Crypto Investors Checklist About Ethereum’s Constantinople Hard Fork on January 16, 2019
Ethereum (ETH) is going to experience a new hard fork as soon as January 16. This network upgrade is called Constantinople and is expected to reduce block rewards for miners from 3 ETH to 2 ETH.
The upgrade is very important for the Ethereum community and is an important path towards Proof-of-Stake (PoS) from Proof-of-Work (PoW). The new hard fork will be introducing a few changes such as opcodes, a delay in the intensity of the mining known as “difficulty bomb” and, as mentioned before, a block reward reduction, among other things such as gas consumption optimization.
As soon as the hard fork is activated, those nodes that are running Constantinople will not be compatible with older versions of Ethereum. The hard fork will be implemented as soon as the blockchain reaches the block number 7,080,000, according to a recent tweet uploaded by Péter Szilágyi, team lead at Ethereum.
#Ethereum Constantinople mainnet hard fork scheduled for block #7080000, estimated around the 16th of January, 2019!
— Péter Szilágyi (@peter_szilagyi) December 7, 2018
This network upgrade does not seem to be creating any major problem to the community. There are several hard forks in other networks that tend to be very negative for the whole community due to the fact that there are two or more sides with disagreements regarding the new implementations. This, in general, creates two (or more) blockchains and two different networks.
At the moment, most of the major Ethereum clients are already ready and prepared for the upcoming hard fork.
There are five important Ethereum Improvement Proposals (EIP) that will be addressed with this hard fork. The first one is the EIP 1234, which is related to the ‘difficulty bomb.’ This drops mining rewards from three to just two ETH per block. With the difficulty bomb, it will be more difficult for miners to keep mining and being profitable. This proposal will be delayed 5 million blocks, close to twelve months.
Apparently, developers will need more time to work on a Proof-of-Stake solution that would be ready to be deployed on the Ethereum network.
The other proposals are EIP 145, EIP 1014, EIP 1052 and EIP 1283.
During the last few weeks, Ethereum behaved very positively after reaching one of the lowest points in more than a year. At the beginning of December, each ETH coin was traded close to $83. Now, Ethereum is the second largest digital asset, surpassing XRP after a few months on the third position. Ethereum has a market capitalization of$16.04 billion and each coin can be purchased for $153.