Unlike the main cryptocurrency – Bitcoin, the Ethereum network did not resort to a large number of updates. However, the developers did not stand aside: already at the beginning of October there will be a hardfork with a beautiful name – Istanbul. What Ethereum fans will face.
How it all began
At the end of 2017, the founders of the Ethereum network decided to add several important functions to the blockchain. However, how to do it all at once? This was not possible due to the enormous scale of work. As a result, the developers divided the update into two stages: Istanbul, Constantinople and Byzantium.
Terms of updates
What does each step include? At the first stage, it was decided to integrate six EIP (ethereum improvement proposals – "proposals for improving the Ethereum"). It will be held in October this year. The second stage involves the activation of the network, which is likely to take place in 2020. Why is it necessary to leave for the next year? The main reason is about three weeks, which are needed for large EIPs. The developers note that this cannot be done in a short time.
What positive changes will include the upcoming hardfork:
- The new mining algorithm is EIP 1057. The algorithm will allow more participants to participate in Ethereum mining. It will make the mining process equally effective using both GPU and ASIC graphics cards.
- Improving the effectiveness of smart-contracts. Thanks to EIP-1072, developers will be able to improve the performance of smart-contracts.
- Improved network scaling. Most often, a nominal such result is expected after the completion of the hardfork. Low network scalability often leads to an outflow of users. Istanbul will change the current state of affairs. At least Ethereum fans are waiting for this.
How much will the ETH cryptocurrency cost?
One of the results of the hardfork is the subsequent change in the value of the main cryptocurrency. So, after updating the network in December 2017, Ethereum Gold first declined in price. However, for a couple of days, the value of the currency has confidently gone up. Already on January 11, 2018, the price was $1315.62. From the upcoming Istanbul hardfork, of course, expect an uptrend.
Which cryptocurrency exchanges and crypto-wallets will support the Ethereum update
Constantinople Hardfork agreed to support major exchanges: Binance, Hotbit, BitMart, ABCC, Poloniex. So, they noted that any technical requirements would be met. Among cryptocurrency wallets that are also ready to support the update, such as Exodus and Koinex were noted.
It is worth recalling that already on October 2, the approval of the block number on which the update will take place.
Editor: Jerg Wos