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Ethereum [ETH] Constantinople hard fork countdown begins: 2 more days left

Priya

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Ethereum [ETH] Constantinople hard fork countdown begins: 2 more days left
Source: Unsplash

Ethereum [ETH], the third largest cryptocurrency by market cap and the leading smart contract platform, is nearing the Constantinople hard fork. The hard fork is scheduled to take place around January 16, 2019, at block #7080000. This upgrade has been the most awaited one by the community as it would kick start the other major upgrades in the pipeline such as Casper and Sharding.

The hard fork was initially scheduled to take place in end-2018 but was called off by the Ethereum development team because of issues encountered during the Ropsten Testnet hard fork, which resulted in a three-way fork. In the post mortem report, Lane Rettig, a core developer of Ethereum, stated that there were problems with the limitations of Parity in comparison to Geth and that they had encountered a consensus bug in the Parity implementation of Ethereum.

The next Testnet fork was scheduled to take place on January 9, 2019, on the Rinkeby Testnet. Post the Testnet, Peter Szilagyi, a core developer of Ethereum Foundation, announced that the Testnet fork was successful, stating that there was a clean split.

Currently, there are approximately two days left for the network upgrade. The upgrade proposed the implementation of five Ethereum Improvement Protocols’.

EIP 145: Bitwise shifting instructions in EVM

  • Written by: Alex Beregszaszi, and Paweł Bylica
  • Effectively cuts the costs of certain activities on chain because native functionality added to the protocol.

EIP 1014: Skinny Create2

  • Written by: Vitalik Buterin
  • Allows interaction with addresses that do not exist on the chain yet.

EIP 1052: EXTCODEHASH opcode

  • Written by Nick Johnson and Paweł Bylica
  • Will ensure the return of keccak256 hash of a contract’s code. Decreases the cost of certain activities on the network.

EIP 1283: Net gas metering for SSTORE without dirty maps

  • Written by Wei Tang
  • Enables new usages for contract storage and reduces gas cost for SStore.

EIP 1234: Constantinople Difficulty Bomb Delay and Block Reward Adjustment

  • Written by Afri Schoedon
  • Reduces block reward from 3 ETH per block to 2 ETH per block [aka The Thirdening]. Delays difficulty bomb for another 12 months.

EIP 1234 is considered as the most important implementation. According to the Consensus report, this would result in the reduction of the total supply of new ETH from 20,300 ETH per day to 13,400 ETH per day. This, in turn, means that the total number of new coins per year would fall from 7.4 million to 4.9 million. Additionally, Post the hard fork, the inflation rate would drop from 7.7% to 4.8%.



Ethereum inflation rate drop | Source: ConsenSys

Ethereum inflation rate drop | Source: ConsenSys

AusIV, a Redditor said:

“I think it’s also worth noting that, if there were no hard fork, the difficulty bomb would start reducing issuance in the future. It would stay 3 ETH / block, but the difficulty bomb would mean less frequent blocks, so the issuance over time would start to drop.”

Blockstatsy, another Redditor said:

“Can’t wait. Kinda want to see how this plays out after Jan 16”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Ethereum

Grayscale Investments: Ethereum Trust [ETHE] receives FINRA approval for public quotation on OTC markets

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Grayscale Investments: Ethereum Trust [ETHE] receives FINRA approval for public quotation on OTC markets
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Grayscale Investments, a digital asset management firm, made an announcement with regard to the second largest cryptocurrency in the market, Ethereum. The platform stated that the Financial Industry Regulatory Authority [FINRA] approved its Ethereum Trust, ETHE, making it the third publicly quoted investment product. The other two publicly quoted investment products are Grayscale Bitcoin Trust [OTCQX: GBTC] and Grayscale Ethereum Classic Trust [OTCQX: ETCG].

Grayscale Investments stated on Twitter,

“Our team continues to bring new opportunities for investors to gain exposure to digital currencies. We’re pleased to share that Grayscale Ethereum Trust received FINRA approval for a public quotation on @OTCMarkets under symbol: $ETHE* gryscl.co/2M4wVER (1/2)”

In a blog post, the platform stated that each Share of ETHE would be equivalent to 0.09662399 Ethereum, as of 30th April 2019. Further, the asset management firm also stated that the Ethereum in each share would decrease over a period of time as  ETHE would not “generate income” and the Ethereum would be “regularly distributed” to clear-out expenses.

It further stated,



“There will be no trading volume in the Shares’ public quotation until the Shares are DTC eligible, which ETHE is expected to receive soon. Investors will be able to find current financial disclosure and Real-Time Level 2 quotes for Shares of ETHE on the OTC Markets website once trading commences. “

The ‘announcement of this announcement’ was made yesterday by Barry Silbert, the CEO of Digital Currency Group, thereby creating a buzz. Barry Silbert had stated on Twitter,

“Follow @GrayscaleInvest for some big news at 9 am NY time tomorrow. Announcing an announcement (yeah, that’s how I roll)”

To add on, the firm had recently launched the #DropGold initiative, with its main focus being prompting investors to invest in the digital gold, Bitcoin. The firm had stated,

“Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold. […] Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold.





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