Ethereum waiting for Hardfork
The well-known cryptocurrencies platform Ethereum has officially declared the Hardfork at the end of September. As a result there will be an implementation of the new version of the software, called Metropolis. Ethereum developers publicized this news in Steemit social network.
Due to the appearance of such announcement it is worth understanding what the Hardfork brings to ordinary users and also to examine how this the platform operates.
Let’s get acquainted with Ethereum
Ethereum represents the platform developed for creation the decentralized online services on a blockchain base. This platform functions by means of smart contracts. In essence it is the virtual decentralized machine. The founder of Ethereum is Vitalik Buterin. The system has been started in 2015.
As cryptocurrency exchange units ether is used here. Developers of the platform haven’t limited ether for payments only. It is used as the exchange means at registration of transactions with assets for clever — contacts instead.
Today Ethereum takes the second place on market capitalization with its $31 billion. It only yields the palm to Bitcoin which has capitalization is almost $72 billion.
What for implementation is carried out
Introduction of the new version of the program will allow to expand network possibilities. In addition such step will become the intermediate stage in the course of transition from proof-of-work to proof-of-stake.
Metropolis should be considered as the base for further introduction of zk-SNARKs (cryptocurrency tools which are the base of Zcash). By means of zk-SNARKs in Ethereum network transactions will be completely anonymous.
Zk-SNARKs have an important advantage — they prove reality of calculations for certain entrance data, leaving them completely anonymous for the system . These proofs are applied in Zcash for transactions checking . At the same time the users’ secrecy remains.
One more plus of the new software introduction is that the smart contracts used by the system will become much more simply. It will positively affect Ethereum safety.
“Bomb” in the system and plans for future
Metropolis comprises “a complexity bomb”. It provides an exponential delay of the network. It means that the mining in this network will become more and more resource-intensive. Such “bomb” is considered as the intermediate stage necessary for transition of Ethereum from an algorithm proof-of-work to proof-of-stake.
After implementation the ecosystem of Ethereum will pass through one more upgrade — Serenity. Introduction of this software will allow to improve already existing protocols and also to increase scalability of all network. As a result developers will receive more flexible system that will allow to apply hierarchical system of management on Ethereum blockchain with UTXO tokens.
Metropolis and Serenity will allow smart contracts to receive bigger autonomy and also to reduce the necessity for outside activation.
NeuroSeed also works in this direction, but intends to optimize this process. If all the information is put in the block as it often happens to smart contracts now, its weight will be too much. There are alternatives to this in the start of the hybrid technology developed by a startup. Besides, the team of the project from the very start makes future improvements possible in the NeuroSeed system to ensure the users’ maximum protection maintaining usability of the cryptocurrency.