On 27th July, Ethereum developers announced that the new Ethereum hard fork, Constantinople will be released sometime during the second week of October. The announcement was made during a developer and stakeholder meeting that addressed the issues in the blockchain and cryptocurrency industry with a focus on further upgrades.
The developers also revealed that the test code for the hard fork is being run multiple times by the Foundation and that the principal objective is to make sure the transition occurs smoothly. The Ethereum team has also stated that the hard fork will be created to usher in a new age of blockchain network usage. The developers have also said that they are going to make the Mainnet less expensive and much more efficient to use.
A fact was revealed by the officials of the Ethereum foundation:
“Some of the updates that have reached the implementation phase include EIP 210, which reorganizes the way block hashes are stored in Ethereum, and EIP 145, which increases the speed of arithmetic in the Ethereum virtual machine (EVM). “
You should also expect some other updates such as status channels and different ways of smart contracting with others.
Byzantium has some new features, and here they are:
- Receipts will have embedded transaction status codes
The Byzantium hard fork lets users do parallel processing of multiple transactions so the task execution will speed up.
- Cryptography is enhancing
Zk-snarks will be enabled with less power which will be reduced by the four smart contracts which will be implemented.
- Lesser rewards
After building blocks, others are rewarded. Now, because of Byzantium changes, they will receive three instead of five ethers per block.
In case the users will not be happened with the change, as in 2016, it is still to be seen what will happen.
Hunter Texidor was born and raised in Toronto. He has written for Billboard, The Prague Post and Passport Magazine. In regards to academics, Sage earn his BBA from Mcmaster in Hamilton. Hunter covers business and economy stories here at Billionaire 365.