Electroenum team just announced recently about the Electroneum fork that is going to happen in the chain. This fork is more of like divergence from the monero and not like a usual fork.
Electroneum is amongst the fastest growing ICO coin introduced in the September 2017 and currently holds around millions of investors and miners. And amongst the only coins which have the capability of mining from a mobile device with a good outcome.
Electroneum devs just announced about the fork which is going to utter soon.
The Fork is said to be:
BLOCKCHAIN UPDATE MAY 30TH & DIVERGENCE FROM MONERO
Why Electroneum Fork?
It is noticed that the blockchain of ASIC miners are flooding and the community is worried about the blockchain tech.
For those who don’t know, electroneum runs as monero as a mainstream. Means the code is similar to that of monero blockchain
Monero goes on an update every 6 months. The developer is hoping for an opportunity to update the existing coin and diverge from the monero as mainstream.
Since the electroneum is based upon the monero blockchain code.
When this Fork Going To Happen?
As mentioned the fork is going to happen on 30 May 2018. The fork is going to take place at block 307500 which is approximately 10.30am BST on May 30th.
Do you need to worry?
Well, the team has just said to update all software including the app after the fork has happened.
Developers explained that this is not a fork like bitcoin to bitcoin gold or any other. The main objective of this fork is to update the existing nodes in the electroneum network, therefore this fork is not going to result in two currencies.
- The exchanges and software will be going on the updated before the fork come live.
What you have to do while the fork happens?
we will be going to see some observable amount of volatility in the price. Since the huge whales going to buy the coin making the price surge and will sell off once the price hits the sky.
If you want to make money trading the electroneum during this period, then buy the coin now and sell it just after the fork is done with the price at the sky.
But running long shot, holders are recommended holding the coin for a longer period. The testing of the codes is going right now and the conclusion will be going to be in action by the end of the month may.
Are you going to get Free Airdrop?
Apparently, you don’t. Since this fork is more of like a divergence from the main monero blockchain, the holder only going to have their previous electroneum and not any new airdrops.
Main Features of the Electroneum Fork
- Going to be Anti- ASIC.
- Will focus on instant payments and instant micropayments.
- The fees going to be raised to 0.1 ETN.
- Increase in block size.
- Disabling of RingCT & Mixin. RingCT; Some privacy feature will be going to be disabled but the bulk transactions going to improve.
- Mempool life will be increasing to 3 days which ensures a significant reduction in the possibility of returned transactions due to high transaction volume.
- Mining blocks every 2 minutes, which will reduce orphan blocks.
- Reducing difficulty window.
- Doubling the block reward
Important Note From Developers
If you are running an Electroneum node remember to update before May 30th. If you are using a pool, ensure you let their telegram or other social channel know that this update is critical and must be applied before May 30th, in advance of block 307500.
Comment your views down below.
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