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Ethereum [ETH]’s latest hard fork, Constantinople aims to make the network bigger and better

Akash Anand

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Ethereum [ETH]'s latest hard fork, Constantinople aims to make the network bigger and better
Source: Unsplash

On 27th July, Ethereum developers announced that the new Ethereum hard fork, Constantinople will be released sometime during the second week of October. The announcement was made during a developer and stakeholder meet that addressed the issues in the blockchain and cryptocurrency industry with a focus on further upgrades.

The developers also revealed that the test code for the hard fork is being run multiple times by the Foundation and that the key objective is to make sure the transition occurs smoothly. The Ethereum team has also stated that the hard fork will be created to usher in a new age of blockchain network usage. The developers have also said that they are going to make the Mainnet less expensive and much more efficient to use.

The officials of the Ethereum foundation have revealed that:

“Some of the updates that have reached the implementation phase include EIP 210, which reorganizes the way block hashes are stored in Ethereum, and EIP 145, which increases the speed of arithmetic in the Ethereum virtual machine (EVM). “

The team has also announced that there are two more updates in the pipeline: one that will add Ethereum status channels and the other that will change the way smart contracts interact with one another.

The Constantinople hard fork will be the second in a series of upgrades that was kickstarted with the release of Byzantium which went live in October 2017. Byzantium went live at block 4,370000 of the Ethereum blockchain and consisted of nine Ethereum Improvement Protocols [EIPs]. The goal of this release was to improve the Ethereum network’s privacy, scalability, and the security protocols.

The following are the main features of the Byzantium hard fork:

  • Embedding Transaction Status Code in Receipts

The Byzantium hard fork enables parallel processing of multiple transactions which increases the networks ability to speed up task execution. This is done by communicating transaction statuses using successive blocks thereby starting a series of parallel processes.

  • Enhancing Cryptography

The upgrade brought in the code for the implementation of four smart contracts that reduced the power required to execute zk-snarks. Zk-snarks is a cryptography type that is being increasingly used in the cryptosphere due to its ease of use and high-security standards.



  • Reducing rewards

The Ethereum network has the concept of rewarding its users with ethers for building blocks. The Byzantium hard fork has brought down the number of ethers given to users from five to three per block.

The developers at the conference have gone ahead and stated that they are trying to avoid a controversy like the one that led to the Ethereum Classic hard fork back in 2016. The reason for the hard fork was that a part of the Ethereum community was unhappy with security measures of the network, which occurred after the $50 million Ethereum network hack.





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

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1 Comment

1 Comment

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    CRYPTOCRUSADER

    July 28, 2018 at 9:41 PM

    Another etherium hard fork if it wasn’t weak enough. well that ladies and gentleman is the beginning of the end for etherium, the smart money will be heading for TRX and Ripple’s Codius protocol because they are both far superior to Chicken Mans high school project lol

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Analysis

Ethereum [ETH] and Tron [TRX] Price Analysis: TRX tries to join ETH on the bull wagon

Arijit Sarkar

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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH enjoys the bullish trend while TRX tries to join the bull wagon
Credit: Pixabay

The cryptocurrency market continued to consolidate after days of bullish movements. Tron [TRX] was back in the 12th position on CoinMarketCap and continued its sideways trend. Ethereum [ETH] maintained its market position as the market’s best performing altcoin.

Ethereum [ETH] 1-Day

Source: TradingView

The 1-day reading for Ethereum [ETH] showed that the altcoin enjoyed a strong bull market throughout the year, with no visible resistance to break. The cryptocurrency’s bull run was the strongest over the last week, enabling investors to enjoy a 38% growth in ETH value. Following the spike, ETH settled at $257.51, and held a market cap of $27.3 billion. It had a 24-hour trading volume of $11.8 billion, at press time.

Bollinger Bands: The upper and lower bands have been diverging over the month, suggesting high volatility and a bullish trend

Awesome Oscillator: On the other hand, the red histogram projections in the AO displayed a rising selling pressure for the ETH market

Relative Strength Index: The token continued to be traced across the overbought zone.

Tron [TRX] 1-Day

Source: TradingView

Resistance 1: $0.0308

Contrary to Justin Sun’s promise of TRX’s bullish future, Tron [TRX] witnessed a drop in its position owing to BSV’s brief pump, before the status quo was restored again. During the 24 hour reading, the coin grew by 1.58% and traded at $0.0286, with its resistance at $0.0308, at press time. It held a market cap of $1.9 billion and a 24-hour trading volume of $737 million.

MACD: The MACD line over the the reading line and suggested a bullish market for TRX

Chaikin Money Flow: The CMF plot hovered very close to the zero line, suggesting an equilibrium in the capital flowing in and out of the TRX market

Parabolic SAR: The alignment of the dotted markers below the candlesticks suggested a bullish phase for the market



Conclusion

Ethereum [ETH] continued to consolidate its position in the market, while Tron [TRX] was making progress in breaking from its perpetual sideways movement.





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