Ethereum revealed a few weeks ago that it is set to undergo a hard fork by the name of Metropolis to revamp its blockchain technology to accommodate the growing needs of an increasing number of users. The fork is to be made in two parts, and Byzantium is the first of them. With Byzantium entering the testing phase this week, the first phase of the fork is expected to be made in the second or third week of October.
Many big companies are building apps over Ethereum, which has led to the blockchain technology feeling the strain. To make their technology a more robust and secure one, Ehtereum came up with the idea of the Metropolis hard fork. It will help resolve the standing issue of scalability that Ethereum faces, and make the service more secure against attacks.
The primary aspect of the Byzantium update is the zkSNARK (zero-knowledge succinct non-interactive arguments of knowledge). This is the technology that is at the very core of Zcash. It helps verify that a piece of data is valid, without revealing what the data is. This comes in especially handy when you are looking to make cryptographic transactions, and is the reason why Zcash is a popular cryptographic currency. The Byzantium testing on Ethereum testnet was able to verify the zkSNARK aspect of a Zcash transaction. This comes as big news as it is a major development towards allowing private transactions in the Ethereum network.
Testing is still ongoing for the Byzantine update. The researchers want to make sure that they don’t encounter unforeseen problems once the update goes live. Once this update goes live, the second phase of the Metropolis fork will begin. Byzantine’s success and efficiency will decide how easy it will be to streamline the Constantinople update and complete the hard fork.
The Ethereum hard fork will be at block number 2463000. The update is expected to be made between October 9 and 18. Testing is set to continue into the first week of October so that researchers make sure all wrinkles are flattened and all possible scenarios tested. The hard fork will completely change the Ethereum network. Users all over the world will have to upgrade to the new rules that will follow the Metropolis hard fork. Those who fail to do so will lose their tokens. Those who want to synchronize with the new rules will need access to particular Ethereum versions like:
- Latest geth client (v1.4.18)
- Latest version of Ethereum Wallet/Mist (8.6)
- Latest ethereumJ client (v1.3.6)
- Latest Parity client (3.8)
The plan is to make Ethereum a proof-of-stake network eventually. This is only possible if they make mining incredibly difficult, so much so that it becomes near impossible. According to initial reports, Ethereum’s plan was to do this in 2016. However, a new update came along, and the plan was delayed. However, researchers have revealed that there is still a long way to go before mining becomes impossible over the Ethereum network and it becomes a totally proof-of-stake network.
To tackle the rising level of mining difficult, users can use a fake block number to continue working in the old difficulty level. The rules will change once the Metropolis hard fork is made. However, things can still go on as usual for general investors or users. Ethereum certainly isn’t going to transform overnight into something that makes mining enormously difficult, so despite a makeover, the working can continue in the same manner under the layer. It’s not exactly a false façade, but the changes are somewhat superficial for general Ethereum investors and users. The only thing that will direct their usage is the Ethereum price.