Famous decentralized crypto application and smart contract platform Ethereum is soon getting an update called Constantinople. The update will be conducted most probably on January 16th. It won’t be suitable for older versions of Ethereum. This specific condition is named as a hard fork in the crypto world.
As per the information is known in the market so far, the update will be done at block height 7,080,000. This will be most probably on January 16th. Many think that this is the motivation behind why no one is 100% certain about the date.
Many in the crypto community are calling this a hard fork because of its backward non-compatibility. On the other hand, a soft fork is an update which is compatible backwardly too. This can create confusion, as there is no difference between the two in the Ethereum blockchain.
The project’s co-founder Vitalik Buterin concurs said that IMO the Ethereum people community ought to consider receiving Zcash’s concept of calling things like Constantinople as ‘system updates’ and keep the concept ‘fork’ for parts that leave 2+ viable chains. Many coin holders do not know where they need to dispose of their non-Constantinople coins.
This explains that Ether won’t get another coin. For a split to occur, adequate numbers of miners are needed who can contradict the update. However, there is no such thing happening.
However, there have been various people who are trying to exploit the confusion on Twitter, requesting individuals to send them their ETH so they can replace it with new coins. Two hard fork forms are making efforts to take money from clients of both Ethereum and Ethereum Classic. Ethereum Nowa is wishing to fork far from ETH.
Ethereum Classic Vision is going to fork far from ETC. These forks are said to be because of regularly planned system upgrades in both blockchains. Both these forks are a scam, and so are the official web wallets they give. These efforts are made to get access to the private keys.
Ethereum node operators and miners should update their product before the upgrade.
For the rest of the people, it is not really required to do anything. The ETH possessions, considering any unexpected situations, will stay precisely the same even after the fork, irrespective of where they are located.
The upgrade includes five Ethereum Improvement Proposals, which will be clarifying another component or change in Ethereum’s code. Out of those five, four are very specialized and will enhance the life quality, but on the other hand, they’re not something the average client will take a note of. The fifth is the unique case which will influence everybody openly.
The proposed fixes and updates will help in shifting the expense of operations. Right now the “gas” cost is 35, which can drop down to an expense of 3.