Ethereum Constantinople and St.Petersburg hard forks are expected to be on 7,280,000 block height, on February 28. They will upgrade Ethereum codebase, reduce smart contracts execution cost and mining reward, will add off-chain transactions support and more.
This article will answer the following questions:
Hard fork is a codebase update. To resolve the blockchain issues or add improvements, you need to make the changes in the core code.
Usually, there are three main reasons for making a hard fork:
Hardforking requires code changing without backwards compatibility. After the hard fork all the previous blockchain with all the transactions will be copied and switched to the new rules.
The Constantinople Ethereum hard fork is expected to be on 7,280,000 block height, on February 28.
After being postponed, Ethereum developers seems to solve the hacking vulnerability in the EIP 1283.
The fork itself will affect the mining reward, improved sharding and P-o-S mining. Full P-o-S support is expected to be implemented in the future under the fork called Casper update. No new coins will be created with a fork, as it will contain only upgrades for miners and nodes, and the previous chain will die out as none will support it.
(EIP – Ethereum Improvement Protocol).
More details about the changes can be found on GitHub.
St. Petersburg, apart from the city’s name, is another Ethereum hard fork that will occur as at same block height and the same date as the Constantinople Hard fork. This hard fork is designed to remove the 1283 EIP from the test networks. Before implementing both forks on the main network, Ethereum developers are currently testing them.
The lower block rewards will affect miners income, also there will be created an implementation of payment channels with smart contracts that will pike up the technological part of the asset. Major price changes are not expected after the hard fork.
They will be stored safely on your address and do not require funds transfer at all. The fork itself won’t affect the amount of ETH you have.
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