When Ethereum hard forked on July 20, 2016, it caused a stir in the cryptocurrency community. The fork was necessary to prevent a hacker from stealing $60 million worth of ether.
But it also had the unintended consequence of creating two competing versions of Ethereum: Ethereum Classic (the original version of the blockchain) and Ethereum (the new version of the blockchain).
The hard fork was a controversial decision, and it split the Ethereum community into two camps: those who support Ethereum Classic and those who support Ethereum.
NOTE: WARNING: Hard fork is a major change to the Ethereum network and is potentially risky. You should always do your own research and understand the risks before engaging in any activities related to hard forks. Be aware that there could be significant losses if you do not properly understand the process or make a mistake. Additionally, be aware that hard forks may cause disruptions in the network and lead to unexpected outcomes.
The debate between these two camps is often heated, and it seems unlikely that they will ever come to a consensus. So what does this mean for the future of Ethereum?
It is impossible to predict the future, but it seems likely that both versions of Ethereum will continue to exist side-by-side. Each camp has its own supporters and its own developers working on improving the blockchain.
It is also worth noting that other cryptocurrencies have experienced similar forks (e.g. Bitcoin Cash and Litecoin), and they have all survived and thrived.
So there is no reason to believe that Ethereum will not be able to do the same.
10 Related Question Answers Found
When Ethereum hard forked on July 20, 2016, the blockchain split into two separate ledgers, the original and the new forked version. This hard fork occurred when members of the Ethereum community disagreed on how to best solve the issue of scalability within the network. The original blockchain, now known as Ethereum Classic, continued with its original code, while a new blockchain was created with a new set of rules and code, which is now called Ethereum.
A hard fork is a permanent change to the Ethereum protocol that makes previously invalid blocks/transactions valid (or vice-versa), and as such requires all nodes or users to upgrade to the new version of the protocol software. A hard fork can be used to correct important security risks, to add new functionality, or to reverse transactions. Ethereum has had several hard forks, the most notable being the DAO fork which reversed the hack of the DAO smart contract, and the Byzantium fork which introduced several new features including state channels and improved smart contract programming capabilities.
A hard fork is a permanent divergence in the blockchain, often arising as the result of a protocol change. A hard fork requires all nodes or users to upgrade to the new software version. The original blockchain remains valid, and all forks created from it are compatible with each other, but they are not compatible with the old software.
A hard fork is a radical change to the protocol of a blockchain network that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the new rules in order to remain compatible with the network. Put simply, a hard fork is a permanent divergence from the previous version of the blockchain, and nodes running previous versions will no longer be accepted by the newest version.
A hard fork is a permanent change to the underlying protocol of a blockchain network. A hard fork effectively creates a new version of the blockchain with different rules from the old version. A hard fork can be used to upgrade a blockchain network, or to create a new blockchain entirely.
A hard fork is a radical change to the protocol of a blockchain network that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the new version of the protocol software. Put simply, a hard fork is a software upgrade that is not backwards compatible.
Ethereum hard fork is a process of upgrading the Ethereum blockchain software to a new version. This is done to improve the functionality of the Ethereum network and to add new features. Hard forks can be contentious, as they can result in two different versions of the Ethereum blockchain.
On January 8, 2018, the Ethereum network experienced a hard fork that resulted in the creation of a new blockchain and cryptocurrency called Ethereum Classic (ETC). The hard fork was the result of a disagreement among the Ethereum community over how to best handle the DAO hack. The DAO was a Decentralized Autonomous Organization built on the Ethereum blockchain that raised over $150 million in crowdfunding before it was hacked in June 2016.
Hardhat is a development environment for Ethereum that includes a suite of tools for developing smart contracts and applications. Hardhat is designed to be used with the Ethereum Virtual Machine (EVM), and it includes a compiler, debugger, testing framework, and deployment tool. Hardhat is open source and available on GitHub.
The Ethereum network is set to hard fork on January 19th, 2019. The fork, called Constantinople, will implement several ethereum improvement protocols (EIPs) that will make the network more efficient and scalable. The fork was originally scheduled for November 2018 but was postponed due to security concerns.
