ETH’s hard fork happened again, good news or not ?
On December 7th, there comes another wind of hard fork in the currency circle — Ethereum ETH Constantinople. Shortly after BCH hardfork leading to the biggest market crash in 2018, Ethereum is following the path with its hard fork codenamed as Constantinople. Whether the upgrade will cause another storm in the entire crypto industry or not, the upgrade will bring enhancements and additional features to the Ethereum mainnet.
This article will discuss the following issues:
Upcoming Constantinople hard fork
Previous “Byzantine” hard fork
Possibility of a fork coin
Future Price of Ethereum
Here, CoinCola Research Center will fully analyze the situation and continue to pay attention to the hard fork of ETH Constantinople.
hard-forked “wind” was blowing from the currency circle
At home in the Crypto Winter, small changes can triple into dramatic changes. During the Ethereum core development conference last Friday, developers reached an agreement to postpone the hard fork on the mainnet at block 7,080,000. Péter Szilágyi later confirmed on Twitter that the fork time is estimated to be taken place on January 16, 2019.
Byzantium Fork’s latest data showed that Ethereum main network has reached block 6,866,626, indicating the ETH hard fork time node is coming soon.
What is ETH Constantinople fork upgrade?
To understand ETH Constantinople, it begins with the four stages of Ethereum. If you want to understand ETH Constantinople, you need to start with the four stages of Ethereum.
Earlier in 2015, founder of Ethereum, Vitalik Butt Erin ( V God ), and his team have already launched the future development route of Ethereum, dividing it into four stages: Frontier, Homestead, Metropolis and Serenity. Ethereum is at the later stage of “Metropolis” stage where the core developers are constantly introducing new features. But limited by the developers’energy, it is impossible to introduce so many features at once. Then the final solution is to release through two stages, named Byzantium and Constantinople. Last year,“Byzantine”hard fork took place at block 4,370,000 on October 16.
Constantinople is the second part of the upgrade where major changes will be made to soften the transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus algorithm.
That is to say, the Ethereum platform upgrades the block chain by hard forking. Moreover, Constantinople is the second part of “Metropolis” stage where major changes will be made to soften the transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus algorithm.
What was the last “ Byzantine” hard fork?
Hard fork is not a new thing for ETH. Up to now, the platform has undergone five hard forks.
After the “Byzantine” was postponed several times, it was hard forked in block 4370000 block with changes on the system and operation. One of the major changes was the reduction on block reward from 5 to 3 Ethereum coins. block reward has also been reduced from 5 Ethereum coins to 3 Ethereum coins.
The “ Byzantine” hard fork also optimized the Ethereum network performance without causing the blockchain to split, and it attracted more miners to enter the new chain.
ETH is hard forked again, will it produce forked coins?
Many hard forks are meant to create two blockchain hence the development of a “new coin.”However, this is not the case for Ethereum. Of the five hard forks Ethereum has gone through, ETC was the only forked coin born in attempt to settle the ideological and ethics split between the community.
This time for Constantinople hard fork, the Ethereum community has reach a consensus on the upgrade, concluding no separate coin will be developed. The “ Metropolis” upgrade had already been agreed by the community, while the “ Constantinople” hard fork was the result of further upgrade. At present, there is not much controversy in the community. In summary, there will be no new Ethereum currency for this hard fork.
Will the price of Ethereum currency rise?
Looking back on last year’s “ Byzantine” hard fork, the price of Ethereum currency fluctuated quite a bit, to a point where it increased by 15 % in a day. However, it cannot be directly attributed to ETH hard fork. CoinCola Research Center remained neutral on the impact to price regarding this hard fork due to several factors.
First, this upgrade and optimization of hard fork technology is minor and has yet to solve the lack of scalability affordance of ETH.Second, The low price level will still be an indicator of investors questioning ETH’s technology . Third, the overall market is at Crypto Winter, calling for an adjustment period to boost the overall morale.
What will happen in the future market? CoinCola Research Center will make an update as it comes.