There is some interesting development that is taking place in Ethereum though the overall cryptocurrency environment continues to be sluggish. That is mainly because of an upcoming network upgrade is known as Constantinople. As is the case with any hard fork, there is always panic whenever any existing digital coin involves in it. However, experts think that it is not a bad thing to ignore in totality despite the recent experiences in other hard forks.
Essentially, the Constantinople hard fork is the second stage of Metropolis, which is a name identified with the project upgrade. Byzantium is known as the first stage and happened in October 2017. The developers are engaged in upgrade since it would help Ethereum network to be not only more efficient but also quicker besides being less expensive. Alternatively, the developers are trying to usher in a fresh age of distributed ledger technology (DLT).
This is a key upgrade as far as Ethereum is concerned, and experts think a hard fork is required. Also, the community extends its support to the hard fork since Constantinople is both intensive and extensive.
While five big changes are planned for the update, the majority of them represented performance where Ethereum is weak since other platforms are faster. For this purpose, the developers are also enhancing the Ethereum virtual machine. The new upgrade will also address the issue of miner rewards and difficulty bomb.
The much-awaited Constantinople hard fork is planning to be launched during the middle of January. During a meeting, core developers of Ethereum have agreed to this, and the new deal followed the earlier decision to postpone the hard fork citing consensus issue. The earlier delay was due to upgrade trial on Ropsten testnet a few months ago. The latest deal among the developers suggested a block of about 7.08 million.
Based on the press time ETH block time of 14.3 seconds, the upgrade of Constantinople could become active around January 14 next. The hard fork included five separate Ethereum improvement proposals so that there is a soft transition towards energy efficient proof-of-stake consensus from the proof-of-work algorithm.
After the activation, the upgrade will change the Ethereum blockchain fundamentals through the synchronous nodes update. The DLT platform is public and open-sourced one with ether as its native cryptocurrency. Currently, it is enjoying the third position in terms of market cap.
Currently, the date is not precisely set, but the sources suggest, that Constantinople will most likely activate on Wednesday, Jan 16th, probably around 7am UTC. Current average block time is 14.48 seconds. 104407 blocks to go (6975593/7080000).
We are on track! Constantinople will most likely activate on Wednesday, Jan 16th, probably around 7am UTC. Current average block time is 14.48 seconds. 104407 blocks to go (6975593/7080000).
— Afri ?️ Jan 16 (@5chdn) December 29, 2018
We will keep you updated regarding Constantinople hard fork. Also, you can also follow the official Ethereum’s Reddit here and check the progress of client implementation and tests of the EIPs for the upcoming Constantinople hard fork on GitHub. More on that, if you are interested in Ethereum 2.0 upgrades please check our story here: Ethereum 2.0 Test 100% Done, Says ETH Developer.