Big Changes to Come for Ethereum: Metropolis Release
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If you’re looking for an app that tracks the price of BTC & ETH and many other coins, check out the CoinView App: https://play.google.com/store/apps/de...
https://themerkle.com/ethereums-metro...
https://www.coinspeaker.com/2017/08/2...
https://futurism.com/the-ethereum-pla...
https://github.com/ethereum/EIPs/pull...
It 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 until now. Yes, it seems Ethereum is nearly ready for their hard fork update Metropolis.
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.
* and
* 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.
Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website: https://www.ledgerwallet.com/r/67ef
---Deposit Wallets for Donations—
Bitcoin (BTC): 16gwMprXw5ss8Nk23CU8Jc6XtVf7KYF621
Ethereum (ETH): 0xac5223209791820b4c37f6f6b4b5d249d25d55ac
Steem: Memo- 65a0c840997c338c Address- poloniex
Dash: XuvS5TzRSRGbNZM2va9KXYxF6QBqQ4tVQp
PIVX: DRpsLWV3mPnyqRv66UUSm3vyJLB16k1KjS
Lisk: 15973080749547839572L
Dogecoin: DEJmCLEht9LkvHG5a53wNaKmMGyGVdKXBp
Monero: 72a078b6d7f81d3c47244953ecc96f877c46bb13e609743b8664a7d278f05613
Stratis: SfbCiTWEMs6UygRCRc5w4XZujqocgU2Kys
Ethereum Classic (ETC): 0x773a3adc21f4fb7ff3b646c9369535214816bff6
Decred: DsmfmgrStpBEwsRwkEBogqrFQhfe6ExR2B8
If you’re looking for an app that tracks the price of BTC & ETH and many other coins, check out the CoinView App: https://play.google.com/store/apps/de...
https://themerkle.com/ethereums-metro...
https://www.coinspeaker.com/2017/08/2...
https://futurism.com/the-ethereum-pla...
https://github.com/ethereum/EIPs/pull...
It 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 until now. Yes, it seems Ethereum is nearly ready for their hard fork update Metropolis.
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.
* and
* 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.
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