Ethereum, the most widely used platform for decentralized applications in the world, is continuing its movement to the 2.0 version that will introduce a new blockchain validation model. Shortly, the platform will hold two hard fork updates: Ethereum Istanbul and Ethereum Muir Glacier. As the upgrades are nearing, we would like to cover their effects on the Ethereum blockchain as a whole, as well as their implications for the users of Bankera’s products.
Ethereum hard forks: What’s new?
Released in 2015, Ethereum established itself as one of the most popular and reliable blockchain networks. Part of the Ethereum’s success perhaps is due to the regular improvements and updates performed on its blockchain. In the past, the network has already undergone seven hard fork upgrades (we have covered those updates in depth here), and is going to welcome two additional upgrades in the near future.
The first one of the two — Ethereum Istanbul update is scheduled to take place on the 8th of December, 2019. The second — Ethereum Muir Glacier should fork on the 1st of January, 2020.
Every Ethereum hard fork contains a number of Ethereum Improvement Proposals (EIPs). These proposals make it possible for the blockchain protocol to be altered, improving numerous features of the platform, such as security, speed, and efficiency.
Ethereum Istanbul update
Ethereum Istanbul update will introduce six EIPs to the platform. Majority of these updates will be focused on adjusting gas metering and usage models to offer cost-efficient solutions for running smart contracts and decentralized applications.
The update will also offer a couple of new upgrades in terms of anonymity and security. EIP152 will allow Ethereum users to call the equihash functions that are necessary for validating anonymous cryptocurrency transactions cheaper, while EIP1884 is going to offer the much-needed protection from DDoS attacks.
Muir Glacier update
Muir Glacier, on the other hand, will only contain one improvement proposal — EIP2384. Nevertheless, it is a very important one, as it deals with the Ethereum Ice Age — a state of the Ethereum network in which the cost of mining will become so vast that it would disincentivize every miner in the network from continuing to validate Ether transactions.
Ethereum Ice Age was included in the network protocol to encourage the transition to Ethereum 2.0 that runs with the help of a new Proof of Stake (PoS) consensus model, as opposed to the current Proof of Work (PoW) alternative. However, while the Ice Age is fast approaching, the shift to the new model is still in progress. Muir Glacier update was designed to delay the Ice Age until the PoS model is launched.
Will Bankera support the upcoming Ethereum upgrades?
As a blockchain era company ourselves, we encourage the constant development and enhancement of the Ethereum network. Thus we are going to support the upcoming Istanbul and Muir Glacier forks on all of our products — SpectroCoin, Bankera Exchange, and Bankera Loans. Please note that if you hold Ether assets on any of our platforms, there is no need to worry — we will take care of the shift to the new protocol for you.
Do you have any further questions regarding our support for the upcoming Ethereum hard forks? Drop an email to [email protected] or contact our support team through the Live Chat feature on any of our platforms.