Ethereum’s new hard fork is already facing strong objections. Ethereum, the second highest-valued on the blockchain, triumphantly forked yesterday adding a group of upgrades that benefit its developers and the overall pace of the blockchain. The transition has been mostly flawless, with no issues affecting the current contracts or transactions, but the opposition to the new changes are provoking like-minded supporters for moves in different directions.
Last summer, Ethereum classic showed that protest timing is everything and in the wake of an unpopular fork they capitalized on a $1 billion opportunity.
Two projects have popped up recently with goals of using the old blockchain to launch new cryptocurrencies.
Similar to the popular ethereum classic, the most current protest projects focus on drawing in the miners that secure the blockchain. The one alternative they’re keying in on is creating alternatives to the Ethereum Improvement Proposal (EIP) 649, an upgrade that some think would impact their profitability.
The case made by the protesters makes perfect sense as the main reason for most miners to secure the blockchain is to make money. But that doesn’t guarantee enough will join the campaign in order to launch it successfully. One main protest fork, Ethereum Vega, just barely broke three hundred followers on its official Twitter account.
Movements on the rise
New information is emerging on these new projects but there is still so much we don’t know, like how much current support they have.
Ethereum Vega, is currently creating their own blockchain that removes the code to reduce the miners’ rewards, countering the EIP 649. The developers on the project are currently setting aside newly created cryptocurrency to fund the development of this blockchain and its direction.
The seriousness of this project is still unknown to the public. The strategy they’ve taken is that public miners aren’t able to mine the closed blockchain until it’s reached 300,000 blocks. Once they’ve decided to open it, we have an understanding of the actual support of this chain.
The official Ethereum Vega’s twitter account has been extremely active lately, keeping developers up-to-date with its current moves. Yesterday they tweeted a screenshot of the clever title, “a new legend borns,” showing where the new fork took place.
Etherite is the other project looking to give power to the developer who may not have been given a chance to have their say in the reduction of their rewards. They have taken a completely different approach by not incentivizing with coins and being completely non-existent on their social media pages.
Effective hard fork or rebels growing?
Vitalik Buterin, the creator of Ethereum, has made some rough calculations on a public developer channels to show whether or not these projects could actually succeed. What did he find? Forks aren’t able to make very much money unless they prove to be extremely successful. Many Ethereum developers still walk extremely cautiously after what happened with ethereum classic.
Adding to the uncertainty, a portion of the miners and users have yet to upgrade to the new software following yesterday’s fork. It seems some were behind in noticing the big fork and will get left behind if they don’t update to the new rules.
It’s still possible, that the new movements have something to do with a portion of users not being upgraded.
Ethereum developers, however, are extremely confident this new fork will prove to be successful.Al