Ethereum is up for big improvements in its upcoming Byzantium fork. Yet, what can we expect on the price action of ETH with the hard fork this month? This Ethereum Byzantium Hard Fork forecast will provide you more insights.
1 October, AtoZForex - While Ethereum price just broke the $300 mark successfully on Sep 27 as the market restructures. On Friday ETH gained against the USD, ETH was trading at $305.62. However, the next catalyst for another upward climb could be the Byzantium hard fork. The planned roll-out date for Ethereum's "Byzantium" upgrade is being postponed by just over a week.
When is Ethereum Byzantium Hard Fork?
The hard fork for Byzantium will now occur on October 17, given current block production metrics. Although, the original expected launch date was October 9, barring any complications during testing. According to Ethereum founder Vitalik Buterin, in order to nudge miners into adopting the hard fork more successfully. Buterin wanted to push the release right to the end of the month but discouraged due to the scheduling clash with the Ethereum developer conference in early November. The date for the hard fork is now "pretty much final" according to developer Hudson Jameson – unless of course, something goes wrong during the test period.
This will, in turn, foster a consensus around the fork, making it a permanent feature of the blockchain without any kicking and screaming. The Byzantium upgrade will add up privacy features onto the ETH blockchain. With the upcoming upgrade, the attractiveness of Ethereum as a Blockchain becomes more attractive for future investors and traders.
Ethereum Byzantium Hard Fork Forecast: Bullish or Bearish?
The testing phase for Byzantium on the Ropsten test-net officially kicked off on last Tuesday, and to date, everything is running as expected. The blockchain even verified its first private transaction following the fork. However, that's not to say it hasn't been without some minor hiccups. A malicious user attacked the Byzantium test-net yesterday filling entire blocks with expensive spam contracts. However, Buterin dismissed the attack as "fairly inconsequential."
For many crypto enthusiasts, the Ethereum fork is the only Ethereum news that matters in the next month. It may spark a bullish rally to drive ETH prices back to $400.00 or beyond. On the long haul, Ethereum envisions a scenario where the B2B market will adopt the decentralized applications of ETH first. Basically, creating a groundswell of invisible support for the currency. Only thereafter, the founder of Ethereum believes that it can be rolled out for commercial use. By then the ETH prices could accelerate to $1,000 and beyond. It's a long-term plan, but adding to this Vitalik Buterin commented: "We're not in an emergency situation."
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