The hot topic among crypto investors since late last year is “Constantinople Hard Fork,” also known as “Ethereum Hard Fork”; the topic is also considered to be one of the major reasons of the price increase of cryptocurrencies in the beginning of this year. The second major cryptocurrency in market value, ETH, has lost to XPR from Switzerland since the third season of 2018 and is now in third place in the rankings. However, hard fork in ETH has earned huge attention and become one of the hot topics in 2019, which makes ETH return to the second place in the rankings last week.
ETH, one of the top three cryptocurrencies in maket value, was created by many Russian engineers in 2015. The most iconic person is Vitalik Buterin (“V God” is his nickname given by Chinese cryptocurrency market.) Although ETH hit the market 6 years later than Bitcoin－mother of cryptocurrencies－, the technology of ETH is a lot more mature than BTC and its research team is still working on core technology. In the beginning of Ethereum, it is assumed to be able to be applied in various groups, business, personal applications or other different fields
Engineers may create warrants such as various types of embedded smart contracts, encrypted currencies on the Ethereum platform for ICOs of new currencies. According to the White Paper of Ethereum, there are four stages in the development route of Ethereum, and it is at the third stage: Metropolis now; to embrace the upcoming fourth stage: Serenity, a major change in its core technology will take place to solve the future operation and technology problems, and that is, the “Constantinople Hard Fork,” as known as “Ethereum Hard Fork”.
“Constantinople Hard Fork” is the key to the transformation of using current PoW technology to PoS implementation, in another word, miners will be significantly replaced with validators in recording smart contract in the fourth stage: Serenity. However, it doesn’t mean that miners are no longer needed in Ethereum, just reducing the needs of mining activities; miners can still gain cryptocurrencies as rewards through other approaches. This transformation is not only friendly to the environment for it hugely reduces pollution and electricity consumption of mining activities, but also balancing the ecosystem in Ethereum.
“Constantinople Hard Fork” is the focus of attention in crypto communities since crypto divergence is the key element to ETH’s price. The two additional hard forks of Ethereum Classic Vision (ETCV) and Ethereum Nowa (ETN) took place on Jan. 11 and Jan. 12 separately, it means that ETH owners may gain varying amounts of these two cryptocurrencies by following the steps shown in the official website. Based on previous experience of hard fork in Bitcoin, when it takes place, the price tends to go high for a while and then it will drop. The price of ETH is obviously dropping since Jan.10, last Thursday.
Constantinople Hard Forks is going to take place. Many exchanges have notified their users and investors that transaction services would not be available during system maintenance or upgrade. The author of this article assumes that the price of cryptocurrencies is unlikely to rebound in short term, and the price of ETCV and ETN might drop to lower than USD.80 after listing on exchanges.
*ICO: new currencies’ “Initial Coin Offering”; the concept comes from IPO (Initial Public Offering) in the stock market.
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