Home News Ethereum Ethereum Hard Fork to Take Place Tomorrow

Ethereum Hard Fork to Take Place Tomorrow

February 28, 2019 15:43
|
Share with your friends

As earlier reported by Crypto-News India, Ethereum is all set to undergo a hardfork on Friday. The hard fork would result in two big upgrades-namely- Constantinople and St. Petersburg. As per the report, the much-discussed Constantinople hard fork was scheduled for implementation earlier in January, but issues of code vulnerabilities delayed the fork.

The Constantinople network upgrade will bring in multiple platform efficiency improvements as well as the delay of difficulty bomb and the decrease of Ethereum’s block reward. The fork will delay the difficulty bomb for approximately 12 months and the period is referred to as ice-age delay. Ethereum will be reducing the reward for easier mining process from the current 3 ETH to 2 ETH.

The reason why two names were given to this particular network upgrade is because the original Constantinople network upgrade was postponed and two protocol upgrades will need to occur on the same block number in order to fix issues on various Ethereum test networks, such as Ropsten

A blogpost detailing the hard fork said, “Changes that are implemented in Constantinople are defined using EIPs. Ethereum Improvement Proposals (EIPs) describe standards for the Ethereum platform, including core protocol specifications, client APIs, and contract standards. The following EIPs will be implemented in Constantinople.”

As per the countdown on Etherscan, the fork will take place at around 1:16 am as per the Indian Standard Time (IST). Earlier, the blogpost said, “If you use an exchange (such as Coinbase, Kraken, or Binance), a web wallet service (such as Metamask, MyCrypto, or MyEtherWallet), a mobile wallet service (such as Coinbase Wallet, Status.im, or Trust Wallet), or a hardware wallet (such as Ledger, Trezor, or KeepKey) you do not need to do anything unless you are informed to take additional steps by your exchange or wallet service.”

The blogpost also said that in the event that a miner or a developer refused to comply with the fork, a client would sync to the pre-fork blockchain once the upgrade occurs. The user would be stuck on an incompatible chain following the old rules and one would be unable to send ether or operate on the post-upgrade Ethereum network.

Liked what you read? Join us on Telegram

LEAVE A REPLY

Please enter your comment!
Please enter your name here