Another Ethereum fork, called “Byzantium”, is currently in progress. It is too early to call it a success, but developers assure that there is no need to worry.
Ethereum Fork Details
An unofficial release manager for Byzantium, Hudson Jameson, noted that the new software is now stable, and steadily rolling out across the distributed network, a fact he said can be attributed to “the hard work (of) developers, users and miners across the ethereum ecosystem.”
It is a part of the EIPs – Ethereum Improvement Protocols, such as the ERC20 standard, designed to enhance the network’s privacy, scalability, and security.
The impact on ethereum’s infrastructure is huge. It looks like the network is undergoing an adjustment period. Mining new blocks can take just one second, while others can drag out to few minutes, which is greater than the long-time average of 25 seconds per block. In addition to that, blocks are being filled with high numbers of transactions. That’s great for network scalability, as this means that Ethereum can grow without slowing down.
Progress on the Ethereum Fork
According to the Ethereum fork tracker, mining on the old blockchain with the older ruleset has completely stopped. What this means is that there is a very low chance of a competing currency being introduced, as with last year’s split into ETH and Ethereum Classic (ETC).
Just before the fork, developers and mining pools were given last-minute toil, as founds in Byzantium software led to continuous re-releases. The issues saw ethereum developers working around the clock to get the corrected software out on time, and node operators working over the weekend to install the updated software.
Immediately after the fork, the Ethereum price has dropped a bit, and then ran up to the high of $350. Now, they are at about the same level as before the fork.