Ethereum (ETH) Receives Support from Binance for the Constantinople Fork

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Ethereum (ETH) Already Receives Support from Binance for the Upcoming Constantinople Fork

Back at the beginning of October 2018 after months of working on Constantinople upgrade, the official dev team decided to test the update on Ropsten test net, after which Constantinople should have been prepared and ready for the mainnet launch.

However, Ropsten test of Constantinople didn’t go as planned, which is why the team needed to postpone the official mainnet update.

The initial problem that caused the delay in updating the network as originally planned quickly appeared as Constantinople update had major troubles with exiting the starting gate and moving on.

This case further caused the fork to freeze for two hours at the block height 4,299,999 while later on there were no visible transactions in the post hard fork environment.

That is how the team decided to reschedule the release until they are able to resolve these crucial issues, announcing Constantinople hard fork for January 2019.

As the announced fork is getting closer, the top cryptocurrency exchange according to Coin Market Cap, Binance, already announced their support for Ethereum.

Binance Exchange Ready for Ethereum’s Constantinople Fork

After the encountered issues on Ropsten test net, the dev team behind Ethereum project announced that the hard fork should take place at block height 7,080,000, which means that Constantinople should take place between January 14th and January 18th.

Additionally, even though Ethereum lost its rank back in October to XRP that took over the spot of the second-largest cryptocurrency by market capitalization, the significance of the upcoming hard fork appears to be driving ETH up against the fiat as Ethereum managed to get back to its previously held rank, surpassing XRP by half million dollars in market cap.

On January 3rd Binance announced their support for Constantinople hard fork in an official blog post, asking all users that have interest in the fork to leave sufficient time for the deposits to be processed at the mentioned block height.

Binance representatives also called out for ETH dev teams to provide more information in case further forks or airdrops are to take place during Constantinople, also adding that users can look up for more information on Ethereum Core Devs Meeting “51 Notes” available on Github from December 7th.

What Constantinople Hard Fork Brings to Ethereum Network

The upcoming and long-anticipated fork dubbed Constantinople comes with five different improvement proposals, set to represent maintenance and optimization upgrade as stated by an independent developer, Lane Retting.

Constantinople, thus, won’t result in any hard fork dramas as it was previously noted with Ethereum fork that resulted in Ethereum Classic (ETC), a newly minted currency hosted on top of Ethereum blockchain.

Instead, end users probably won’t be able to spot any major changes on the network, as the fork will be focused on delaying of the difficulty bomb, also changing the foundation of economic policy on the network.

The new hard fork is also said to introduce a phase dubbed “ice age,” which means that programming code within the upcoming fork is set to slow down the creation of new blocks.

Perhaps one of the most interesting improvement proposals is represented in EIP 1014, as the founder of Ethereum, Vitalik Buterin, designed this upgrade himself.

The purpose of this proposal is to introduce an improved facilitation for scaling solutions that should be based on off-chain transactions and state channels.


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