Implications of Ethereum’s New Hard Forking Schedule

A recent meeting by Ethereum developers resolved to hard forking the crypto after every eight months. The meeting was conducted last week through a YouTube live stream.

During the session, a  number of stakeholders suggested the forking to be done after every half a year. It was resolved that the time frame for issuing hard forks will be key in pushing for the perfection of Enterprise Integration Patterns (EIPs). Hard forks known to release rip EIPs will be activated as opposed to fewer than churn out many EIPs which would have caused further delay.

Development at Ethereum come at a time when bitcoin has not set a date for hard forks. Normally, bitcoin hard forks are stored just in case we have dire emergencies. The new schedule by Ethereum might tamper with predictability concerns. Within eight months, the mining algorithm, coin supply can change leading to unstable prices.

The developers further settled on abandoning the block reward decisions to the crypto community which might lead to a battle between investors and miners. With forking, Ethereum could split causing different versions which might be a regular happening.

Despite the new forks, some users might be left stuck in the last chain in case they are not regularly updated. However, the forking can provide a perfect environment to grow compared to other cryptocurrencies that might not be unfriendly to forking. With the nature of crypto enthusiasts, code changes might lead to fierce debates.

2 years ago

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