Hardfork Ethereum Istanbul Makes ETH Worth More Than $ 300 – The upcoming Hardfork Ethereum dubbed “Istanbul”, there will be activation of two approved Ethereum Improvement Proposals (EIP), EIP 2024 and EIP 1702.
Both will reduce costs while simultaneously facilitating network improvements in the future. Meanwhile, ETH has risen by 22.3% during the past 7 days, trading above the level of IDR 4 million.
The next Hardfork Ethereum, Istanbul, completed what was impossible in the last major increase before, Constantinople.
This increase is a necessary improvement that confirms Ethereum’s dominance in the field of smart contracts.
At present, there has been progress regarding Istanbul. By agreeing to two Ethereum Improvement Proposals (EIP) intended for activation on the tentative date in October 2020, this shows how important these two EIPs are.
EIP 2024 introduces pre-compilation to the Ethereum Virtual Machine for a new hash function, Blake2B. The hash function will be used by other blockchain and faster than SHA-3. Often, pre-compilation in EVM is a costly operation.
Meanwhile, EIP 1702 activation will allow for smoother improvements. The proposal was submitted by Wei Tang of Parity Technologies, who introduced something known as the Accounting Version, which was only a new methodology for Hardfork.
In his explanation, Tang said:
“By allowing an account version, we can run different virtual machines for contracts made at different times. This allows the breaker feature to be implemented while ensuring the existing contract functions as expected. ”
Like Bitcoin (BTC), the ETH Bulls still seem to be in control. However, volatility is not as firm as before. In the past week, ETH only rose by 14.3% even after removing the $ 300 figure.
As such, the provisions stipulated in the previous ETHUSD trading plan have now become valid. As a result, there are opportunities for aggressive traders to increase their buying position.
On the other hand, conservative traders can buy decreases in a smaller time frame while targeting the level of $ 400 or higher.
At the time of the press, the price of ETH was at a price of Rp. 4,730,247, up 7.4 percent for 24 hours according to CoinGecko .