Constantinople: Ethereum’s New Update
The Ethereum blockchain has published more information about its recent updates known as Constantinople. The update is supposed to be released in October but has already raised concerns. The update’s main focus is on establishing a balance amongst diverse stakeholders.
The Constantinople upgrade will also active another set of code, however, this code will apparently worsen the situation associated with reduced block times. This kind of an update is known as a ‘difficulty bomb’. If the blockchain doesn’t do anything against it now, the problem will keep on increasing in the future.
If this difficulty bomb is not stopped and deactivated, the miners will suffer and get a reduced cut. This would create an unstable network and lead to a domino effect for the network.
There are three improvement proposals (EIPs) on the Ethereum blockchain that are going to be considered. These are EIP 145 EIP 1014 and EIP 1052. Once these EIPs are integrated into the code they are supposed to increase the speed, flexibility, and scalability of the system.
However, different Ethereum stakeholders expressed their concerns about these changes. Brian Venturo, a CTO of a mining firm proposed EIP 1295. According to him, this is the only factor that will improve network security. He further added on this,
Pricing out a large proportion of hardware […] such hardware might instead become available for attacks.
On the other hand, Vitalik Buterin, the co-founder of Ethereum does not support EIP 1295. There seems to be no overarching majority in the market as of now. Spencer Noon, a fund manager believes that these network changes will not bring any positive developments to the network.
According to Danny Ryan, a Casper developer, reducing the block reward to 2 Ethereum is a balanced and reasonable decision.
Being one of the prominent blockchain networks and cryptocurrencies in the market, Ethereum’s updates and developments play a crucial role in the development of the market as a whole as well. There is a possibility of a chain split as well. This would happen if some nodes run a distinctive software. This has already happened once in the past with the hard fork of Ethereum Classic (ETC).
Andrew Bradley, an Ethereum researcher stated,
Reducing the likelihood of stale chains being picked up with little effort and sustained by exchanges or precarious particles without real development support.
Spencer Noon further added,
I’m thrilled with the decision and don’t see it affecting the community whatsoever. Miners may be a little upset, but as part of this compromise, the community will be discussing a PoW change in an upcoming hard fork, which is arguably more important than the block reward.
Vitalik wasn’t even meaningfully involved with this.
#eth is a security yet again ?