The Ethereum news today show that the biggest altcoin has had the week from hell. Despite its solid fundamentals and the growing decentralized finance ecosystem, the world’s second largest cryptocurrency has been losing a lot of its value the past couple of days. The entire situation raised a lot of eyebrows and pointed to the fact that a major Ethereum upgrade is imminent for the network to revive its prices.
Without any coincidence, we are lucky to have the eight hard fork for the Ethereum blockchain coming in the near future. Named Ethereum Istanbul, this update will come in two weeks’ time around December 6 according to the official countdown. The fixed block number for the transition is 9069000 and the network upgrade is one of the many on the path to Serenity, or ETH 2.0.
The major Ethereum upgrade is coming and the ConsenSys founder Joseph Lubin recently posted an update in which he detailed the changes that will take place on the network.
The #Ethereum Istanbul network upgrade is just around the corner!
With 6 new EIPs being implemented, this fork will align opcode computational costs, make layer 2 solutions using SNARKs and STARKs more performant, enable zCash interoperability, and more.https://t.co/nQUvZP8mG8 pic.twitter.com/yS3IaMbr8P
— Joseph Lubin (@ethereumJoseph) November 22, 2019
Lubin was in the blockchain news for showing that there will be even six Ethereum Improvement Proposals (EIPs) implemented to improve security, interoperability and a reduction of the total network costs.
The first of them will be the EIP-152, which allows easier interoperability between Ethereum and Zcash in addition to other Equihash-based proof of work tokens. The next is the EIP-1344 which is a security improvement using the chain ID to prevent replay attacks. Then there is the EIP-2028 which has the effect of increasing the bandwidth as more data can fit into each single block.
All in all, the major Ethereum upgrade is expected both as a revival for the network and as a revival for the ETH price. Ethereum holders will not be affected but the Ethereum 2.
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0 Serenity PoS upgrade may come with some additional action according to official news.
There will be a lot of further hard forks after Ethereum Istanbul in the run up to Serenity. This will begin with the rollout of a new Proof-of-Stake blockchain named Beacon Chain which marks the execution of the long-planned switched PoW-to-PoS consensus mechanism.
The entire roadmap is nicely presented in the video below.
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