When the Ethereum network forks, the blockchain splits into two different blockchains. This can happen for a variety of reasons, but the most common reason is a disagreement among the Ethereum developers about how to upgrade the network.
When a fork occurs, all users of the Ethereum network must decide which blockchain they want to use. The original blockchain, which we’ll call “Ethereum Classic,” continues to function as it did before the fork.
The new blockchain, which we’ll call “Ethereum,” has a new set of rules and is usually incompatible with the old blockchain.
NOTE: WARNING: Before deciding whether or not to fork your Ethereum, it is important to understand the implications and risks of doing so. Forking your Ethereum could lead to the potential loss of funds, as well as other security risks. Additionally, forking Ethereum may require you to transfer your existing funds onto a new blockchain, which could present further issues. As such, it is strongly recommended that you research and understand the implications of forking before attempting to do so.
Users who want to use the new Ethereum blockchain must download and install a new software client. This can be a difficult and confusing process, especially for users who are not familiar with cryptocurrency technology.
Once users have decided which blockchain they want to use, they need to send their ETH to a wallet that supports that blockchain. For example, if you want to use the new Ethereum blockchain, you need to send your ETH to a wallet that supports Ethereum.
If you don’t want to use either blockchain, you can simply hold your ETH in your current wallet and wait for the fork to resolve itself. Eventually, one of the two blockchains will become more popular than the other and will be adopted by the majority of users.
At that point, you can decide which blockchain you want to use and send your ETH accordingly.
9 Related Question Answers Found
When Ethereum forks, the new blockchain that is created is an exact replica of the old one. This fork is necessary in order to upgrade the Ethereum network to a new version of the software. Forks can be minor, like when a hard fork occurs in order to change how transactions are processed on the network.
Ethereum, the world’s second largest cryptocurrency by market capitalization, is in the midst of a major sell-off today. The ETH/USD pair is down over 10% on the day, and is currently trading at around $225. This sell-off comes after a period of relative stability for Ethereum, which had been trading in a tight range between $200 and $250 over the past few weeks.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. In 2014, Ethereum founders Vitalik Buterin, Gavin Wood and Jeffrey Wilcke began work on a next-generation blockchain that had the ambitions to implement a general, fully trustless smart contract platform. The Ethereum whitepaper described a “next-generation smart contract and decentralized application platform” that would enable “users to create smart contracts and decentralized applications on their own terms”.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. In the Ethereum protocol and blockchain there is a price for each operation. The general ledger of Ethereum is a decentralized database that keeps track of the balance of all accounts.
An event is a trigger that logs information to the blockchain. This can be used to log the result of a contract function execution. Events are used by dapps to log data in a way that can be easily queried by users.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. In the Ethereum protocol and blockchain there is a price for each operation. The general ledger of Ethereum is maintained by miners who are rewarded with Ether, the native currency of Ethereum, for verifying transactions.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is how the Internet was supposed to work. It is a distributed network with no central authority that anyone can access.
