May 30, 2018 131By Thomas Ramsay
Ethereum Classic has reportedly completed a hard fork, after the looming threat of a ‘difficulty bomb’ that promised to totally take the currency down, making it unprofitable to mine and therefore totally halting its progression. The difficulty bomb is said to have come from the original fork that saw Ethereum and Ethereum Classic split, with the former pursuing a Proof of Stake system, Ethereum Classic fans hoped that this fork, would continue to work off the original Ethereum concept, indeed this was the case until this new and recent fork inevitably made changes to the network. Either way, it does seem as if the hard fork was essential in ensuring the longevity of the Ethereum Classic network. According to Ethereum World News:
Bomb Has Been Diffused ? https://t.co/bFo5IQl34I— Ethereum Classic (@eth_classic) May 29, 2018
“A feature was implemented in the chain prior to the fork to reduce mining rewards and incentivize developers to switch to PoS but Ethereum Classic developers have no plans to do so, citing their support of PoW as the most decentralized form of validation. The difficulty bomb feature would have rendered mining unprofitable, and with no incentive to mine new blocks, the network would have collapsed entirely. Block 6,100,000 was viewed as the last safe block to implement a change before it was too late.”See the full report by Ethereum World News for yourself, here- https://ethereumworldnews.com/ethereum-classic-hard-fork-defuses-difficulty-bomb/ How is Ethereum Classic performing today? At the time of writing, Ethereum Classic is valued at $15.38, up 4.80%. Overall, this hard fork has had very little impact on the value of the currency and really, the current rise in Ethereum Classic is organically down to the market climate, that is pushing all values in a comfortable upwards direction. Why hasn’t the hard fork made a big difference? Generally, many people expected this hard fork to take place, with block 6,100,000 fast approaching, this marked a deadline and a point of no return within the network, therefore as a community, Ethereum Classic supports knew something was going to happen. The nature of the hard fork is quite limited too, it will not be followed with any huge upgrades or big changes and therefore, in terms of value volatility, the hard fork has had little to no effect. With the fork now past us, we can look to a bright future for Ethereum Classic, one which ensures the currency still remains a mineable asset and thus can generate intrinsic value on its own. Whilst they may not have been the favoured move, it does seem that this has indeed been the best move.