Why is ETH Forking? (Will ETH Fork?)
Why is ETH forking? Why is Ethereum forking? Why is ETH splitting?On January 15
Why is ETH forking? Why is Ethereum forking? Why is ETH splitting?
On January 15, 2020, the code specifications of the ETH protocol have been updated. In order to facilitate a smoother merge and implement a faster and better consensus mechanism, a new proposal called “EIP-1559” has been added to ETH; according to this proposal, supporters and miners of Ethereum network upgrade (including “Eth2”) will be open.
If users want to transition from PoW chain to PoS blockchain, they need to use existing clients to support the new beacon node, which may cause some problems:
1. There is a security risk due to the absence of validators participating in staking.
2. It may not function properly due to network congestion and other reasons.
3. Because the current network state is stable and has scalability defects, there will be no unexpected events, but this uncertainty may cause chaos in the system.
Will ETH Fork?
Ethereum founder Vitalik Buterin recently stated in an interview with Bloomberg that forking does not mean ETH will no longer have value. He also believes that “if ETH does not drop below $1 now,” it could have a negative impact on ETH. “So we need to differentiate the two.” According to previous reports, the ETH Foundation has sent a letter to its official announcement on July 6, requesting a ban on “anyone” using the Ethereum.org client and developer software to build and deploy new applications, wallets, or services. The proposal also includes creating a separate network and allowing each block to contain at least 1000 transactions.
However, the ETH blockchain will not be widely adopted like Bitcoin but will be upgraded through a hard fork. There are currently no specific details about whether a hard fork will be implemented, nor is there a specific timeline, but some community members are concerned about potential issues such as 51% attacks and even propose introducing the PoW algorithm into the existing Ethereum network. (TheBlockCrypto)
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/23011/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Blockasset Moves to Chiliz Chain 2.0 with Equity Investment
It is reported that the sports NFT platform Blockasset will shift from Solana to Chiliz Chain 2.0. Blockasset also acquired the equity investment of Chiliz.<br…
-
Fed Vice Chairman Brainard’s Departure to Biden’s National Economic Committee Could Impact Fed’s Monetary Policy and Digital Dollar Adoption
According to reports, \”Fed mouthpiece\” Nick Timiraos: Fed Vice Chairman Brad left the Fed to lead Biden\’s National Economic Committee, which may attract market…
-
US Congress Reviewing Encryption Regulatory Legislation
According to reports, Senator Tom Tillis, a Republican from North Carolina, said that the United States Congress is in the early stages of encryption regulatory legislation and is reviewing different proposals to gain the support of lawmakers from both parties. “We are now going through a mechanical process,” Tillis said at an event at the bipartisan policy center. All ideas from different departments are under review, with the aim of finding parts that can eliminate the bipartisan differences in Congress. We hope to share our results with you in the next two weeks. Last year, some bills made progress in Congress, including the Stable Currency Regulation Act, and a bill from the Senate Agriculture Committee that would establish the Commodity Futures Trading Commission as a direct regulator of non securities crypto trading. US Senator: Congress is reviewing various ideas on encryption regulation to eliminate bipartisan differences Analysis based on this information:The United States Congress is reportedly in the early stages…
-
India and UAE to Foster Innovation in Financial Products and Services
On March 15th, the Reserve Bank of India and the Central Bank of the United Arab Emirates signed a memorandum of understanding to promote innovation in financial products and services, including cooperation in the central bank’s digital currency. The Bank of India and the Central Bank of the United Arab Emirates will cooperate on CBDC Analysis based on this information:The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) recently signed a memorandum of understanding (MoU) to encourage innovation in financial products and services. The agreement has been made to enhance cooperation in the areas of financial technology, digital currencies, and supervisory technology. Both central banks will share their knowledge and expertise on innovations that will enhance the delivery of financial products and services within their respective jurisdictions. The MoU will enable the central banks to work together to develop common technology standards and infrastructure to ensure that their digital currencies can be used…
