Hopes Are High The Next Ethereum Hard Fork Won’t Be Like the Last

By October 17, 2016Bitcoin Business

Nothing to see here… That’s the message from developers, entrepreneurs and analysts ahead of an upgrade to the ethereum network that aims to solve "urgent network health issues". The new code, expected to be released tomorrow morning, follows a series of attacks that developers say exposed issues with the pricing model the network uses to discourage transaction spam. As a result, the ethereum community is set to adopt a patch for the issue at block 2,463,000 on its main blockchain, a move developers believe will reprice network functions to better incentivize intended use. A second hard fork is then expected to remove the spam that resulted from the attacks, though details on this update are still forthcoming. (A full FAQ has been posted by the Ethereum Foundation here ). But while expected in light of recent issues, the changes are the subject of heightened interest given the fallout surrounding a problematic hard fork this summer. Prompted by an attack on a prominent application, the community elected to restore investor funds through a protocol change that invalidated the alleged theft. What followed, however, was a prolonged – and still active – disagreement that saw that a group of developers continue to write code for and process transactions on the abandoned blockchain. Dubbed ethereum classic , the alternative network is continuing to attract developers and trader interest. But despite this backdrop, analysts don’t see tomorrow’s hard fork as one that will yield similar results given that it will improve the experience for users. Developer Demian Brenner, an entrepreneur building a smart contract platform called Zeppelin on ethereum, said there was broad agreement among his users that this fork would be a non-event. Brenner told CoinDesk: "’Forking’ is presented as a super scary concept, but in any other field it would just […]

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