Constantinople is a much-awaited upgrade of Ethereum (ETH). The upgrade was supposed to go live some months ago. However, it wasn’t launched due to some issues during the testnet. Nevertheless, the Constantinople upgrade of Ethereum (ETH) seems to be going as planned.
Constantinople Activation Time
On the 11th of December, a very popular Ethereum software client published a new code on Github. The code published by the software client includes the activation time of Constantinople. According to the post, Geth – which means Go Ethereum – V.1.8.2 is a special update that’ll enable Constantinople on the Mainnet of Ethereum (ETH) at block 7,080,000.
Geth is one out of the three fundamental implementations on the protocol of Ethereum. The description on the post states that: “It is also our last planned update of the 1.8 family. This means that we will start merging backward incompatible changes onto master in preparation of Geth 1.9.0.”
Constantinople Hard Fork Consists of Five Different EIP
The core developers of Ethereum (ETH) came to an agreement to activate the much anticipated Constantinople hard fork on block 7,080,000. They made this agreement on the 7th of December. The forthcoming Constantinople consists of five different EIPs (Ethereum Improvement Proposals). The EIPs are meant to soften the transition from the Proof of Work protocol to the more energy-efficient Proof of Stake protocol.
Proof of State consensus algorithm would basically change the blockchain of Ethereum. This would be done through the host of new upgrades, and this would prevent any backward compatibility. As a result of this, nodes will either have to update synchronically with the whole system or keep on running as a different blockchain entity.
The decision made by the core developers of Ethereum follows an agreement to delay the launch of the hard fork to late January next year. This is as a result of a consensus issue that surfaced during a test upgrade on the Ropsten testnet back in October.
That was not the first time the Constantinople hard fork was supposed to be launched. The development team has shifted the upgrade for quite some time. However, they resolved to launch the hard fork before the end of this year. But the development during the test phase made them shift the activation of the hard fork to next year. Before now, the dev team said that Constantinople will be activated towards the end of January or early February next year.
Vitalik Buterin Says Proof of Stake Consensus Algorithm Will Be More Efficient
Yesterday, Vitalik Buterin – the co-founder of Ethereum – said that future blockchains with PoS-based sharding will be thousands of times more efficient. Buterin said as user experience gets better and scalability advances, non-financial applications will become a bigger part of the story.
The co-founder of Ethereum (ETH) also pointed out that blockchains aren’t about cutting down computational fees. However, blockchains are about increasing computational costs while decreasing social costs.
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, Ethereum (ETH) is still holding the third position on the list of top digital currencies in the world by market cap. The digital currency is now trading at $90 after a decrease of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $9.28 billion and its trading volume over the past twenty-four hours is $1.52 billion.