Wednesday, February 19, 2020

Ethereum Is Finally Set For Constantinople and St. Petersburg Hard Fork At Block 7,280,000

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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.

Ethereum is finally set for its Constantinople and St. Petersburg hard fork at Block 7,280,000. The hard fork formerly scheduled to hold on the 25th of February is now set to hold on the last day of February.

A New Date For Ethereum Hard Fork

According to a press release of ethereum, posted by Hudson Jameson on February 22, the ethereum network will be undergoing a scheduled upgrade at block number 7, 280, 000. This is predicted to take place on the 28th of February.

The release noted that the exact date is subject to change depending on block times between now and then. And this could be activated 1 to 2 days before or after. It was stated that “a countdown timer can be seen at https://amberdata.io/blocks/7280000. You can monitor the network upgrade in real time at http://forkmon.ethdevops.io/.”

Previous network upgrades have been given other names such as Spurious Dragon and Byzantium.

Meanwhile, the hard fork was supposedly Constantinople only before is now inclusive of St. Petersburg hard fork also. The reason was given for making it two hard forks is because of the original Constantinople network upgrade that was postponed. There will now be two protocol upgrade on the same block number to fix issues on various ethereum test network such as Ropsten.

Instructions For Ethereum Stakeholders

The long-awaited hard fork since January is set to take place, and as noted in the press release, there are roles for members of the ethereum community to play.

The ethereum users or holders that use an exchange, a web wallet service, a mobile wallet service, or hardware wallet do not need to do anything unless they are informed to take additional steps by their exchange or wallet service.

Also, the node operators and miners are to download the latest version of their ethereum client to stay compliant with the processes. If a miner is using an ethereum client that is not updated to the latest version, the client will sync to the pre-network upgrade blockchain once the upgrade occurs. The miner will be stuck in an incompatible chain following the old rules and will be unable to send ether or operate on the post-upgrade ethereum network.

The hard fork is undertaken as a step to transit from Proof of Work (PoW) protocol to Proof of Stake (PoS) protocol (Casper update). This is expected to make the ETH network faster and less costly to operate. It might be controversial as it would decrease the miners’ reward from 3 ETH to 2 ETH as well.

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