Ethereum’s Istanbul Hard went ahead as planned at the specified block height: 9069000.
Co-founder, Vitalik Buterin congratulates the node that mined the transitioning block to the new chain. He tweeted,
Congrats to @ for mining the Istanbul fork block!
Ethereum gains 2.25% on Sunday as the price recorded a high at $152. However, the volume of positive candlestick was considerably low. The price of Ethereum at 3: 15 hours UTC on 9th December 2019 is $150.
The recent up-gradation was one of the many changes to be implemented on the network.
Problems with a Hard Fork
The plan outlined by the Ethereum Foundation involves more ‘hard forks’ in the future. The problem with hard forks is that it requires the node operators to upgrade their mining protocols. Peter Todd, leading Bitcoin developer criticized the progress within the network. He said,
People have questioned this, asking if “Forking with a minority of the network is successful?” Of course it is.
ETH is more than centralized enough that a tiny number of nodes hard forking is sufficient. A genuinely decentralized network can’t do three hardforks in a year.
Nevertheless, the Ethereum foundation and investors don’t look at the event like a hard fork. For them, its a necessary path to transition to Ethereum 2.0. Blockchain developer, lex-node noted in a long thread of twitter post defending the hard fork criticism. He said,
… actually, the hardfork is morally superior (than Bitcoin pre-mine and core team)!” He added, “It has the ambitious L1 roadmap that tries to defer least to L2 solutions that require more trust assumptions. It is place for programmable, trust-reduced, on-chain escrows.”
The transitioning is planned through the year 2020 and possibly some hiccups could be seen along the way. However, the ETH community and the foundation is hell-bent on making the transition to PoS. It is required the face the competition in the market.
Do you support the Bitcoin maximalists’ claims or side with Ethereum? Please share your take on it.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com