EtherLite — A Pure Proof-of-stake HardFork of Ethereum Scheduled for 1May 2021
Cryptocurrencies have seen multiple hard and soft forks over the years, most due to differing ideologies. Some forks were made out of fun while some really changed the dynamics of the original chain and made a name out there for themselves.
In the case of Ethereum, a hard fork answering the current problems has become a need of the hour. Extremely high network fees, slow transactions, and clogging network has made DApp makers run for their money. A solution to this problem is long due as these situations were faced in the past and being faced in the present as well.
An Ethereum hard fork providing solutions to the above mentioned issues will be like a blessing. As they can benefit the existing goodies of Ethereum while eliminating the problems they are facing. That’s what EtherLite aims to do with their upcoming hard fork. Solve current issues of Ethereum and provide a stable and sustainable blockchain ecosystem.
The latest hard fork of Ethereum scheduled on 1st May 2021 is worth looking out for. Because EtherLite, the forked currency, will be a pure Proof-of-Stake version. Something that Ethereum had been working on for a few years, and may still take a couple of years to see the light of the day.
This may be a good opportunity for Ethereum holders to claim free ETL (EtherLite) coins by simply holding their Ethereum in their personal wallet like MetaMask. Just like all other forks, users will get equal amounts of ETL as ETH they have in their wallets.
For users storing their ETH on the exchange, it may be up to the exchange whether to support the fork or not. If you are someone who wants to have ETL, you are better off having your Ethereum in MetaMask or any other wallet where you control your private keys.
Some other unique features of ETL are that it will have much faster transactions and a lot cheaper compared to Ethereum. Being a pure Proof-of-Stake version, network clogging might be a thing of the fast. While it will still support all the existing smart contracts and Web3. So DApp developers have the option to move to the ETL chain.
Prime focus of the ETL team is to fix the existing issues of ETH like very high network fees and clogging issues. The team has worked over it in the fast few months to make sure transaction fees stay low and stable, while the network operates flawlessly, regardless of the DApps it hosts.
Here is the time map for EtherLite events:
HardFork: 1st May
AirDrop: 1st-15th May
IBCO/IEO: 15th May to 30th June
Trading starts from 1st July.
The hard fork on 1st May is a great opportunity for users and investors, because the PoS version of Ethereum is at least a year away. This leaves a wide market for ETL, and AirDrop will facilitate capturing some of that market.