Ethereum Hard Fork January 16
Ethereum Constantinople fork is coming soon, so ChangeNOW, a leading non-custodial cryptocurrency exchange, is supporting the upgrade and explaining the Ethereum hard fork in this article.
What is a hard fork?
Hard fork is a radical upgrade of the protocol – some new features get implemented, the network is becoming more secure and convenient and so on. However, is the users are trying to run the old version – old “software”, some things may go wrong or get lost. Logically, everyone needs to update, so all the users have the same features and are taking the same path. A fork is called a fork as a taken blockchain makes a split – one of the chains is an older version, the second inherits the new features. Sometimes such changes result in a new coin – this happens when the users continue to utilize both chains.
What is Ethereum Constantinople hard fork?
Constantinople is the upcoming Ethereum fork, the official Ethereum Constantinople fork day is the 16th of January 2019. This update is very important for Ethereum network as such – possible, Constantinople is one of the most major changes implemented on the Ethereum blockchain. Let’s dig a little bit deeper into the details of the upgrade. As you can guess from the beginning of the article, Constantinople update is not supposed to result in a new coin being created – the original Ethereum network will get new features instead. The update aims at improving various Ethereum functions and getting a better performance result. Constantinople comprises five Ethereum improvement proposals. There are technical upgrades to information processing, a proposal of optimising large-scale code execution, changes in pricing methods, reducing the block reward to 2 ETH and other important features to be made. After the change is done, the Ethereum blockchain will be altered once and forever. Constantinople update is a drastic change that is important for the Ethereum future development, including the PoS transition. ChangeNOW, a leading non-custodial cryptocurrency exchange, is ready to support this important protocol upgrade and get moving with the newly updated Ethereum. Our users, most probably, will not notice the changes. However, the importance of Constantinople is not in visibility, but in technicality.