Remember all that news pertaining to the Hard Fork happening to Bitcoin on August 1st? Well the same thing is going to be happening with Ethereum. Metropolis is coming, is it time to panic? Probably not, users should have nothing to worry about. This article explores what Metropolis is all about.
What is Metropolis?
Metropolis is the new update for Ethereum that will take place late September. It includes a number of highly anticipated changes related to anonymity, programming, and security. Metropolis is a hard fork. While it is possible that Ethereum will split into two, it is not expected that a meaningful split will happen for a few reasons.
One, the Metropolis hard fork has been part of the Ethereum’s road map since the they released it earlier this year. Secondly, mining Ethereum is more decentralized than Bitcoin and will add further anonymity with this update. Lastly, Ethereum Classic already fits the ideologies of anyone who dislikes Metropolis, they can simply switch to ETC instead of splitting ETH again.
What Major Updates will Metropolis Bring to Ethereum?
First of all, increasing anonymity will come with new ‘zk-SNARKs,’ or Zero-knowledge proofs. Users will be able to perform anonymous transactions at higher levels than in the past. This along will bring a lof of new people in.
Secondly, programming smart contracts will be made easier by adding account abstraction. This may not sound overly exciting to a lot of non-developers, but there are some benefits to using this new feature. Especially users who take account security very seriously may want to look into this change. Gas will also be adjusted for bill settling.
Finally, the upgrade includes a ‘Difficulty-Bomb’ intended to make mining exponentially more difficult in the future.The bomb is designed to be an intermediate step in the transition from proof-of-work (PoW) to proof-of-stake (PoS) on the network. This has often been referred to as the ‘Ethereum Ice Age.’
Metropolis isn’t the final planned update for Ethereum. The next upgrade, known as Serenity, is expected to “bring the breakthrough to the mainstream,” but Ethereum has yet to share a release date for that upgrade. That is when Proof of Stake will be implemented. This is when we should see a big price rise in Ethereum.
There should be nothing to worry about when Metropolis hits, it should roll out smoothly if all goes according to the plan. Stock up on ETH while you can, some big things are coming!