Any hard fork coming for cryptocurrencies

We explain these EIPs in the simplest possible way. What is an Ethereum Improvement Proposal? With no centralized entity to make decisions, everything on a decentralized blockchain, such as Ethereum, has to be approved by the community before implementation. Usually, developers present these proposals along with suggestions from the community.

However, anyone can present an EIP and submit it for discussion. An EIP has to go through several steps involving peer reviews and drafts before being approved by the community. The EIP author is responsible for building consensus within the community and documenting dissenting opinions. Ethereum is in the process of becoming deflationary. Only 21 million Bitcoin tokens will ever exist, but in contrast, Ethereum has no limit on how many tokens can be mined.

Miners are rewarded with new tokens each time they add a new block, which is almost every 15 seconds. The value of an asset is determined by its scarcity. That is exactly why we see so many fiat currencies lose their value as governments keep printing more money. EIP attempts to tackle this problem. Since its implementation, the transaction fee is no longer going to the miners. Instead, all tokens paid by users for any transaction on the Ethereum blockchain go straight to the network, and then they are burned.

It can result in the current total supply of ETH reducing overtime and boosting its price. Before, there was no fixed transaction fee for users on Ethereum, either. Users used to bid against each other to get their transactions completed before the others.

As a result, gas fees increased significantly. This got to the point where the average transaction fee was too costly for small transactions. EIP proposed a new pricing model for the transactions. A base fee will be created for each block. Users can still offer miners a tip to complete their transaction before others.

Ethereum has a feature developed into its blockchain, making mining harder over time. It increases the time it takes to mine a new block into the network and reduces the incentive reward. It would avoid the split in the mining community, as we witnessed earlier between Ethereum and Ethereum Classic.

However, without EIP, the Ethereum blockchain would have reached this point too soon, causing several complications. EIP pushed the difficulty time bomb further back to December , allowing miners a little wider window to shift from the old network to the new one. EIP cleared out the way for the next big step in developing this ecosystem, i. At this point, the merging procedure should be completed.

Reactions of the Ethereum Community The hard fork was big news and ignited a variety of reactions to the changes implemented, mainly regarding the transaction gas fees. Many miners were not happy as the EIPs reduced their rewards for completing a new block. And establishing a base fee for each block will reduce it even more. Launched in , Monero XMR is a privacy-focused open-source cryptocurrency. Monero's blockchain has been designed to be as opaque as possible.

By concealing the addresses used by participants, transaction details such as the identity of senders and recipients, as well as the amount of each transaction, are made entirely anonymous. This is in contrast to Bitcoin, where wallet addresses and transactional activity can be used to determine a user's identity.

XMR is also currently the 32nd largest crypto by market cap. Coindesk reports that XMR prices have climbed by around 11 percent in the last 24 hours as a result of the hard fork announcement. The upcoming hard fork will be Monero's fifteenth software version V The previous two versions, which went live in October , only had minor improvements. The chain's ring size is slated to expand from 11 to 16 in Monero's upcoming hard fork. These added ring signatures are anticipated to enhance transaction privacy and make it difficult to reverse-engineer transaction sources.

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