Ethereum has had the week from hell. Despite solid fundamentals and a growing decentralized finance ecosystem, the world’s second largest crypto asset has dumped 20% since Monday. A major upgrade is imminent for the ETH network but can it revive prices?
Ethereum Istanbul Imminent
The eighth hard fork for the Ethereum blockchain is upon us and will occur in two weeks’ time around December 6 according to the Istanbul countdown. The fixed block number for the transition is 9069000 and the network upgrade is one of many on the path to Serenity, or ETH 2.0.
ConsenSys founder Joseph Lubin posted an update detailing the changes taking place on the network.There will be six Ethereum Improvement Proposals (EIPs) implemented to improve security, interoperability and reduce network costs.
The first, EIP-152, allows easier interoperability between Ethereum and Zcash in addition to other Equihash-based proof of work tokens. This is achieved by implementing the Blake2 hash function. EIP-1108 is involved with precompiling gas costs which will assist a number of privacy solutions and scaling solutions. Read More...