Constantinople, the next system update for the Ethereum network. The hard fork should lead to increased efficiency and lower fees across the entire network and will be launched ahead of the Devcon 4 Ethereum conference in October.
Although the date of the hard fork has already been announced, the block number on which the code will be activated has not yet been determined.
The Constantinople update is the second phase of the Ethereum network modernization, which continues from the Byzantium phase launched last October. The team hopes that the new fork will lead to a number of optimizations, reduce transaction fees and increase network scalability. Until now, a loose roadmap has been proposed with implementation until August 13th. This will be followed by two months of testing the new protocol and the launch of a test network in Constantinople.
According to the developers, four network improvement proposals (EIPs) are being implemented at this stage, and almost all of them have already been implemented.
EIP 210, which reorganizes the way block hashes are stored in Ethereum, and EIP 145, which speeds up arithmetic on the Ethereum network, are currently being implemented. Also being actively discussed are two updates, EIP1014, which allows for the addition of state channels, and EIP1052, a new operating code that speeds up channel communication.
These EIPs are designed to solve some of the major challenges facing the network and give Ethereum a much-needed edge as the blockchain space continues to grow at a rapid pace.
Ethereum faced strong competition from new decentralized virtual projects in 2018. Dfinity, one of the newest “Ethereum killers,” has raised more than $100 million in venture capital as it prepares to release its virtual network for cloud computing. Additionally, in 2018, many blockchain projects and dApps moved away from the Ethereum network due to problems with scalability and transaction speed. Therefore, Constantinople is a potential lifeline for the Ethereum project, and its development team is clearly working hard to ensure that the project remains on top in the coming years.
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Buterin proposes limiting the number of Ether coins to 120 million
Vitalik Buterin has written a new proposal that could solve the most basic question of the ethereum network: whether there will be a maximum number of Ether coins that can be created. In a new proposal to improve the Ethereum network, the creator of the cryptocurrency shared his thoughts with developers and users of the software on setting the maximum number of coins at 120,204,432. This is exactly twice as many as were sold during the ICO process in 2014.
