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Ethereum is having the fork of Constantinople on January 16th and the first thing to notice is that it is a difficult fork so there will be a new Ethereum blockchain but it is very important to emphasize that it is not a controversial fork. When we previously had the Ethereum classic and the Ethereum division, there was a serious disagreement about different concepts and we had two fields that went separately for that conflict.
Constantinople: a non-contentious fork
Now, with the current Ethereum hard fork, it is not controversial, the preconditions are that the miners will move to the new chain, all current smart contracts on the current Ethereum blockchain will be replicated on the new chain. It is actually an upgrade to the Ethereum blockchain in general and not a sort of division between the community. Because of the update of the Ethereum blockchain that is so significant, that's why they require a stiff fork. There are some important changes that are happening and for this reason, they need to fork hard.
Whenever there is a bifurcation, there may be a new coin, but Constantinople is an upgrade so a division is not a very likely result. Now there is the potential that at the eleventh hour, some big mining mine could decide that he does not like them and they want to go in their separate direction and make a new coin. It is possible, but most likely there will be no new coins produced.
Currently, Ethereum is in an absolutely critical transition phase. The transition phase will bring or destroy long-term Ethereum. This is, of course, the transition from Test of Work to Pole Test. The update of Constantinople is part of this update. If Ethereum wants to remain the pre-eminent leader in the Dapp world, it must climb. We have scaling layer 2 solutions, but the new upgrade will make Ethereum cheaper and faster and at the same time reduce the reward for mining from three Ethereums to two Ethereums.
What will happen to your ERC20 tokens during Constantinople update?
ERC20 tokens are a form of smart contracts executed on the Ethereum blockchain. So they will migrate to the new chain with everything else. So there is absolutely no need to do anything. Indeed, the new improvements in Ethereum will ensure that the ERC20 and ERC721 tokens require less gas.
Constantinople is helping to optimize the status channels:
Another important part of the updating of Constantinople will contribute to the optimization of the status channels. So we could really see second-level solutions take off in style. The hard fork will help make this process even easier.
ASIC resistance: not included in Constantinople
An important thing to know that is not included in the hard fork of Constantinople, although it is under discussion at the moment is the ASIC resistance. There was an advanced proposal to make the progressive proof of the work that would eventually have blocked Asics, which are giant mining boxes or specific computers for the mining cryptocurrency. Previously, Ethereum was only usable with a graphics card, but Asics changed the game and substantially many domestic miners or smaller miners are very troubled by these changes and want to see the ASIC resistance introduced, but this will not happen during the time. current rigid fork.
If you are an etereum miner:
If you're an Ethereum miner, you're digging into a pool, pool operators will update the software, so you do not have to do anything again.
Beware of scams!
Pay attention to the scams. There is already something around called Ethereum Nova, which is basically fishing people's private keys and stealing money. Just remember that you do not have to do anything specific to the hard gallows of Constantinople. Do not put your private keys anywhere, there will be no free airdrop or no free token. These sites that you see claiming to be alternative forks will be nothing but scammers. So you really do not have to do anything except to avoid giving these people your private keys so they can steal your money. Watch out!
What happens if your Ethereum or token are in an exchange:
Even if you should never store your cryptocurrencies in a bag because a bag is not a safe, it's a market. But if you are trading, you can actually leave your cryptocurrencies in the exchange and they will go into place, since all the major exchanges have already come out saying they are supporting the hard fork and that they will perform the update so once again There is no need to do anything
What are your opinions on the rigid fork of Constantinople? Tell us in the comments section below.
