In January 2019, the cryptocurrency Ethereum is scheduled to undergo many hardforks, but not all of them are equally important from traders point of view. The three most important Ethereum Hard Fork in January 2019:
The Classic Vision Hard Fork: It is scheduled to take place on January 11, 2019. The interesting thing about this fork is that all Ethereum holders will receive 3 Ethereum Classic Vision (ETCV) for each Ethereum held in their wallets.
The Ethereum Nowa Fork: This fork is scheduled to take place on January 12, 2019. In the course of this fork each Ethereum holder will receive Ethereum Nowa (ETN) in the ratio of 1:1 for each Ethereum held in their wallets.
The Ethereum Constantinople Fork: This is the most important as it relates to systems upgrade. It is scheduled to take place on January 16, 2019 (or earlier). The Constantinople Mainnet hard fork is scheduled for block #7080000 and is arguably the most important hard fork that will take place on the Ethereum network this January. Why? The Constantinople hard fork is a major component of Ethereum’s transition from utilizing a proof of work protocol to proof of stake.
These forks are very important because Ethereum now seems to be lagging behind compared to its blockchain competitors such as EOS, Cardano, Zilliqa etc. Although, these other blockchain competitors recorded over 90% decline in their values in 2018, we can’t shy away from the fact that hard forks tend to reduce the overall support that a blockchain network commands, especially as developers start to take sides and move to work on the newer chains that form. A good comparison is the case of Bitcoin Cash (now BCHABC and BCHSV after BCH fork) and Bitcoin. Only few people in the crypto space believe that BCH could compete with and one day surpass Bitcoin, but after the latest fork, it is less likely that a divided BCH team can outperform or out-scale the original bitcoin blockchain network.
If other Blockchains that compete with Ethereum remain united, while Ethereum continues to divide into various forks, it may become over diluted to ever operate on the same scale as the likes of Zilliqa and EOS.
Regarding the price of Ethereum, hard fork price predictions is very difficult to make in the long-run, but can be significantly volatile in the short-run.
The emergence of new coins from the fork may make it difficult for Ethereum to reclaim its second position – which have been taken over by Ripple – in the industry. However, the Constantinople fork which will help Ethereum transit from the utilization of proof of work (POW) to proof of stake (POS) protocol is significant enough to provide some short-term bullish sentiment.
In essence, it’s difficult to ascertain exactly how these forks will affect the Ethereum network or price in the short and long run. With this in mind, it is equally important to note that Ethereum is currently undergoing a major transition that will greatly affect its prospect of remaining the most dominant blockchain for Dapps in the crypto industry.