Big Changes to Come for Ethereum: Metropolis Release

Screen Shot 2017-09-01 at 9_Fotor.jpg

Metropolis was first announce way back in February when Ethereum released their roadmap for 2017, and I’ll be honest, after the multiple delays I didn’t let myself get too excited for it, but now it seems Ethereum is nearly ready for their next hard fork update.

For those of you who are new to crypto and you’re not quite sure why they would plan a hard fork, let me explain what the Metropolis update has in store for Ethereum and what affect it can have on its future.

Metropolis is the third of four of Ethereum’s major updates, the first was called Frontier, we are currently in the Homestead release, next is Metropolis and the last is Serenity.

These are updates that have been planned from the beginning as a way to continue growth and improvement of Ethereum.

So this new release called Metropolis will come in two waves, the first titled Byzantium, and the second is Constantinople.

Here’s what you can expect with the first phase of Metropolis, the Byzantium phase:

  • Increased security for lite client wallets,

  • zkSNARKS will bring improvements to transaction privacy through anonymity.

  • More predictable gas charges

Now the big change that metropolis is set to unveil is the change from proof of work consensus to proof of stake consensus.

We can expect this change to occur during the Constantinople release.

In order to ensure that this hardfork will not result in yet another chain split, they are going to implement a difficulty bomb. This will effectively make it increasingly difficult to mine ethereum, thus forcing the switch.
For those who wish that Ethereum would remain using proof-of-work consensus, let me take this time to remind you that there is still Ethereum Classic.

Although I’d love to give you an exact date for when this will take place, the best I can do based on my research is that it will happen anywhere from the last week of September to the first week of October, that is unless something else comes up that causes one more delay.
They are just now beginning to test this fork on their test network in order to screen for any bugs or mishaps and to ensure a better experience for users once it’s released to the main network

Many are speculating that the recent rise in price for Ethereum has to do with the anticipation of this new release.

Updates are commonly followed by a rise in price, and I think this will be the case for the Byzantium phase of Metropolis.

However, keep an eye out for the Constantinople phase as this is where we will be seeing the repercussions of the difficulty bomb and the reduced block rewards for miners.

Additional Reading/Sources:

Ethereum Website
The Merkle Article Explains Metropolis
Read more on Difficulty Bomb
See Metropolis Activity on GitHub
More on Byzantium and Constantinople Releases
More on zkSNARKS for Ethereum

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Thanks. Anyone mining ETH now want to share opinion on what to switch their mining power to?

·

I think the second most profitable chain would be ZCASH. It is a perfect fit for graphic card based mining.

·

How about Dogecoin??? What do you think about it??

·
·

If you really want to make money out of your mining operations, you shouldn`t focus on dodgecoin.

·

ETH will grow just like bitcoin did, the better thing we can do now is put some money on it!

·
·

It will grow for sure. There are all the developers, startups and synergies. Everyone should keep an eye on Ethereum.

·

Heidi was right, just checked the current rates and ETC actually yield the same return for mining if not a bit better.

·
·

Interesting, could you provide a link where you found those informations ?

·
·
·

I used the minergate.com calculator with the same hash rate for ETH vs ETC to compare the value of crypto mined. There are many calculators out there that probably give a better estimate than minergate but since I am only interested in finding an alternate to mine the rough estimate works.

Amazing info !!

I guess all those ETH GPU miners will be switching to ETC after ETH goes Proof-of-Stake. And the increasing difficulty on ETC may also lead to a much higher price!

It's nice and well, I just don't think Metropolis will be released soon. POS for Eth seems like a really difficult undertaking.

·

Metropolis will not be the switch of PoW to PoS.

·

Has there been any statement as to when Constantinople is supposed to be released? So you reckon they'll delay the announced release?

Thanks for the update!

Heidi and the Water are so Beautiful.........Thank You Heidi for sharing the World with us.
STEEM On Sweet Lady !!

nice to know, thanks

I've read that this switch to PoS is not a full transition. Etherium will still be largely operate under Proof of Work, allowing the first ever cryptocurrency to run both on PoW and PoS simultaneously. I think the numer i've seen is for every 100 blocks written to the chain through PoW, 1 will go through under PoS protocols. This hardfork is necessary to move the platform away from PoW, which I think everyone is excited about, rightfully so!

·

it makes​ sense @motoengineer! I just wonder how in this transition​ speculators will react.

Thanks @heiditravels, so ETH will continue to trade as is post Metropolis and the difficulty bomb? Will there be any new token created for Byzantium or Constantinople?

·

No, there won't be a new coin after this hardfork. Buterin made sure of that with the difficulty bomb.

