ConsenSys, a company developing Enterprise Ethereum solutions today informed the crypto community about the upcoming Constantinople hard fork.
The fork will happen on January 16th and will integrate five new Ethereum Improvement Proposals (EIPs).
Getting to Know Constantinople
The hard fork system upgrade of the Ethereum blockchain, called Constantinople will arrive this month, taking the community one step closer to Serenity.
On December 6th, 2018, the core development team of Ethereum voted to go ahead with the Constantinople hard fork which will occur at block 7,080,000.
The hard fork is not expected to lead to a currency split because it has large community support.
Not like the hard fork that led to the breaking apart of Ethereum and Ethereum Classic after the DAO hack.
This is not the first fork that hasn’t led to a new currency. Previously the Homestead and Byzantium forks did the same.
What Will Change With Constantinople?
Five new Ethereum Improvement Proposals (EIPs) will be implemented with the fork.
EIP 145 “will add Bitwise shifting instructions to the Ethereum Virtual Machine (EVM).” This improvement will make smart contract shifts become 10x cheaper.
EIP 1052 will improve smart contract verification. Smart contracts will only have to pull the hash of another smart contract to verify it.
EIP 1014 will enable state channels on Ethereum, helping it scale using off-chain transactions. The upgrade is also known as CREATE2 and was developed by Vitalik Buterin.
EIP 1283 will help in reducing gas consumption of the SSTORE operation. It is also known as “Net Gas Metering for SSTORE without Dirty Maps.”
EIP 1234 will be a very crucial update, reducing block rewards for miners from 3 ETH to 2 ETH. It will also lead to a delay of difficulty bomb.
The difficulty bomb delay will increase the difficulty level of mining new blocks, eventually to a point where mining new blocks will become impossible.
At this point, the Ethereum network will become “frozen.” With Constantinople, the decision on difficulty bomb will be delayed for the next 12 months and will be voted upon after that.