Ethereum (ETH) Constantinople upgrade and the futures exchange


Cryptocurrency world operates online and complete transactions takes place through the sheer power of computers. But since this is also an online world therefore security is one of the most paramount factor which comes into play when one thinks about the cryptocurrency markets.

Ethereum is one of the cryptocurrencies with significant amounts invested in it and the stakeholders behind this cryptocurrencies have come up with the plan to upgrade the protocols in order to further strengthen the security around the way it is being traded all over the world.

Ethereum Constantinople Hard Fork update was a planned update to the system which was supposed to be introduced in 4 stages. Originally planned to be introduced in November 2018, however, it has now been delayed and would probably be implemented by the end of Jan 2019.

Ethereum Foundation announced that it will be upgrading the system with all the stakeholders however, the planned upgrade was postponed due to discovery of some bugs making the system more vulnerable to security related issues.

In technical terms, Fork is just an update to the network managing the cryptocurrency i.e. ethereum in this case. The process is quite similar to the way you actually update your own computer or laptop to the newer version of operating system to make it more secure and patch up any vulnerabilities. And if you are wondering what does Constantinople means then it is simply a name of this upgrade.

This upgrade will be on the backend side therefore the user i.e. you, will not feel any much difference from the old way of doing business. However, after the implementation you will be trading in a more secure manner as the upgrade will be implemented almost at the each participant or stakeholder levels. This would include the exchanges and node providers will be implementing and using this upgraded technology.

This security upgrade is considered as to be providing long term benefits to all stakeholders and would make Ethereum a more acceptable cryptocurrency with advanced level of security inbuilt into the complete blockchain while at the same time providing the simplicity to the end users.

Though the average time to transactions will remain at around 15 seconds however, creation of second blockchain with this update would also mean that the old blockchain will go away gradually and new blockchain will be adapted once more advanced protocols are implemented.

Almost all exchanges including Binance has supported this upgrade as most of the stakeholders are quite upbeat about the potential of new security protocols to be implemented into the entire blockchain system of Ethereum.

Since this technology upgrade is mostly driven in favor of smart contracts it is widely expected that the cost of smart contracts will reduce too as the upgrade takes place over the entire range of offerings by the exchanges.