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Ethereum Network Planned Hard Fork Delayed Due to Late Acceptance of EIPS

The blockchain infrastructure company running the core of the Ethereum network has delayed the planned hard fork launch until September 6th. 

During the dev meeting, Pooja Ranjan, founder of Etherworld presented meeting notes which suggested that, in accordance with the Parity core developer, Wei Tang, there is bound to be a two-week delay before any proceeding in selecting the block numbers with regards to the Istanbul fork.

Wei expressed concerns over gas issues which would require immediate resolving prior to launching or implementing the mainnet hardfork, as it could result in complications in changing the course once the fork occurs. This could result in the delay past September 6, Wei argued.  

Not to mention, Buterin of Ethereum has previously highlighted that the Ethereum blockchain itself is reaching full capacity.

Buterin stated:

“Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be fuller, but we will be competing with everyone for transaction space”

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Cardano and COTI Partnership Is Bearing Fruit

Top-five cryptocurrency Cardano (ADA) has experienced some freakish momentum of late, crossing the dollar threshold to approach an all-time high set three years ago. Amazingly, ADA gained 650% in less than two months prior to the latest correction, making it one of the best-performing altcoins in the market.

So, what’s next for the decentralized public blockchain?

Cardano Prepares for Hard Fork, Simmons Weighs In

Cardano’s creator, Ethereum co-founder Charles Hoskinson, recently revealed that the platform is exploring integrations with the likes of Celsius, Fireblocks, and Prime Trust as it gears up for its long-anticipated Hard Fork Combinator (HFC). Next month’s so-called Mary hard fork will open the doors to token forging and a multi-asset ledger, paving the way for defi dApps and native tokens upon the first-generation blockchain.

According to a recent blog post by the Cardano Foundation Team, Cardano could bring some major advancements to the defi realm, including lower transaction fees and less exploitable code. The article referenced Project Catalyst, a $500,000 fund aimed at bootstrapping groundbreaking ideas that accelerate Cardano development – including those related to defi.

One of the latest endorsements of Cardano came from a peculiar usual source, with Kiss frontman Gene Simmons revealing that he had bought $300,000 dollars worth of ADA, saying “everyone should be able to afford cryptocurrency.” Cardano is certainly an appealing option for newcomers to the crypto space: an open-source, proof-of-stake blockchain platform, its native token is the cheapest top-five cryptocurrency excluding the dollar-pegged Tether (USDT) stablecoin.

AdaPay Set for Upgrade

Enterprise-grade fintech platform COTI partnered with Cardano two years ago, with the pair joining forces to develop an ADA payment gateway. In essence, AdaPay allows merchants to accept ADA tokens at the checkout, with all on-chain payments made via the Cardano blockchain. The merchant can then easily convert ADA to their choice of fiat. Although retailers have to pay for the service, the fee is lower than that which is required for credit card processing.

Recently, the Cardano and COTI technical teams have been collaborating on a new version of AdaPay, which is expected to be ready by the end of March. When it launches, there’s every chance COTI’s eponymous token will enjoy a bounce along with Cardano’s.

At present, $COTI sits outside the top 200 with a market cap of $121 million and daily trading volume of $55 million. COTI is a finance-on-the-blockchain ecosystem comprising payment processing services, stablecoin issuance, a blockchain-based loyalty network and a remittance solution. The COTI Network is currently hosting a staking cycle, with users participating via the COTI pay VIPER wallet.

With Bitcoin’s recent ascent to $58,000 drawing more eyeballs to the crypto industry than at any point in its history, strong altcoins have a gilded opportunity to convert disciples and surpass their own milestones. With CryptoRand having recently called COTI one of his “favourite long term bets,” and Cardano motoring nicely, the upcoming release of AdaPay will be watched with interest.

Ethereum PoW Hardfork Token's IOU Accepts Trading on 5 Exchanges

The Ethereum network’s transition from the Proof-of-Work to the Proof-of-Stake (PoS) model was successful, and the industry is agog about it.

Besides ushering in a new era for the Ethereum community, many stakeholders have been preparing for a new token that is billed to be created through a hard-fork split.

The likelihood of creating this token is high as some of the industry’s biggest exchanges have now listed an IOU of the potential token, which is designated with the ticker symbol ‘ETHW’. At the time of writing and according to data from Coingecko, FTX, MEXC Global, Bybit, Gate.io, and FTX.US are the five exchanges that have listed the coin.

The ETHW token is currently trading at an average price of $18 on FTX, MEXC Global, and FTX.US. The token’s price on Bybit is $22, while on Gate.io, it is trading as high as $40.

It is yet unclear how many trading platforms will eventually lend support to the new version of the Ethereum coin that will maintain the Proof-of-Work (PoW) consensus model. The Coingecko data, however, attached very high trust scores to the IOUs being traded on these platforms.

Ethereum is not a protocol that is new to hard forks and the creation of a new token. The Ethereum Classic protocol is one major blockchain ecosystem that spun off as a result of the network’s hardfork back in 2016.

Considering the resilience and success of Ethereum Classic thus far, some major stakeholders in the Ethereum ecosystem have pledged allegiance to support the new protocol as many sought avenues to help maintain the legacy of the Ethereum blockchain as a mining-enabled system.

The argument for the PoS version of the protocol is strongly hinged on its energy efficiency. The proponents also believe that its scalability and attack resilience will be further bolstered with the validation model of confirming transactions.