Byzantium Fork

Ethereum went for a new fork with 4.370.000 blocks on October 16, 2017. This fork named Byzantium forms one of two parts of the development phase called Metropolis. Also, the other one is Constantinople.

What Has Byzantium Fork Achieved?

The hard fork mentioned above brought to users plus features such as cheap and fast transactions, safer contracts, and improvements in case of privacy. Mining became easier with the hard fork, which means that transactions speed is also increased. Since mining became easier now, the reward per block is reduced from 5 ETH to 3 ETH. In this way, it became more user-friendly.

The main reason why Ethereum tries such hard forks, note that this one was the fifth, is the vulnerabilities in the smart contracts. Smart contracts are still far from being fully-reliable, and the biggest feature that separates Ethereum from Bitcoin is smart contracts. Ethereum developers trying to find the best ways to make the chain immutable.

Smart contracts became more reliable with this hard fork, and a number of new functions came that are closely related to contract printers.

In addition to all these, infrastructure studies can be added for contract printers to use their own encryption algorithm, which is planned to be put in the future. In short, we will have more secure Smart Contracts at the end of the hard fork.

Learn more about forks in the blockchain world.

Importance of Byzantium Fork

As we mentioned above, the Byzantium fork aims that Ethereum and smart contracts will be widely used. The price of cryptocurrency highly increased after the announcement of the hard fork. In this way, the total transactions on ETH have blown the doors off BTC.

Byzantium hard fork upgraded the feature of transaction status communication protocol by implementing consecutive blocks. In this way, the nonusable parallel processing is overcome. Thus, Ethereum’s network process is speed up chain creation. Shortly, Ethereum network transactions are quicker than ever.