Ethereum upgrade Constantinople delayed!

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Adriaan Admin

Administrator
Staff member
Jan 30, 2018
231
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www.bitcoinforbeginners.io
#1
Ethereum has an ambitious roadmap on the way to scaling its network by eventually implementing Sharding (scaling solution) and Casper (changing from Proof of Work to Proof of Stake). Because those technical changes are so complicated and have to implemented in a running machine, the process needs to be very delicate. Therefore changes are made step by step by means of upgrades. Last was Byzantine in 2017 and for Oct/Nov 2018 Constantinople was scheduled. Because this news involves changes on a fundamental level of Ethereum, I would like to try to explain in short what it is about, so you have an idea of what is going on with Ethereum currently.

Because the network changes of Constantinople are not backwards compatible the upgrade requires a "hard fork": this means all nodes need to implement the upgrade. If some nodes don't upgrade and keep on mining the old version, a chain split would occur and that is what the development team tries to avoid by reaching consensus on all the upgrade features.

However bugs were encountered with Constantinople on Testnet, for which they decided last Friday to postpone the hardfork to January 2019.

So what are the changes that will be implemented with Constantinople? Here is a brief list of the most important ones:

- Code optimization for the Ethereum Virtual Machine: "bitwise shifting" will make smart contracts of dapps process calculations faster.
- Another code optimization can make smart contracts execute by only checking a compressed line of code instead of all lines of code.
- code upgrades for smart contracts can be partly done by using short term memory instead of the blockchain itself, which can reduce the amount of Gas needed for such transactions.
- a re-organized fee structure that would make the implementation of another scaling solution "state channels" easier. State channels is an off-chain scaling solution that could free up space on the blockchain and increase capacity of the network.
- delay of the proposed Ice-Age by 12 months (= a difficulty bomb, which would exponentially increase the difficulty for mining the old chain version, which should incentivize miners to upgrade to the new chain). Because the Ice Age was intended for encouraging miners to switch to the Proof of Stake (Casper) chain, but Casper is not ready yet, this feature needs to be postponed.
- Miner reward reduced from 3 to 2 ETH per block. Because more blocks have been mined than originally anticipated, which means the inflation of Ethereum has been higher than intended, while Ethereum technically doesn't have a supply cap like bitcoin and the Ice Age is being postponed as well, the mining reward should be reduced. This means mining profitability will decrease.

I hope this was informative. I wrote this with the best of my knowledge, so please visit additional sources to verify my explanation. I have tried to keep the explanation as beginner friendly as possible, which means I have simplified some aspects, but if you find inaccuracies please comment them in this thread.
 
Last edited:

stellarowl12

Administrator
Staff member
Jan 30, 2018
80
65
18
#2
Ethereum has an ambitious roadmap on the way to scaling its network by eventually implementing Sharding (scaling solution) and Casper (changing from Proof of Work to Proof of Stake). Because those technical changes are so complicated and have to implemented in a running machine, the process needs to be very delicate. Therefore changes are made step by step by means of upgrades. Last was Byzantine in 2017 and for Oct/Nov 2018 Constantinople was scheduled. Because this news involves changes on a fundamental level of Ethereum, I would like to try to explain in short what it is about, so you have an idea of what is going on with Ethereum currently.

Because the network changes of Constantinople are not backwards compatible the upgrade requires a "hard fork": this means all nodes need to implement the upgrade. If some nodes don't upgrade and keep on mining the old version, a chain split would occur and that is what the development team tries to avoid by reaching consensus on all the upgrade features.

However bugs were encountered with Constantinople on Testnet, for which they decided last Friday to postpone the hardfork to January 2018.

So what are the changes that will be implemented with Constantinople? Here is a brief list of the most important ones:

- Code optimization for the Ethereum Virtual Machine: "bitwise shifting" will make smart contracts of dapps process calculations faster.
- Another code optimization can make smart contracts execute by only checking a compressed line of code instead of all lines of code.
- code upgrades for smart contracts can be partly done by using short term memory instead of the blockchain itself, which can reduce the amount of Gas needed for such transactions.
- a re-organized fee structure that would make the implementation of another scaling solution "state channels" easier. State channels is an off-chain scaling solution that could free up space on the blockchain and increase capacity of the network.
- delay of the proposed Ice-Age by 12 months (= a difficulty bomb, which would exponentially increase the difficulty for mining the old chain version, which should incentivize miners to upgrade to the new chain). Because the Ice Age was intended for encouraging miners to switch to the Proof of Stake (Casper) chain, but Casper is not ready yet, this feature needs to be postponed.
- Miner reward reduced from 3 to 2 ETH per block. Because more blocks have been mined than originally anticipated, which means the inflation of Ethereum has been higher than intended, while Ethereum technically doesn't have a supply cap like bitcoin and the Ice Age is being postponed as well, the mining reward should be reduced. This means mining profitability will decrease.

I hope this was informative. I wrote this with the best of my knowledge, so please visit additional sources to verify my explanation. I have tried to keep the explanation as beginner friendly as possible, which means I have simplified some aspects, but if you find inaccuracies please comment them in this thread.
you mean Jan. 2019 right? Also excited for Ethereum continue to grow and evolve. These will make it continue its dominance of the Dapps platform space :p
 
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