With many still yet to get over the excitement of Bitcoin’s blockchain split of early August, a rumour of an impending Ethereum split has been sort of overlooked. In fact many in the community have little or no idea of such an approaching event.
Sources have it that the Ethereum Development team has made a statement to the effect that a hard fork of the Ethereum blockchain will happen in late September. This is likely to give rise to a new blockchain (Metropolis) just as the Bitcoin split gave birth to Bitcoin Cash.
According to the Ethereum road map of 2017 released earlier this year, a hard fork of the blockchain was to be anticipated. The map suggested some major upgrades of the platform. In light of recent ICOs hosted on the platform, it has been exposed to a number of inefficiencies and a lot of delayed transaction executions. A recent survey by the ICOWatchlist team shows that Ethereum has so far hosted 56.83% of this year’s ICO projects, and we are just barely in the middle of the year. This might also account for the recent issues we have witnessed with the Ethereum blockchain as such an improved platform will be good for all.
It is expected that the upgrade will better equip the blockchain with more anonymity of transactions as well as a more user-friendly smart contract feature. Gas is also to be adjusted for bill settling.
The upgraded Ethereum blockchain is to also ensure a higher level of security through masking such that users will be able to determine the address for which they have a private key. Additionally, it will be able to withstand hacking even from quantum computers.
It is also expected that mining on the blockchain will be made relatively more difficult that what currently pertains.
Crypto-economists are still not clear as to the effect this hard fork will have on the value of Ether and on the value of the resultant cryptocurrency that might be created on the back Metropolis.