Categories: Ethereum

Ethereum Falls As Hard Fork Is Suddenly Delayed–Here’s Why

Click here to view original web page at www.forbes.com

Ethereum, the world's third-largest cryptocurrency by market capitalization, has fallen today as investors and traders nervously look towards the delayed Constantinople upgrade—which was expected to help solve the cryptocurrency's scalability issues.

The ethereum price was off by some 3% over the last 24 hours, according to the CoinDesk ethereum price tracker.

The delay is due to a potential security vulnerability identified by security audit company ChainSecurity, according to the official Ethereum blog. If it had gone ahead, attackers could exploit a loophole in the code to steal user funds.

Ethereum has, along with the wider cryptocurrency market, fallen heavily throughout 2018.

The upgrade, which will speed up processing times, improve the way the network monetizes data storage, and reduce mining rewards from three to two, is ethereum's eighth hard fork.

This is, however, not the first time the upgrade has been delayed, with it originally scheduled to go live in November last year, but plans were derailed due to network bugs. There is currently no new date set for the ethereum upgrade, but it will be decided during an ethereum developer call on Friday.

Ethereum's Constantinople upgrade is also part of its move to a proof-of-stake consensus algorithm later this year, from the more energy intensive proof-of-work it currently uses.

Though the upgrade is considered a hard fork, in which the cryptocurrency will split in two, it's classed as noncontentious — meaning all transaction validators are likely to upgrade their software.

Many ethereum traders and investors expect to see increased volatility ahead of the fork.

The ethereum price has had a rocky few days in the run-up to the Constantinople upgrade. CoinDesk

"In the short-term, shortly before and during the fork expect to see price volatility pick up although we would expect to see things steady out after there is consensus on the chain," Piers Courtney, an analyst at cryptocurrency brokerage firm GlobalBlock, told investment news site MarketWatch.

"It has been widely reported that this hard fork is expected to relieve some of the tensions that have been building regarding ETH and is likely to be positive for the valuation of ether (ethereum's tradable token) in the foreseeable future."

The ethereum upgrade and hard fork is widely expected to be a positive thing for both users and developers of the ethereum blockchain and cryptocurrency.

"For most consumer use cases, decentralized apps are a blind alley," said Matthew DiPietro, chief marketing officer at Kin Foundation. "The killer use cases are centralized apps that use cryptocurrencies to create better user experiences at massive scale.

"Usage is all that matters. Not market cap. Not price speculation. The Constantinople fork, while needed, still won't allow ethereum to scale fast enough for widespread consumer adoption anytime soon. Consumers couldn’t care less about understanding how blockchain works. They just want great apps that simply work."

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Terrorists are turning to Bitcoin for funding, and they’re learning fast

Representational image of Bitcoin. (File: Bloomberg) By Nathaniel Popper Hamas, the militant Palestinian group, has been designated a terrorist organization… Read More

19 mins ago

Latest Faketoshi says he conveniently ‘lost the hard drive’ containing billions in Bitcoin

Just yesterday we told you how there was a new Faketoshi in town, staking a questionable claim to the Bitcoin… Read More

19 mins ago

Study Suggests Scarcity Could Drive Bitcoin Prices to $60,000 by May 2020

Share Tweet Send Share Bitcoin price predictions have been coming thick and fast in recent months as the world’s top… Read More

19 mins ago

“Bitcoin will never hit 50k” says crypto skeptic Peter Schiff

For a man that wants nothing to do with Bitcoin , economist and Euro Pacific Capital CEO Peter Schiff never… Read More

19 mins ago

Casa Releases Node Monitor Service to Improve Bitcoin Network Health

Casa, a crypto firm that provides a private key management service and Bitcoin node machine, has unveiled a node monitor… Read More

19 mins ago

ETC/ETH Technical Analysis: Ethereum Classic breaks higher

Ethereum Classic vs Ethereum: Classic is making a comeback today An important price level has been broken 0.037673 looks to… Read More

20 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More