The fork was a technical response to a critical vulnerability and a test of the community’s values, influencing Ethereum’s governance and future direction. Both Ethereum chains would remain separated for another 3 years until the Paris fork. But those updates weren’t enough to correct all code vulnerabilities. The DAO was the first high-profile project to launch in April and fund-raise $150M in ETH. Two months later, it got hacked and lost 3.6M ETH (~$46M) on a contract exploit.
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Reasons Cryptocurrencies Are Becoming Increasing Popular
The Constantinople hard fork was executed on February 28, 2019, at block 7,280,000. It aimed to improve the overall efficiency and economics of the Ethereum network as it transitioned towards Ethereum 2.0. Byzantium’s changes paved the way for future scaling solutions, Ethereum Hard Fork diminished ETH inflation, and introduced new functionalities enabling more complex smart contracts and DApps to be built on Ethereum. The Byzantium fork, executed on October 16, 2017, at block 4,370,000, was part of Ethereum’s two-stage network upgrade, Metropolis.
Serenity is dedicated to one goal, and one goal only – to transition the Ethereum blockchain from PoW to PoS. First of all, during the extent of the Ethereum Metropolis fork, a lot of the privacy-related features will get an overhaul. The current privacy settings and options that the Ethereum network has aren’t at all bad, but the new features will be up to date and will guarantee greater privacy during transactions. This fork wasn’t created because of any extreme situations, though – it’s part of a plan to improve the existing Ethereum blockchain. Many in the cryptocurrency world consider these to be very bold objectives.
After the London hard fork, this could change, even though users will have the option to “tip” the miners if they choose to. Launched in 2015, the Ethereum network’s utilization has grown massively in the next six years as it’s arguably the most used blockchain in the space today. It has become the home for multiple stablecoins, countless NFT and DeFi projects, and, last but not least, its native digital asset, which happens to be the second-largest cryptocurrency by market cap. This isn’t necessarily the case in a Proof-of-Stake protocol, so Ether can become a potentially deflationary asset. This switch will have a couple of impacts, but one of the main reasons the Ethereum organization is implementing it is because PoS protocols do the same job as PoW protocols but require less power. PoS protocols also increase the number of people potentially involved in supporting the network, taking pressure off of over-tasked node operators and helping the blockchain to operate at a larger scale.
Ideally, every device would abandon the old version and move to the new one. That never happens because no one can force every node to update, and not everyone will want to. Hence why Ethereum forks temporarily start with fewer nodes (e.g., +75% of the initial number), which lowers its security. But doing nothing isn’t safe either, as people eventually switch from outdated versions, which will lose nodes and security.
While technically Olympic was a different network and thus isn’t entirely supposed to be on this list, this stage did define a part of the so-called “Genesis” block in the Frontier release. Today, May 4th, 2020, the 10 millionth block of the Ethereum blockchain has been mined. Combined, these blocks were mined by computing over 15 zettahashes over the past 5 years. It would take a modern graphics card, like the GTX 1080 Ti, over 150 million years to do this. Also, if you have a generous amount of Ether, you should make sure to keep it in a safe place and choose hardware wallets, such as Ledger Nano X and Trezor.
With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market. The last part would probably be the worst-case scenario for Ethereum.
Yet, it seems there are more updates in line, such as Danksharding, which will impact scalability, and maybe another that deals with the high transaction fees of the network. As such, Ethereum blockchain evolution doesn’t seem to be stopping anytime soon. Ethereum, the second most significant blockchain, is perhaps also the most evolved network based on the series of critical hard forks it has undergone. None of this means that Ethereum is facing major trouble—the network is the leading smart contract for a reason, with by far the most users and a robust and dedicated developer community. But as a new crypto bull market emerges, it will be harder for the platform to blame familiar headaches on growing pains.