Ethereum has started to undergo updates that will make it faster, lighter and more secure. What exactly are these changes and what does it mean for the crypto industry? That and more will be covered in today's post.
Metropolis is the name for Ethereums main big upgrade to its block chain which will be the final turning point in what will upgrade the Ethereum block chain.
However not to scare anyone but big changes such as this also come with risks to the block chain and investment in them. These changes will help Ethereum become more robust to handle more transactions which has been a major flaw that was found when both bitcoin and Ethereum took off. These updates have also been updated and changed since they first rolled out.
Because of these updates and changes Metropolis has been split into two core updates which are called Byzantium and Constantinople.
Byzantium
Byzantium has seen some changes and now has a total of 9 (nine) Ethereum improvement protocols. Which are code patches applied to the block chain. These updates will help fix issues that came up such as difficulty adjustments, difficulty delay feature, return data operations with static call operations.
These changes above will help the blockchain become lighter in terms of being able to handle more transactions and handle them better.
Other big changes by these will take into account the difficulty time bomb delay. At the moment transactions are about 25 seconds while the original time frame was meant to be around 10 seconds.
One last thing about this update is also offering less rewards to miners. This is to reduce difficulty and stop mining so it can change to a POS system.
What really has me excited though is the zk-snarks which will allow private transactions to occur on the ethereum network. This is currently used by z-cash! Another coin in which I really love and see great value in.
Constantinople
This update is currently on hold or has no release date as of yet. While the above seems to be around Sept. 18th -Sept. 22nd we will see it go live. Constantinople however was found to have major exploits deep in the code which are being addressed first.
Since there is not much in details as of yet on this launch there is not much to talk about and it will of course change by the time it is set to release as more security measures are places and possible exploits found.
Ethereum is one of my core holdings.
I am looking for an entry point to add to my position. I like the pullback so far yet sense there is more in the crypto world.
The long term outlook for ETH, to me, is huge. As you stated, there are a lot of advantages to the ETH network going forward.
ETH might get to the 1M transactions...something that is far fetched for other blockchains and suddenly puts it in the class of Visa.
I traded in my Bitcoin for ETH when it looked like we were going to pass ATH. So I bought in when it was $388. It dropped right down to $290 the day after, haha.
So while you feel like today's prices are a little high still, I wish I could change my trade into today's prices!
Of course I am still hodling. $400 will be breached eventually, I am sure of it. And I have decided that I will never, ever sell at a loss anymore, so I am hodling for the duration!
Any dip like this is a great entry point in my own personal opinion if your looking to hold long term 2-3 years from now.
Oh yes, my intention is to keep my money in for at least 2 years, possibly up to 5. Or if it really goes insanely high like some people are predicting, maybe I will never take it out and always keep it in crypto. With stuff like the TenX card, there is really not that much need to turn it into FIAT after a certain point.
I appreciate your position. Been there a number of times over the years myself.
With crypto, I am truly a long term holders so entry points arent crucial although we all hate pullbacks when we purchased higher. I would love to see BTC at $2500 even though that is below where I entered. I can live with a paper loss for a while when I am trying to add.
I am confident in your purchase even at $388....my last batch of ETH was $318 so I have a bit of a loss on that right now. Still would love a lower point, give me $200. :)
Ohhh, yes, I have been through my share of dips and downturns in crypto! I am not stressed when my investment drops 40% (although more than 50% does make me sweat a little but by then the losses are so great I just could never sell for so little!). I'm aiming for the long term vision.
It's like that meme that is making it's rounds about Bitcoin:
lol, I love it
Very true...the volatility is a traders dream. However, it can be trying for the long term holder other than the fact that there is huge upset.
I am like you, pullbacks dont bother me. I really could care less since I am still trying to load up.
Added a bit more Steem today...trying to power my account up.
Unfortunately, I'm not very wealthy so everything I could spare is already in crypto, and I can't/won't be adding more fiat to the pile for quite some time :(
Things like Steemit are my only crypto-'income' that I can use to grow my portfolio. So hope to make it to dolphin before everything skyrockets too fast! :)
What is dolphin level?
I am not sure what they are....
Brilliant Meme @pandorasbox I invested in 2015 and still mine and hold all that bitcoin. Invest it further and take the roller coaster rides.
I have high hopes for Ethereum to rise in price because of this. But to be honest, I had thought it would've passed Alltime highs already. Perhaps we would've, if it hadn't been for China?
I'm very excited about Metropolis! I'll upvote you, to spread excitement around! :)
That whole China thing got bent out of proportion and fake news came out about it they are Banner ICOs which is fine I totally get that they are not banner bitcoin or ethereum etc. Just going to take a few days for the dust to settle I guess.
Metroplis is going to be awesome I have a price target at $600-$700 by the end of this year for Ethereum because of it.
I like those numbers....
A double from here would be nice...Although I will saw that I expect another huge run for a time in the 4th quarter. So much money coming into the space throughout the rest of the year that I see one month having a huge run up...ETH will profit along with the others.
What is your long term number on ETH?
Long term number is not much higher then that honestly Ethereum is a bit of a different beast then bitcoin in terms of what it does. There are also about 6 times the amount of coins for ETH then their are bitcoin.
That makes a lot of sense.
So you see ETH topping around $700?
Yes, I agree! I too kind of would be disappointed if Ethereum did less than double, to be honest.
But on the other hand, if it does double then we'd be nearing the Flippening. And I am not sure the time is ripe for a Flippening just yet in today's market? So perhaps the gains will be less astronomical, bringing us to $500 or so. It's going to cause chaos if it does pass Bitcoin. I just can't believe with all the media attention Bitcoin has been getting, Ethereum will just fly past it.
Even with the recent volatility in the value of Ethereum, I still believe that in the long run, the value of Ethereum will significantly increase.
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Ethereum is a coin with a lot of potential. Thanks for the info @bitcoinflood
Love the posts, I just read threw some of your recent ones. Keep up the good content!
thanks