Ethereum is about to Hard Fork. Here is what you need to know about it

The clock is ticking, and the Ethereum community is actively working on the final touches of a long-awaited hard fork that could be key to the future of this blockchain. Constantinople is one of the most critical milestones in the Ethereum 2.0 roadmap and will go live on January 16 when Ethereum reaches block 7080000.

Ethereum 2.0 has as one of its most important features the change of its consensus algorithm from Proof of Work to Proof of Stake, promoting the saving and “freezing” of Ether making the traditional “mining” unnecessary.

Constantinople (the fork’s name) plans to modify the Ethereum mainnet by introducing a series of opcodes that seek to optimize the way Smart contracts and dapps consume gas, delaying the famous mining difficulty bomb and making mining generate fewer tokens for each block mined.

brief explanation of the DAO hack and its consequences

It is important to note that this hard fork is “non-contentious” which means that in theory, it should not generate a chain Split. Unlike what happened after the DAO hack, where a hard fork resulted in a division of the chain in Ethereum and Ethereum Classic, the community accepts and expects the implementation of this hard fork, which means that all nodes must upgrade their clients to this new version in order to work with the new tokens. Legacy tokens and nodes will become null and void.

Ethereum 2.0. What Changes Will We See after Constantinople?

Constantinople will place five EIPs:

  1. EIP1234: This Proposal will delay the planned mining “difficulty bomb” by 5 million blocks, allowing miners to be prepared during a year of normal operations before the bomb is triggered, progressively increasing the mining difficulty to make it unprofitable, facilitating the transition to the PoS protocol. It also reduces the reward for mining to two ETH per block.
  2. EIP1014: This proposal opens the possibility for users to interact with addresses that have not yet been initiated by the blockchain at the time of making a transaction.
  3. EIP1052: This proposal seeks to generate a new type of hash through the implementation of new opcodes.
  4. EIP1283: This proposal focuses on the optimization of gas consumption processes by Smart contracts. EIP1283 reduces the complexity of specific tasks and functions while introducing new functions to the Ethereum language.
  5. EIP145: This proposal intrudes a native bitwise shifting operation also allowing the optimization in the consumption of gas.

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