The long-anticipated launch of Constantinople upgrade of Ethereum or ETH is set to happen later this week. Mainly, this update is scheduled to go live at the time of the 7,280,000 mined block of Ethereum, which at the current rate of production is supposed to happen on Thursday, the 28th of February.
The Constantinople upgrade scheduled to happen on the 28th of February
There is, however, some variability in the exact timing of the update, which is given to the rise, and also the fall of mining that could cause it to happen maybe tomorrow or as late as this weekend.
One official blog post by the ETH development team includes a countdown timer for investors that are interested in following the pace of mining efforts.
Additionally, to the Constantinople upgrade, which ETH investors, as well as coin enthusiasts, were anticipating for months, the St. Petersburg upgrade is scheduled to go live at the same time too.
According to one official post, the users that hold ETH on the exchange or also through the more common mobile, as well as hardware wallets are not going to need to take action to make sure the upgrade smoothly for their coins.
If you are using:
– an exchange like Coinbase, Binance or Kraken;
– web wallet service like Metamask, MyCrypto, or MyEtherWallet;
– mobile wallet service like Coinbase Wallet, Status.im;
– Trust Wallet;
– hardware wallet, such as Ledger, Trezor, or KeepKey;
there’s no need to do anything unless you are informed to take some additional steps by your exchange or wallet service.
The upgrade will include the controversial CREATE2 EIP implementation
The update is actually set to change the underlying Ethereum protocol to make improvements of the system according to some proposed Ethereum Improvement Proposals or EIPs. For the users of Ethereum, the first changes of the Constantinople upgrade are going to be multiple enhancements of network efficiency, a delay in the Ethereum difficulty bomb, which affects mining has power, and a decreased in the amount of ETH reward for a mined block.
Initially, this difficulty bomb has been designed to ensure a full migration of miners to new Proof of Stake based consensus algorithm of ETH, which is going to signal a landmark shift in the currency away from its current Proof of Work protocol. But, PoS implementation was delayed beyond the scheduled Constantinople upgrade, necessitating that the ETH developers also delay this difficulty bomb to avoid halting the current blockchain.
The delay was also expected to be for another 12 months, right now being referred to as the ice age period, giving ETH developers ample time to transition the currency to the Proof of Stake algorithm. But, responding to the lack of increased difficulty, the Constantinople update is going to include a reduction in ETH mining rewards from the current level of 3 ETH to 2.
The update of Thursday is going to include the controversial CREATE2 EIP implementation which is going to permit users to interact with smart contracts which don’t presently exist on the blockchain.
Ethereum core developers dismissed their concerns
According to the official release, CREATE2 permits interactions to be made with addresses which don’t exist yet on-chain, but may be relied on to just possibly contain code eventually that was created by a particular piece of init code.
It is one crucial thing for state-channel use cases which involve counterfactual interactions with contracts.
The EIP is going to make it so you can also interact with addresses which have still to be created.
Despite that it was initially proposed by Vitalik Buterin himself, some ETH users, as well as developers, were worried about the implementation of CREATE2 in the update, which they thought is going to permit for a potential attack vector against the blockchain of ETH.
But, a few Ethereum core developers have also come forth, as well as dismissed the concerns around CREATE2 as being unfounded.