The world of cryptocurrencies is being plagued with forks. Both Bitcoin and Ethereum, the two leading protagonists in the market, have had to suffer from devastating forks during the last couple of years. After Ethereum Classic happened last year, Ethereum had to suffer from the Metropolis hard fork in October of this year.
Bitcoin on the contrary has had a myriad of forks springing up during this year in specific. After bitcoin cash came out in August, the bitcoin world has seen multiple forks springing from their blockchain. Although bitcoin cash has enjoyed favorable success, bitcoin gold and other segwit2x forks have not achieved the success that they desired.
Considering Ethereum is the second biggest stakeholder in the market, here we take a look at the forks that are expected to phase out for Ethereum during the coming future.
According to Ethereum’s roadmap, Serenity was believed to follow the release of the Metropolis Byzantium hard fork. Serenity is expected to bring a breakthrough in the mainstream setting of Ethereum as a cryptocurrency.
The key principle behind the concept of the Serenity fork is that it wishes to reduce the power that is currently being consumed by the ethereum network. The people behind the fork have said that Serenity will help transition ethereum from proof of work to proof of stake. Proof of work relates to the competition between miners for block rewards, while proof of stake means that miners would use invested ether for stimulating the actual process.
Another fork expected to take place anytime in the future, Raiden is basically a technology that helps off-chain state networks in offering Ethereum with properties for assets transfer. Currently Ethereum can process only 15 transactions, which can vehemently be increased up to 1,000,000 transactions per second after the Raiden fork. Due to the increase in speed, the transactions that take place would be finalized within no time.
Difference between Ethereum Hard Fork and Bitcoin Hard Fork
The hard forks for Ethereum and Bitcoin have more similarities than differences. These hard forks are common nowadays, which is why most people want to know the differences between the forks for both these crypto’s.
The hard forks for both Bitcoin and Ethereum can be considered as software updates made towards the cryptocurrency. After the event of a hard fork, the chain for the cryptocurrency is broken into 2. Chain 1 is given to the original version, whereas chain 2 is given to the new upgraded version.
The difference that comes in the hard fork for both these methods arises due to the method used to implement the fork. The Segwit upgrade for bitcoin is very long due to the numerous parties involved in the process. On the contrary the ethereum community is more in control during a fork and the process of reaching a consensus is structured and coherent.