Ethereum: Will Existing Transactions Be Split Across Two Chains?
In August 2021, Ethereum successfully completed its hard fork, dubbed “The Merge,” which aimed to move from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) consensus mechanism. This change was necessary due to the increasing demand for scalability and usability on the web.
After the merge, some were concerned that existing transactions would be split across two chains: Ethereum (the original chain) and Ethereum Classic (EIP-1559). However, as we delve into the details of how this change will work, it’s important to understand why existing transactions won’t necessarily affect both chains at the same time.
Why Existing Transactions Won’t Be Split Immediately
There are several reasons why the split won’t happen immediately:
Transaction Settlement
: Ethereum has a built-in transaction settlement mechanism on-chain, ensuring that coins flow seamlessly between them.
Inter-Chain Communication Protocol (ICP): ICP is designed to facilitate communication and data exchange between different blockchain networks, including Ethereum and EIP-1559.
Ethereum Smart Contract System: Ethereum’s smart contract architecture allows for the creation of autonomous ecosystems, allowing funds to be transferred without the need for a direct connection to another chain.
New Transaction Split: 1 Chain or 2?
When new transactions are created, they are split into two chains:
Ethereum (Original Chain)
: This is where the coins that were already transferred to Ethereum before the merge will remain.
Ethereum Classic (EIP-1559): New coins created as a result of the transition will be deposited on EIP-1559.
Why doesn’t every new transaction go to both chains?
There are several scenarios in which new transactions may not touch both chains:
New Coins: If a user wants to create new coins, they will need to deposit them into Ethereum or EIP-1559. However, this process will take some time.
Transaction Settlement: While the ICP ensures that data can be exchanged between chains, there is no guarantee that all transactions will be settled simultaneously.
In short, existing transactions will not be immediately distributed across both chains due to various factors, including Ethereum’s transaction settlement mechanisms, cross-chain communication protocols, and smart contract system. New coins created through The Merge will primarily be deposited into EIP-1559, while the original chain (Ethereum) will remain unchanged.
Stay up-to-date on Ethereum with live updates from the Coinbase Research team or other trusted sources.
Ethereum: after hard fork won’t every new transaction go on both chains?
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Ethereum: Will Existing Transactions Be Split Across Two Chains?
In August 2021, Ethereum successfully completed its
hard fork, dubbed “The Merge,” which aimed to move from a Proof-of-Work (PoW) consensus mechanism to a
Proof-of-Stake (PoS) consensus mechanism. This change was necessary due to the increasing demand for scalability and usability on the web.
After the merge, some were concerned that existing transactions would be split across two chains: Ethereum (the original chain) and Ethereum Classic (EIP-1559). However, as we delve into the details of how this change will work, it’s important to understand why existing transactions won’t necessarily affect both chains at the same time.
Why Existing Transactions Won’t Be Split Immediately
There are several reasons why the split won’t happen immediately:
: Ethereum has a built-in transaction settlement mechanism on-chain, ensuring that coins flow seamlessly between them.
New Transaction Split: 1 Chain or 2?
When new transactions are created, they are split into two chains:
: This is where the coins that were already transferred to Ethereum before the merge will remain.
Why doesn’t every new transaction go to both chains?
There are several scenarios in which new transactions may not touch both chains:
In short, existing transactions will not be immediately distributed across both chains due to various factors, including Ethereum’s transaction settlement mechanisms, cross-chain communication protocols, and smart contract system. New coins created through The Merge will primarily be deposited into EIP-1559, while the original chain (Ethereum) will remain unchanged.
Stay up-to-date on Ethereum with live updates from the Coinbase Research team or other trusted sources.