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In the weekend we like to immerse ourselves in a topic in the world of cryptocurrencies and blockchains. This week, let's look at Constantinople: the huge new update coming to Ethereum.
The update was designed to increase the efficiency of the Ethereum network and reduce transaction costs. It is scheduled to be activated by the end of October.
However, there are many obstacles on the road, and not everyone agrees on how to upgrade the system. Let's take a closer look at the problems at stake.
Start here: What is Ethereum? The Smart Contracts Platform
Ethereum Constantinople Upgrade: The Basics
Read: Constantinople will go to live in October – Michael K Spencer, via Medium
Constantinople is a stepping-stone towards more goals great of Ethererum; a series of changes that improve the speed and scale of transactions.
"Constantinople can also lead to a higher level of scalability for the Ethereum project before the kind of sharper and Casper take place gradually in the long term.
Ethereum & # 39; s Long -Term Goal
Ethereum's network, like that of Bitcoin, suffers from some major problems: the high consumption of energy (through mining), the centralization of mining pools and the lack of access to mining hardware. The long-term project of Ethereum, Casper, aims to solve these problems
Read: Casper, what will bring the upgrade to the Ethereum network? – Coindesk
Constantinople laid the groundwork for Casper, which aims to move Ethereum from a work trial system (POW) to a post-test system (19659003) Read: Employment test against Pole test – Karthik Radhakrishnan , via Medium
Constantinople: on what c do they all agree?
Read: Constantinople aims to make the network bigger and better – AMBCrypto
Three major changes have been agreed, outlined in EIP (proposals for improvement, ethereum). They refer to scaling, flexibility and speed of smart contracts.
"Some of the updates that have reached the implementation phase include EIP 210, which reorganizes the way the hashes of the blocks are stored in Ethereum and EIP 145, which increases the speed of arithmetic in the Ethereum virtual machine (EVM). "
What are not agreements?
There are many "stakeholders" involved in the updating of Constantinople: miners, investors and developers. Each of them has its own agenda.
Miners do not want to see their reward knocked down. But investors want the reward to be limited, so the price remains higher.
Even the founder of Ethereum Vitalik Buterin evaluated one of the proposals to say he was "frightened by it". It referred to a greater centralization of miners. [19659003] Read: A call could change the future of Ethereum – Coindesk
The last obstacle is the "difficulty bomb" of Ethereum
Explain the "bomb of difficulty "by Ethereum
Read: What is Ethereum's difficulty bomb? – Investopedia
Ethereum's "difficulty bomb" refers to the increasing difficulty level of puzzles in the mining algorithm used to reward miners. "
In 2019, the difficulty bomb will make my ether a lot harder (
Ethereum's biggest challenge is whether to delay the bomb or speed up updates before it hits.
One thing is certain, Ethereum is ready for a hellish lap in the lead until October.
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