Ethereum’s upcoming hard fork, the system’s 5th planned system-wide upgrade, should be taken with “cautious optimism”. That’s what Ethereum Foundation’s developer relations Hudson Jameson believes. The Constantinople hard fork is expected to be activated on January 16, 2019.
Most important aspect of this hard fork is that it must be installed unilaterally throughout all nodes in the network to get its proper functioning, especially as per expectation.
Is there any Risk associated with Constantinople Hard Fork?
The process involved in Ethereum’s Constantinople Hard Fork is that it comes with inherent risks. One of the risks is that of a probable split of the network in case a sufficient number of users do not agree with the upgrade process. The risks are not unfound. Such a thing happened back in 2016. At that time a controversial hard fork took place after DAO’s collapse, leading to the emergence of 2 different blockchain networks. While one was Ethereum, the other was Ethereum Classic.
What about this Time?
Parity ethereum client’s release manager, Afri Schoedon, has said that the risks associated with a chain split are significantly low in case of Constantinople Hard Fork. This is because of the fact that the top mining pools of Ethereum, who are in favor of upgrade adoption are significantly strong.
Ethermine CEO Peter Pratscher (who also runs a tracking website) said that the results show just 15.6% adoption rate of Constantinople hard fork. He, however, called the statistics as flawed and went on to claim that the adoption rate is closer to a majority. Pratscher said that:
“We expect most of the not-updated nodes to be updated by the time the fork block arrives.”
More about Ethereum Constantinople Hard Fork
The upcoming Ethereum hard fork got its name from the Byzantine Empire’s capital. This hard fork forms part of a 3-part Metropolis upgrade, combining 5 Ethereum Improvement Proposals (EIPs). Once the upcoming upgrade takes place the mining difficulty will be reduced significantly. The miners’ reward for making the network secure is also decreased to 2 ETH per block from the previous 3 ETH.
Hudson Jameson has reportedly said:
“We are very excited to be implementing these changes to the ethereum protocol. However, we put the safety and stability of the network first and foremost.”
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