Ethereums Byzantium Just Happened and Here Is The Scoop
I believe many people where very unaware that last night Byzantium hardfork happened on the Ethereum network. This is one of the biggest updates to Ethereum since it split in two with Ethereum classic and Ethereum.
As of 2am EST on October 16th 2017 Byzantium hard fork has been locked in and so far the markets are reacting positive to this.
Per creator Vitalik Buterin twitters post
What to expect with the upgraded Ethereum blockchain
The new network will have significant improvements to the blockchain in terms of Privacy, Scalability (This is a huge one) and smart contracts efficiency through systems such as ZK-SNARKs - ZCASH support.
ZK-SNARKS
Will be using ZCASH on the network which has proven to be one of the best truly anonymous forms of transferring crypto currency. This was the whole reason why blockchains where created to be out of governments reaches and right now Zcash and Ethereum are leading that charge.
Efficiency
With this hardfork also comes some efficiency updates. Much like bitcoin core added Segwit, Ethereum has removed many un-needed information stored in transactions which will reduce the size of each transaction on the block allowing for more and lower transaction prices at its current rate. However further developments will still need to be made here so the blockchain can handle hundreds if not thousands of transactions per second if its going to ever go mainstream. (Right now it can handle about 5-10 per second)
The Markets
So far the markets are looking promising. Since the hard fork ethereum has jumped nearly 4% and stayed even. As the good news spreads I have a feeling we will see this price jump some more.
This is the key difference in why I believe in Ethereum so much more then Bitcoin.
Unlike bitcoin Ethereum has just underwent a fork to improve the blockchain, no split happened to cause mass confusion and panic and only good things have come. With a central development team it allows the block chain to adapt to survive while bitcoin struggles with this greatly.
This is a good improvement to the ethereum network and ecosystem.
Thanks for sharing the information
your welcome Johny thans for checking it out and for the upvote
Great post, you are bringing up a lot of valuable information, as always! It is indeed a very good thing that the blockchain did not split, this is a sign of trust from the miners and people involved in Ethereum. Hope for the best of this currency, it is really promising!
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