If you are new or advance to the crypto space and you are thinking to buy ETHEREUM and you heard about the upcoming HARD FORK CONSTANTINOPLE, this are a few things you need to know, besides the price action of ETHEREUM.
When will this happen?
The hard fork will happen at block seven million eighty thousand (7080000), at current block it may take about two days before the upgrade, depends on the network, never do math on the internet.
How will this hard fork impact you?
- You hold ETHEREUM on a software wallet, you do not need to do anything, since most wallets will support the hard fork
- You hold ETHEREUM on an exchange like Bittrex, Binance or any mayor exchange, most of them will support the hard fork
- You have your ETHEREUM on a hardware wallet, please contact the company that makes it and consult them, most of the time you wont have to do anything except update the hardware wallet
- If you are a miner, once the hard fork happens it will depend on the pool you are mining at, contact the mining pool or check they latest updates.
What could go wrong?
Many things could go wrong but this kind of implementation are tested before going into production, also it would depend of the consensus between miners to point most of the hash rate to the new chain and don’t create a chain split like it happen before with Ethreum Classic.
The Technical, explain in plain English for all humans:
- Improve to the Ethereum Virtual Machine, this provides all resources for smart contracts to run, essentially on the virtual machine happens most of the important aspects of the network, smart contracts, executions, transactions.
- Reduce block reward for miners, miners do not like this since its a business for most of them, I’m one of them but I’m not mining ETHEREUM at the moment, the reward will be reduce from three ETHREUM to two ETHEREUM.
- Prepare for Proof Of Stake, this upgrade will slowly increase the difficulty of the algorithm at a point that its not profitable for miners and push them to go Proof Of Stake.
- Reduce GAS fees, is the internal pricing for running a transaction or contract in Ethereum, this would be the fee that the network charge for the transaction, is a unit that measures the amount of computational effort that it will take to execute certain operations, it is used to calculate the amount of fees that need to be paid to the network in order to execute an operation, lower fees everybody happy 🙂
Over all this are good steps for ETHEREUM but this will also depend for how long until next upgrade, ETHEREUM is not a network that upgrades or solve their problems fast enough, we have been waiting for Proof Of Stake since 2017 and we are just starting to get closer, if the next upgrade at least happens on 2019 a stable difficulty plus lower rewards may increase the price of ETHEREUM at the same time is reducing the inflation of this cryptocurrency.
I hope this was as straight as possible, I skip deep technical details since this website main target is to explain new adopters the easy as possible.
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