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Why does Ethereum fork (Ethereum forks)

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Why does Ethereum fork

Why does Ethereum fork original title: Why does Ethereum fork

All nodes running on the Ethereum network verify blocks and confirm transactions by executing consensus algorithms. These two processes are called “Beacon Chains”, built by a decentralized community, where each participant receives the same rewards and benefits without losing support for the other chain due to a transaction failure. Therefore, when a transaction is successful, all services on the original chain can continue to be used. Due to the de trust nature of Bitcoin blockchain itself, it has also become the foundation of a global currency system that can achieve complete freedom and anonymity. If there are any issues that need to be resolved, there will be a lot of controversy

In order to prevent this problem, the Ethercoin team has developed a new solution: the Proof of work system (PoW) called Istanbul. This is the first version of the network protocol that allows miners to mine Ethereum, but only a few people can dig them up. But over time, they may find that this situation has changed. Currently, the project is attempting to upgrade all miners to new software – Serenity (old version) or Prysm (improved version). Nowadays, most mining pools are trying to launch their own encrypted wallets and applications, including platforms such as CoinbasePro

Although Ethereum has existed for many years, there are still some problems in many cases: for example, Ethereum does not share security functions with other assets, resulting in price fluctuations; The price of Ethereum fluctuates greatly, making it difficult for people to find better ways to store value. These issues are mainly due to the limited total supply of Ethereum and the inability to meet demand (such as ERC-20 tokens); The high costs associated with BTC and the prosperity of the DeFi ecosystem. The Ethereum Foundation is considering creating a plan to build a stronger infrastructure to support the development and adoption of blockchain technology. However, Ethereum is not intended to do this, but rather to be used as an exchange token. It’s not even like this because it’s a concept of digital goods/services. The future of Ethereum will depend on its scalability

Ethereum fork

According to Coindesk, the Ethereum blockchain will be split into a new version called “ETH2.0” (Ethereum Classic) at the block height of 12888001. The project will collaborate with BitTorrent and ConsenSys, the London hard fork platforms, to create an ETH2 based system that allows users to conduct transactions without any network restrictions. Both protocols use the same method to handle data transmission. According to the articles published by developers, neither of them addresses the scalability challenge.

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