Ethereum has become one of the most trusted cryptocurrencies in the world since its inception in 2015. However, this success has not come from sitting idle. Ethereum’s continued progress in its security protocols and a solid foundation in its smart contract functionality has made it a leader in volume traded on the market. It is this focus on evolution and increased performance that brings us to the next big upgrade: Constantinople. The upgrade is due to launch in the coming days at block #7,280,000 and will be supported by KuCoin.What is Constantinople?
Constantinople is the latest system-wide upgrade for the Ethereum platform and the next step on the roadmap towards Ethereum 2.0, when the consensus protocol will shift from proof-of-work to proof-of-stake. These large scale code upgrades are often referred to as “hard forks” since they create a permanent break from the existing Ethereum code. In its simplest terms, a hard fork takes place when the underlying code of a cryptocurrency is permanently altered creating two different coins: the resulting coin is no longer compatible with the original coin.Hard Forks: Risks and Implications
There is always an amount of trepidation when implementing a hard fork, and rightfully so. In order for a hard fork to be completed and function as intended, it must be installed unilaterally across all nodes within a network. Once the upgrade is put into place on all nodes the previous code will be abandoned and the new currency will simply take its place.
This is where the risk lies: if a large enough pool of nodes does not apply the upgrade it can lead to a split in the network. This can happen for a number of reasons, the most notable case being the Ethereum/Ethereum Classic split, which arose from a dispute about the ethics and purpose of the blockchain itself.
In the case of Ethereum and Ethereum Classic, this disagreement lead to a large number of users refusing to install the upgrade....