Ethereum Hard Fork: What will happen now
Posted on 18th July 2016 by Christoph Bergmann // 12 Comments
In two days Ethereum to consummate the Hardfork. Thus, the developers want to make the DAO debacle undone. Here we try to answer the most important questions for Hardfork advance.
Why is Ethereum hardforken?
Although the DAO hack was not a hack of Ethereum itself, but has the potential to do great damage. In addition to the incredibly high losses that may damage confidence in Ethereum sustainable, it prepares especially worried that the hackers have approximately 5 percent of ether. Given the apparently malicious intentions of hackers against Ethereum itself and the planned change of cryptocurrency to Proof-of-Stake (PoS) is this the hacker a power that will be dangerous for Ethereum in future.
For these and other reasons, the Ethereum developers have announced immediately after the DAO Hack, this weed with a Hardfork and to make the DAO reversed itself.
What exactly does the Hardfork?
Jeffrey Wilcke, developer of the popular Ethereum clients Geth, describes on the blog of Ethereum Foundation, what happens at the Fork. Accordingly, all assets of the DAO and the Child-DAO are written in a list. At block all 1,920,000 ethers are paid on this list on a new contract. From this contract from the DAO investors can deposit their DAO token and at a rate of 1: 100 against switch ether.
The Fork is therefore not automatically pay the DAO investors, but they must act in connection to get their investment back.
When will take place the Hardfork?
Block is 1,920,000 Vedas expected on the afternoon of Wednesday, 20 July, found. A countdown can be found on slack nation.
What software supports Hardfork?
Each Ethereum client has released a version that consents to the Hardfork. Geth supported according Wilcke default Fork, after the election on Carbon Vote clearly precipitated this.
The graphical user interface Mist contrast asks the update to 0.8.1 the user whether to accept the Hardfork or not. Until block 1,920,000, the user can still easily switch between the two versions by the menu bar "Develop" the "DAO-Fork" on or deselecting.
If the community behind the Fork?
From what we know, supports the vast majority of community the Hardfork. In addition to virtually all relevant Ethereum developers (Vitalik Buterin, Christoph Jentzsch, Gavin Wood, Jeffrey Wilcke et al), the agreement among the miners, investors and stock exchanges appears to be unique.
To allow the page Carbon Vote it with ether to vote for or against a Hardfork. 87% of the ether used - or about 5 million - have voted for a Hardfork. fall from 66-87 percent of the vote for a Hardfork Also in the mining pools Ethpool, Ethermine and DwarfPool. However, it must be noted that only 10 percent of the miners have chosen. Among the stock markets finally have stated that they support the dominant Fork and will drop the old Fork BitFinex as well Poloniex.
Poloniex will allow users also to charge the ether on the losing chain once to save it.
Is there resistance to Hardfork?
Yes, there is, on and from the very beginning. It is manifested in the release of Ethereum-Classic, enter the developer for "decentralized, censorship-resistant, permit-free block Chains". "We believe in the original version of Ethereum as a world computer that can not be shut down and irreversible Smart Contracts processed." Ethereum Classic will be a fork of Ethereum which waived the Hard Fork and is working, the future updates of Ethereum- to transfer developer.
A first mining pool, with the one-Ethereum Classic mines can, has been established. The decentralized markets software bitsquare has already announced, to commence trading of Ethereum-Classic (which is, however, given the thin to nonexistent trading volume of bitsquare hardly be decisive for the war). Also Bitcoin Core developer Peter Todd thinks they have to announce his support for Classic via Twitter. It is possible that behind the ideology-driven desire lies to justify their own no-Hardfork Policy.
But the fact is that there is a not insignificant reflection sand against the DAO Hardfork. This makes the existence of two Ethereum chains a real option.
Are there any risks?
Should there be two permanently Ethereum block chains after Fork, this would be an unpleasant and risky state. First, the value between the two Forks will divide what the network effect shrinks and - perhaps worst of all - leads to losses in the users, who are not able to switch between the chains.
Even more dangerous might be "Cross Chain Replay Attacks" described by Peter Vessens. "Simply put, if a valid transaction on a Fork is, there is a danger that this transaction on the other Fork 'repeated' will and wreaking havoc." In particular, exchanges can so massively lose money if they maintain trade with both block Chains obtained because users for example can transfer payments from one chain to the other. Vessens advises the community and especially the stock exchanges, therefore, necessarily throw the losing chain.
How do I keep losing ether?
Now this is a rather small problem for users. Who makes no transfers during the Fork or accepted, is not in danger of becoming a victim of any cross-chain attacks or be found his Ether on the wrong chain. Just wait a few days until it is clear which wins block chain, and then switch on these.
If it is permanently give two block chains, is recommended to have coins on both chains. One way to achieve this is about the whole Ethereum-Verzeichis (on Linux hiding in home, on Windows in user / appdata / roaming ...) to copy on a second hard disk, for safety's sake and take crap, and only then to the Fork switch. Thus one should make sure to select both versions at the end. If you then make a transaction with the Fork version, this should not be part of the pre-Fork version.
In addition, you will be with manure by following a few described on the github page steps able to change even after the Fork without backup between the chains.