By Gaurav S. Iyer, IFC Released : 27th September 2017
With ETH prices flirting at the USD 300.00 level (Ethereum to USD is around USD 293.26, an increase of around 0.368% in 24 hours), it is our duty to investigate the next catalyst for Ethereum: the Byzantium hard fork.
Originally scheduled for October 9, the fork has been postponed to October 17 because Ethereum founder Vitalik Buterin said it was the smart thing to do.
Buterin is a messianic figure in the crypto community, so it wasn’t difficult for him to convince everyone. “We’re not in an emergency,” he said, reminding his fellow programmers that time was a luxury they could now easily afford.
He further argued that mining incentives will change over the course of the month, which gives ETH miners a reason to switch to a new blockchain.
This in turn will foster consensus around the fork and make it a permanent part of the blockchain without kicking and yelling.
But what does the fork actually do?
In short, Byzantium integrates data protection functions into the Ethereum blockchain. These features have made other currencies such as Zcash and Monero extremely popular in the crypto world.
Hence, adding it to Ethereum will only add to the list of attractive features of the currency.
For many crypto enthusiasts, the Ethereum fork is the only Ethereum news that matters in the next month. It could very well set off a bullish rally to drive ETH prices back to their previous $ 400.00 level, or it could take them further.
We are sticking to our medium-term Ethereum price forecast.
It envisions a scenario in which use cases of decentralized applications are first carried over into B2B functions, creating an invisible support for the currency. And as the market absorbs that surge in commercial use, ETH prices will go up to $ 1,000 and then beyond.
also read: Stick to Ethereum for the long term