Ethereum Community Awaits Constantinople Release
The release of Constantinople, an upgrade of the Ethereum (ETH) blockchain, is now approximately only 5400 blocks away from us all. It will be activated on block 7280000, one can track the remaining blocks on Etherscan.
Cryptocurrency community analysts believe that regardless of the success of the update introduction, the price of the second most capitalized cryptocurrency on Coinmarketcap may experience sudden jumps or fall down just like it did the last time. As a reminder, the price was clearly influenced by the hype around the initial Constantinople release date back in October 2018. Technical difficulties were the main reason of this long delay.
As a new set of changes, Constantinople will include five new Ethereum Improvement Proposals (EIPs). The most notable of them is EIP 1234 that delays the difficulty bomb for 12 months. The ‘difficulty bomb’ is a fancy term for a new code mechanism that will gradually make the hardware mining unattractive by the network difficulty increase. This is part of a larger strategy of the core Ethereum devs to prepare to install a new Proof-of-Stake consensus algorithm — today, this cryptocurrency is still based on Proof-of-Work. Another part of the same EIP is to decrease the block reward from 3 to 2 ETH, and this, too, can influence the coin economy.
Although this upgrade is often called ‘hard fork’ in the media, there is no need to worry about potential new coins similar to Bitcoin Cash. The Ethereum Foundation co-creator Vitalik Buterin is dissatisfied with the current usage of the term ‘hard fork’ and proposed to use it only for the cases when a blockchain segregation is actually possible:
IMO the Ethereum community should consider adopting @zcashco's terminology of calling things like Constantinople "network upgrades" and reserve "fork" for splits that leave 2+ viable chains. Too many people asking me lately where they can dump their non-Constantinople coins...— Vitalik Non-giver of Ether (@VitalikButerin) 10 января 2019 г.
You can read more about other Constantinople EIPs in an older material on Staker.tech. It’s only a matter of hours before we see how good this update would be introduced this time.
Image: stock photo