Ethereum Constantinople Gets A-OK, Blockchain Upgrade To Activate On Feb. 28th
You read the title right, don’t worry. After a number of failed attempts, due to bugs and consensus misalignment, the Ethereum core development team has finally decided to go ahead with the fabled Constantinople blockchain upgrade. This is the project’s first named upgrade in over a year, accentuating its importance. Here’s BlockGeek’s breakdown of the upgrade, including the deets and what it means for the popular crypto project.
For those who missed a memo, here’s a breakdown of the upgrades slated to activate in the impending Constantinople upgrade, slated to go live at block number 7,280,000 (projected to be processed on Thursday, February 28th), as per data from
Alex Krüger, a New York-based researcher, expanded on this idea a few months back. Taking the simple theories of supply and demand into account, while also looking at the price action of Bitcoin pre- and post-block reward shifts, Krüger noted that he was bullish. He claimed that in the long run, the so-called block reward “thirdening” will be “decidedly bullish.”
Krüger explained that if Ether continues to hold in the $150 range, Constantinople will have a minimal effect on the mining ecosystem. He explained that only “pro miners” that are paying $0.075 per KWH will lose profitability, which is far from the “death spiral” that some cynics were awaiting. In the analyst’s eyes, hobbyist miners, whether paying $0.075+ per KWH or otherwise, will continue to hash away.
Technically, Ethereum proponents are under the thought process that Constantinople sets the project’s future upgrades up for success. As aforementioned, the protocols included in this upgrade will aid in calming short-term scaling concerns, while also moving the blockchain one (large) step closer towards Serenity, when Proof of Stake (PoS) and sharding are expected to revolutionize Ethereum from the ground up.
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