News Big improvements expected from Ethereum hard fork this week

Big improvements expected from Ethereum hard fork this week


- Advertisment -

Ethereum has had a rough ride over the past 12 months. The big bear market and network scalability woes have resulted in the world’s second largest crypto asset dropping to third and dumping nearly 90% of its value.

A long-awaited planned upgrade to the Ethereum network is due this week and it could spell some big improvements for the ecosystem. Constantinople, as it has been dubbed, will usher in five updates called Ethereum Improvement Proposals (EIPs).

The blockchain will split into two with the new version running operations as the old one fades out. The “hard fork” will take place at block 7,080,000, which has been estimated to happen on or close to Wednesday, January 16.

Ethereum now has a number of competitors which also offer smart contract and decentralized application platforms. The difference is that they are all faster and more efficient than Ethereum. Some such crypto projects include Tron, EOS, NEO, and NEM.

Ethereum needs to improve its performance and decrease the cost of operations to remain competitive and this upgrade will be the start of those improvements.

The first of the five upgrades will modify the Ethereum Virtual Machine so it is cheaper and easier to do certain things on the chain. When transactions take place on the blockchain they need ‘fuel,’ which in this case is called ‘gas.’ Reducing the usage of this gas has become a priority for the developers.

The second upgrade also reduces gas usage by making smart contract code verification improvements, and the third adds off-chain functionality that also increases performance and drops the gas use. Upgrade four tackles contract storage and gas metering, which is another plus for performance.

The fifth modification is a little more complicated. Ethereum now operates on a “proof of work” model whereby miners use computing power to find the next block on the chain. It is planning to switch over to “proof of stake” consensus later this year in which the blocks are verified by staked crypto instead of being “mined.”

The blockchain has been designed to get exponentially harder to mine with a built-in “difficulty bomb.” So, in order to prevent the whole thing freezing up before the next big upgrade, called Casper, this difficulty has been delayed with adjustments to the block reward.

Ethereum has a long way to go in terms of development, as do most current crypto projects, which is why so many are still focused on markets and prices. On that front things are not pretty as Ethereum is still around its lowest levels for more than 18 months.

continue reading



Please enter your comment!
Please enter your name here

Latest news

Make Fast and Secure Trades Using is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...
- Advertisement -Big improvements expected from Ethereum hard fork this week

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...

Must read

Make Fast and Secure Trades Using is a Cryptocurrency trading platform that...
- Advertisement -Big improvements expected from Ethereum hard fork this weekBig improvements expected from Ethereum hard fork this week

You might also likeRELATED
Recommended to you