What is the Ethereum Fork? (Ethereum Fork Doubles)

What is the Ethereum fork? According to Cryptoglobe, the Ethereum fork is an upgraded version of the blockchain coin. Its characteristic is to convert the original token into a new virtual currency, which has a different value from the original encrypted asset. At the “ETH2 Era” conference on September 13, 2018, Ethereum developers decided to launch the Ethereum fork chain – ETC (also known as Ethereum Classic). According to the official introduction, “Ethereum 2.0″ is an important project of the Ethereum core technical team, aimed at creating a new network system that can interoperate and share transaction data with existing blockchains.”

Ethereum Doubles After Fork

Editor’s note: This article is from Colorful Cloud Blockchain (ID: cybtc_com), authorized to be reproduced by Odaily Star Daily.

The token price of the Ethereum network was about $100 on Friday, and today, it has doubled. This means that the price after the fork is cheaper and faster than originally estimated, and it comes from a completely different scale and source of liquidity. However, as time went on to December 17th, this situation began to change. Ethereum merge is one of the situations that occurred after the Ethereum 2.0 upgrade, and this new system will decouple Ethereum from Bitcoin and other cryptocurrencies. According to CoinDesk’s data, the protocol is expected to be launched in the next few weeks. Although the release date of the new Ethereum standard version has not been determined yet, no one can predict whether ETH 2.0 or PoS will change Ethereum’s dominant position. Ethereum has maintained a similar state since early September. (Image source: Coindesk)

Recently, there is news that Ethereum is about to undergo a hard fork called Ethereum for All in The Block. Due to modifications to the consensus mechanism, this divergence may result in miners reallocating their mining power and reducing transaction fees, thereby increasing block rewards. If the community decides to do so, Ethereum will face a 51% attack. This Ethereum merge has attracted great attention from the community, prompted by a proposal put forward by developer Danny Ryan. He believes that the “split” may be the largest hard fork event in the history of Ethereum. Ethereum merge is an important milestone in Ethereum 1.0. The Ethereum fork was discovered to have vulnerabilities in late August and its design was to address this issue. At that time, some claimed that errors in Ethereum’s smart contract code had caused some losses.

However, over the past few months, efforts have been made to address these issues. At a Ethereum seminar in mid-November 2017, an anonymous Ethereum supporter told the media, “This is a serious bug” because they were trying to take advantage of this flaw. This led to a series of controversies, such as a researcher claiming that a project called “V God (Vitalik Buterin)” would allow the Ethereum Foundation to deploy a contract under its software.

Despite this, many critics still hold their own views: “The fork actually makes the entire Ethereum worthless; when it comes to other things, you don’t even know why we chose to fork.” Nevertheless, some people have expressed that sharding could indeed become a way for Ethereum to maintain its dominant position, so they must be restricted to continue using it. However, most critics seem to be opposed to such plans, most of which refer to what Ethereum founder Vitalik Buterin said, “Ethereum is a scam.”