Announcement on the Ethereum hard fork
by Janika Kouki
Dear MinerGate Ethereum miners,
As some of you might know, the Ethereum community has recently proposed a hard fork that will very likely occur at block 1,920,000. The block is expected to be reached on July 20, 2016 at 13:30 UTC.
Since the hard fork is publicly supported by the most of the Ethereum community, the MinerGate team will adopt the hard fork measures by updating its server-side software. Owing to this, MinerGate will be ready to move to the winning chain smoothly.
Please note: Due to significant network changes, Ethereum withdrawals will be paused ~30 minutes before the hard fork and suspended for ~2 hours during the migration process.
Please rest assured that you do not need to do anything to move to the new Ethereum chain. Your software, accounts and funds will be adapted to the new blockchain automatically.
Should you have any other questions regarding the hard fork, feel free to contact our support team: firstname.lastname@example.org
What is the Ethereum Hard Fork?
“Hard fork” is a significant change to the protocol that provides different from the original network rules.
The Ethereum hard fork was proposed and created by the Ethereum developers after the DAO, an Ethereum-based smart contract, was hacked in the middle of June 2016.
The DAO aimed to build an autonomous venture capital firm, where the investors could make decisions through smart contracts. By the time of the attack, the DAO had raised $150 million from over ten thousands of investors. On June 17, the hacker successfully drained tens of millions of dollars worth of Ethereum by taking advantage of a technical loop in the DAO.
The Ethereum developers managed to stop the theft and move the funds to a safe smart contract. After long debates and various proposals the core team decided to implement a hard fork that would provide the opportunity to constitute the rollback of the network and refund all DAO investors with their funds. Later the hard fork was supported by the most of the community.