The Ethereum (ETH) Constantinople hard fork which is estimated to launch between Jan. 14 and 18 has found a tremendous support from leading cryptocurrency exchanges OKEx and Huobi Global.
The Constantinople hard fork is an improvement, which is believed to essentially change the Ethereum blockchain, with the synchronous nodes update to the entire system.
The hard fork encloses separate Ethereum Improvement Proposals (EIPs) in order to alleviate the evolution from proof-of-work (PoW) to the more energy proficient proof-of-stake (PoS) consensus algorithm.
Ethereum Constantinople Hard Fork
OKEx will apparently take a snapshot of all the OKEx accounts at the block height 7,080,000, the number at which Ethereum core developers agreed to commence the hard fork in the commencement of December.
The exchange is calling traders to deposit their ETH tokens into the exchange as it will manage all the technical desires for the hard fork.
Huobi will also support the hard fork at block height 7,080,000 and has advised its clients to deposit their ETH to Huobi Global in order to manage with any technical issues related to the hard fork.
Ethereum was designed as a platform for decentralized applications (DApps). The ultimate goal of the Ethereum Foundation is to follow Vitalik Buterin’s vision.
The vision is to move from a PoW to a PoS protocol, which will supposedly address mining and scalability oriented problems.
Once released, the advancements would primarily change the Ethereum blockchain via a host of new upgrades. This will avoid any backwards compatibility, meaning that nodes must either update synchronically with the system or carry on running as a separate blockchain unit.
Today, Ethereum core developers implemented a new proof-of-work (PoW) algorithm, “ProgPoW”. It is supposed to increase the efficiency of GPU-based mining on the network.