I refrain to mine ETH now and point all my mining power to monero mining pool at monerohash.com

·

Why should someone move their mining operations to monero. Is it more profitable now ?

·
·

great question @geronimo

Thank you for the info in ether. Your analysis is different from what I've been reading so far. I wasn't quite sure what you meant with eth classic. In the event of a dispute for proof of work, how does eth classic play a role here ?

·

I meant that for those who like everything about Ethereum but are against POS, Ethereum classic is the original blockchain that to my understanding will continue to be POW.

·
·

Thank you for the clarification @heiditravels. Your post definitely raises questions for me on ether classic, whether it might gain some popularity over this aspect of POW and rise in price once ETH goes POS

·
·

But I think ETC will have a bigger problem fixing the scaling problem with POW and there is literally no developer working on any dapp.

·
·

Thanks for clarifying that.

Very noteworthy.

Useful info - thanks for sharing.
have a nice day!

Many are speculating that the recent rise in price for Ethereum has to do with the anticipation of this new release.

I think that has more to do with Google search trends. Price chart for Ether:

Google trend chart for Ethereum over same period:

Ethereum price rises - news talks about Ethereum - people search for Ethereum in google - people invest in Ethereum - Ethereum price rises

And the cycle continues.

·

Is google search trend anticipating the Ether price trend or is it the other way around?

Great info! Thanks for sharing. Le't invest in Etherium now while the price is still not as high as bitcoin :)

hello!!! great post @heiditravels !! I wanted to ask, is ethereum a good crypto to invest in? (I am new in crypto-currency so excuse me :P)

Also Upvoted your post for sure! :D

·

Go ahead and do a lot of research about it and see how you feel about it. Please don't invest in a coin because someone else told you to without doing your own research about it!!

I must say, this is the first thing of @heiditravels I have seen, and to be honest, I couldn't focus on the content of the message... The presentation was too good... I'm sorry I will have to watch it again... ;-)

·

I agree! :)

Well, great post @heiditravels. i learned something new here so, upvoted and followed! ;-)

Useful info - thanks for sharing.

Thank you for the information. It makes you want to invest in the Ethereum.

Great. Thanks for sharing. I'm starting to follow you.

Thanks for the heads up. Just got into Crypto a couple months ago. This sounds positive for ETH.

Thank you for the post @heiditravels. Does this mean ETH is going to grow faster because of this fork? Or at least grow as it did before?

Thanks again :).

·

what do you mean in general with grow faster? the Price? The Blockchain?

·

Hopefully!

Nice post.

I will buy this month Ether, Tenx and Bitcoin. Ether give me a good feeling in these Days ;)

Thanks for the update. The hard fork was on my radar but it is nice to get some detailed and condensed info here. Upvoted, resteemed and followed!

I have some Ethereum - so I was in fact interested in this update.
Anyone here feel that Ethereum Classic may be a "mover & a shaker" this Fall?

Thank u for this Post, btw.

I like this post, you have my vote, by the way,
thank you for stopping by and voting on one of my post
really appreciate it.I started following you @mannyfig1956

Great info, thank you!

Being that I own a bunch of ETH, I'll be watching closely.

upvoted and resteemed.

·

Hopefully you've got some Ethereum Classic as well, I have a feeling it will do well for those who are against POS might move to that chain.

Thanks heidi. Followed. :)

Congratulations @heiditravels! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of upvotes

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

Thank you

Nice post thank for share. Upvoted and follow u

Great post. Followed.

Crypto Tips spreads the crypto knowledge!

Yours and DataDash's channel have become my two favorite crypto tubes!

deeponion.jpg

Deep onion is having a 40 week airdrop for those of you that have a bitcoin talk account. It's fully anonymous and designed to run thru the tor network. The Dev team and marketing strategy are on another level with a full team of friendly moderators ready to answer any questions at a moments notice. With it's unique distribution It's a great long term hold with zero financial risk. If you don't have a bitcoin talk account you can put that miner to work or pick some up at novaexchange and stake them for interest. To apply you just need your Bitcoin talk ID number and a Deep onion wallet.

https://deeponion.org/apply.php?ref=251926

Great post, thanks for sharing this information.

BEEEEEEERCULES!

You look great. ☺

I hate to sound stupid but, I am here to learn. Moving to POS from POW sounds like a lot like moving from value to fiat to me. In addition, reading the link to the Difficulty Bomb, it sounds to me like the Ethereum team is delaying it's implementation because they are not sure if it will cause an increase or decrease in Ethereum price. Money over quality? I am here to learn. Please educate me.

POS is probably the thing that will affect the price the most. Depending on the details, it could increase by quite a bit.