New Features Ethereum's New Hard Fork Istanbul Will Introduce
Ethereum is an open source blockchain project. Ethereum was announced to the public in early 2013 with a whitepaper published by Vitalik Buterin, who is only 19 years old (you can access the introduction via https://bit.ly/2lH1ZtG). Vitalik Buterin is a developer who introduced Bitcoin and blockchain technology in the early period and brought the magazine ‘Bitcoin Magazine yayın in 2011 to introduce Bitcoin and blockchain to the masses.
Perhaps the most important goal of Vitalik Buterin in developing the Ethereum project was to develop a decentralized blockchain infrastructure for developers to use in their applications for different purposes. Buterin expressed this idea clearly in his introductory letter. The Ethereum project was developed in 2014 with a small team. The team of 4, consisting of Vitalik Buterin, Charles Hoskinson, Mihai Alisie and Anthony Di Lorio, quickly exceeded 30.
The project was first developed under the name 'Ethereum Switzerland Gmbh', a company in Switzerland, which later turned into a non-profit Ethereum Foundation with the support of Joseph Lubin, founder of ConsenSys, a highly respected organization in the crypto world. Has been developed under the Ethereum Foundation.
On July 24, 2014, the Ethereum project organized a crowdsale campaign to raise funds. The sales campaign, which lasted until the end of August, did not set any upper limits and the project was open to project developers and Ether purchased as many as they wanted. 1 The Ether campaign was sold at $ 0.31, generating approximately $ 18 million in revenue.
Ethereum's main blockchain network was launched in July 2015. The trial blockchain network was named ‘Frontier ağ. The first major update to the Ethereum network was made in March 2016 under the name ‘Homestead.. With this update, Gas pricing, which is considered to be the fuel of Ethereum network and corresponds to the transaction cost realized, was made. In addition, the Ethereum network has been updated for security and processing.
The first major hardfork in the development of the Ethereum network was to prevent the DAO project developed on Ethereum's blockchain network to prevent the control of 3.6 million Ether ($ 60 million) from being exploited by a weakness in smart contracts. The miners who insisted on staying in the old version of Ethereum rejected the hardfork supported by Buterin, and continued as a separate project from the new Ethereum prototype as the Ethereum Classic (ETC).
The next important hardfork of the Ethereum is the Byzantine bifurcation. The Byzantine bifurcation, one of the three important pillars of the development process referred to as Metropolis, took place on 16 October 2017 in 4.370.000 block. Byzantine hardfork includes updates to make the Ethereum network more secure, increase processing speed, reduce transaction costs, and facilitate mining activity. With this bifurcation, the mining award was reduced from 5 Ether to 3 Ether.
The second leg of the hardfork of Metropolis took place on 28 February 2019 in the block 7,280,000 under the name ‘Constantinople.. The main purpose of this hardfork is to improve the performance and security of the Ethereum network. With the bifurcation, mining activities were made more difficult, while the mining award was reduced from 3 Ether to 2 Ether. However, one of the major problems in the Ethereum network is the transaction cost (Gas Fee) and the cost of using the Ethereum network for 3rd party applications.
Constantinople hardfork has brought about some important changes. The hardfork of Constantinople included updates to prepare for the transition of the Ethereum blockchain network from the operating system called Proof-of-Work (PoW) to the Proof-of-Stake (PoS) operating system, also called Ethereum 2.0. The PoS operating system allows for faster and multiple operations with lower energy consumption.
It is estimated that Ethereum 2.0 will be launched with the upcoming Istanbul hardfork of Ethereum and the PoS system will be introduced. Vitalik Buterin recently stated that Istanbul forking was approaching but did not give a definite date. One of the most important updates expected in the hardfork of Ethereum Istanbul is to provide a long-term and effective solution to the problem of reducing the transaction cost of Ethereum network, which is used extensively by different applications and preferred by many new crypto money projects blockchain network.
Recently, the Ethereum Foundation announced that the update to be made with the hardfork of Ethereum Istanbul was postponed to October. In a news report in Coindesk, it was stated that the Istanbul hardfork was postponed due to different proposals for the content of the update. The history and innovations of the Istanbul update are not yet fully known. However, it is considered that the hardfork of Istanbul may cause a disappointment, contrary to expectations.
