Ethereum blockchain’s next network upgrade will be arriving this week, and cryptocurrency Exchange Coinbase is now informing its customers on what they should expect during the upgrade.
Coinbase will be supporting Constantinople and users will not be able to engage fully with the blockchain while the network is being upgraded.
What Should Coinbase Customers Expect?
“Customers on Coinbase Pro, Coinbase Prime, and Coinbase.com and our iOS and Android apps can continue buying, selling, trading and converting Ethereum (ETH) during the upgrade.”
The exchange will fully support the upgrade, but as it begins, it will pause sending and receiving ETH temporarily across all its platforms for technical and security purposes.
Coinbase will allow sending and receiving ETH again when the upgrade is complete, and the security of the network is confirmed.
In the meanwhile, users will be allowed to trade in ETH on all Coinbase platforms.
What Will Constantinople Change?
Constantinople is a much-awaited hard fork of the Ethereum blockchain. However, it will result in the creation of a new coin.
Instead, it will implement five new Ethereum Improvement Proposals (EIPs) that will help in solving some of the network’s ongoing problems.
The five EIPs will make smart contract shifts 10x cheaper while improving verification of smart contracts. It will also reduce gas consumption on some operations and reduce block rewards for miners form 3 ETH to 2 ETH.
This ‘thirdening’ of block rewards means that less ETH coins will be produced over time. Also, the upgrade would enable off-chain transactions, which could help it scale further.
The Ethereum Constantinople update will not require users to do anything extra unless their wallet service providers or exchanges notify them.
However, the nodes will have to ensure that they are running the latest Ethereum client; otherwise, they will be running an incompatible pre-fork version of the chain.