About the ETH “Hard Fork”

Mercury Cash will support the next Ethereum Upgrade

Marco Pirrongelli
Jan 7 · 3 min read

As we all know next January 16 (expected date) a new ETH Hard fork (that is more like an upgrade of the platform) will come to the main network it will include 5 new improvements where block reward is decreased from 3 ETH from block to 2 ETH, optimization of the EVM and Transactions,

The Constantinople “Hard Fork”, which is the second phase of the Metropolis project, is due to happen on the block height 7,080,000. Judging by the current mining speed, we can expect it to occur on around January 16.

There will be 5 main EIP (Ethereum Improvement Proposal) introduced in Ethereum 2.0.

#1. EIP 145: This introduces bitwise shifting, as EVM opcodes. Allowing less gas used on Smart Contracts making them cheaper to use.

#2. EIP 1052: Optimization of large-scale code execution using Hash verification methods between smart contracts making them cheaper and faster. before this, each contract verified the entire code making them expensive and slow.

#3. EIP 1283: This is based on EIP 1087 and introduces a pricing method for storage to developers, improvements on “memory” and differentiating from current blockchain storage. this is a big improvement to those who run dApps on the Ethereum blockchain.

#4. EIP 1014: This is Vitalik Buterin’s upgrade proposal for a scaling solution that is based on state channels and “off-chain” transactions. This is theoretically one of the baby steps taken to “Lightning Network” which means that we are NOT on this stage however these puts Ethereum Blockchain one step closer.

#5. EIP 1234: One of the controversial changes is the reduction of the block mining reward from 3 ETH down to 2 ETH. This will also delay the “difficulty bomb” for 12 months. however, this means that mining block and time of mining will decrease so each part will have their contribution, however, a lot of people in the Ethereum community believes this will cause destabilization in the protocol.

However, do you understand what is a Hard Fork? well if not keep reading.

Now before starting going on Hard of Soft Forks, I have to explain that a Fork is when you have another version proposal different from the main one that is currently working so you might question but why we need a fork? well normally this happens when new proposals and upgrades come to a protocol and in order to be implemented, you will have to test the popularity of this upgrades promoting your ideas or propositions to the community.

Once the day comes people will decide which chain to follow if the new one, the old one or sometimes both creating two separate ways and chains, something like Ethereum and Ethereum Classic. Once a Hard Fork is done the new version will inherit all the transactions and history but from that moment each version will continue separately.

An example of a Hard Fork

About Ethereum Classic Vision Hard Fork that will start on January 11, 2019.

Mercury Cash will not support the ETCV Hard Fork, we believe at the moment the project is still on growing phase, however, we are looking closely the constant moves they are doing in the community, their project and perhaps in the near future we can consider supporting this protocol.

Mercury Cash

Mercury Cash is a licensed cryptocurrency company. Here you can buy and sell cryptocurrencies directly.

Marco Pirrongelli

Written by

I'm an entrepreneur born in Venezuela and based in Panama; I'm the CTO & Co-Founder of Mercury Cash and CEO of Backlayer Inc, Leading Innovation

Mercury Cash

Mercury Cash is a licensed cryptocurrency company. Here you can buy and sell cryptocurrencies directly.