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Ethereum Hard Fork: Constantinople Explained, Beware of Scams.

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Ethereum is having the Constantinople hard fork on 16th January. Ethereum Nova is basically fishing for people's private keys and stealing money.

Ethereum is having the Constantinople hard fork on 16th January and the first thing to note is that it is a hard fork so there will be a new Ethereum blockchain but its really important to point out that this is not a contentious fork. When we earlier had the Ethereum classic and Ethereum split, there was a serious disagreement on different concepts and we had two camps who went their own separate ways over that conflict.

Constantinople: A Non-Contentious Fork

Now with the current Ethereum hard fork, it’s not contentious, the assumptions are that the miners will be switching to the new chain, all of the current smart contracts on the current Ethereum blockchain will be replicated on the new chain. This is really about an upgrade to the Ethereum blockchain overall and not some kind of split between the community. Due to the upgrades to the Ethereum blockchain being so significant, this is why they require a hard fork. There are some major changes that are going to take place and because of that, they need to do a hard fork.

Whenever there is a hard fork, there can be a new coin created but Constantinople is an upgrade so a split is not a very probable outcome. Now there is the potential that at the 11th hour, some big mining pool could decide that they don’t like them and they want to go to their own separate direction and make a new coin. That’s possible but most likely there will be no new coins produced.

Currently, Ethereum is in an absolute critical transition phase. The transition phase is either going to make or break Ethereum in the long term. That is, of course, the move from Proof of Work to Proof of Stake. The Constantinople upgrade is a part of that upgrade. If Ethereum wants to stay the preeminent leader in the Dapp world they have to scale. We do have the layer 2 scaling solutions but the new upgrade is going to make Ethereum cheaper and faster and at the same time it will be decreasing the reward for mining down from three Ethereum a block to two Ethereum a block.

 

What will happen to your ERC20 tokens during the Constantinople upgrade?

ERC20 tokens are a form of smart contracts running on the Ethereum blockchain. So they will migrate to the new chain with everything else. So there is absolutely no need to do anything. In fact, the new Ethereum improvements are going to make your ERC20 and ERC721 tokens require less gas.

 

Constantinople is helping to Optimize State Channels:

Another important part of the Constantinople upgrade will be helping to optimize state channels. So we could actually really see the second layer solutions taking off in a big way. The hard fork is going to help make that process even easier.

 

ASIC Resistance: Not included in Constantinople

An important thing to know that is not being included in the Constantinople hard fork even though it is being discussed at the moment is ASIC Resistance. There has been a proposal put forward to make progressive proof of work that would eventually block Asics, which are giant mining boxes or specific computers for mining cryptocurrencies. Previously, Ethereum was only mineable using a graphics card but Asics have changed the game and substantially a lot of home miners or smaller miners are very upset about these changes and do want to see the ASIC Resistance brought in but this is not going to be happening during the current hard fork.

 

If you are an Ethereum Miner:

If you are an Ethereum miner are you are mining via a pool, the pool operators will be updating the software, so again you don’t need to do anything.

 

Beware of Scams!

Kindly beware of scams. There is already something going around called the Ethereum Nova which is basically fishing for people’s private keys and stealing money. Just remember that you don’t have to do anything specific for the Constantinople hard fork. Don’t put your private keys anywhere, there’s not going to be any free airdrop or any free tokens. These sites that you see claiming to be alternate forks are going to be nothing but scammers. So you really don’t need to do anything except to avoid giving these people your private keys so they can steal your money. Be careful!

 

What if your Ethereum or tokens are on an exchange:

Although you should never be storing your cryptocurrencies on an exchange as an exchange is not a safe deposit box, it is a marketplace. But if you are running trades, you can actually leave your cryptocurrencies on the exchange and they are going to be fine as all major exchanges have already come out saying that they are supporting the hard fork and they will be running the upgrade so again you don’t need to do anything.

 

What are your thoughts on the Constantinople hard fork? Tell us in the comments section below.

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Ethereum hard fork vulnerability: Constantinople delayed yet again.

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Ethereum Constantinople hard fork after ChainSecurity, smart contract auditing firm has found a major vulnerability in one of the objectives of the upgrade.

Ethereum’s Constantinople hard fork after ChainSecurity, a smart contract auditing firm has found a major vulnerability in one of the objectives of the upgrade.

ChainSecurity said yesterday that EIP 1283, which was one of the planned changes is vulnerable to attacks as it can provide hackers a loophole in the smart contract code to take over the user’s funds. As a result, the ethereum developers, the client developers as well as all other projects have agreed to delay the Constantinople hard fork for the time being till the issue is evaluated and resolved.

