January 27, 2023

Hard fork Ethereum Istanbul will not affect smart contracts Maker

Hard fork Ethereum Istanbul will not affect smart contracts Maker

Maker Foundation Chief Operating Officer Stephen Becker talks about the possible consequences of a hard fork Istanbul on the Ethereum cryptocurrency blockchain (ETH). In his opinion, the implementation of the update will not affect the functioning of smart contracts created in the Maker system.

Becker said that Maker tokens (MKR) operate on the basis of a decentralized protocol, so coin owners will decide on the conversion of assets on their own:

The management plan of [MKR owners] is toto close all Sai after the critical mass of Sai in relation to Dai is reached. Therefore, the specific date of this event is still unknown.

When asked how recognition will affect DaiOne type of security, Stephen replied that the owners of the virtual currency Maker have already discussed the possibility of tokenizing tangible assets and securities. He believes that they can be used to generate Dai - a currency whose price depends on the value of the asset, ensuring a stable coin rate. As a result, the decision of the authorities to assign a security status to a digital asset will not have any impact on Dai.

Becker sure Istanbul hard fork won't breakthe work of Maker smart contracts, since they do not indicate a certain amount of Gas needed to process the operation. According to the director of the Maker Foundation, investors should pay attention to the blockchains that have the highest value. At the moment, the Ethereum network is the leader in this indicator. Stephen notes that increased competition in a decentralized financial system (DeFi) will benefit the infrastructure and increase the real level of capitalization of promising projects. Becker said that tokenization of valuable assets will open up access to effective tools for investors to earn big income.