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What is Ethereum hard bifurcation (whether Ethereum bifurcation is good or bad)

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What is Ethereum hard fork

What is Ethereum hard fork Ethereum hard fork is the most famous event in the blockchain industry. In the bull market in 2017 and early 2018, the Ethereum community experienced a major price adjustment – the reward for each block of Ethereum network will be transferred from the original Proof of work algorithm to the Proof of Equity (POS). This upgrade includes a new proposal called “EIP-1559”, which aims to solve two major problems caused by the merger of ETH1.0 and ETH2.0. One is the destruction of the original tokens dug up by miners, which makes Ethereum easier to circulate and faster to trade

In order to make Ethereum users more convenient to use the Ethereum blockchain, developers will do some simple work:

1, create new blocks 2. Update the code on the blockchain through smart contracts 3. Add new asset types 4. Implement EIP-2929

Is Ethereum Bifurcation Good or Bad

Editor’s Note: This article is based on data and reproduced by the Odaily Planet Daily with authorization

Ethereum developers plan to carry out hard branching on September 8 to solve two problems on Ethereum network: 1. Due to the high cost of the combined gas (currently only supporting ETH and ERC-20 tokens), many developers attribute this to the splitting of some functions and protocols into a new system; 2. Ethereum bifurcation may affect the overall interests of other blockchain ecosystems; 3. Over time, people’s support for Ethereum bifurcation will increase, and it will also generate new transaction types, smart contracts, and more and more extensive functions, which will lead to “Ethereum” becoming the mainstream Cryptocurrency; 4. Reduce the number of transactions to around 10 transactions per second without involving complexity, thereby improving the efficiency of the entire ecosystem many times. When the Ethereum divergence occurs, another major event will occur – Ethereum 2.0 branch upgrade, which is expected to occur in late January or early February 2020, but will not resume operation soon; 5. Ethereum core team members said that they had begun to prepare for the implementation of EIP-1559, and would later launch the Codebase of the main network. In addition, the developer’s proposal also includes suggestions for improvements (EIPs) to the Ether1 and Ether2 client implementations

However, for developers who want to obtain Ethereum native token (ETH) exposure, this change may be a bad thing: “I think we need a feasible solution to promote these interoperability”. If you want to create a new digital asset based on Ethereum, or a Stablecoin can be used as collateral to issue them (such as DAI), users will use the token as a return

According to a recent report, the Ethereum Foundation is seeking to establish a Ethereum node software service company, ChainSafe, which aims to provide security for decentralized applications. Chainsafe is a startup focused on building a sustainable project management platform However, ChainSafe CEO Tim Beiko explained, “We will first test our EVM offline from the chain. This is a long-term task, so we must ensure that we cannot completely disrupt the existing network at any time.” He added that once the merger is completed, there will be a large number of miners involved.

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