The Ethereum blockchain after a number of security-related delays has managed to upgrade its blockchain network. According to The Ethereum blog, Constantinople and St Petersburg will be implemented onto the Ethereum blockchain when the system hits block 7,280,000. According to a Reddit page, just two hours ago from the time of writing, we are already currently 25 blocks into Constantinople. The online cryptocurrency community expressed a lot of gratitude and thanks to the Ethereum Developers who made this hard fork a reality. It looks like everything went smoothly and well.
While there are two updates, Constantinople is the main change to the Ethereum Network. St Petersburg simply an upgrade designed to disable a specific part within Constantinople’s code. Earlier this year, Ethereum was to hard fork, but someone found a significant smart contract security flaw. St Petersburg is designed to disable the smart contract security issue.
Now for a quick overview, the Constantinople update will act as a “maintenance and optimization update,” and will have its primary effect on Ethereum miners. So instead of three EThereum tokens per block, miners now receive two. A similar update has happened in the past during October 2017, where Byzantium, a previous fork had lowered the block rewards from five to three Ethereum tokens. The Constantinople fork also provides additional improvements to the EThereum blockchain’s efficiency, speed, and energy consumption. If you guys are interested in understanding more concerning the Constantinople hard fork, make sure you watch this video from James.
So what are your thoughts on the situation guys?
Do you think the Ethereum hard fork went well?
Or are you a miner, and are looking to mine other cryptocurrencies to get greater rewards?
Let me know what you guys think in the comments below. If you’re keen to hear more daily news, make sure you hit like and subscribe. It’s Cindy with CryptoPig, Catch you guys around!
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