The Ethereum’s Byzantium hard fork went into effect

Ethereum Hard Fork 2017

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Ethereum Hard Fork

On Monday, October 16, at 05.22 UTC, on the block 4,370,000 in the Ethereum network, the previously planned hard fork was performed.

Vitalik Buterin, the Ethereum creator, also shared this news on his Twitter account:

Byzantium hard fork has implemented the following changes to the Ethereum blockchain ledger:

  • “complexity bomb” delayed for another 18 months;
  • block confirmation speed increased;
  • reward for the block reduced from 5 to 3 ETH;
  • zk-SNARK cryptographic elements added, introducing new privacy features, currently found in cryptocurrencies like Zcash;
  • Ethereum virtual machine capabilities expanded, etc.

The Metropolis hard fork was first introduced in the Ethereum project workflow chart in 2015. Byzantium is the first stage of a major Metropolis upgrade. Prior to Metropolis activation in the Ethereum network next year, another intermediate upgrade has to take place, and it will be called Constantinople.