On January 16, 2019, Ethereum (ETH) will be undergoing a major upgrade which will require a hard fork in the Ethereum blockchain. Known as the Constantinople upgrade, this hard fork introduces a raft of updates aimed at improving Ethereum’s performance, scalability, and efficiency. Here is a shortlist of questions you may have before Constantinople upgrade takes place.
What Will Constantinople Do?
Constantinople will enact five main proposals for improving Ethereum. These proposals were agreed upon after months of discussion between Ethereum’s core developers. Launching Constantinople in January was agreed upon following experimentation with implementing Constantinople on Ethereum’s Rosnet public test net back in October. Four of the proposals are aimed at making short-term scaling improvements, while the most controversial will see a reduction in the rewards offered to Ethereum miners.
What Won’t Constantinople Do?
Constantinople is a major step in Ethereum’s development, but it is just one step of a larger road map for Ethereum’s future development. Many of the improvements are short-term scaling solutions aimed at improving Ethereum’s efficiency while longer term solutions are being developed.
Some of the most significant long-term scaling solutions include a switch from a Proof-of-Work (PoW) mining-based consensus mechanism to Proof-of-Stake (PoS), as well as sharding, which aims to greatly improve efficiency by breaking up Ethereum’s blockchain into a network of smaller interconnected shards. Much of Constantinople’s purpose is to move Ethereum a step closer to these long-term goals.
Why Isn’t Constantinople Scheduled for a Precise Date?
Constantinople has been scheduled to be implemented with the creation of block 7080000 on the Ethereum blockchain. As block creation times vary depending on network usage, Constantinople could be activated at any time between January 14 and 18. Most online commentary points toward Constantinople being in effect by January 16 at the latest.
Will Constantinople Create a New Coin?
No. The Constantinople upgrade was agreed upon following months of discussion and testing involving Ethereum core developers. If Ethereum miners all switch to the new version of the Ethereum blockchain after block 7080000, the Constantinople hard fork will be the only active version of the Ethereum blockchain.
What Happens After Constantinople?
As already mentioned, Constantinople is just one step in Ethereum’s long-term development. It is the second major step of Ethereum’s Metropolis stage, which is the third phase of Ethereum’s long-term road map toward Serenity.
Will Constantinople Spark the Next Bull Run?
Markets have reacted favorably in the run-up to Constantinople, but Ethereum is still a long way from the insane highs of January 2017. The most bullish will point to Byzantium’s effect on Ethereum’s price, precipitating a surge from $300 in October 2017 to the all-time high of $1,400. But there were many other conditions at play to create the wild bull run that affected the entire cryptocurrency market. Vitalik Buterin cautioned that the price was purely speculative, with the move from $300 to $1,400 being just as irrational as the subsequent slide to $83.
At the time of writing, Ethereum is trading just above $130 USD mark, according to Tradingview data.
Read the full story here : Everything You Need to Know About the Ethereum Constantinople Hard Fork