Ethereum’s upgrade: All you need to know about the latest upgrade “Istanbul” – See what’s next!

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Ethereum has undergone a major change with the latest network upgrade which is named Istanbul going live with a block number 9,069,000. As depicted by ITSpectrum Solutions, a leading blockchain service provider, this upgrade of Ethereum is a mix of six different upgrades with improved performance. However, this latest upgrade is actually a hard fork that has been dubbed as Istanbul which has been successfully added to a network block with a block number as mentioned above.

Here is what new with the latest upgrade of Ethereum “Istanbul” –

As depicted by the best cryptocurrency development company in Kolkata, every incorporated in the latest upgrade of Ethereum (Istanbul) which were earlier presented by all the developers of Ethereum in the form of Ethereum Improvement Proposals or EIPs. The Istanbul upgrade will add up with the existing six EPIs in the form of EIP-152 which will allow for verification of the Equihash proof-of-Work or PoW algorithm used in the Ethereum Smart Contract. It was important to improve and Zcash and Ethereum more compatible with each other.

The Istanbul upgrade is now capable of adding another EPI in the form of EIP-1108 which conveys zk-SNARKS (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge). According to the blockchain developers of ITSpectrum Solutions, it is basically complex cryptographic proofs that are incorporated in terms of building a second-layer solution that pars above the general Ethereum networks. However, these two EIPs are opcodes or the instructions fed to the Ethereum Virtual machine to execute the smart contracts.

Ethereum’s upgrade “Istanbul” - What are the major changes devised in the latest upgrade?

As the best cryptocurrency development company in Kolkata, any form of an upgrade to the Ethereum network does require creating new rules and regulations in order to improve the network. But because of being decentralized, it can be quite difficult to upgrade the network, and further, a network upgrade in blockchain also requires streamlined cooperation and communication in the community and the developers of the Ethereum clients which also makes the transition smoother.

Some of the major changes that are being implemented in Istanbul are termed as EIPs which describe the standards of the Ethereum platforms inclusive of core protocol specifications, client APIs, and contract standards as well.

As suggested by the best blockchain development company in Kolkata, there are certain pros and cons of this latest upgrade as no upgrade can be complete without any pros and cons. The pros and cons of Ethereum Istanbul are –

Pros

•    Istanbul is highly scalable which makes it more user-friendly in terms of finding solutions that are known to take data off-chain

•    Istanbul is fast with the transactions and speeds up the entire transaction process

•    Istanbul comes with new security feature zkSnarks which fortifies the system making it attack resistant

•    Istanbul is cost-effective with less gas spending’s

•    Istanbul allows for cross-chain interaction by enabling zCash

Cons

•    There is uncertainty with the implementation process of the upgrade and could lead to serious issues

•    Most of the Istanbul settings scheduled for Ethereum could end up being contradictory

•    There can be diffusion of focus in terms of switching to Ethereum 2.0 which can be anticipated more than Ethereum 1.0 upgrade

As depicted by the blockchain developers of ITSpectrum Solutions, some of the driving factors working behind the latest upgrade of Ethereum “Istanbul” are –

•    Concordance on performance enhancement as Proof-of-Work is not that much efficient and everything related to Ethereum is now intended to move from PoW to PoS (Proof of Stake).

•    The Ethereum network has to be more scalable which will help in mass adoption but it is only focused to improve scalability in the domain of Ethereum.

Currently, Ethereum works on a decentralized system that even needs an upgrade and it can be quite challenging to upgrade the entire system considering how the system is wired. However, as suggested by the best blockchain development company in Kolkata, the up-gradation of the entire process may not be far simply because of the fact that the Ethereum upgrade process is maturing with each passing day.

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