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Constantinople and Petersburg will pass ahead of schedule

02/12/2019
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Due to the repeated transfer of the Constantinople hardfork in the Ethereum blockchain, a complexity bomb was triggered. Now developers are forced to rush, as the issue of coins began to decline sharply. It is expected, that Constantinople and Petersburg hardforks will be held on February 25. This is two days earlier than it was planned.

Why an urgent Constantinople hardfork is needed

At the end of October, the Ethereum network had to undergo an update. However, two attempts to conduct hardfork failed. For the first time, the blockchain was divided into several independent branches, and in the second, vulnerability to hacker attacks was revealed. The complexity bomb worked as a result.

Hardfork is a global change in the system algorithm, in which the blockchain is divided into several branches. Older versions are no longer supported, and the community moves to new protocols. In the absence of consensus, another cryptocurrency may appear.

As a result, the miners began to decipher one block not in 13 seconds, but in 20. As a result, they began to lose interest in the production of tokens, and the daily emission rushed to a value of 10,000 ETH. It was planned that Constantinople hardfork will affect five areas:

  • improvement of information processing algorithm;
  • solution to scalability problems;
  • accelerated processing of smart contracts;
  • transfer of “complexity bomb”;
  • optimization of monetization mechanisms for developers.

However, due to the permanent transfer, no network improvements have been implemented. At the same time, competitors do not lose time. It turned out that more than 90% of decentralized applications on the blockchain do not conduct transactions. The head of the Tron project, Justin Sun, offered help to those who want to move to it from “drowning” platforms.

Difficult times for the Ethereum blockchain

We have to admit that the problem with the Constantinople hardfork added difficulties to its developers. Constant updates and network instability have even led to a temporary loss of second place in terms of capitalization.

However, now the situation has improved. The price of the coin rose from $ 100 to $ 120, and investors on cryptocurrency exchanges reduced short positions by almost 30%. At the same time, the volume of purchase orders increased by 15%. However, it is too early to talk about getting out of the crisis until the successful renewal of the network.

Ethereum team plans

It is expected that on February 25, at the 7,280,000 block, two forks will pass at once. One of them, Constantinople, will lead to network upgrades. The second hardfork, Petersburg, will eliminate the found vulnerabilities.

After that, the complexity bomb will be postponed, and the generation of one block will again take no more than 13 seconds. At the same time, the reward will be reduced from 3 to 2 coins. As a result, the daily emission will be 13,400 ETH, which completely covers the needs of the blockchain.

Coordinator of Constantinople and Petersburg hardforks Afri Shoedon is sure that now the process will be held in a regular mode. The team made every effort to solve all technical problems.

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