The whole Ethereum community has been engulfed with the upcoming hard fork, Constantinople. The hard fork that was supposed to go live in 2018 is finally going to meet its end. The hard fork is scheduled to take place around January 16, 2019, and will take place on block #7080000.
The team has been working on the hard fork since 2017 and proposes key upgrades to the network. The main Ethereum Improvement Protocol includes the reduction of the block mining reward issuance to 2 ETH and delaying the difficulty bomb for almost 12 months.
As the hard fork is approaching closer, the total clients ready for the upgrade are recorded to be 981, i.e., 12.7% of all clients on the network. At the time of writing, the total number of clients for Geth and Parity were 7709, out of which Geth 1.8.20 clients are 281 and the remaining are Parity 2.1.10+ or 2.2.5+ clients.
Peter Szilagyi, a core developer at Ethereum said:
#Ethereum mainnet Constantinople hardfork (16th of January) is fast approaching. Please make sure you are running Geth 1.8.20+ or Parity 2.1.10+/2.2.5+ to avoid unpleasant surprises!”
Additionally, Peter also announced the schedule for Ethereum Rinkeby on his official Twitter handle. According to an article by Geoff Hayes, Rinkeby is one among the three Testnet of Ethereum, similar to the “production blockchain”. The other two Testnet’s are Ropsten and Kovan. Rinkeby Testnet is a proof-of-authority blockchain, which was initiated by the Geth team to test the upgrade before it goes live on the main chain.
He also said:
#Ethereum testnet hardfork will land around 13:00 UTC on Wednesday, 9th of January! Last call to update your nodes. Also, please ensure you’re either running with `–rinkeby`, or that you `geth init`-ed your node with the updated genesis spec from https://www.rinkeby.io/#geth “
Prior to Rinkeby Testnet, the Ropsten Testnet hard fork went live in the month of October 2018. However, there were several issues encountered during the Ropsten Testnet, resulting in the postponement of the Constantinople hard fork on the main chain.
In a post-mortem report, a core developer of Ethereum, Lane Rettig stated that they had discovered a consensus bug in the Parity implementation of Ethereum. He also stated that there were concerns in terms of lack of miners on Parity, Geth or Aleth for Ropsten.
Subscribe to AMBCrypto’s Newsletter
Bitcoin: Would you rather HODL Bitcoin or trade? ex-CTO of Coinbase opines on investing in cryptos
With the inception of Bitcoin and the advent of altcoins, there has never been a good chance to make quick money by simply investing. The last time such an opportunity was seen during the DotCom bubble. However, scams are also a part of this opportunity which became more than evident during the ICO frenzy of 2017.
Millions, if not billions were lost to the ICO scams, which caused the regulatory bodies like SEC, CFTC, and others to step in to protect investors. As the space matured over time, so did the actual number of projects in the ecosystem; there are more than 3000 cryptocurrencies with different and implied use-cases, which is confusing to most of people in the crypto industry and to the people outside of this space as well.
The ex-CTO of Coinbase, Balaji Srinivasan tweeted in support of the above; how an investor who is not familiar with the crypto space should go about investing. Srinivasan said that there were a few people who can be profitable and can beat the market, however, he added that “buying BTC in crypto” was like “buying vanguard in traditional equities”.
Investing in traditional assets or Bitcoin, for people who are inexperienced should be a longterm investment, hence the best thing to do with Bitcoin is to stack and/or HODL.
The DotCom bubble pushed the innovation to its maximum which led to the birth of massive companies like Google, Amazon, Uber, etc. The same can be said for Bitcoin, which led to the development of Ethereum [ETH], which is the second largest cryptocurrency in terms of market cap. However, Ethereum brought smart contracts to the world, which has further led to the development of dApps and other use-cases.
1) ETH is/was also both a phenomenal investment and a major technological breakthrough.
2) Some other digital assets are very promising; I don’t believe innovation ends with BTC and ETH.
But for the person outside the space who wants exposure, just buy BTC.
— Balaji S. Srinivasan (@balajis) June 22, 2019
The bottom line with the Srinivasn’s tweet thread for the people who are inexperienced with crypto space was to just buy Bitcoins and hold it rather than trading it.
A Twitter user @mskvsk, reflected Srinivasn’s tweet as he replied:
“Buying BTC, dollar-cost averaging, forgetting about it for several years. This is the soundest strategy for most people. #stackingsats”
Subscribe to AMBCrypto’s Newsletter