- Ethereum management has announced that the Constantinople and St. Petersburg hard fork will take place on February 28, 2019
- The St. Petersburg Hard Fork is to reverse changes made during the original Constantinople hard fork
- The upgrade will delay the difficulty bomb for 12 months
One of the most anticipated events in the crypto calendar for 2019 is the launching of the Constantinople hard fork on the Ethereum Network, which has previously been postponed but was expected to take place in the month of February.
Now, the Ethereum team, who just recently announced their latest wave of grants, published a blog post on February 22, 2019, which states that the Constantinople and St. Petersburg hard fork will likely take place on February 28, 2019.
“The Ethereum network will be undergoing a scheduled upgrade at block number 7,280,000, which is predicted to occur on Thursday, February 28, 2019. The exact date is subject to change depending on block times between now and then and could be activated 1-2 days before or after,” the post says.
What the Hard Forks Will Entail
One of the peculiar things about the announcement was the mention of both Constantinople and St. Petersburg. Initially, only the former was made mention of. However, the Ethereum team explained that the two names represent two different upgrades that will take place at the same time.
The original one, Constantinople, was postponed and two protocol upgrades will also take place with Constantinople on the same block number in order to fix issues on various Ethereum test networks, such as Ropsten.
The St. Petersburg upgrade is going to take place in order to correct the changes that had taken place on the network during the original Constantinople hard fork.
When the Constantinople upgrade takes place, there will be a delay of the difficulty bomb for a period of 12 months. As a result, Ethereum will reduce the mining rewards for each block from 3 ETH to 2 ETH.
“In short: This EIP make sure we don’t freeze the blockchain before proof of stake is ready & implemented,” the post says.
Reactions Thus Far
Since the news broke, there have been a lot of reactions from the blockchain community over social media. Cryptocurrency exchanges, as expected, have already extended their hands is support of the hard fork.
“Huobi Global will support the ($ETH) #Constantinople/ #Petersburg hard fork. We will also help users resolve any technical issues. Deposit $ETH on Huobi to ensure your funds are safe,” Huobi Global tweeted.