Ether’s Price Rises to $348 Despite ‘Byzantium’ Hard Fork

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by Andy Watson · 4 min read
Ether’s Price Rises to $348 Despite ‘Byzantium’ Hard Fork
Photo: Inteaux / Flickr

The Ethereum price is increasing and it promises that the second largest blockchain is completely prepared to the following codebase changing.

At the moment of writing the price of Ether, the cryptocurrency that powers the Ethereum blockchain, hits $348, according to the CoinMarketCap’s Price Index.

Ethereum is a decentralized platform that includes applications working in the same way as they are coded without delays, censorship, fraud or third party participant. Being special form of a salary, ether is a key element of the Ethernet platform operation and its cost is rising.The increasing Ethereum price allows thinking of ethereum will ram ahead via the following upgrade. And moreover, ethereum devotees believe that the world second largest blockchain will not see the past errors and be ready for the upcoming codebase changing.

The increasing Ethereum price allows some experts to think that the price will continue to increase after Hard fork. And moreover, ethereum devotees believe that the world second largest blockchain will not see the past errors and be ready for the upcoming codebase changing.

October 15th is a bid day for the “Byzantium” code when it is launched at block 4,370,000 on the ethereum blockchain. Being the part of the “Metropolis” upgrade it is a pack of upgrades to make ethereum more streamline, fast and private.

If to look back it has become clear that past hard forks were flowing. But an emergency hard fork of the last year shown that old blockchain was still being mined with new assets being created and ethereum classic being applied. The most unpleasant thing here is dealing with old blockchain can result in funds lost.

As it was marked earlier, all the people engaged have a positive view of the upcoming upgrade. This optimistic mood is conditioned by this hard fork is aimed to the changes which have been chased in the ethereum road map since the protocol was launched in the year 2015.

According to the statement of Stephen King, the principal and co-founder of ethereum-based real estate app RexMLS, is sharing the general expectations: “The fork is uncomplicated. Everything went smooth on Ropsten, and it appears like all else is on track for a healthy transition”. His confidence is enhanced by the opening possibility to carry out the private transactions and smart-contracts.

The last one is an actual magic considering that test ethereum network – Popsten –experienced a spam attack. As a consequence, the transactions were impossible to carry out and some of the developers moved into the private network. But despite, according to the general opinion everything was happened according to the plan and the team even could check the transaction via privacy-oriented cryptocurrency zcash tech. Later, this tool was added to the Byzantium roadmap.

By the way, there was one thing that caused some contradictions. While eliminating ether assigned for each block, Ethereum improvement protocol (EIP) is able to decrease mining revenue that’s impossible to react positively on. And the reaction was immediate – oppositional movement called Etherite was started leading by the developer Dylan Young.  At the same time there was Nanopool mining pool stated that the miners’ reward was not the deal of the primary care, because Ethereum was a child of developers and investors initially.

Moreover, a piece of the code developed by ethereum experts slows down the number of ethereum blocks generated on its blockchain. The aim of this tech solution is to make miners transfer to a new chain. And if miners are still working on the old ethereum edition, they will have to stop soon. It’s money-losing initiative.

Let’s come back to the positive news. Vitalik Buterin, the founder of ethereum blockchain thinks the network is able to compete with such financial giant as Visa. The fact that Etereum extends fast is confirmed by the availability for trading of Ether Exchange Traded Notes (ETNs) on Nasdaq Stockholm.

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