Ethereum to Prove Crypto Forks Can Be Peaceful

“I really can’t imagine a less contentious hard fork, to be honest,” Ethereum core developer Lane Rettig said in a phone interview. “Of all the hard forks in the history of Ethereum, it’s probably the least eventful one.”

Ethereum Hard Fork Delayed

In a statement, the Ethereum Core Developers and Ethereum Security Community said that they decided to postpone the hard fork after security researchers identified a potential vulnerability in one of the software upgrades.

“Security researchers like ChainSecurity and TrailOfBits ran (and are still running) analysis across the entire blockchain. They did not find any cases of this vulnerability in the wild. However, there is still a non-zero risk that some contracts could be affected,” the statement read.

Because the risk is non-zero and the amount of time required to determine the risk with confidence is longer the amount of time available before the planned Constantinople upgrade, a decision was reached to postpone the fork out of an abundance of caution.

The next updates is an important hard-fork for ETH

By definition, such system-wide upgrades require every software user to upgrade to new rules and new code continues to operate as designed. Constantinople, ethereum is faced with a perhaps huge challenge. Besides the Constantinople, there’s a hard deadline for the next upgrade predicted sometime in early 2019, a piece of code known as the difficulty bomb is scheduled enact, thereby making ethereum’s blocks steadily less time efficient to mine. Then the difficulty bomb will push ethereum into what is known as the “ice age,” a period wherein the difficulty is so high that transactions can no longer be processed, making the blockchain unusable. (The bomb was originally included in the code to encourage the platform to quickly adopt new technology).

Ethereum, the Java of Blockchain

Bitcoin is displayed most prominently, along with other popular cryptocurrencies like Litecoin, Tether, Ripple’s XRP, Ethereum’s Ether, and many, many more.

Ether is also built on top of blockchain, but Ethereum is essentially a middleware layer for people to build their own blockchain-based apps, but without doing it from the scratch. Without a platform like Ethereum, building a blockchain app might require building your own blockchain platform, So, much the same way Java was positioned initially as the leading platform for building Web apps, Ethereum is the same thing, but for blockchain apps. With a close proximity to the way Bitcoin works, Ethereum is often perceived as a programmable version of Bitcoin. So now, why are companies building on Ethereum? Well because they want their applications to inherit some of the key benefits of blockchain, such as decentralization and data immutability, while relying on Ethereum’s APIs to give them a head start. Companies that were built on Ethereum include KYC-Chain (an identity management service), Axiom Zen’s Cryptokitties (a blockchain-based game that raised $30 million from venture capitalist firm Andreessen Horowitz), and WeiFund (crowdfunding). (Reported by programmableweb)

 

 

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Mohsen Daemi
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