’s viability, the Classic Vision
hardforktook place. And many people went along with it. It is essentially a creation of a separate chain without the history of a security breach.
The Classic Vision
hardforkis expected to take place on 11th January. And for every ETH, users will get 3 ETCV. (3:1)
- Ethereum Nowa
Ethereum Nowa is the second most talked about
hardforkon the Ethereum Network. The only change that Ethereum Nowa hardforkis implementing except for the proof-of-work to proof-of-stake protocol shift, is immutability.
The entire idea behind the Ethereum Nowa
hardforkis to keep the spirit of the blockchain intact and make sure that it is not tampered with.
The Ethereum Nowa
hardforkis scheduled to take place on the 12 January. And the ratio of coins being awarded is going to be in the ratio 1 ETH:1 ETN.
- Constantinople Fork
Constantinople Fork is one of the most awaited
hardforksof Ethereum. The discussion for Ethereum Nowa started back in August 2018 and the launch has been postponed multiple times since.
Constantinople Fork has proposed 5 changes or Ethereum Improvement Proposals (EIPs). And is a network-wide upgrade for the Ethereum Network. The five changes that the Ethereum Nowa is implementing in their
Another big change that the Constantinople Fork is implementing is the change from Proof-of-work protocol to proof-of-stake.
The Constantinople Fork is set to happen on the 16 Jan. This fork will come at block 7,080,000, it will reduce the block reward from 3
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Recent surge in Price
Etherum is on the bull ride since after the
Crypto community is overall bullish on ethereum price action. They are targeting a price level of 180$ before the hard fork, Charts are also looking in the favour.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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