What is Ethereum Constantinople and Why Didn’t it Work the First Time
Ethereum is a blockchain and cryptocurrency. After Bitcoin, it’s the second-biggest crypto project in the world in terms of market value and popularity. This February 28, Ethereum is going to add 5 new Ethereum Improvement Proposals (EIPs) to its code.
Together, these 5 updates are known as the Constantinople fork. Initially, Constantinople was scheduled for January 2019 – but on January 15th, the development team postponed its rollout.
This has a lot of people concerned about whether Constantinople is going to stick or not. Previous Ethereum forks increased the currency’s value and prestige; will this time be the same?
In this article, we’ll answer the above by explaining why Constantinople is going to work this time; why it didn’t work before; why it adds value to the Ethereum ecosystem and digital token.
Why didn’t Constantinople work as planned?
All of Ethereum’s previous forks went smoothly. The project has a stellar track record of making sure miners and users transition quickly and properly. Unfortunately, this time, the dev team noticed a potential vulnerability in the code.
Usually, this wouldn’t be a big deal. What’s notable about this instance is that many miners made the switch after the update was canceled. At one point, up to 10TH/s of mining power was working the unofficial chain, giving it more hash power than a much older Ethereum fork: Ethereum Classic.
The vulnerability itself was related to the way smart contracts work. It made reentrancy attacks, which don’t affect the blockchain itself, possible. This is good news because it means that the core Ethereum blockchain was never at risk.
In even more good news, the Constantinople will almost certainly improve Ethereum in several key ways, adding to its value.
What will Constantinople change?
If you want to understand the specific technical changes introduced in Constantinople, check out our article on the hard fork here. We won’t address these here; instead, we’ll cover what these technical changes mean for the Ethereum blockchain and coin.
For starters, Constantinople makes decentralized apps more efficient. This means that services like CryptoKitties will be faster, cheaper, and less messy for developers.
Second, Constantinople reduces the amount of gas required for Ethereum transactions. This also contributes to more speed and smaller fees.
Last but not least, Constantinople adds a few important changes to Ethereum’s original code. Specifically, it lets the system work with off-chain addresses and removes the difficulty bomb that makes it progressively harder for miners to work the blockchain.
In making the above changes, Ethereum adds value to the blockchain directly (by improving efficiency). More importantly, it lets decentralized app developers create scalable apps far more easily.
What are the implications?
For decentralized app developers, miners, and others, Constantinople makes work (and life) easier in myriad ways. For laypeople, the implications of this upgrade are more straightforward.
Anything that improves a blockchain’s performance also tends to improve its digital token’s value. To wit, Ethereum’s prior forks boosted its value by over 100%, from $12 to $30.
With Constantinople, the eventual effect may be even bigger. So far, we’ve seen a few decentralized Ethereum apps. Unfortunately, all of them have been plagued by long transaction times, high transaction prices, and other problems.
With Constantinople, this will start to change. More decentralized apps will be developed, meaning more people will use Ethereum tokens, which should – conceivably – increase the digital token’s prices.
Of course, all of this is pure speculation based on what’s happened historically. If these results do happen, they’ll be predicated on a successful rollout and mass adoption by miners and users.
Where can you buy Ethereum?
Given the information above, you might want to buy Ethereum tokens before (and after) Constantinople is rolled out.
If that’s the case, why not try our platform: CoinCola.com? It’s the cheapest OTC crypto marketplace in the world, and with 100,000+ monthly transactions, it’s one of the most reputable places to buy Ethereum.
To learn more, simply register at CoinCola.com and start buying (and using) Ethereum today.