The end of 2018 and the beginning of 2019 have so far been marked by a period of “cryptocurrency winter”, and as one of the options, a solution from a top person, in particular, Vitalik Buterin, offers fork of etririum: changes in the algorithm, nature, and even the release of new coins. In fact, it was talked about for a long time, but now there is a little more information about dates and fundamental changes that should be expected in the process.
Today in the material I speak about what Constantinople is, how far the issue of the bomb complexity was resolved, on which block the fork will occur and how much the reward will be for the extracted block of broadcast manners. All this is right now.
Fork ethereum January 14-19
The beginning of the year against the backdrop of falling general quotes and capitalization in 2018 has largely provoked what will happen hardfork ether. While there is no accurate information when to expect a "fork", but according to information from reliable hardfork sources, ethereum is scheduled for mid-January and is expected from the 14th to the 19th. In my material on what ethereum is, I described in detail the key features of this coin and spoke about its advantages against the rest.
Classic Vision and Ethereum Nowa
Classic Vision is a new currency, which will appear after the full completion of the fork, and which will take true decentralization from Ethereum Classic. New ETCV will receive a number of fundamental features, namely:
• The coin is independent and there is no likelihood that the giant pool will gain complete control over the mining.
• Consists of internal and external development algorithms.
• The network processes more than 10 thousand transactions per second, when now it is only 25.
• Using staking Classic Vision, you can earn more than just selling a coin.
Ethereum Nowa will appear on January 12, and after 2 quarters the company’s desktop and then mobile wallets will be presented. By the end of 2019, we expect a branded messenger with a high for exchange of coins.
What is Constantinople?
Compared with the beginning of 2018, the rate of ETH has decreased almost 10 times, but over the past 3 weeks, it is still significantly strengthened and has grown, and the forthcoming hardfork ethereum intends not only to restore it in 2019, but also to strengthen at high rates. Fork received the ancient and large-scale name "Constantinople." The decision about the “fork” was also made, since many projects, including new tokens, use the ethereum algorithm as the base, while observing legislative pressure from the US Securities and Exchange Commission (SEC). I have already said that the mining of etherium differs from the typical representation of the extraction of cryptocurrency, and therefore it is extremely important, even when conducting a fork, to consider the possibility of mining coins.
What problems solves Constantinople?
By the way, the developers for a long time collected proposals that can improve the work of the network from everyone. Today we are talking about 5 major upgrades:
• Bitwise offset - reducing gas consumption by 10 times and, as a result, smart contracts will become cheaper.
• Large-scale code execution to simplify contract verification.
• Upgrading gas prices.
• Improved network performance by introducing transactions outside the blockchain chain.
• Bomb complexity and miner reward reduction for the coming year.
Is Ethereum going to PoS?
The expected hard forks broadcast, scheduled for approximately January 19, 2019, should significantly improve network performance and will be able to do this thanks to the gradual abandonment of the PoW protocol - Proof of Work and the transition to PoS - Proof of Stake In fact, this is an update to Casper, which we have heard a lot about. What major changes are expected?
- Reducing the remuneration of miners from 3 to 2 ethereums.
- Increase network speed.
- Reducing operating costs.
Regarding the fact that hardfork ethereum, to which, by the way, a lot of hopes and questions can reduce the income of miners, speak in many forums, although the constantinople particular negative has not yet been observed. Interestingly, some miners are willing to donate income, but in the future get more opportunities for earnings.
Ethereum ProgPoW 2019
I would not say anything about the full transition to ProgPoW, and I think that for a while there will be two protocols in parallel. The main feature of PoW is that until the solution of the bomb complexity is delayed. Now we are talking about the introduction of technology Beacon Chain - an improved scaling function, which aims to split the network into independent small networks of nodes. This will remove the load from the main network, and shift it to pieces - shards. The second function is the redistribution of the computational load in order to make the scaling real, and the transactions faster.
Martin Holst Svende, one of the main developers, believes that ProgPoW is in itself a powerful algorithm, but completely rebuilding Constantinople under it is not correct. Even after a fork, extraction of ethereum on asik miners will be impossible, and my material on www.iqmonitor.ru will tell you how this can affect the cryptocurrency rate in 2019.
