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January 09, 2019, 05:06:46 AM |
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Ethereum HardFork Constantinople Hard Fork - ELI5 Edition
1. What is it?
A non contentious hard fork to improve Ethereum.
2. When is it?
Block number 7,080,000. 13 and a bit days from now.
3. Who is doing it?
Everyone. This is a non contentious fork, meaning that nerds on Twitter and Reddit aren't fighting about it.
4. Do I get double ETH for FREE?
Technically yes. But the old ETH will be worthless, and the new ETH will assume the value that the old ETH had. ELI5: No.
5. My ETH is on an exchange, what do I need to do?
Nothing!
6. My ETH is in a MEW, Mycrypto, Coinbase Wallet, Jaxx, paper wallet etc. What do I need to do?
Nothing!
7. My ETH is on a hardware wallet what do I need to do?
Nothing!
8. I got contacted by someone asking for my private key to upgrade my ETH or whatever?
It's a TRAP! See above.
9. I run a node what do I need to do?
Update it! But if you don't, you won't lose your ETH or anything so don't stress too much.
10. I mine, what do I need to do?
Make sure your miner is pointed at the new chain.
11. Is this going to increase the price?
Maybe?
12. Is this POS?
Nope.
13. What's this even all about?
This hard fork is adding the following EIPs. Most notably, this hard fork reduces issuance of ETH by 33% from 3 ETH per block to 2 ETH per block, as well as a few other neat upgrades. You can read about them below.
EIP 145, EIP 1014, EIP 1052, EIP 1283, EIP 1234.
14. WTF is a Constantinople anyways?
Constantinople was the capital city of the Roman/Byzantine Empire (330–1204 and 1261–1453), and also of the brief Crusader state known as the Latin Empire (1204–1261), until finally falling to the Ottoman (1453–1923) empire. It was reinaugurated in 324 from ancient Byzantium as the new capital of the Roman Empire by Emperor Constantine the Great, after whom it was named, and dedicated on 11 May 330.[5] The city was largely located in what is now the European side and the core of modern Istanbul.
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