GuildSpace News

Introduction

Ethereum, the first blockchain platform based on smart contracts, has been the foundation for many innovative projects and ideas. However, like all technologies, Ethereum is not without its challenges and limitations, which have spawned a multitude of forks. A fork is a term denoting changes to a blockchain protocol’s source code, resulting in the creation of a new blockchain.

What are Ethereum forks?

Ethereum forks are alternative versions of the Ethereum blockchain created by modifying Ethereum’s original code. Ethereum forks can be divided into two categories:

• Hard Forks – These are forks incompatible with the original version of Ethereum. This means that all nodes in the network need to update their software to continue operating in the network. An example of such a fork is Ethereum Classic.
• Soft Forks – These are forks compatible with the original version of Ethereum. This means that nodes can continue to operate in the network even if they have not updated their software. An example of such a fork is Metropolis.

Some notable Ethereum forks

• Ethereum Classic (ETC): This is an Ethereum fork created as a result of Ethereum’s hard fork in 2016. Ethereum Classic uses the same smart contract technology as Ethereum but with some differences in security and scalability matters.
• Metropolis: This Ethereum soft fork was designed to improve Ethereum’s scalability and security. Metropolis introduced several technologies, such as zk-SNARKs, which help improve transaction privacy in the Ethereum network.
• Expanse (EXP): Expanse is a decentralized blockchain platform based on Ethereum that aims to apply blockchain technology in a range of industries, including voting, identification, and decentralized governance.

Why are Ethereum forks created?

Ethereum forks are created for many reasons. Some of them include:

• Improving scalability: Scalability is one of the main limitations of the Ethereum blockchain. Many forks are created to improve Ethereum’s scalability.
• Enhancing security: Security is a crucial aspect of any blockchain. Some Ethereum forks are created to enhance network security.
• Expanding functionality: Some forks are created to add new features or improve existing Ethereum features.

Conclusion

Ethereum forks play a vital role in the cryptocurrency ecosystem as they provide new opportunities for innovation and technology improvement. However, they also introduce additional complexity and uncertainty, which investors and developers need to consider when working with Ethereum and its forks.