Ethereum Hard Fork Coming Soon
The Etherzero (ETZ) project will try to improve the future of the cryptocurrency.
We have already seen many Bitcoin forks but still any fork for Ethereum. There have been announced two Ethereum fork but they had some issues with its fork height, resulting in many changes over time. This way many users lost their trust regarding the upcoming changes. However, a new Ethereum hard fork called EtherZero is trying to improve the situation.
The EtherZero fork will take place on January 19, 2018, GMT 19:00 and will feature the following characteristics:
- Fork height: 4936270 block
- Allocation: Total supply is approximately 116 million ETZ
- Reserve 20 million ETZ for subsequent development
Newly increased: approximately 6 million ETZ per year (almost 5% inflation and declining every year)
- 1 ETH distributes 1 ETZ
Regarding the team
At the moment, EtherZero team includes 20 people from many different countries. Also, they are collaborating with many famous Indian and East European DAPP development workshops. The majority of the team’s members are professional DAPP developers as well.
What kind of Innovation does the team have to offer?
The team hopes to bring a new kind of a master node system. Their idea is to stabilize and improve the market value of ETZ. They are aiming to get ETZ’s market value at 10% of the Ethereum in a short period. In addition, the master node will benefit more cash users. They are expecting the initial access node to be 10,000 ETZ. The distribution will be 45% to the master nodes, 45% of the rewards to the miners, and 10% to the self-governing communities.
In the case EtherZero made its market price up to 10% of the Ethereum, the cryptocurrency price would reach 70 US dollars per unit, at least theoretically.
The deployment of the ETZ chain is developer friendly and can be completed after a few changes. It is based on the DAPP in the Ethereum. The EtherZero team claimed that they are going to give a detailed technical change plan soon. Further, they are inviting anyone who wishes to participate, from developers to retail or bigger investors.
How will this fork affect the Ethereum?
Although forks are sometimes mandatory for the development of the cryptocurrency systems, it’s something new for the Ethereum market. The EtherZero project sounds promising but still is uncertain to what levels it can reach and if it will earn the users’ trust and support.
Also read: Could this Be Bitcoin’s Moment of Truth?