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Ethereum has had a hard lap in the last 12 months. The big bear market and the difficulty of scalability of the network have led to the third party to cede the second largest encryption resource in the world, downloading almost 90% of its value.
A long awaited planned update for the Ethereum network is scheduled for this week and could mean some major improvements for the ecosystem. Constantinople, as it has been nicknamed, will introduce five updates called Ethereum Improvement Proposals (EIP).
The blockchain will split into two with the new version that performs operations while the old one dissolves. The "rigid fork" will take place at the 7.080.000 block, which was estimated to occur on Wednesday 16 January or next to this.
Ethereum now has a number of competitors that also offer smart and decentralized application platforms. The difference is that they are all faster and more efficient than Ethereum. Some of these cryptographic projects include Tron, EOS, NEO and NEM.
Ethereum must improve its performance and reduce the cost of operations to remain competitive and this update will be the beginning of these improvements.
The first of five updates will modify the Ethereum virtual machine so that it is less expensive and easier to do certain things on the chain. When transactions take place on the blockchain they need "fuel", which in this case is called "gas". Reducing the use of this gas has become a priority for developers.
The second update also reduces the use of gas by making intelligent improvements to the verification of the contract code, while the third adds off-chain functionality that also increases performance and decreases the use of gas. Enhancement of the contractual accumulation of four tackles and the measurement of gas, another benefit for performance.
The fifth change is a little more complicated. Ethereum now operates on a "labor proof" model where miners use computational power to find the next block in the chain. It is planning to move to consensus on the "stake test" by the end of the year when the blocks are checked by cryptocurrency aimed instead of being "extracted".
The blockchain has been designed to become exponentially more difficult to use with a built-in "difficulty bomb". So, to prevent it from freezing before the next big upgrade, called Casper, this difficulty was delayed with adjustments to the block premium.
Ethereum has a long way to go in terms of development, as well as most current encryption projects, which is why many are still focused on markets and prices. Things are not nice on this front since Ethereum is still at the lowest levels for over 18 months.
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