Ethereum 2.0

The Ethrereum blockchain is constantly evolving, its launch consists of four main stages, each of which is of great importance for the platform. The first of them - Frontier, ended in 2015, after which the next important part came under the name Metropolis. It, in turn, consists of two global updates: Byzantium, which took place in October 2017 and Constantinople, scheduled for October last year, but postponed to January 16, 2019 due to various shortcomings.

At the moment, the cryptocurrency hard fork date is again unknown, it was once again canceled due to vulnerability in one of the updates. Vitalik Buterin proposed abandoning the term hard fork due to the fact that many users began to wait for the separation of the chain and the appearance of new coins, and scammers took advantage of this. Instead, the creator of Ethereum advised calling Constantinople an update to avoid confusion and clarify concepts.

The main changes in the Ethereum network that will occur as a result of Constantinople:

1. EIP 1234 - the reward for miners will be reduced from three to two ETH

2. EIP 145 - blockchain efficiency and speed will be increased by adding Bitwise switching mechanisms to the Ethereum virtual machine.

3. EIP 1052 - the network will begin to consume less power

4. EIP 1283 - the need to use the internal currency of the Ethereum blockchain - Gas will decrease

5. The “complexity bomb” has been postponed for 18 months. Also, the transition from the Proof-of-Work algorithm to the Proof-of-Stake algorithm has been delayed, that is, it will become impossible to mine on equipment, but it will be possible to receive a reward for storing money.

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In addition to the vulnerabilities in the Constantinople update, due to which the activation of the hardfork had to be postponed twice already, many users fear for the security of the cryptocurrency network in the future. A decrease in the block mining reward will lead to a decrease in the profitability of Ethereum mining, which, with a cryptocurrency value of $ 170, is already low.

The next stage in the development of the cryptocurrency network - Serenity, should be held eight months later by Constantinople. After that, the altcoin blockchain will have to become as simple, secure and stable as possible.