On July 13th, 2017, Ethereum completed its second hard fork in just over a year, with the network split between Ethereum (ETH) and Ethereum Classic (ETC), on the surface, the fork seems to have had little effect on the price of ETH. However, there is an important question to ask. How will the community of Ethereum handle this “split”? Will developers continue to develop on the same old chain or will they migrate to the new chain? Will the Ethereum community welcome the new chain with open arms, or will a rivalry form between the two chains?
Just two days ago, in preparation for the Ethereum hard fork which was set to occur between July 19 and July 22, 2017, miners used their hashing power to “activate” the hard fork by placing a special “secret” code in the blocks they mined. Some of the mining pools that have supported the Ethereum Classic chain have reportedly terminated their support for the Ethereum chain. This has caused a chain split, in which the Ethereum chain has diverged into two chains.
After a hard fork split was activated by Ethereum on Tuesday, it’s now up to everyone to decide whether they will move their funds to the new chain called ICONOMI. If they do, they’ll be able to participate in a new token called ICN, which will be launched on November 28. If they don’t, they’ll still be able to use ICONOMI, but the old chain will be the only one supporting the ERC20 token, called Ethereum Classic.
The Ethereum network has been upgraded, and EIP-1559 has been enabled. The much-anticipated update represents a watershed moment for the Ethereum network, with the price of ETH rising in the days leading up to it.
Ether has climbed more than 5% in the past 24 hours to $2787, according to Coinmarketcap, and has gained more than 20% in the last seven days. Bitcoin, on the other hand, has dropped to $39,000 in the past 24 hours and is down 2.7 percent in the last seven days. In the last seven days, ETH has outpaced BTC.
5 Ethereum Improvement Proposals (EIP) are included in the Ethereum network code in this update. EIP-1559 is one of them, and it addresses the pricing mechanism for Ethereum network transactions. The remaining four EIPs are: improving the user experience of smart contracts and enhancing the security of the second-layer network for fraud-proofing (EIP-3198); resolving attacks caused by the current Gas return mechanism (EIP-3529); facilitating future Ethereum updates (EIP-3541); and assisting developers in making the transition to Ethereum 2.0 (EIP-3542) (EIP-3554).
Users’ main complaints in recent months have been the high gas cost and network congestion. EIP-1559 altered the computation mechanism for transaction fees, making them more predictable and cheaper on the Ethereum blockchain.
One issue with the update is that it lowers miners’ earnings. Because to the burning process, ETH is becoming increasingly rare. If the block reward is less than the burnt ETH, deflation may occur. About 3,395 ETH were burned in less than a day following the update.
In the long run, the improvement is beneficial to Defi and NFTs since it lowers the cost. Furthermore, the burn mechanism may assist ETH in becoming deflationary, similar to Bitcoin, thus increasing its value. More individuals are interested in ETH since it is simpler to possess a whole ETH rather than a BTC. Ethereum’s price is anticipated to rise in the long run due to strong fundamentals and a thriving ecosystem.
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Last week, Ethereum came to a fork in the road. Luckily, whichever way it turned out, the price of Ether would be the same. In the week that followed, the price of Ether rose from $220 to $320. This was thanks to a hard fork which split Ethereum into two separate networks: Ethereum Classic (ETC) and Ethereum (ETH). As a result of this fork, Ethereum Classic became a separate cryptocurrency, and Ethereum became a token which potentially could be forked, just like any other cryptocurrency. This is just one example of the incredible potential that forks have to greatly impact the price of Ethereum, just as forks have done for Bitcoin.. Read more about eth london hard fork countdown and let us know what you think.
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