In late December, the information about the upcoming Ethereum hard fork, which is planned on January 19, 2018, appeared in the network. It is noteworthy that in the original roadmap and on the official site ethereum.org, the event isn’t marked, and the Ethereum development team doesn’t give any comments on EtherZero.
There is an opinion that this is a good advertising before the ICO and there won’t be such hardfork. Anyway, the probability to approve whether it’s a fake or not will appear only on the day when the upgrade of the network is planned. In the meantime, we offer you to have a look at the project.
EtherZero Official Video
On the official website, the EtherZero project is positioned as “the next generation of a platform for the smart contract development, created by a group of professional developers DAPP.” Among the fundamental differences and characteristics of the network, there is a two-level network system, master nodes, a system of offline community management, zero commissions, instant transactions, high scalability, which allows using DAPPs.
The traditional gas payment system in Ethereum is eliminated in EtherZero, which makes the transaction, including in a smart contract, zero in fees. The team believes that only such a measure will be able to popularize decentralized applications. Also, EtherZero introduces and extends the master nodes by Dash, which expands the project’s economic system, which can effectively stabilize and raise the price of this coin and manage the community.
EtherZero’s hardfork will occur around January 19, 2018 at block 4936270. All ETH holders will receive an ETZ (fork currency) at a ratio of 1 to 1, as it was with BitcoinCash. In case the fork takes place, the owners of the accounts on large exchanges can count on adding the coin support, but as of January 17, 2018, none of the exchanges has confirmed the intention to add ETZ.
The team’s plans are ambitious enough – getting the market value of ETZ at 10% of the Ethereum network in the short term.
Who can stand behind the ETZ? At first glance, the news about ETH’s hardfork sounds absolutely true. Not surprisingly, the advantages of ETZ over ETH are obvious. From a technical point of view, there is a rejection from the blockchain community and major industry players, such as Metamask. The lack of code on the GitHub, unconfirmed negotiations with stock exchanges, site blocking by Metamask service. What about community? More than 6k subscribers in the Telegram group, 11k voted on Coinmarketcap.com, but there is no consensus in the community whether there will be a hard fork or not. Moreover, earlier the developers had already canceled the forthcoming changes, after which the information was disproved.
Who needs the hardfork? Users that have already prepared wallets for new coins. However, users are unable to implement such a PR campaign. Then we should assume that behind this is a project with full-time developers who are losing profit due to “kitties” and congestion of the ETH network. For many solutions, the speed and cost of transactions is vital. On the official Facebook page of the IT blog 7Labs there was information about the possible connection of the EthereumZero developers with the SmartPlay.tech project.
In the Blockchain industry, many of the solutions rely on the speed and cost of transactions. Generally, most end users stand to benefit from high speed, low-cost transactions. But for projects like SmartPlay.tech, it is almost critically important, as factors like minimum bet and number of players are directly dependent on the Ethereum network. At this moment, SmartPlay.tech could really use something like EtherZero. Looking at the recent developments around SmartPlay.tech, it seems that the people behind the project are already prepared for the worst, and are ready to implement an Ethereum hard fork of their own!
There are questions: did this team think about creating its own hardfork? Is it capable of making hardfork? What about transaction spam attacks?
Judging by the last article of the project, the team sees the point. The presence of implemented solutions on the blockchain allows us to assume that their programmers can do it. Could it be that the same people are behind SmartPlay.Tech and EthereumZero.org? Both projects are anonymous and the SmartPlay.Tech project might need the characteristics that EtherZero will have.
Will the hardfork take place and will there be a new game currency making the transactions fast and free, or it’s worth waiting for the official Ethereum Casper fork announcement?