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Ethereum Metropolis is happening !
Editorial Team

FinTech’s world is waiting for the Ethereum upgrading from Homeland to a Μetropolis.

This conversion is the third of a series of four upgrades of Ethereum aimed at enhancing the services offered and widening the acceptance of the currency.

This achievement is the result of internal reorganization efforts directed to decentralized platform operations managed by the Ethereum Foundation.

The most skilled workforce of the company has stepped up its efforts to move the operating system to the next level, ensuring multi-tasking consensus using new intelligent technologies and gaming theory.

Much ink has been spilled on the completion of the project and what it will include.

Ethereum Metropolis briefing

Metropolis is the next Ethereum Hard Fork

According to information obtained from the Ethereum Foundation, Ethereum Ropsten will be put into operation when the Byzantium hard fork reaches the nodal level of 1,700,000.

The first iteration of the Metropolis will be reasonably ready on the morning of Monday, September 18th.

The course of the Rosten network will be a criterion for the final phase of activating the system upgrade in a Metropolis.

Upgrading to a Metropolis will take place through two separate forks required by the blockchain to create a new bifurcation chain that will be part of upgrades.

The first hard fork called Byzantium derives its name from a famous distributed computer science problem knows as “The Byzantine Generals Problem.”

The operation of “The Byzantine Generals Problem” tends to create a computational framework trying to make the acting of bad acting nodes compatible with the functioning of that of good actors succeeding the consensus.

Ethereum Foundation cannot prevent people from being bad actors but through Metropolis manages to minimize the effects of bad acting and increase the time of this activity to forbidden levels.

The second is called Constantinople and is slightly more sophisticated and look to optimise the Ethereum Network further.

What changes bring Metropolis to Ethereum?

Zn-Snarks technology

The greatest change in Etherium’s features will be found in privacy settings, which will be customizable via Zk-Snarks. At present, Ethereum is not in “complete anonymity.” This third update will allow for choice between public or private transactions.

The same pattern as Zcach is used, but at a higher level on the Ethereum platform. Ethereum Enterprise Alliance has invested heavily in this upgrade.

At this point, it would be good to mention Zcash’s collaboration with JP Morgan to launch this service at JP Morgan’s private quote Quorum.

The choice of the private transaction as a feature will revolutionize ever-increasing cryptographic payments and is a weapon to privacy.

Raiden Network 

The most important upgrade is the Raiden Network. It is known that the maximum number of transactions that Ethereum can handle is 15 transactions per second, while the equivalent number of Visa is 40,000.

Upgrading Raiden will launch this number to over a million transactions per second. Processing will be via “payment channels.”

The basic idea behind the new technology is the abandonment of the current model of a shared ledger and the introduction of a model where users can privately exchange messages that sign the transfer of value.

Raiden’s operation will take the place of Ethereum and will be determined by the Ethereum’s standardized token API.

“Ice Age”

The next big thing in Euthereum technological framework is the Ice Age.  Ice Age aims at the slowdown in the creation of coins.  At this point, there is roughly 93 million eth with five coins created every 15 seconds.

Ice Age, introduced in 2015, was meant to be a “difficult time bomb.”

Its operation was about to slow down the creating of new coins and force developers to finish metropolis before the network freezing. In parallel, it ensures a reduction in inflation rates and increases in transaction time. In August, there were five eth coins created every 30 seconds.

In the fourth upgrade, Etherum plans to change from proof of work to proof of stake following on form Metropolis which will be known as ‘Casper.’

It is apparent that this summer-autumn period is a busy time for Ethereum developers. Metropolis will offer some significant improvements to the Ethereum ecosystem, which can only be seen as a good thing.

Many of the Eutheum characteristics are market prerequisites. Addressing scalability, safety, and privacy are of the utmost priority for the Metropolis team, that much is certain.

New ideas are implemented, and new horizons are opening for altcoins transactions. It is a matter of time to see what’s next..