What is happening?
This is a planned upgrade to the Ethereum network. We do not expect any impact to customers.
How will this upgrade happen?
The upgrade to the Ethereum network--codenamed "Metropolis"--is split into two stages. These two stages will be released one after the other: Byzantium and Constantinople.
When will this happen?
Byzantium will be released with block # 4,370,000, which is estimated to occur between 5:00 a.m. and 6:00 a.m. PT on Monday, October 16, 2017.
What technical changes are included in Byzantium?
- Improvements to blockchain logic for security (uncle blocks)
- Additional command options for smart contracts
Why is this happening?
As the Ethereum network grows, the development team periodically adds new features that make the underlying technology more secure and useful. These upgrades happen through the process of what's called a "software fork." Computers running the Ethereum software update their copy of the software to the new version in order to take advantage of the new features. The Byzantium release is part of a schedule of updates that have been planned for a long time.
How will this affect me as a Coinbase/GDAX customer?
The day before the fork and for a short time after, we will temporarily increase the number of confirmations required for incoming ETH transactions. Incoming ETH transactions will remain pending longer than normal before they become available in your account. Outgoing ETH transactions will not be affected.
Are my funds safe?
Yes. Your funds will remain safe on the Coinbase platform.
Will there be another Ethereum coin as a result of this fork?
No, we do not expect there to be another Ethereum coin as a result of this fork.
Will transactions be disabled?
We do not anticipate any downtime during this event.