Ethereum Hardfork is near the edge and about to happen in the Etherum Blockchain. With major updates and minor tweaks, ethereum developer is finally pushing a newer version of the Ethereum version.
Ethereum was the most versatile crypto from been a long time. The ability to provide a platform for the developer and the support of the ERC based tokens and Smart contract is what defines the Future of the Blockchain and Decentrailized Apps (Dapps).
When HardForkin Happen?
The Hardfork is happening at Block Height: 7,080,00 which will about to hit the network during 13-17th Jan 2019, most probably on 16th Jan 2019.
Check the current Block height at Etherscan
Is this Proof-of-Stake Update?
No, not yet, it’s not the proof of stake update right now. It’s still a Proof of Work, means miners can still mine and get the mining reward from ETH.
Will this hardfork Result in 2 Coins?
No, probably not, this will not result in 2 coins. This Hardfork update is just happening on the mainnet of Ethereum. Since, This hard fork will result in two chains with the old chain dying almost immediately. Developers expecting for not to split the chain separately.
The only way for the chain split will if the miners continues to mine the older version of the chain.
Afri Schoedon, release manager mentioned:
Risk of a chain split is low because adoption of the upgrade by ethereum’s top mining pools – the parties most critical in avoiding a chain split – has been strong.
“Miners are prepared, Schoedon said. “Only miners can split the chain.”
What Are the Updates Proposed on New Ethereum Chain?
There are a couple of EIP or Ethereum Improvement Proposal introduced into the newer version. You might skip this part, its just all about improvement and efficiency update in Ethereum Network.
EIP 145 – Bitwise Shifting
This update if all about the less gas cost smart contract. Ethereum strongly supports the developers & their platform hence making gas cost i.e. less transaction fee could be better for the network. This update will make the gas cost about 10 times cheaper.
EIPS 1052– EXTCODEHASH
Every smart contract will now have the hash to represent the entire validity of it. If the developer of smart contract changes something it will let the hash of the contract to change as well. So it will at the end speed up the process of verifying smart contracts.
EIP 1014: Skinny
This update if all about the off chain transaction and its speed and efficiency. This will directly impact the main chain as make it will clear the main chain and will result in more efficiency and speed.
EIP 1234: Difficulty Bomb Delay
This update will delay the block reward efficiency to about 12 months. Which makes mining as well as reward stable for a longer period of time before they actually move to Proof of Stake for the Ethereum. The Reward is now set from 3ETH to 2ETH which will extend the Proof of work longevity.
EIP 1283: Gas for SStore
This Update will reduce the gas cost for the contract storage and make the memory use more efficient for the network.
Do’s and Don’ts; You need to Know About Ethereum HardFork
There are a couple things you need to know about the hardfork…
- Keep your wallets or apps up-to-date during the Hardfork.
- Do not enter your Ethereum Private keys to any random website promising you to give you free Ethereum Hardfork coins. Rather, transfer your coins to Exchanges like Binance or Bitfinex and you will receive new coin if the chain split happens.
- Don’t trade during this period: Most of the exchanges will pause the trading and transferring, So if you currently have trade booked into Ethereum then kindly resolve it and let the Ethereum sit peacefully in your wallet.
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