In light of the recent situation in the world of the Ethereum blockchain, it is becoming more and more likely that the world’s second largest cryptocurrency might see a hard fork some time soon.
This is something that even the top developers of the Ethereum blockchain network are contemplating. Last week saw a meeting take place amongst the top dogs of the Ethereum blockchain network where they were discussing one of the proposed Ethereum improvement protocols called EIP-999. There was talk about how that proposed change could result in the hard fork, which will make two competing cryptocurrencies from the current Ethereum blockchain network.
Premise Behind EIP-999
There has been a loss of over $260 million in Ether due to the treachery of a buggy nature in the code. The Ethereum improvement protocol came in light of this issue. Actually, It was not as much the fault of the code itself, but that of the owners of those funds, which resulted in the activation of the self destruct coding. Whether or not to make changes to the code in order to make a recovery of those lost funds is the matter in question and the premise behind the proposed EIP-999. There is a high chance that because of that debate, the difference of opinion will result in some users on the Ethereum blockchain network split apart from the main network.
Everybody who wants the proposal to go ahead and take place are of the opinion that the loss of so many Ether tokens is a result of buggy coding and the platform should be taking measures to ensure that such a big loss of funds does not happen. Those who are contending the implementation of EIP-999 on the Ethereum blockchain network are saying that making such a change to the coding in order to recover lost tokens will result in the compromise of the security of the network and its integrity.
Parity VS Geth
Geth is a Ethereum Foundation-led software on the Ethereum blockchain network whose founder is adamant that making such a change possible will introduce a split in the blockchain network and possibly have far reaching implications for the network. Parity is the company who owns the Ethereum wallet that was targeted by the buggy coding and resulted in the loss of $260 million in Ether being frozen. It is Parity that is heading the push to implement EIP-999.
Now both of these companies play an important part in the Ethereum blockchain network and as they keep on developing, they keep up with each other to ensure that they’re in sync and both of them remain on the same network. Once they implement a change in code, a split will happen and that split is going to be among both, the developers, and the Ethereum community.
As of now, the possibility of the hard fork is just speculation. There has been no clear announcement on the part of Parity about splitting the Ethereum blockchain network by implementing the EIP-999 change to the protocol. The announcement of what they have decided is going to come any day now. It only remains to be seen whether the hard fork would remain a speculation or whether it would become a reality.
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