After last week’s successful ethereum upgrade – Constantinople & St. Petersburg, we can notice the increased rate of new transaction blocks on the Ethereum Blockchain. Only 24 hours after the hard fork ethereum upgrade, we could see a daily increase in the added blocks for more than 1500.
Ethereum Improvement Proposal (EIP)
EIP was activated last week, specifically on Thursday, with the aim of disabling the software part of the code known as “difficulty bomb” for the next year. However, EIP has considered a cause of spikes in the number of blocks added. This part of the ethereum upgrade exists so the platform would focus on the consensus of the PoS algorithm, which would gradually increase the mining difficulty at Ethereum blockchain.
The time needed to create a new block, after the upgrade, was reduced from 19 seconds to even 14. As it received positive reactions, the developers of the Ethereum network are working hard on the new EIP set to be ready for the next announced hard fork called Istanbul.
Preparations for Istanbul
Even if the official Etherum team did not announce the exact period for the new upgrade, it was speculated early in the year that it could be scheduled for October. However, the experts involved in this ethereum upgrade, such as Taylor Monahan, MyCrypto CEO, pointed out that the Ethereum Network is all complex, that it includes an increasing number of parties, companies, developers, and that the realization of such upgrades is all the more important. The same concern is shared by big companies.
Constantinople and St. Petersburg passed smoothly
Nevertheless, with all the concerns and skepticism, the upgrades that were passed were unexpectedly easy. Ethereum did not have any significant difficulties in the upgrade to the new software, that is the fact. No large fluctuations in either the transaction volume or the quantity of smart contract message calls were classified from when the hard fork was activated to the present day.
Also, there is no significant change in the hashrate – measuring the total computing power mined by miners to produce new blocks (means that most miners have upgraded their work to a newer updated chain, compared to the old Ethereum software). According to ForkMon’s hard fork monitoring site is 132.986 GH / s. Some hushrate power left on the early versions of the chain. Ethereum Foundation security has announced that a total of 19 wasteful blocks have been mined from the activation of a hard fork. These blocks are a loss because they are stacked on the old chain and have failed to capture Constantinople upgrade and renew the software.
Therefore, the conclusion is that the majority of actors on the network upgraded the nodes, while there is still a small number of those to be placed on the updated network.