After a long period of uncertainty, today Ethereum’s long awaited Constantinople fork is set to take place. At this point however, the state of affairs has become a bit more complicated. According to CoinDesk, two hard forks will be occurring simultaneously, the first of which is Constantinople.
The second is being called St. Petersburg and if you are wondering what this involves, then you are surely not alone. Constantinople has taken up much of the past year’s coverage on the subject, while St. Petersburg seems to have fallen by the wayside. Reportedly, this is because it has been conceptualized very recently, in response to a vulnerability found in the code of Constantinople related to the safe implementation of smart contracts.
Therefore, today, when the forks begin at 19:15 UTC, Ethereum network users will need to update their versions of the main Ethereum chain twice. Apparently, in both cases, the only network group that will really feel as if their experience is different is the miners.
This is because the network’s block reward will drop from 3 to 2 Ether. In addition to this, however, several proposals to improve the network will be implemented as well. One of these that might particularly stand out is EIP 145, which aims to reduce network fees in certain situations.
Since the Ethereum network’s perceived high fees have been one of its’ biggest weaknesses, we just might see a true increase in value across the board, albeit only if EIP 145 ends up having a major affect.
Since these forks are less than a day away, we will not have to wait long to begin to see these proposals and the decrease in block rewards take place. If you are personally interested in tracking the progress of both Constantinople and St.Petersburg, you can do so on the Amberdata website here.
By: BGN Editorial Staff