The next date for the Constantinople hard fork shall be decided on 18th of January during the Ethereum dev call which would include people such as Vitalik Buterin, Nick Johnson, Hudson Jameson, Evan Van Ness, Afri Schoedon and others.

The ethereum developers have decided to delay the Constantinople hard fork for now as according to them the issue might take longer to be resolved. The Constantinople hard fork was earlier planned to be executed on 17th January at around 04:00 UTC.

 

Constantinople Vulnerability:

According to Joanes Espanol, the CTO of Amberdata, the vulnerability found in the EIP 1283 is known as Reentrancy Attack. The following attack allows the hacker or attacker to reenter the identical function multiple times in the absence of the user knowing about the state of affairs. Under the Reentrancy attack, the hacker or the attack could withdraw the user’s funds forever.

According to ChainSecurity, the storage operations on the ethereum network is currently costing 5000 gas which exceeds the 2300 gas which is sent while calling a contract using ‘send’ or ‘transfer’ function. After Constantinople is implemented dirty storage operations will start to cost 200 gas and the attacker contract can then use 2300 gas stipend to control the endangered contract’s variable.

This is the second time that the Ethereum hard fork Constantinople is being delayed. Previously, it was scheduled to be launched last year but was delayed due to issues with the Ropsten testnet.

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Ethereum is centralized: 2 mining pools control more than 50% hashrate

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Ethereum is turning centralized with just two of the Ethereum mining pools: Ethermine and SparkPool controlling more than 52% of the total network hashrate.

Ethereum, the 2nd top cryptocurrency by market capitalization is turning centralized with just two of the Ethereum mining pools: Ethermine and SparkPool controlling more than 52% of the total network hashrate.

ethereum-mining-chart

Source: BTC.com: Ethereum Pool’s Distribution

Ethermine controls around 28% of the total network hash rate while SparkPool controls more than 24% of the total hash rate. Apart from these NanoPool, F2Pool and MiningPoolHub control around 13.5%, 11% and 6% of the network hash rate simultaneously. Apart from the major mining pools just around 17% of the Ethereum network hash rate is controlled by others.

Bitcoin is way more decentralized In comparison to Bitcoin Cash and Ethereum as the top two mining pools of bitcoin: BTC.com and Antpool control just around 29% of the total network hashrate.

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Ethereum Updates: ETH surpasses XRP, rises 85%, Fork approaching

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Start of the new year has given hopes to all cryptocurrency investors with all major cryptos showing signs of recovery and Ethereum rising more than 85%.

Ethereum faced one of the major crashes last month falling to 2018 low of $83.5 with bitcoin crashing down to a yearly low of $3250. But the start of the new year has given hopes to all cryptocurrency investors with all major cryptos showing signs of recovery and Ethereum rising more than 85% in just a matter of 18 days.

 

Ethereum Market Capitalization

The market cap of Ethereum has doubled in the last three weeks. Earlier the market cap of Ethereum fell to around $8.5 billion which made its position fall below that of XRP. As the new year started, Ethereum price has started a significant rise and also yesterday the market cap of Ethereum rose above XRP making it the #2 cryptocurrency by market capitalization below bitcoin again.

ETHUSD Chart

ETHUSD Chart

The significant increase in price has led to Ethereum to rise above $150 with signs of further improvements. The current market cap of Ethereum stands at more than $15.6 billion and that of XRP is around $14.8 billion according to CoinMarketCap.

 

Reason for the rise of Ethereum: Constantinople Fork

People have been awaiting the Constantinople Fork (Ethereum hard fork) from months and finally, the time is close enough to impact the price of Ethereum. The Constantinople fork is scheduled to occur on 16th January 2019. Constantinople fork will result in a new blockchain which will have five significant improvements. According to most Ethereum developers, the new hard fork will not result in a new cryptocurrency altogether but all miners will switch to the new blockchain at block height 7,080,000.

The hard fork will improve the performance of Ethereum and make it much faster. The EVM or the Ethereum Virtual Machine shall make improvements under Ethereum Improvement Proposal 145 which will alter bitwise shifting instructions and use less of Gas. Also, Ethereum Improvement Proposal 1052 will make smart contract code verification much more efficient and cost-effective.

The Ethereum Improvement Proposal 1014 will introduce off chain transactions just as the lightning network which will significantly enhance the overall performance of Ethereum. The Ethereum Improvement Proposal 1234 will help in reduction of block rewards and delay the difficulty bomb. Binance which is the largest cryptocurrency exchange has already declared their support for Constantinople hard fork.

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