Shapeshift has launched a new tool – Shapeshift Ethereum Splitter – that helps users split the Ethereum based cryptotokens: ETH and ETC.
The Ethereum blockchain project had split into two following its hard fork last month. With Ethereum (ETH) continuing on a new fork, the original blockchain has continued to operate as Ethereum Classic (ETC). Unexpectedly, Ethereum Classic has now become one of the popular digital currencies. But these two Ethereum versions – ETH and ETC – has led to the problem of ‘Replay Attacks’.
The Need to Split ETH and ETC
Both Ethereum and Ethereum Classic have originated from the same blockchain, which means, they both can carry similar addresses as well. Any Ethereum holding or transactions conducted before the hard fork contains both ETH and ETC tokens. This can potentially give rise to replay attacks where the user may lose ETC or ETH while making a transaction on their respective blockchains. In order to avoid losses, it is advisable to split the existing Ether balance from before the hard fork to ETH and ETC into separate wallets. Once the tokens are split, one can continue using either ETH, ETC or both like any regular cryptocurrency.
There are plenty of resources available on the internet which offers step by step directions to split ether to ETH and ETC. Some people may however find these instructions complicated. This is where the new offering by Shapeshift steps in. The Shapeshifter Ethereum Splitter allows people to split their Ethereum holdings to ETH and ETC in three simple steps.
Using Shapeshift Ethereum Splitter Tool
Shapeshift announced the launch of its Ethereum Splitter recently on its official blog, along with detailed instructions for use.
In order to split the coins, one has to replay the transaction. Before doing it, it is essential to first verify the ETC and ETH balances using Gas Tracker and Ether Scan block-explorers. The Ethereum Splitter tool is available on www.split.shapeshift.io .
Once the ETH and ETC balances are verified, the Shapeshift Ethereum Splitter tool asks the user to enter two valid (preferably fresh) wallet addresses for ETC and ETH. There are many wallets like Jaxx, MyEtherWallet, Etherwall, Mist, EthereumWallet etc. supporting ETH. Whereas, for ETC there are limited options at the moment. One can either choose to use Mist, create an online wallet on MyEtherWallet (it supports both ETC and ETH) or use the wallet provided by exchanges like Poloniex.
Once the wallet addresses are entered into the Shapeshift Ethereum Splitter tool and the process is started (by clicking the “Start” button), a wallet address will be generated. The user will have to send the coins that need to be split to that address. Upon receipt of the transaction, Ethereum Splitter will show a message saying “Your split is now completed” along with transaction verification links to the block-explorers.
Shapeshift Ethereum Splitter Fees
The minimum amount of Ethereum one can split using Shapeshift Ethereum Splitter tool is 0.5 ETH/ETC. The platform charges a fee of 0.25 percent for each split along with the necessary gas to perform the transaction. Shapeshift states that the process may take up to 5 minutes to be executed.
Once the coins are split into ETH and ETC, care should be taken to not mix them again by sending ETH to an ETC wallet or vice versa. If someone does it by mistake, then they will have to split the tokens again by following the same procedure.
Ref: Shapeshift Blog | Image: NewsBTC