Yesterday, on February 28, 2019, the long-awaited Ethereum “hard fork” or “network upgrade” Constantinople finally went live! As planned, it occurred on block 7,280,000 and although the plan anticipated two upgrades: Constantinople and St. Petersburg, both were combined in one.
Not to mention the success in upgrading the network, yet not all Ethereum users adopted the new network. At the time of writing, the total percentage of users that have their clients ready is 28% equivalent to 3088 clients. This includes 24,5% of total Geth nodes and 42,3% of Parity nodes. However, this is very early to point out, since the update is only a couple of hours in.
Constantinople and St. Petersburg upgrade
As mentioned before in our previous article, the new upgrade – Constantinople, will integrate 5 new proposals, also known as EIPs (Ethereum Improvement Proposal). These proposals will affect the speed and functionality of the network, its members’ costs and, of course, the miners.
At the same time, with the Constantinople “hard-fork”, St. Petersburg upgrade is also active. Its task is to disable the EIP-1283 protocol, which identified vulnerability issues such as Reentrancy. That is why the update was canceled in January.
The price of Ethereum
During the update on February 28, the price of Ethereum remained significantly stable.
However, in the previous day on February 27, there was a slight dump in the price, and it went from $141 to $132. This probably was the effect of uncertainty from investors and users because of previous delays of this upgrade. Once they got affirmation that the upgrade is actually going to take place, they bought back in.
The Ethereum Network and PoS
The daily issuance now will be at 13400 ETH, with one block time of 14 seconds. Even more, the block reward will decrease from 3 to 2 ETH (EIP 1234). Overall Ethereum’s inflation rate will be around 4%. Also, the update optimizes the use of gas in the network and creates conditions for activating the Casper protocol, which will transfer Ethereum to the consensus PoW / PoS hybrid algorithm.