Hard fork of Ethereum Constantinople scheduled for mid-January

According to recent news, members of the Ethereum core development team reached an agreement to activate the Constantinople fork on the 7.080.000 block. If everything goes according to plan, Constantinople will go live between 14 and 18 January 2019. Exciting!

The developers of the core of Ethereum (ETH) have agreed to launch the long-awaited Constantinople. If the hard fork it will not be postponed, so January will be a GREAT month for Ethereum. Constantinople is one of the biggest updates of the Ethereum to date, which will change the infrastructure of the Ethereum blockchain.

The update aims to increase the efficiency of the Ethereum blockchain while reducing the premiums from 3 ETH to 2 ETH per block. This, of course, has a huge impact on the mining business, making my use of Ethereum for miners less profitable.

The forthcoming rigid fork of Constantinople includes five separate EIPs (Ethioum Improvement Proposals) to mitigate the transition from the work trial (PoW) to a more energy-efficient PoS (proof-of-stake) consensus algorithm .

The hard fork it was originally scheduled for release in November of this year. However, problems on testnet release forced developers to delay the update. That a new date has been set, does not mean that this will also be the date on which the difficult fork it will happen. Péter Szilágyi, a principal developer of Ethereum, said:

"We can only say in mid-January, it makes no difference whether we decide on an appointment or not, we can always postpone it."

Proof-of-Stake

The current economy of Ethereum tokens will change dramatically when the Casper protocol is introduced a few months later, of which Constantinople lays the foundations. With Casper, Ethereum is starting the transition from a Proof-of-Work system to a Proof-of-Stake system. Where proof of work requires calculations that reduce energy to minimize pledge offers, an alternative with a number of important advantages. In Proof of Stake, it is not the miners but the stakeholders, or the token holders, who are able to get the merits of the network.

Currently, the work trial block awards are paid to the miners, and the job test also pays to users who are picketing. Since complicated calculations are not performed, unlike Proof of Work, you can bet on Ethereum with virtually any computer, making it much more energy efficient and transactions can be performed at the speed of light.