Original of this article prepared by Barimeks Bitcoin Borsası, which is Turkey's new inovative crypto exchange, and can be found at this link Ethereum İstanbul Çatallanmasının Getireceği Yenilikler.
Perhaps the most important goal of Vitalik Buterin in developing the Ethereum project was to develop a decentralized blockchain infrastructure for developers to use in their applications for different purposes. Buterin expressed this idea clearly in his introductory letter. The Ethereum project was developed in 2014 with a small team. The team of 4, consisting of Vitalik Buterin, Charles Hoskinson, Mihai Alisie and Anthony Di Lorio, quickly exceeded 30.
The project was first developed under the name 'Ethereum Switzerland Gmbh', a company in Switzerland, which later turned into a non-profit Ethereum Foundation with the support of Joseph Lubin, founder of ConsenSys, a highly respected organization in the crypto world. Has been developed under the Ethereum Foundation.
On July 24, 2014, the Ethereum project organized a crowdsale campaign to raise funds. The sales campaign, which lasted until the end of August, did not set any upper limits and the project was open to project developers and Ether purchased as many as they wanted. 1 The Ether campaign was sold at $ 0.31, generating approximately $ 18 million in revenue.
Ethereum's main blockchain network was launched in July 2015. The trial blockchain network was named ‘Frontier ağ. The first major update to the Ethereum network was made in March 2016 under the name ‘Homestead.. With this update, Gas pricing, which is considered to be the fuel of Ethereum network and corresponds to the transaction cost realized, was made. In addition, the Ethereum network has been updated for security and processing.
The first major hardfork in the development of the Ethereum network was to prevent the DAO project developed on Ethereum's blockchain network to prevent the control of 3.6 million Ether ($ 60 million) from being exploited by a weakness in smart contracts. The miners who insisted on staying in the old version of Ethereum rejected the hardfork supported by Buterin, and continued as a separate project from the new Ethereum prototype as the Ethereum Classic (ETC).
The next important hardfork of the Ethereum is the Byzantine bifurcation. The Byzantine bifurcation, one of the three important pillars of the development process referred to as Metropolis, took place on 16 October 2017 in 4.370.000 block. Byzantine hardfork includes updates to make the Ethereum network more secure, increase processing speed, reduce transaction costs, and facilitate mining activity. With this bifurcation, the mining award was reduced from 5 Ether to 3 Ether.
The second leg of the hardfork of Metropolis took place on 28 February 2019 in the block 7,280,000 under the name ‘Constantinople.. The main purpose of this hardfork is to improve the performance and security of the Ethereum network. With the bifurcation, mining activities were made more difficult, while the mining award was reduced from 3 Ether to 2 Ether. However, one of the major problems in the Ethereum network is the transaction cost (Gas Fee) and the cost of using the Ethereum network for 3rd party applications.
Constantinople hardfork has brought about some important changes. The hardfork of Constantinople included updates to prepare for the transition of the Ethereum blockchain network from the operating system called Proof-of-Work (PoW) to the Proof-of-Stake (PoS) operating system, also called Ethereum 2.0. The PoS operating system allows for faster and multiple operations with lower energy consumption.
It is estimated that Ethereum 2.0 will be launched with the upcoming Istanbul hardfork of Ethereum and the PoS system will be introduced. Vitalik Buterin recently stated that Istanbul forking was approaching but did not give a definite date. One of the most important updates expected in the hardfork of Ethereum Istanbul is to provide a long-term and effective solution to the problem of reducing the transaction cost of Ethereum network, which is used extensively by different applications and preferred by many new crypto money projects blockchain network.
Recently, the Ethereum Foundation announced that the update to be made with the hardfork of Ethereum Istanbul was postponed to October. In a news report in Coindesk, it was stated that the Istanbul hardfork was postponed due to different proposals for the content of the update. The history and innovations of the Istanbul update are not yet fully known. However, it is considered that the hardfork of Istanbul may cause a disappointment, contrary to expectations.
Original of this article prepared by Barimeks Bitcoin Borsası, which is Turkey's new inovative crypto exchange, and can be found at this link Ethereum İstanbul Çatallanmasının Getireceği Yenilikler.
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