Constantinople What You Need To Know
Constantinople will be taking place soon on block #7080000 Which should be early January 16 2019 or late January 15 2019.
This update will be updating a few things to the blockchain but nothing to major just yet. Those updates being the following.
- opcodes - pieces of logic programmers use to develop smart contacts
- delays the mining difficulty bomb
- reduces the reward for finding blocks
- optimizes the way gas is consumed
This hard fork is considered non-contentious which means no alternative coin should result from it. There honestly is no reason not to support this update.
Breaking down each of these updates
1 - Difficulty bomb delay
This difficulty bomb will reduce the ether earned per block found from 3 ether to 2 but delays it by 5 million blocks. This Difficulty bombs is placed in as a gradual way to reduce mining for ether to a level it becomes unprofitable so POS can take over. POS = Proof of stake its where you hold coins in your wallet and leave your system running. If you are picked to produce the block you will have a certain amount of time to process the block and be rewarded for it. The more you hold the higher your chance.
2 - Logic for Programmers
This simply adds more opcodes or optimizes existing opcodes for smart contracts. This allows dApp developers to optimize certain operations to save gas.
3 - Optimize Gas
Most of the updates are here to optimize Gas what is used during transactions on the ethereum blockchain. This is aimed to reduce fees and give more flexibility and options to dApps.
That's all there is to it for this update. I hope to have more details on the next update and what it will bring soon after! Expect some pretty cool stuff from Ethereum this year in terms of holding it ;)
It will be interesting to see how long it takes for those 5 million blocks to be mined as it is definitely a key component of the POS conversion and the needed code development.
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