Ethereum hard fork will take place in mid-January
Ethereum platform developers have agreed on the activation point for the long-awaited major update to Constantinople, which will be block 7080000.
Based on the average closing time of blocks and their remaining number until the specified point, the Ethereum hard fork should take place between January 14-18, 2019. The development team decided to give users the opportunity to get the new code in advance, so if the participants agree with the changes, the update will be launched automatically, immediately after the block is closed 7080000.
The Ethereum Foundation decided to play it safe and add an emergency switch that will delay the activation of Constantinople in the event of a force majeure. Initially, the hard fork was planned to be held in November 2018, but due to problems with consensus discovered during testing, it was postponed.
In addition to optimizing the code, the update is aimed at combating the excessive growth of network complexity and provides for a decrease in the reward to miners for closing a block from 3 ETH to 2 ETH. Such changes are foreseen by the roadmap and are necessary for the gradual transition of the network to the PoS algorithm and further improve scaling.
At the moment, the main problem of cryptocurrencies is the low degree of integration of blockchain technologies in the real sector of the economy, which greatly limits their use. However, the R3 consortium is actively working to resolve this issue and has recently begun collaborating with SBI Holdings and Ripple..
Ethereum Will Hard Fork Soon – Here’s What’s New!
text: Ivan Malichenko, photo: Shutterstock