The prime developers working at Ethereum are proposing activating an upgrade named Constantinople. The company called it off earlier in this week and postponing it in late February. This update, being backlog non-compatible update is also called as a hard fork in the crypto market. Constantinople once updated would upgrade the whole system.
ConsDevelopers of the company is estimating to make the update live, somewhere in between Feb. 26 and Feb. 28. The targeted numbers of blocks will be revealed at a future date.
This proposal was made on a conference call which was joined by many big names in the company along with its founder Vitalik Buterin. Other developers and executives of the company joined the call too. The names of the participants of this phone conference were:
Hudson Jameson, Péter Szilágyi, Lane Rettig, Martin Holste Swende, Afri Schoedon, Danny Ryan and Alexey Akhunov and many more.
The decision comes after smart contract review firm ChainSecurity showed some loopholes in security in one of five Ethereum Improvement Proposals (EIPs) set for incorporation in Constantinople (related to information storage costs on the blockchain).
Because of this lacking, Constantinople is presently halted and will be activated one month from now. It will not highlight the presence of the EIP (which is bugged), which will be tried and refashioned for incorporation in a following hard fork.
Instead, the company will be activating Constantinople in two sections on the main network, stupendously. The first update will incorporate every one of the five unique EIPs and a second update will explicitly expel EIP 1283.
This strategy was first proposed by Szilágyi during the conference phone call. The strategy is intended to assure that test network and a private network can undoubtedly implement a fix without moving back any blocks. These networks are already in the update.
Matthias Egli, who is the COO of ChainSecurity said that the issue was likely not emphasized by core developers while running tests on the product given that the effect is rooted in a smart contract.
A quick decision was required to reactivate Constantinople as soon as possible. Once the update is initiated on mainnet, Constantinople will incorporate EIP 1234 and postpone the trouble bomb for a time of a year.