What Is The Upcoming Metropolis Ethereum Fork?

What Is The Upcoming Metropolis Ethereum Fork?

The Metropolis Ethereum fork is set to happen at the end of September. It’s one of the most important forks in the currency’s history. Although some media is viewing the Ethereum fork as a sign of weakness, it’s a step to strengthen the currency and the network overall in the long run. It encompasses many new distinct updates that users should be enthusiastic about. In this article, we’re going to discuss the upcoming Ethereum Fork. Think of a hard fork like an implementation of new rules in the blockchain. Some people might resent this change of rules so they would stick with the old way. Some will move on and use the rules. In the case of Ethereum it’s a hard fork which is an update to the software to include new features.

What does the Ethereum fork bring to Users?

The first big change coming to Ethereum will be the introduction of zk-SNARKS. This technology is used to provide higher anonymity and privacy to users. Although the currency won’t immediately become completely anonymous, it’s a step to work towards higher privacy in Ethereum transactions whilst operating on a blockchain. Thus, in the Metropolis Ethereum fork, one of the most important updates is regarding the anonymity of Ethereum users, a move that we’ve been expecting but were unclear as to when it would begin. Even now, the currency isn’t completely anonymous. It’s only making it easier to implement technology which will increase privacy in the future.

Another great change will be one that coders and decentralised application creators have been waiting for. Ethereum has announced that it will work towards making smart contracts much easier to program. The current programming language, Solidity, is pretty hard to understand and leads to a slow programming process as well as more expensive. Thus, in the Metropolis Ethereum fork we can expect a new system in which people will be able to program smart contracts much faster and it will become easier to understand for the public. This is a great move by Ethereum, since it’s trying to open up to the larger public and become more accessible.

Technological Updates

Another introduction will be the reduction of gas charges in the Ethereum network. Essentially, when you carry out a transaction or work on the network, there’s a specific amount of network fee to be sent to the Ethereum foundation. When you have a decentralised application, tracking the network work done becomes hard. That’s why gas was introduced to make sure to equate work done with fees fairly. In this Ethereum fork, we’re expected to see a decrease in fees because now the fee will be calculated by the network at the time of the work done. This is done to incentivise using the network in a less congested time. Thus, it’s a benefit for users for the long run.

Should you Hold Ether during the Ethereum Fork?

I consider Ethereum to be one of the most innovative projects of the crypto market as of 2017. The currency has been growing despite crashing earlier this year. With all of these innovative features which make the currency more accessible, we can definitely see prices rising after the Ethereum fork. Even though Ethereum hasn’t crossed $400 since its all-time-high earlier this year, we can expect it to break through after the hard fork – much like Bitcoin.

If you haven’t purchased Ether yet, we suggest you do it now! You can purchase Ether easily on Coinbase. Coinbase is one of the safest Bitcoin and Ethereum brokers in the business. The company has received well over $100M and has a valuation of $1Bn now. Coinbase registered a patent quite recently which allows them to make online payments much more secure to reassure people. The Coinbase platform is quite intuitive and easy to use, beginners who are adventuring into the world of Ethereum will find it’s very informative and reassuring.

Check out our article on the Best Ether Brokers in 2017.

 

 

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About Article Author

Michael Serrano
Michael Serrano

Michael is an engineer and a bitcoin evangelist. He has been involved in cryptocurrencies since 2013. His biggest wish? 1 billion users of bitcoin, ether and litecoin by 2020. In the last 10 years he has worked for various early-stage start-up as a back-end developer.

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