Altcoins News
By Maheen Hernandez
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Constantinople, the Ethereum hardfork is all set to happen on January 16, 2019. Three of the major cryptocurrency exchanges are all set to support the Ethereum Hardfork.
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The Hardfork is all set to happen at a block height of 7,080,000.
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Those who are not aware of this long-planned hard fork are late. About two weeks ago, Ethereum hit the low at $82 and had ever since doubled in value.
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It is expected that the fork will improve the scalability issues of Ethereum, thus improving its efficiency and economic viability.
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Constantinople, the key milestone version of Ethereum’s roadmap to version 2.0 is all set to alter the protocol from proof of work (POW) to proof of stakes (POS).
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The changes in Constantinople are small when compared to the primary plan of Ethereum.
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Gas is the transaction limit used in Ethereum transactions. The rewards for validating blocks is provided in Gas.
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The Constantinople update decreases the difficulty in mining and therefore reduces the rewards for mining.
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The sooner Constantinople is activated, the nodes operating on this new fork program will become incompatible with the previous version of Ethereum.
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The Constantinople update will include new opcodes that will do the job of delaying the “difficulty bomb” in mining.
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Peter Szilagyi, the team lead at Ethereum stated that the Ethereum Protocol would Fork with the activation of Constantinople when the block reaches 7,080,000.
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The sooner the Constantinople is activated the nodes will start operating on the latest software. The tokens on the old fork will not be worth any more.
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The core development team had a meeting on January 4, 2019, and they expressed absolute confidence in the scheduled release.
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All the major Ethereum clients have already been patched to function efficiently with the network.
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There are a five different Ethereum Improvement Proposals (EIPs) which will be addressed by Constantinople.
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