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What is the meaning of Ethereum hard bifurcation (whether Ethereum bifurcation is good or bad)

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What is the meaning of Ethereum hard bifurcation (whether Ethereum bifurcation is good or bad)What is the meaning of Ethereum hard bifurcation (whether Ethereum bifurcation is good or bad)

What does Ethereum hard bifurcation mean? What does Ethereum hard bifurcation mean? Why “upgrade”? There is a version update called “Istanbul” in the Ethernet classic network. If this situation occurs, it means that EIP-1559 will have a significant impact on the agreement

According to the data of Ethereum blockchain browser, from October 2018 to January 2019, more than 2 million ETHs (about $9 billion) entered the Cryptocurrency market. This has made the market share of Bitcoin and Ethereum reach an unprecedented level, but the price of Ethereum has declined. As of the time of publication, the value is close to 10 million dollars. (Bitcoin. com)

This is the largest hard bifurcation in the history of Ethereum. Ethereum is the first new digital asset – Bitcoin that adopts the PoW consensus mechanism. It is considered a new and more secure technical system. However, due to the large number of miners in the Ethereum network, many people are unable to participate in mining activities and maintain the security of the network. Therefore, what does the Ethereum hard bifurcation mean? It’s not actually complicated. Ethereum’s all node software has developed a set of new code specifications to make it more decentralized and transparent; In addition, a new feature has been added to support block packaging. These features allow clients to choose the chain they want to use instead of using their own main network

So the Ethereum team decided to implement a plan: let all Ethereum users join one or more entities, and prepare a new contract for everyone. In this way, anyone can create an account and receive rewards; With this proposal, the Ethereum community can decide how to distribute its tokens to others; Alternatively, validators can be managed through a method called proxy proof of equity

Although many people now call this project “Ethereum 2.0”, it is actually a technical solution being developed by the Ethereum Foundation. However, for those who do not understand the concept of blockchain, this is a very unusual process. Because people do not know how to build a complete Codebase, it is even difficult to understand what the real Ethereum is So, the question arises, why is this phenomenon happening? First of all, Ethereum 1.0 is supported by the Proof of work algorithm and PoS algorithm; Secondly, Ethereum 3.0 introduces PoS based on POW. In short, “Proof of work” is a proof of equity model based on Proof of work, which aims to improve security and reduce transaction costs

Is Ethereum bifurcation good or bad

According to Coindesk, is Ethereum bifurcation good or bad? At present, the most discussed topic in the community is whether it supports forking. In some cases, ‘hard forking’ can make the system more centralized, which means that the control of the network may be restricted; On the other hand, some people are concerned that if problems arise, all participants on the network will lose control of the platform. However, if this happens, many transactions on the Ethereum blockchain will be rejected or suspended.

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