What happens to Ethereum Network in September?

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Ethereum Network

The Ethereum team scheduled the hard fork in the Ethereum network and the implementation of Metropolis for the end of September this year. The new version of the software will expand the capabilities of the Ethereum network. It will be an important intermediate step in the process of transition from the proof-of-work algorithm to proof-of-stake.

1. Ethereum Network: zk-SNARKS

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In particular, Metropolis will serve as the basis for the introduction of the so-called zk-SNARKs. These are cryptographic tools underlying Zcash. They will make completely anonymous transactions possible in the Ethereum network.

The main feature of zk-SNARKs is that they prove the execution of calculations for some input data. They do this without revealing them. In Zcash, the purpose of this evidence is to verify transactions while maintaining user privacy. This new opportunity will appear thanks to Vitalik Buterin’s close cooperation with Zcash CEO Zuko Wilcox. The new version will make the process of programming the smart-contracts easier. It also provides various security improvements.

2. “Complexity Bomb”

In addition to the above innovations, Metropolis includes the so-called “complexity bomb”. It provides an exponential slowdown of the network, making the mining process more resource-intensive. “Bomb of complexity” marks the so-called “Ice Age”. It is an intermediate stage for the transition from the proof-of-work algorithm to the proof-of-stake.

Time is ticking in favor of Ethereum

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After the release of Metropolis, there will be an even larger upgrade of the Ethereum ecosystem called Serenity. Serenity offers significant improvements in the protocol and scalability of the network.

Finally, let us remind you, that Vitalik Buterin and one of the creators of the Lightning Network – Joseph Poon are working on the Plasma platform. In particular, Plasma platform is designed to improve the performance of smart contracts. Also, no dought that scheduled hard fork of Ethereum network may negatively impact Ethereum price. Meanwhile, Bitcoin Cash is gaining positions.

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