ETHEREUM HARDFORK! (METROPOLIS): Easy-to-read guide for nontech-savvy

There has been a lot of news about Metropolis update. Before diving into Metropolis, let’s see the main problems faced by Ethereum.

Scalability

• Like any other blockchain technology scaling is an issue to Ethereum network. At the moment, Ethereum can handle about ~13 transactions per second. This is very low compared to ~1,600 transactions per second by Visa.

Complexity

• Network by design provides complex features. Ethereum provides smart contracts. Smart contracts are pieces of code run by Ethereum network. Unlike a ‘real world’ legal contract a smart contract does not have to be upheld by anyone, it’s a set of instructions that self-executes.
• The network is allowing things that live on top to be much simpler and much flexible the network targets a more complex problem itself. Complexity is an enemy for scalability and bugs are inevitable.

Ethereum team making significant technology advancements to overcome Ethereum network problems. One such advancement is Metropolis.

Metropolis features

Moving from Proof of work(PoW) to Proof of stake(PoS)

In PoW machines are asked to solve mathematical problems to create valid transactions in the network. Whereas in PoS is about validating where you trust the chain with the highest collateral.

In PoW attacker would need more computational power in value than you can be able to steal. In PoS if a hacker would like to buy 51% of coins, what is the point in attacking the network? Yes, PoS in Ethereum is safer. Dash also uses PoS.

Therefore it is:

Cheaper to mine Ethereum

Faster transactions

Increase anonymity

Ethereum is bringing zero-knowledge proof technology. They are used by Zee cash and Z coin.

What it does is it hides transactions and gives a little bit more privacy and anonymity. Therefore it will:

Attracts financial institutions, private equity firms by letting them not to give away their positions revealed to the public

Revert a transaction ability

Ability to cancel (or revert) a transaction. You don’t have to spend double on gas to revert. Therefore it is:

Great for ICOs, if they wanted to cancel transaction they can do it efficiently

Other improvements

Few main improvements include increased security for accounts and improved syncing with light clients.

Disclaimer: This is not an investment advice.