The Ethereum network will experience a hard fork at block number 2463000, anticipated to take place between 12:00 and 13:00 UTC on Tuesday, October 18, 2016. A countdown timer is available at https://fork.codetract.io/.
As a user, what actions should I take?
Acquire the most recent version of your Ethereum client:
What occurs if I do not engage in the hard fork?
If you are utilizing an Ethereum client that is not upgraded for the forthcoming hard fork, your client will synchronize with the pre-fork blockchain once the fork takes place. You will remain on an incompatible chain adhering to the previous rules, and you will be unable to send ether or transact on the post-fork Ethereum network.
What constitutes a hard fork in Ethereum-land?
A hard fork signifies an alteration to the foundational Ethereum protocol, establishing new guidelines to enhance the system. All Ethereum clients must upgrade; otherwise, they will be confined to an incompatible chain abiding by the previous regulations. The decentralized characteristic of blockchain systems complicates a hard fork upgrade. Hard forks within a blockchain necessitate collaboration and communication with the community, as well as with developers of diverse Ethereum clients to ensure a smooth transition.
What transpires during a hard fork?
Once consensus is reached regarding the modifications to be incorporated into a hard fork, the changes to the protocol are documented in the various Ethereum clients, such as geth, Parity, and ethereumJ. The protocol adjustments are activated at a designated block number. Any nodes that have not upgraded to the new rule set will be left behind on the previous chain where the earlier regulations persist.
What is the necessity for a hard fork?
Since September 18th (UTC), the Ethereum network has been subject to an assault by an individual or group, resulting in significant delays before transactions are processed. The network is currently congested with pending transactions, leading to delays for users in processing their transactions. This can be viewed as a denial of service (DoS) attack on the Ethereum blockchain.
Each operation executed by an Ethereum contract on the network incurs a price or gas fee. Utilizing the ADD operation is less computationally intensive than executing a complex operation like hashing a number with SHA256. The assailant conducted a DoS attack by repeatedly invoking certain operation codes (opcodes) in their smart contracts that are computationally challenging for clients to handle but relatively inexpensive to add to the network. To prevent the attacker(s) from continuing to inundate the network with low-cost contracts that demand high computational resources, we are elevating the price of specific operations.
What is the rationale behind two hard forks and what will be the implications?
The two hard forks each tackle distinct issues that have emerged from the attacks. The first hard fork aims to resolve critical network health concerns regarding underpriced operation codes. As outlined in Ethereum Improvement Proposal 150, “EIP 150 Hard Fork,” the first hard fork is scheduled to occur at block number 2463000 and will modify the pricing of underpriced opcodes involved in the assault. The second hard fork is anticipated to address several less urgent issues, such as eliminating empty accounts that the attacker utilized to overwhelm the Ethereum network, contributing to the expansion of the blockchain’s size. The second hard fork is still under discussion.
Post the implementation of the second hard fork, a “clean-up period” may follow where delays and difficulties in processing transactions and syncing might persist until the blockchain state is thoroughly debloated.
In what way will the EIP 150 hard fork impact contracts?
Refer to the following commentary: https://www.reddit.com/r/ethereum/comments/57p0bv/a_quick_note_on_how_the_call_gas_cost_increase/
Where can additional technical information on the alterations from the two new hard forks in the protocol be found?
The respective modifications to the Ethereum protocol are documented in the GitHub repository for Ethereum Improvement Proposals The following two EIPs outline the current plans for the imminent hard forks:
Our profound gratitude goes to the Ethereum community for their understanding and patience, and to all Ethereum developers across all clients and platforms who collaborated to provide their insights, thoughts, and inputs to help thwart the attacks and enhance the platform.