Don't Forget There's Another Big Hard Fork Coming: Byzantium (Ethereum)
Don't Forget There's Another Big Hard Fork Coming: Byzantium (Ethereum)
Salutations.
I am JaiChai.
And if I haven't had the pleasure to make your acquaintance, it's always nice to meet a fellow Steemian.
Under the Radar
With most of the cryptocurrency space focused on Bitcoin's Hard Fork (BitGold), Byzantium - Ethereum's hard fork schedule - has been running in the background as planned, under the radar of all except die-hard Ethereum enthusiasts, and will be implemented on Oct 17, 2017.
State of Affairs
Last week, Ethereum fluctuated between the upper $280's to $295 - just short of breaking the $300 thresoldhold.
Currently, with a market cap of roughly $27.2 Bln (coinmarketcap.com), Ethereum is down $10 Bln from the $37 Bln (before the recent round of China cryptocurrency bans).
Ethereum's upgrade (EIP 649) is named "Byzantium" - in deference to the classic Byzantium General's Problem - is scheduled to be implimented on Block Number 437 Mln.
In a nutshell, it is supposed to boost efficiency by lowering miner block rewards from 5 to 3 per block and add discovery difficulty in the formm of a "Difficulty Bomb".
Of course, many miner's feel this may be too much of a disincentive to mine and will drive hashing power to other more miner-friendly altcoins.
Only time will tell...
By JaiChai
Many thanks for reading my post. And if you enjoyed it, please: Upvote, Follow, Comment and Resteem. - JaiChai "My mind was a terrible thing to waste..."
About the Author
JaiChai has been in the cryptocurrency space for over 6 years. He is an enigma, regarded by his cohorts as sarcastic, funny, intuitive - but most of all, elusive. JaiChai alternates long dormant periods with concentrated episodes of frenzied commentary - only to go silent again. He’s known for randomly submitting philosophical and contrarian posts on most cryptocoin forums.
When asked about his vanishing acts, he says, "I’m just somebody who enjoys being nobody because I look like everybody. Besides, time checking things off my 'bucket list’ - sans notoriety - is time well spent.”
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Hello! is the Byzantium hardfork different than the Metropolis hardfork? Are either of them likely to drop a new coin?
Yes.
It is the first of a four-step process of Metropolis. As to whether it will be like the ETH vs. ETH classic is yet to be determined.
Personally, since the ETH Classic debacle resulted from differences of opinion within Ethereum - of which, Charlie H. was most vocal, this planned series is native to the group and probably won't create another ETH coin. But that is just my conjecture.
Thank you so much for taking the time to comment.
Namaste,
JaiChai
Thank YOU for the information. i wasn't aware that the fork was being split into 4 groups. So it's only Bitcoin Gold and Segwit 2x to worry about. Good to know.