Ethereum blockchain upgrade expected to go live on Thursday

Ethereum blockchain upgrade expected to go live on Thursday

HONG KONG - Ether fell about 1% on Wednesday ahead of a technical adjustment to its underlying Ethereum blockchain that would alter the way transactions are processed.

The revamp is currently expected to go live on Thursday in most time zones, according to market players, a little later than previously expected.

The upgrade will occur when the 12,965, 000th block of the blockchain is verified.

The ethereum network supports a range of projects in the cryptoworld including decentralised tokens - a crypto asset representing an intangible digital item such as an image, video, or in-game item - and many nuclear digital devices which represent other tangible digital applications.

Ether increased to the top of the upgrade, rising from a recent low 40% in the past 15 days. The token has more than tripled in value this year, outpacing bitcoin, the world's largest cryptocurrency, although both are sharply down from highs hit in May.

The upgrading, known as the Ethereum Improvement Proposal 1559, will alter the way transactions are processed and provide clearer pricing for them.

It will also increase the supply of the ether token and is likely to sharply reduce its price.

Pantera Capital Chairman Dan Morehead told the Reuters Global Markets Forum this week that the changes will help ether trade more like a fixed asset and make it more attractive as a store of wealth.

Crypto exchanges Binance and OKEX said earlier this week that they were expecting to have the upgrade to occur in August at approximately 11: 55 GMT (Greek) on Aug. 5.