Ethereum

Another Ethereum Hard Fork?

Another Ethereum Hard Fork

A split might be underway soon for the second most popular cryptocurrency in the world today, Ethereum. According to sources, a meeting of top Ethereum developers last week discussed proposals which might end up splitting Ethereum.

The main course of the split is due to a proposed code called EIP-999 which seeks to fix a technical issue. This technical issue if solved could return $264 million worth of Ether to owners which were lost due to a bug in the code.

However many still think that editing the code after deployment could lead to damaged security and an effect on the integrity of the platform.

Ethereum’s Mist browser’s developer Alex Van de Sande said-

“It’s clear no matter where you stand that the issue is contentious enough that if it goes forward and implements then it will generate a contentious hard fork,”

Hence Van de Sande believes a split might take place as a result.

Dr. Gavin Wood, Ethereum co-founder in 2015 is behind the code change through his Ethereum software company called Parity Technologies. Parity Technologies as of now is being used by one-third of the Ethereum platform making it the second most popular Ethereum software.

Afri Schoedon, communications officer of Parity, is all for the implementation of EIP-999. He said-

“For me, the most logical step to take is just to implement EIP-999, and I don’t see what waiting another four weeks to conclude would benefit,”

However, Geth which is the leading Ethereum software as of now disagreed with EIP-999 being implemented as it will create a contentious split. Péter Szilágyi, the lead developer of Geth, said-

“We’re talking about exactly the same networks and we’re basically starting a tribalism war. I don’t think we’ll reach a consensus.”

It is a battle between two of Ethereum’s most prominent software which is Parity and Geth. Parity and Geth use Ethereum in a broad sense and are in sync in the same Blockchain. It means that both should maintain the same code. Hence if both these giant software results in making different decisions about implementing EIP 999 then a split could occur leading to two Ethereums.

A split in Ethereum will lead to a separation of Ethereum users. In the next few days, a decision will be made by Parity about the implementation of this code.

The result of a split will lead to disincentives. For example, an Ethereum contract will exist on both chains and thus lead to a loss of value overall in the Blockchain community. Hence even if the new code is implemented the value that has to be retained by users will also decrease in value.

Thus, Van de Sande said-

“The question is how to give value to those tokens, and that’s something I, and I hope others, will probably be writing more about.”

Image Source: “Flickr”

 

Amrit Mirchandani,  A hustler, who believes there is a solution to every problem. A strong believer of Blockchain and a Cryptocurrency enthusiast!
Currently living in the Digital Hub of India, Pune and an extremely friendly and optimistic person. Born and raised in the beautiful island of Sri Lanka and have run businesses ranging from Agriculture to the Digital World. I have had crazy Experiences in Asian Busy towns like Mumbai and Kuala Lumpur to African nations such as Madagascar.

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