Assets, Ethereum

What Is a Hard Fork Ethereum?

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.

When a hard fork occurs, a new cryptocurrency is created. For example, when Bitcoin Cash forked from Bitcoin, a new cryptocurrency was created.

The original cryptocurrency continues to exist on its own blockchain with its own set of rules.

Hard forks can happen on their own or can be planned in advance by the developers of a cryptocurrency. A hard fork can be used to upgrade the software of a cryptocurrency or to create a new cryptocurrency.

What Is a Hard Fork Ethereum?

Ethereum is planning to do a hard fork to upgrade its software. The hard fork will happen at block number 7,080,000, which is expected to occur on or around October 17, 2017.

The hard fork will enable Ethereum to move from its current proof-of-work consensus algorithm to a proof-of-stake consensus algorithm.

The proof-of-stake algorithm will be more energy efficient than the proof-of-work algorithm and is expected to result in faster transaction times and lower transaction fees. The hard fork will also introduce new features and improvements such as increased security and scalability.

After the hard fork, Ethereum will exist on two separate blockchains: the original blockchain with the proof-of-work consensus algorithm and the new blockchain with the proof-of-stake consensus algorithm. The two blockchains will be incompatible with each other and will have different rules.

holders of ethers on the old blockchain will have their ethers automatically transferred to the new blockchain at a 1:1 ratio. holders of ethers on the old blockchain will need to manually transfer their ethers to the new blockchain.

The hard fork is expected to be completed smoothly and without any major disruptions. However, there is always a risk of unforeseen problems occurring during or after a hard fork.

holders of ethers should take care to ensure that their ethers are safely stored in a wallet that they control before the hard fork occurs.

Previous ArticleNext Article