The Ethereum (ETH) Constantinople Hard Fork is the name being given to Ethereum’s fifth worldwide system update. Two of America’s biggest crypto-exchanges, Coinbase and Kraken, have become the latest supporters of Ethereum (ETH) Constantinople Hard Fork, as tweeted by them on Jan.14.
The hard fork will supposedly take place when the Ethereum blockchain reaches a height/length of 7,080,000 blocks. It is one of the 5 “Ethereum Improvement Protocols” being implemented and is being touted as the most significant of them all.
The two have joined a group of companies, namely Binance, Huobi, and OKEx, who are said to be monitoring this historic event that is scheduled to take place between Jan.14 and Jan.18.
But what does one mean by a hard fork?
A hard fork is an absolute change in the blockchain that makes all the transaction history of that chain or all the blocks invalid.
It is an upgrade that will be installed across every node on the Ethereum system around the world.
This event would create a split or a fork: one path follows the new version and one path follows the old one.
An example of a hard fork already having been implemented is when Bitcoin switched from Bitcoin Classic to Bitcoin Cash, in order to improve transaction speed and implement smaller fees.
Coinbase, issued a statement, saying:-
“Coinbase intends to fully support the Constantinople Ethereum (ETH) upgrade. Upon commencement of the upgrade, for security and technical purposes, we will temporarily pause sending and receiving ETH across all of our trading platforms until the upgrade completes and we confirm security of the network.”
Kraken was quick to add on twitter:-
“Kraken will be supporting this. No new coins will be credited to ETH holders as we expect the old chain will quickly become obsolete.”
The Constantinople is aimed at delaying the “difficulty-bomb,” an algorithm in Ethereum’s codebase that increases mining difficulty over time. Since the upgrade targets to reduce the mining difficulty, the number of tokens mined would also be reduced, down from the current 3 ETH to 2 ETH per block validated.
While some have raised objections to this change, most others have come forward in its support.
Constantinople is a major step in Ethereum’s bid to drift from a proof-of-work (PoW) to a proof-of-stake (PoS) algorithm. The hard fork is one of the many upgrades the network would have to go through in order to accomplish this landmark.
In view of this, Ethereum’s stock over the 24 hour period has improved significantly from $117.80 to $128.40 at the time of writing.