- Ethereum Hard Fork to Go Live on January 16, 2019
- Constantinople Hard Fork to bring greater efficiency, scalability, and economic viability
- Currently, Ether trades at $150 ETH
According to a blog post, published on January 3, 2019, cryptocurrency exchange behemoth, Binance will support the upcoming Ethereum Constantinople Hard Fork. The highly anticipated fork is scheduled to go-live on January 16, 2019.
Ether’s price, akin to almost all other cryptocurrencies has slumped a great deal from one year ago. However, ETH has surged by more than 20 percent in the past week, currently trading at close to $150 figure.
Why is Ethereum hard forking?
Hard forks usually have negative connotations attached to them, thanks to the upheaval caused by some of the recent hard forks like BCH to BCHSV, and BTC to BCH. However, Ethereum’s hard fork is an entirely different story with different reasons.
Some of the reasons why the smart contracts platform is undergoing a hard fork include enhanced scalability, energy efficiency, and less time consumption.
The date of January 16 was recently announced by Ethereum developer Afri on Twitter.
We are on track! Constantinople will most likely activate on Wednesday, Jan 16th, probably around 7am UTC. Current average block time is 14.48 seconds. 104407 blocks to go (6975593/7080000).
— Afri 🌩️ Jan 16 (@5chdn) December 29, 2018
Per developers of the Ethereum community, the hard fork will “usher in a new wave of distributed ledger technologies.” The Constantinople fork will take place at block height 7,080,000.
However, critics of the hard fork have their own justifications. The hard fork will reduce the mining rewards for Ethereum miners from 3 ETH to 2 ETH, which has been a matter of much debate within the mining community.
This is evident from the fact that the hard fork has already been delayed on numerous occasions. BlockchainReporter reported on October 6, 2018, how the hard fork was delayed due to a recently detected EVM DoS attack vector.
In their post, Binance has urged its users to leave sufficient time for deposits to be processed in full prior to the aforementioned block height.
Will the hard fork set Ethereum’s Momentum?
Ethereum was recently overtaken by Ripple’s XRP in market cap, thus losing its long-occupied second position in cryptocurrency market only behind bitcoin.
However, things could turn in Ethereum’s favor in 2019 with the launch of the Constantinople hard fork. This, coupled with the eventual “Serenity” upgrade could prove to be the wind of change for the smart contract platform.
At press time, the price of ETH sits at $150, with a market cap of $15 billion.