Constantinople hard fork finally activated in Ethereum

Posted 01 March, 2019

This Thursday was marked by a strongly anticipated update in the Ethereum network.

According to the news reports, the update was activated at the block 72800000 which came in line with the previously announced schedule. The network, in fact, saw two major updates called Constantinople and St. Petersburg. 

However, no all users switched to the updated version. As the available data showed, only some Geth and Parity users (about 20% and 32% respectively) have started running Constantinople. As it was reported, the update was successful without unexpected challenges.

As for the Constantinople, this update is designed to boost the effectiveness of the platform via reducing transaction fees for certain operations on the network. 

At the same time, the second update called St. Petersburg will deactivate protocol EIP-1283 due to detected vulnerabilities, in particular, Reentrancy. 

For reference, the initial date for the update was set for January, but it was decided to reschedule it after the developers discovered security weaknesses. The daily issue will be 13,400 ETH, while block mining time will be about 14 seconds with rewards to be cut from 3 to 2 ETH (EIP 1234). Inflation is said to be near 4%.

Constantinople is said to be the second phase of large hard fork Metropolis. In particular, the rewards decreased to 3 ETH (5 ETH earlier) at the first phase Byzantium.

This update has also brought to the network EIP 145 which would boost performance and blockchain speed via application of Bitwise tools. Another improvement is EIP 1052 aimed at making the network more suitable for smart contract development.

Previous story

01 March, 2019 12:12

← Kraken announcement: $100,000 for information about QuadrigaCX lost funds

Kraken crypto exchange has announced that it would pay up to $100,000 for any information regarding lost funds of Canadian crypto platform QuadrigaCX, that still has to refund its customers millions in terms of both cryptos and fiats. All the information that will be provided is said to be passed to law enforcement bodies.

Kraken announcement: $100,000 for information about QuadrigaCX lost funds

Next story

28 February, 2019 17:39

Singaporean state-owned fund GIC said to be among Coinbase investors →

Coinbase reportedly closed $300 million funding round last year with possible backing from Singapore-based GIC Private Limited. Coinbase said to get huge financial support provided by GIC Private Limited, a state-owned wealth fund from Singapore in 2018. Moreover, there are rumours, that investment was the first one to be made by the Singaporean company in the cryptocurrency area.

Singaporean state-owned fund GIC said to be among Coinbase investors
Write a comment
 
Prove you’re not a bot + 19 = 26