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Constantinople Hard Forks Successfully Activates On Ethereum Blockchain

Constantinople, the planned upgrade of Ethereum blockchain was successfully activated on the network on Feb 28, 2019, at 19;57 {UTC}. It was implemented on blockchain 7,280,000 as scheduled by Ethereum core developers after some noticeable delay.

According to the sources of Ethernodes.org, only about 28 percent of ethereum client nodes are ready for Constantinople Fork at the time of writing. Reads as follows

1733 of 7026 total Geth nodes or 24.7% of Geth node and 1971 of 3227 total parity node or 42.5% of Parity node

Data published by Fork Monitor shows that no new blocks are being minded on an old non-Constantinople chain which indicates the success of Hardforks. The Constantinople, a sixth planned upgrade of the Etheruem blockchain was followed by another upgrade dubbed the St. Peterburg upgrade which makes it a double upgrade. St. Peterburg was developed to remove an Ethereum Improvement Proposal { EIP} which contained vulnerability from Constantinople. The EIP 1283 was found to have a critical small contract security bugs which led to the last delay in the Constantinople upgrade.

With this upgrade, the ethereum blockchain will witness improvement in efficiency. The EIP’s included in the upgrade will reduce the block rewards from 3 ETH to 2 ETH while also reducing transaction fees for some operation on the network. This is expected to be the last major upgrade before the Proof of Stake. consensus algorithm is implemented on Ethereum. As such it contained codes that will ease the transition from current Proof of Work to a Proof of Stake era.

The upgrade effectively resets the difficulty bomb that is programmed into the ethereum code to encourage a frequent upgrade. major exchanges include Binance, Huobi, OKEx, Coinbase and Kraken have all confirmed support for the ethereum upgrade before launch.

Ethereum Price Watch.

The successful hard forks have failed to spur the price of ether since it went live. CoinmarketCap reports ETH is trading at $136 about one percent from this time yesterday. It went only high as $139 yesterday but has since dropped. The trading volume is about $4.11 million in the past 24 hours which is nothing out of extraordinary.

About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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