Block chain technology has led to the creation of over 100 digital currencies and assets which can be found on the coin market cap. Cryptocurrencies represent one of the greatest innovation in the fintech industry since 2009 when bitcoin made it appearance as the first digital currency. This technology is possible today thanks to Satoshi Nakamoto. 1 BTC=5500$ today.
Ethereum represent yet another innovation that came from the block chain technology. As the network grows, there is need for additional features ,security and innovation . These usually take place during a process called ”fork”. There are two types of forks: The hardware Fork and the Software fork”. we will see more about this in the future.
Ethereum Fork: The ethreum fork is schedule to take place on October 16, 2017. This for is know as the Byzantium fork. During this soft fork, the Metropolis split into two stages will be releases . These two stages will be Byzantium and Constantinople.
It is important to note that Byzantium is the codename for the ethereum network. In all the the soft fork will be basically an upgrade in the ethereum network. It is not a split as it was witnessed with the bitcoin network which gave rise to the new bitcoin Cash(BCH). Do not equally forget the next hard fork that will give rise to another bitcoin called Bitcoin Gold.
The time sheduled for the upgrade is Monday the 16th of October . It will last for about an hours ( 6 a.m to 7: am GMT+1). This will correspond to Central African time and the time in Lagos Nigeria. Experts report says Byzantium will be released with block #4,370,000.
What is Ethereum? Is This The New Bitcoin?
The Ethereum Otober 2017 Soft Fork:
The soft fork will release Byzantium which will help improve block chain logic security and also includes more commands for ethereum smart contract.
During the ethereum software fork, Computer running the ethereum software will update their current software version to the new version, Byzantium.
Any Effect on Ethereum Holders?
There will be no major effect on those having ethereum in their wallets . As mentioned above the ethereum network will be more secured with Byzantium. Coinbase in one of their news letter mentioned that confirmation time will be increased for incoming ethereum transactions. This means it will take longer for you to have ethereum sent to you to get into your wallet. Outgoing transaction will not be affected. Funds will not be altered. They will remain the same during and after the softtware fork.
This is what we have to tell you about the fork schedule to tale place today. Note that Ethereum is the second cryptocurrency in the coin market with a capital of over 33 Billion dollars. The current price stands at $346. The soft fork schedule will make the ethereum network safer for digital transactions .
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Do you think the fork will have an Effect on the price of Ethereum?