• Cryptocurrencies

The Major Hard Fork - Ethereum Constantinople

There are a few reasons for the hard fork of Ethereum now. A Hard Fork refers to the changes of the underlying software in a blockchain that can lead to the formation of two different blockchains. The blockchain splits from its parent chain. In 2017 Bitcoin (BTC) had a hardfork and the result was Bitcoin Cash (BCH). Ethereum a very famous Altcoin has decreased with more than 10x from its all-time high in 2018. Companies which had launched via Ethereum have been facing enforcement pressure from the US Securities and Exchange Commission for trading unregistered cryptocurrencies.

Ethereum is becoming very slow and developers have to hard fork ETH to keep it updated with the latest technology. The Constantinople hard fork will implement new major changes to improve this blockchain to perform more preferable.

ETH will have three hard forks, the Classic Version, Nowa and the major one Ethereum Constantinople Hard Fork.

The Ethereum Constantinople Hard Fork will happen before the 14th to 18th of January 2019. This hard fork will build 7 080 000 blocks and will improve Ethereum Constantinople’s performance. This is expected to make ETH network faster and cheaper. There is no good news for the miners. They will get less in rewards, from 3 ETH to 2 ETH.

Gas is the internal pricing for running a transaction or contract on Ethereum. The new hard fork will use lesser gas than before, which will eventually make the smart contracts cheaper to use. Optimizing large scale code execution on the ETH Blockchain will make the other contracts’ verification easier as well.

Vitalik Buterin made scaling solutions based on off-chain transactions similar to Bitcoin’s Lightning Network. Scaling is a decentralized application which doesn't need a full run on a blockchain. This means many processes can be done “off-chain”. Miners will keep on improving and have to adopt the update otherwise they will not be able to profit from mining.

The Constantinople hard fork is part of the infrastructure and protocol improvement for the Ethereum blockchain and no new coins are expected.

 

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