2019 has been a bit of a rollercoaster ride for those in the crypto sphere, and one thing that is on the mind of many is the upcoming Ethereum fork in January. As everyone knows, a hard fork is one of the most crucial events in the lifetime of any cryptocurrency, and when it happens to be the world’s second-biggest cryptocurrency, then there is going to be a lot of anticipation.
The reason behind choosing to do a hard fork on January 1 is a bit ignominious for the people behind the network.
The whole thing has its basis in the Istanbul fork, which took place a few weeks earlier. At the time, the team of developers who had been responsible for the whole operation had forgotten to close the difficulty creep. The hard fork is being done on January 1 since it is a well-known fact that New Year’s Day is a relatively quiet period when it comes to crypto trading activities. That being said, it should be noted that this is still a significant event for all those who are invested in Ethereum.
However, the developers will need to update a whole node in order to complete the fork, and that might require them to stay up all night. Such a job may not be everyone’s cup of tea on New Year’s Day, and hence, it remains to be seen if the network can complete the whole operation without any glitches.
>> Libra Has ‘Failed’ in Its Current Form Says Swiss Finance Minister
If there is even the smallest of errors, then the hard fork will go into a tailspin, and it would be very difficult for Ethereum to recover. It is quite clear that people who are invested in the crypto token are going to watch the event closely.
Featured image: DepositPhotos © sadsadang
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.