Ankit Kumar Singh

@ankitkr0

Constantinople is Coming

All you need to know about upcoming Ethereum Hardfork

UPDATE

The Constantinople fork will be postponed & the EIP 1283 will not be part of Constantinople when it occurs. New fork date will be chosen on Friday!

ChainSecurity found that Ethereum Improvement Proposal (EIP) 1283 if implemented, could provide attackers a loophole in the code to steal user funds. Speaking on a call, ethereum developers agreed to delay the hard fork at least temporarily.

Ethereum fifth upgrade is here.

The much-awaited Ethereum Constantinople hard fork is scheduled to take place at Block 7080000 on Jan 16. Check this cool timer from our friends at Groundhog Network.

This planned upgrade will integrate 5 EIPs into the Ethereum Blockchain.

EIP 145

This improvement means the execution of shifts in smart contracts will be 10x cheaper.

EIP 1052

This EIP allows for smart contracts to verify each other by pulling just the hash of the other smart contract.

EIP 1234

This EIP will reduce the Block reward from 3 ETH to 2 ETH and delays the difficulty bomb.

EIP 1014

Developed by Vitalik Buterin, the upgrade improves the applicability of state channels, one of the Ethereum many scaling solutions.

EIP 1283

This proposal reduces the gas cost for the SSTORE operation. This reduction enables multiple updates to occur within a transaction more cheaply.

Difficulty Bomb

This is perhaps the most talked about discussion in the Ethereum community. The Difficulty Bomb once activated, would make it impossible to mine a new block which can lead the Ethereum blockchain to be frozen.

EIP 1234 has delayed this Difficulty Bomb for another twelve months, after which it will be voted on again.

Also, the most asked question, “Do I need to do anything with my ETH?

No. According to this blog post from MyCrypto,

“Your ETH will exist simultaneously on the new ETH blockchain and the old ETH blockchain. All of the exchanges (Coinbase, Kraken, ShapeShift), services (MyCrypto, MetaMask, Trust Wallet), and node providers (Infura, Etherscan, Quiknode) will update their nodes so you will simply use the updated nodes / software without even noticing.”

In Conclusion, Ethereum Constantinople is another step towards the evolution of Ethereum Blockchain with improvements in speed and efficiency as we shift to PoS. 😃

Thanks for reading. You can follow me on Twitter where I talk about Crypto, Startups and Technology.

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