Cryptocurrencies have seen multiple hard and soft forks over the years, mostly due to differing ideologies. Some forks have really changed the dynamics of the original chain with an established community supporting them.
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 have made DeFi almost unstable due to unpredictable high fees.
An Ethereum hard fork providing solutions to the above mentioned issues will be like a blessing. As they can benefit from the existing infrastructure of Ethereum while eliminating the problems they are facing. That’s what EtherLite aims to do with their upcoming hard fork. Solve the current issues of Ethereum and provide a stable and sustainable blockchain ecosystem.
This latest hard fork of Ethereum scheduled on 1st May 2021 is worth looking out for. Because EtherLite (ETL), the forked currency, will be a 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.
The Hardfork is a great opportunity for ETH holders to claim free ETL (EtherLite) coins by simply holding their ETH in their personal wallets like MetaMask or any other Ethereum wallet. Just like all other forks, users will get amounts of ETL in some proportion of 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 EtherLite are that it will have a much faster transaction speed and a lot cheaper compared to the Ethereum network. 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 made applications. So DApps developers have the option to move to the ETL chain in an instant and recreate the DeFi ecosystem on Etherlite easily.
The prime focus of the Etherlite 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 last few years 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 the vast DeFi ecosystem for ETL to serve to. Make sure to hold ETH in your wallet before 1st May to claim the airdrop of ETL.
- Zürich, Versich 8085 – Switzerland
The post Etherlite: A Pure PoS Ethereum Hardfork Launches Massive Airdrop Plan to Disrupt Crypto Industry in 2021 appeared first on Crypto Shib.