Ethereum Blockchain Updates Constantinople and St. Petersburg are Coming to a Network Near You
Ethereum has been planning the launch of their network upgrades – Constantinople and St. Petersburg – for quite a while. Their history is filled with multiple delays and other roadblocks, like the decision to previously delay the Constantinople in January. A recent blog post shows that the company is finally launching both of them this week as the blockchain reaches block 7,280,000.
The expectation is that this block will be mined on February 28th, but that is only a prediction, considering that anything can change. If the speed is slowed or sped up, the projected date could change by a day or two. The blog post continues, saying that the upgrade includes two names because it was originally meant to be two upgrades with two separate events to commemorate it. However, the new timing has changed it to one event instead.
The implementation of Constantinople will bring forth multiple improvements for the efficiency of the network, which will include the “difficulty bomb” and Ethereum’s block reward decrease.
The point of the difficulty bomb is to keep miners from basically continuing their work on the Ethereum chain when the Proof-of-Stake (PoS) consensus algorithm is implemented. Since that implementation has been continually postponed, the difficulty bomb had to be delayed as well to
“make sure we don’t freeze the blockchain before proof of stake is ready & implemented.”
Now, the upgrade will delay the implementation of the difficulty bomb for about a year. The easier mining process will be compensated with a process called the thirdening, which will bring down the miner block from 3 ETH to 2 ETH.
Constantinople’s upgrade launch will also make it possible to bring in the Create2 function on Ethereum, which was originally believed to have an attack vector for Ethereum. Vitalik Buterin, the Ethereum co-founder, has worked to dismiss those rumors.
St. Petersburg, the other network update, will be deleting Ethereum Improvement Proposal 1283, a former update, from the test networks of Ethereum. Both Coinbase and Kraken have voiced support for the Ethereum upgrade within the last month, while Binance, Huobi, and OKEx already pledged to monitor the event since before the first time it was potentially implemented.
Presently, Ethereum is reaching terrible lows with being generated through mining, based on information available through Etherscan data.