Ethereum Hard Fork
It represents one of the most anticipated hard forks in the world of cryptocurrency history. Ethereum (ETH) and it’s hard fork, referred to asConstantinople, is scheduled to take place within the first few months of next year. This hard fork, with a higher level of precision, will be taking place as of the 7080000th block, which is forecasted to take place by January 16th, 2019.
This was made public through a number of important developers from platform via their respective social media outlets, which included Afri Schoedon, and Peter Szilagi. The latter went on to state:
“#Ethereum Constantinople mainnet hard fork scheduled for block #7080000, estimated around the 16th of January, 2019!”
Ethereum ison the testnet and February 12th on the mainnet and launches the following 5 Ethereum Improvement Proposals (EIPs):
- EIP 145: A technical upgrade written by two Ethereum developers, Alex Beregszaszi and Pawel Bylica, EIP 145 details a more efficient method of information processing on Ethereum known as bitwise shifting.
- EIP 1052: Authored by core developer Nick Johnson and Bylica, EIP 1052 offers a means of optimizing large-scale code execution on Ethereum.
- EIP 1283: Based on EIP 1087, which was written by Johnson, this proposal mainly benefits developers by introducing a more equitable pricing method for changes made to data storage.
- EIP 1014: Created by the founder of Ethereum himself, Vitalik Buterin, the purpose of this upgrade is to better facilitate a certain type of scaling solution based upon state channels and “off-chain” transactions.
- EIP 1234: Championed by Afri Schoedon, release manager for major Ethereum client Parity, this upgrade is the most contentious of the batch, reducing block mining reward issuance from 3 ETH down to 2 ETH, as well as, delaying the difficulty bomb for a period of 12 months.
This upgrade will also be responsible for the improvement of the efficiency of the ETH network, as well as its underlying performance. Along with this, Constantinople will also allow for the network to become faster and will have itself focusing on optimizing of the experience of the developer, and decreasing the underlying cost these same users incur.
Additionally, it was concluded among the developers thatConstantinoplewill be taking on the Robsten Testnet to begin, after this, it will be officially launched on the main chain succeeding Devcon 4. On the other hand, putting this hard fork to use on Robsten initially presents its own number of hurdles, with it facing a number of delays, as well as encountering a number of issues during the testnet.
Particularly interesting is EIP 1234, which is similar to the Bitcoin halvening, but instead of reducing the block reward by 50%, it’s reducing it by 33%. This will increase the scarcity of Ethereum and most likely increase the price.