The Ethereum community is buzzing ecstatically because finally, after going through a long and bumpy road, the Dev Team has launched the long-awaited Constantinople Upgrade. As the Ethereum community was counting down on Twitter and Gitter waiting for that big moment. It was like a new baby was born, but instead of throwing a baby shower; there were showers of popcorn on computer terminals as the Ethereum blockchain executed a hard fork at block 7,280,000 and the time was 7.52pm UTC.
The second most valuable blockchain (after bitcoin) in the world is now ready to embark on the next stage of its evolution. This new chapter is expected to make it stronger, faster and easily accessible to many more users and developers.
Many consider the Constantinople upgrade as Ethereum’s first step to separating itself from a computationally-intensive; the “Proof of Work” model and moving towards a more accessible one called “Proof of Stake.”
What is important to know about the Ethereum Constantinople?
It is important to know that the release date for Constantinople was scheduled for early 2019. However, after discovering some bugs in the protocol’s code, developers thought it best to postpone its release until they resolved the problems. Therefore guaranteeing users can try out the best possible version of Ethereum.
Specifically, to avoid these sort of errors, the upgrade will deactivate the part of Constantinople’s code that has flaws in the safety of Smart contracts. Additional to this, the rest of the changes applied by St. Peterburg would not affect ordinary users.
What is the ethereum Constantinople?
The Constantinople procedure is an update which serves as the groundwork for a major change in the Ethereum Blockchain structure. Ethereum 2.0 is perceived as a PoS blockchain that has second layer developments which will allow a very high number of TPS that have low energy consumption (with just a few optimizations in the code); as well as an economic model that motivates savings by raising the value of the already circulating tokens.
The most important change that Constantinople brings with it is the decrease of the block rewards; from three Ethereum per block to just two Ethereum. This reduction carries forward the vision started by a previous fork, Byzantium, that reduced the reward from 5 ETH to 3.
It is also expected to escalate network efficiency; (this will mostly benefit DApps developers) as well as to optimize the gas usage essential for Smart contracts execution.
Now that the Ethereum Constantinople is launched – Exhausted and Relieved?
The anticipation for Constantinople was extremely high, particularly since this was the third attempt. Ethereum has experienced seven previous forks, and Constantinople consists of the first mainet hard fork in nearly two years.
Ethereum’s core developer Lane Rettig said;
“My reaction is a relief, actually even more than I expected”.
Lane Rettig, who is helping to organize the upgrade, which was quite the spectacle on Gitter went on to say; “And excitement, too, this is my first successful mainnet hard fork ever since I joined Ethereum!”
He and other project managers at Ethereum had spent the months that lead up to the Constantinople making sure that; miners, as well as node operators, installed the new client software. The software that would update to the brand new chain at the same block number. However, Any node remaining on the old portion of the chain will be running incompatible code.
But everything seemed to be in order, and Rettig confirmed himself “cautiously optimistic”. There were no formal celebrations planned, as compared to previous times when the fork had to be postponed.
“I think people felt kind of exhausted and simply relieved to see this one go through,”