Ethereum introduces Constantinople to the community
The Ethereum Constantinople hard fork that will make its way to becoming another pathway to a successful future of monetary value will be live in less than 12 hours. This Hard Fork that will see both new chains arrive, namely, Constantinople and St.Petersburg and go live after being applied to networks like Ropsten for testing.
In 12 hours the world will be ready for one of the biggest upgrades of Ethereum’s network, which is currently the second largest crypto asset in the world. The Constantinople timer can be followed here at Etherscan.
The Fork is set to take place at approximately 20:08:59 UTC, both for St.Petersburg and Ethereum Constantinople.
People have been waiting on this upgrade on the network for some weeks now, as this will become a major amendment to the Ethereum Network. There will be some significant changes that will come with the Hard Fork to the platform with great efficiency improvements. Upgrades will be made to the network’s core protocol specifications, contract standards and client API’s.
The Ethereum Constantinople hard Fork will cause the Blockchain issuances to move from 3 to 2 ETH’s on the St. Petersburg and Constantinople networks.
This was the same that happened with the Byzantium Hard Fork, which saw a block reduction of 5 to 3 ETH’s. The Hard Forks have both been agreed to make the split of these new networks that will be launched on the Ethereum network on blocks number 7.280.000.
Constantinople’s launch was postponed twice because of some critical security vulnerabilities and not being able to come to consensus about the future of the network. One delay was in October of last year as bugs were found in the code released on the Ropsten testnet. There was also another hard fork that got delayed back in January.
These vulnerabilities in the code could cause attackers to exploit the network by withdrawing users funds through a reentrancy attack. After this was discovered, the developers decided to make sure that the network got onboard by using a two-fork strategy implementation.
The exchange Binance in full support of the Hard Fork
Hard Forks are usually supported by some great companies and individuals in the crypto industry. The Binance Exchange has just announced support for the upcoming Ethereum upgrade.
The Technical requirements will be handled by Binance, which is why cold storage users and major crypto exchanges are required to focus on the coming upgrade today.
Ethereum’s price after the Hard Fork
The Ethereum Constantinople hard fork is expected to impact the volatile price of Ethereum, which is mostly because of the unwillingness of traders to invest on the threshold of the change. The price of Ethereum has been swinging for these past three months with considerable sell-offs but also buying orders.
If the coming Ethereum Constantinople hard fork is to resemble anything like the last Byzantium fork, then this should influence the price positively.
According to data coming from the last Ethereum Hard Fork, the Ethereum price saw a breakout above the channel after 34 days. However like all hard forks the price is expected to move sideways for several weeks.
What are your thoughts of this upcoming Hard Fork today on the Ethereum network? Feel free to leave a comment down below.