Tuesday, February 25, 2020

Constantinople Hard Fork Now Scheduled For Activation By February Ending

Babatunde Modupe
I am a freelance writer, Poet, blogger and cryptoenthusiast that is totally interested in blockchain technology and sharing it's Information with others.

A new date has been given for the activation of the Constantinople hard fork by the core developers of Ethereum. The team lead at Ethereum, Peter Szilagyi revealed this through a tweet on the 18th of January.

The New Date For Constantinople Hard Fork Activation

The tweet post of Peter Szilagyi on the 18th of January revealed a new date for the activation of the Constantinople hard fork. Szilagyi stated in the announcement that the activation will now take place at the block number 7,280.000 and it will be Mined on the 27th of February 2019.

Also, Szilagyi, a team lead at Ethereum noted in the announcement that the upgrade would be implemented as a single fork on mainnet and also as a post-Constantinople fix-up fork on the testnets to get them back in line feature-wise with the main network.

The new date fixed is a shift from the earlier scheduled date of January 16 by the Ethereum developers. This was delayed because of a recently found vulnerability detected by a smart security audit firm chain security.

The vulnerability which was also detected in Constantinople code enables a reentrance attack. This enables a potential attacker to steal Cryptocurrency from a smart contract by constantly requesting funds from it while it is fed with false information about the Ethereum balance of the malicious actor. The detection of this vulnerability has saved the blockchain of an impending disaster in the future as the loophole is being patched ahead of the Constantinople fork activation.

Constantinople Hard Fork and Its Recent Impact

The Constantinople hard fork is an upgrade to the Ethereum network. The process involves separate Ethereum improvement proposals EIPs purposely to soften the transition of the Ethereum network from the current proof of work PoW to proof of stake PoS which is considered as a more efficient consensus algorithm.

The implementation of the Constantinople hard fork is expected to change the Ethereum blockchain by preventing any form of backward compatibility. This means that the network nodes must either update synchronically with the entire system or run as a separate blockchain entity. This upgrade has received support from major exchanges such as Coinbase, Kraken, Huobi, and OKEx.

Meanwhile, ahead of the previously scheduled upgrade on January 16, Ethereum price had experienced a bullish move. However, the delay caused a bearish trend to set in, as Ethereum moves in contrast to the crypto market trend.

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