-
Optimism Awards 10 Million OPs Through the Second Round of RetroPGF: How Citizen Bag Holders Drive the Development of Optimism Ecosystem
It is reported that Optimism said on social media that through the second round of RetroPGF, 10 million OPs were awarded to builders and educators. Their influence is crucial to th
-
Bitfinex to Support Contract Conversion of Stargate Finance (STG) to Reduce Illegal Transfers
According to the official announcement, Bitfinex announced that it would support the contract conversion of Stargate Finance (STG), which is expected to take p…
-
Cubist Receives $7 Million in Seed Round Financing for Web3 Development Tool
It is reported that Cubist, a Web3 development tool provider, obtained US $7 million in the seed round financing led by Polychain Capital, and Dao5, Polygon, A…
-
Central Bank of Australia Holds Private Meetings with International Cryptocurrency Industry Executives
It is reported that the Central Bank of Australia and the Ministry of Finance have held private meetings with executives from the international cryptocurrency industry to discuss the future of digital assets and regulation in the country. Tom Duff Gordon, Vice President of International Policy at Coinbase, submitted an exchange of views on the token mapping consultation document released by the Ministry of Finance last month. Token mapping is the process of identifying key activities and functions of products in an encryption ecosystem and mapping them to existing regulatory frameworks. The Australian Ministry of Finance held consultations with institutions such as Coinbase on digital assets and regulation Analysis based on this information:The Central Bank of Australia and Ministry of Finance have held private meetings with international cryptocurrency industry executives to discuss the future of digital assets and regulation. This comes as regulators worldwide attempt to gain better insight into the use and regulation of cryptocurrency, which has become increasingly popular…
-
#Arbitrum Announces DAO Air Drop Rules
According to reports, Arbitrum has announced the DAO air drop rules, stating that one of the core principles of air drop is to reach the sub community of Arbitrum. Only projects wi
-
Federal Reserve Interest Rate Watch: Will We See an Increase?
According to reports, according to CME\’s \”Federal Reserve Observation\”, the probability of the Federal Reserve maintaining interest rates unchanged in May is 33.2%, and the probabi
-
DeFiLlama Launches NFT Dashboard with Detailed Statistical Data
According to reports, the encrypted data platform DefiLlama has announced the launch of an NFT dashboard on social media, which will provide detailed statistical data on the mainst
-
Robin Hood Markets Launches “Robin Hood Connect” Feature for Seamless Funding of Web3 Wallets
According to reports, the trading platform Robin Hood Markets (HOOD) has launched \”Robin Hood Connect\”, a new feature that allows users to fund their Web3 wallets without leaving t
-
Why has Huobi suspended XRP deposits and withdrawals?
Why has Huobi suspended XRP deposits and withdrawals? On July 10th, after the f
-
Federal Reserve to Convene Urgent Meeting to Assess Advance Interest and Discount Rates
It is reported that the Federal Reserve will urgently convene a private meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. local tim…
-
Uncovering Suspicious Trading Patterns Involving CEL Tokens: The FTX Subpoena
On April 27th, the creditor committee of Celsius Network LLC requested on Wednesday that the bankruptcy judge allow FTX to be subpoenaed to provide information to identify the user
-
OakNorth Bank’s Potential Acquisition of Silicon Valley Bank’s British Unit
It is reported that OakNorth Bank is negotiating to acquire the British branch of Silicon Valley Bank. (Sky News) British Oak Bank is negotiating to acquire the British branch of Silicon Valley Bank Analysis based on this information:OakNorth Bank, a relatively new challenger bank based in the United Kingdom, is reported to be in talks to acquire the British unit of Silicon Valley Bank. The latter is known to be a bank that specializes in providing banking and financial services to technology companies and startups in the United States. If the acquisition pushes through, it would signal OakNorth Bank’s intent to expand its market reach and its commitment to support the country’s startup ecosystem. The acquisition is expected to bring significant benefits to both banks. For one, OakNorth Bank would gain access to Silicon Valley Bank’s established client network, composed of technology startups and high-growth businesses. As a result, OakNorth Bank can leverage this opportunity to offer its proprietary lending…