Everything you need to know about the upcoming Ethereum fork
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Answer Everything you need to know about the upcoming Ethereum fork
Today we will talk about the update of the Ethereum network known as “Constantinople”
The price of Ethereum (ETH) has been dropping recently, but we must not be ignorant that work is going on to improve the performance of the platform. Note that the month of January 2019 has been set to be the month of the “Constantinople” update of the Ethereum network.
Ethereum project roadmap
First, I will explain the “Constantinople” update with the Ethereum roadmap. The Ethereum network is developing based on a total of four phases of the roadmap.
- Rontier
- homestead
- Metropolis
- Serenity
The steps are organized in this order, and now Ethereum is in the third phase, which is the “Metropolice” phase, and during phases 1 and 2, the next update, scheduled to take place in January of the new year, is the second update of the Metropolice phase.
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“Constantinople” mainly focuses on rationalizing the rules of the Ethereum platform, which was originally scheduled for October 2018. When the “fork” update is implemented, the so-called “Difficulty Bomb” code will be delayed for 18 months in order to perform a faster update of the protocol, and compensate Mining of Ethereum coins decreased from 3 to 2 per block. We will go into details and explain the split or update of the Ethereum network.
Ethereum fork (Constantinople)
So far, the Ethereum network has made a total of 7 core updates. In 2015 we saw two divisions, Frontier and Frontier Thawing, development, mining and network formation.
In 2016 we saw a “homestead” update to build an Ethereum ecosystem. And then three major updates (EIP-150 Hard Fork, Dao Fork and Spurious Dragon) were released while they weren’t on the roadmap. It was a defensive event for an extraordinary attack from other groups.
“Byzantium” was the first update in the current “Metropolice” phase and it happened on October 16, 2017, which is the latest update of the Ethereum network. A total of nine Ethereum Improvement Proposals (EIPs) have been merged, the mining reward has been reduced from 5 ETH to 3 ETH per block, and the execution time for the “Difficulty Bomb” code has been delayed by one year at the time of the previous fork.
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In a blockchain or a block chain, a fork often refers to the process of creating a new chain that is different from the existing blocks and then splitting it into another chain of blocks.
For Bitcoin, for example, “Bitcoin Cash” was created through a fork or split process. But this fork of Ethereum conceptualizes it a little differently. By analogy, the difference is that we use the “fork” in a similar concept to network upgrade. In short, the goal is to improve performance. Moving to a PoS model from the consensus model, PoW, is the most significant because it has a broad impact on Ethereum’s governance and pricing.
Why the PoS model?
You can ask “Why would the Ethereum network want to switch to PoS? Or you can ask if you should switch to PoS from the start. “The simple reason for the PoW system to launch the initial Ethereum was the early development of the Ethereum Foundation, and this was a measure to launch it reliably.
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Serenity, the end of the Ethereum roadmap, also means a shift in the PoS paradigm. This switching can prevent the focus of energy on mining and mining pools, and allow Ethereum (ETH) holders to share the cost of the network via a staking process that allows Ethereum holders to back the network.
In addition, it can save a huge amount of energy consumed in a grid work program, and miner bias is expected in countries where energy cost is low. Many people expect TPS to be significantly improved once the consensus algorithm is fully converted to PoS. but. The specific mechanisms or policies are not completely comprehensive and need more monitoring and follow-up.
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