Ethereum (ETH) Hardfork Constantinople Is Approaching — What Will Change?
The Ethereum (ETH) hardfork will be activated today or tomorrow with the mining of the 7,080,000 block on the Ethereum Blockchain. Ethereum’s hardfork, known as Constantinople, will consist of several code base changes specified by various Ethereum Enhancement Suggestions (EIPs). In this article, I’ll explain what that means and what changes hardfork brings to Ethereum.
What changes does the hardfork of Ethereum bring?
Let me be clear that Constantinople is not the answer to Ethereum’s scaling problem because Casper, Sharding, and Proof of Stake will not be introduced by this update.
However, Constantinople should pave the way to make Ethereum’s entire network more efficient. What exactly changes through the hardfork, you can read in the following:
- EIP 145 allows bitwise shifting. This change allows binary numbers to shift to the left or to the right and adds solitivity as a programming language for efficiency and flexibility.
- With EIP 1052 the hash of a smart contract can be read. If multiple smart contracts interact with each other, the change comes to fruition. For example, a smart contract can find out which version another Smart Contract supports. The hash allows this information to be obtained without having to read out the entire code of the smart contract. This will allow Smart Contracts to communicate with each other more efficiently and more gas-efficiently.
- EIP1014 is designed to facilitate the implementation of off-chain transactions and operations. This is to succeed by actually and counterfactualizing interactions in channels with addresses that are not yet on the mainchain at the time. Counterfactual transactions are thus carried out off-chain. Although they are not on the Mainchain, they can be transferred to them at any time. In other words, the update will make it possible to interact with data that is not actually on the blockchain, but has already been executed and confirmed off-chain.
- By EIP 1234 Mining Reward of 3 ETH is reduced to 2 ETH. This is to reduce the inflation of ether. At the same time, it is obvious that this update is a preparation for the announced introduction of proof of stake on the Ethereum Blockchain.
- Last but not least: EIP 1283 — a better way to monetize changes to data storage.
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Author: Marko Vidrih
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