Warning: A non-numeric value encountered in /home/bingowon/public_html/cryptocashology/wp-content/themes/gonzo/single.php on line 51

Warning: A non-numeric value encountered in /home/bingowon/public_html/cryptocashology/wp-content/themes/gonzo/single.php on line 52

Warning: A non-numeric value encountered in /home/bingowon/public_html/cryptocashology/wp-content/themes/gonzo/single.php on line 53

Warning: A non-numeric value encountered in /home/bingowon/public_html/cryptocashology/wp-content/themes/gonzo/single.php on line 54

Warning: A non-numeric value encountered in /home/bingowon/public_html/cryptocashology/wp-content/themes/gonzo/single.php on line 55

Warning: A non-numeric value encountered in /home/bingowon/public_html/cryptocashology/wp-content/themes/gonzo/single.php on line 56
Ethereum News

Published on May 25th, 2012 | by admin

0

Ethereum Constantinople Hard Fork

Ethereum Constantinople Hard Fork

Many suggest that 2019 could be make or break for the Ethereum Blockchain. Although by far the most popular blockchain with developers over recent times Ethereum now has major competition from up and coming Blockchains such as Cardano, Waves, EOS plus many others. In a nutshell Ethereum has scaling problems so major updates are planned this year to in effect update the Ethereum Blockchain to Ethereum 2 which will give it the power and scalability to be at the forefront of the Blockchain revolution.

Ethereum Constantinople

Previous Ethereum Updates have seen its price surge which seems to be exactly what is happening at the minute. Since Christmas the price of Ethereum has surged 80% with many analysts suggesting the price could well surpass $200 by the time the Constantinople update takes place. The update is actual a hard fork which means the Ethereum chain will split into 2 although users will not notice any difference. Sometimes teams take over the old chain to continue to run and develop it. This has happened in the past with Ethereum when in effect Ethereum Classic was born and many times with Bitcoin for instance Bitcoin Cash. Rumours suggest this may well happen with the Constantinople Hard Fork which we will discuss later in this article.

Constantinople Hard Fork Date

The Constantinople Hard Fork is expected to occur on the block height 7,080,000 which with the existing mining speed, should be around January 16.

Many suggest that after the Hard Fork there could to some degree be a sell off although this is simply speculation. The Constantinople Hard Fork will result in a new blockchain which will contain five major upgrades, known as the EIP’s, (Ethereum Improvement Proposals).

The 5 Ethereum Improvement Proposals

Let’s take a brief look at the 5 EIP’’s so you have some idea of what the Hard Fork entails.

EIP 145

Basically this will reduce the gas (cost) by up to 10 times meaning running certain smart contracts will be a lot more economical.

EIP 1052

By adopting a unique hash, the verification of the code of the other contract will become much more efficient.

EIP 1014

This will allow State channels to allow transactions to be settled off-chain, in a very similar manner to Bitcoin’s lightning network. This alone will vastly improve Ethereum performance.

EIP 1234

This addresses delaying difficulty bomb & reducing block reward. The plan is to change the network from POW (Proof of Work) to POS (Proof of Stake) which will occur later in the year.

EIP 1283

This deals with net gas metering changes for SSTORE opcode, enabling new usages for contract storage, and reducing excessive gas costs.

So as you can see the Constantinople Hard Work is in effect a stepping stone for Ethereum to be far more efficient and scalable giving it the power to compete with all leading blockchains.

What Will Happen to The Old Chain?

There are rumours that perhaps there may be a team willing to take up the old chain and create a new Block Chain, Ethereum Classic View. There also has been other FORKS mentioned but these have been quickly classed as scams. We are still researching if the Ethereum Classic View Hard Fork is genuine or simply an attempt to steal Ether holder’s private keys. We will post on this matter early next week.

 



Comments are closed.

Back to Top ↑