February 26, AtoZ Markets - The long awaited Ethereum constantinople upgrade is set to take place on 28th February. Specifically, the launch will take place at the Ethereum's block 7,280,000 which should be mined on 28th February. According to the ethereum's team blog post, the launch could happen one or two days earlier or later than the scheduled date due to the unpredictability of the block times between now and Thursday. For investors to monitor the network upgrade in real time, a hard fork countdown timer and a link to the state of the blockchain were included in the blog post for this purpose.
Ethereum Constantinople and St.Petersburg Upgrades
This network upgrade will have two names: Constantinople and St.Petersburg. Previous network upgrades had names like Spurious Dragon and Byzantim. The names Constantinople and St. Petersburg were used to adequately represent the two protocol upgrades that will need to occur and be merged into just one block.
Ethereum Constantinople Hard Fork: A Difficulty bomb?
The Ethereum constantinople upgrade has been postponed many times was meant to delay the difficulty bomb. The difficulty bomb is a feature meant to be used by Ethereum developers to force miners that are still on the proof of work network (POW) to migrate to the consensus proof of stake (POS). It will increase mining difficulty on the POW but the constantinople upgrade was meant to delay it for another 12 months.
The contantinople network will also come with a plan to offset the easy mining process by introducing another feature known as 'thirdening'. The 'thirdening' feature reduces mining rewards from 3 ETH to 2 ETH. Meanwhile, the post advised Ethereum users and Ether holders on what to do during this upgrade. Users and holders that use crypto exchanges, web wallet services or hardware wallets are expected to do nothing unless being told otherwise by their exchanges or wallet services.
What should a node operator or a miner do?
On the other hand, miners and node operators are expected to download the latest version of their Ethereum clients which are provided in the post. Failure to update would lead to an operator or a miner's client remain in the last version before the upgrade and therefore become incompatible with the new Ethereum blockchain and network. Ether cannot be sent unless there is an upgrade to the new network.
What other features will come with Ethereum Constantinople Hard Fork?
Aside from the constantinople difficulty bomb delay and the thirdening feature, there are some other features and changes that will be added on Thursday during the Ethereum constantinople hard fork. These changes are defined using Ethereum Improvement Proposals (EIPs) which will define new standards for the Ethereum platform. The EIPs to be implemented on Thursday include the Extcodehash opcode (EIP 1052), Bitwise shifting instructions in EVM (EIP 145) and the much-anticipated Create2 (EIP 145) which will make it easy to interact with addresses that are not created yet.
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