Ethereum Hard Forks Successfully
The Ethereum blockchain after a number of security-related delays has managed to upgrade its blockchain network. According to The Ethereum blog, Constantinople and St Petersburg will be implemented onto the Ethereum blockchain when the system hits block 7,280,000.
According to a Reddit page, just two hours ago from the time of writing, we are already currently 25 blocks into Constantinople. The online cryptocurrency community expressed a lot of gratitude and thanks to the Ethereum Developers who made this hard fork a reality. It looks like everything went smoothly and well.
For those who aren’t aware, the network upgrade is essentially a change to the underlying Ethereum protocol, which creates new rules to improve the current system. Unlike centralized entities, in a decentralized network upgrade require community support and cooperation for a smooth transition. The Constantinople and St Petersburg update’s success means that will be written into a number of Ethereum clients including Parity, Harmony, and Geth.
While there are two updates, Constantinople is the main change to the Ethereum Network. St Petersburg simply an upgrade designed to disable a specific part within Constantinople’s code. Earlier this year, Ethereum was to hard fork, but someone found a significant smart contract security flaw. St Petersburg is designed to disable the smart contract security issue.
Now for a quick overview, the Constantinople update will act as a “maintenance and optimization update,” and will have its primary effect on Ethereum miners. So instead of three Ethereum tokens per block, miners now receive two. A similar update has happened in the past during October 2017, where Byzantium, a previous fork had lowered the block rewards from five to three Ethereum tokens. The Constantinople fork also provides additional improvements to the EThereum blockchain’s efficiency, speed, and energy consumption. If you guys are interested in understanding more concerning the Constantinople hard fork, make sure you watch this video from James.
Now, what does this hard fork mean for users?
So we all know that Ethereum has a bit of a scalability problem. Together, both updates: Constantinople and HardFork will help improve the scalability problems in the Ethereum blockchain. Will we see any noticeable changes? The next web believes that it’s unlikely for users to notice any changes in the network.
While there is a change to the network, the Ethereum blog noted that if you are an exchange, a web wallet service, or hardware wallet, you don’t need to do anything unless you are informed to take additional steps by your exchange or wallet service. On the other hand, if you are a node operator or a miner, please make sure you download the latest version of your Ethereum client or else your client will sync you to the pre-network upgrade blockchain once the upgrade occurs and you will be stuck on an incompatible chain following old rules and will be unable to send ether or operate on the post-upgrade network.
This is fantastic news for the Ethereum blockchain, network, and community. The Constantinople hard fork has been long-awaited, so it’s great to see that it’s in action without any significant problems to the network. While most people in the network will benefit from this update, miners will, unfortunately, lose out as the Block Reward adjustment has decreased from 3 Ethereum tokens to 2. I’m expecting quite a drop in difficulty after the upgrade as many miners will look to other cryptocurrencies with a higher reward. Something similar happened last time during the October 2017 upgrade. The Ethereum Foundation has however positively looked at this the reduction in block reward, expecting a significant decrease in sell pressure on Ethereum tokens.
So what are your thoughts on the situation guys?
Do you think the Ethereum hard fork went well?
Or are you a miner, and are looking to mine other cryptocurrencies to get greater rewards?
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.