Ethereum Constantinople Hard Fork Scheduled for Late February Following Recent Delay

Earlier this week, the highly-anticipated Ethereum (ETH) hard fork event – dubbed Constantinople – was delayed just one day before its scheduled event time due to the discovery of a significant security vulnerability that, if it were to have been implemented, would have allowed nefarious actors to steal user’s funds.
On a conference call this Friday with Ethereum’s lead developers, it was announced that the hard fork is now scheduled to occur on, or around, February 27th on block number 7,280,000.
Security Flaws Lead to Ethereum (ETH) Constantinople Delay
Ethereum saw some decent price gains earlier this month that many analysts attributed to the Constantinople upgrade, which will reduce the new supply of ETH by 33%. Over the long run, analysts speculated that this supply reduction would lead ETH to see greater price stability and gradual gains.
Prior to the hard fork being delayed, Michael Moro, the CEO of Genesis Global Trading, spoke about the importance of the supply reduction feature, saying that it could be bullish for ETH’s price.
“Being that the inflation rate will drop by a third, it could potentially reduce selling pressure that could come from the miners’ reward,” he said.
Mati Greenspan, the senior market analyst at eToro, also spoke about the event in an email, saying that Constantinople will lead to a new version of Ethereum that is “faster, cheaper, and has 33% less inflation.”
Although the security flaw, which was discovered this past Tuesday by ChainSecurity – a smart contract security audit firm – did lead to a delay of the event, the supply reduction feature that analysts deemed as being bullish will still be implemented when the upgrade occurs next month.
Although it is hard to tell how much of Ethereum’s January price surge is directly the result of investors anticipation of Constantinople, its price did drop nearly 8% after the delay and security flaw were announced earlier this week.
Constantinople Security Flaws to Be Solved in Subsequent Hard Fork
Originally, Constantinople featured five Ethereum Improvement Proposals (EIPs) that were intended to be incorporated all at once. Now, the one EIP that contained the security flaw has been removed from the February hard fork, and will be incorporated at a later time after more thorough testing can be done.
Péter Szilágyi, an Ethereum developer, spoke about the new hard fork plan in a recent tweet, saying:
“Seems we’re going with block 7.28M for the #Ethereum Constantinople refork scheduled for the 27th of February! Will be a single fork on mainnet and a post-Constantinople-fixup fork on the testnets to get them back in line feature wise with the main network.”
As the new upgrade date nears, investors and traders trying to profit from the event will likely exercise increased caution, as it is possible that there will be further delays if more issues are discovered.
Featured image from Shutterstock.
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Ethereum [ETH] Constantinople hard fork could take place in the next 2 to 6 weeks

Earlier this week, the Ethereum Foundation announced that the key stakeholders of the community have decided to postpone the Constantinople hard fork because of the discovery of a security attack of the smart contracts after the hard fork. This announcement was made hours before the network upgrade, resulting in the Parity and Geth team releasing an emergency upgrade to avoid revert the upgrade.
The foundation stated that all node operators, miners, and exchanges were required to upgrade to the new version or downgrade to the previous version. This announcement was rather an unexpected one by the community as the Rinkeby Testnet, which took place on January 9, 2019, was stated to be successful, unlike the Ropsten Testnet, which resulted in a three-way fork.
This time, the vulnerability was detected by ChainSecurity, wherein the team revealed that the smart contracts are vulnerable only after the Constantinople hard fork and not before. The upgrade of the network would enable Reentrancy attack, which is currently not possible because of the high gas limit. However, it would be possible after the upgrade because EIP 1283 proposes the reduction of gas required for SStore operations.
The delay in the fork has also resulted in some of the members of the community appreciating the quick measure taken by the Foundation members to avoid the fork within a short-span, whereas others were either unhappy about the fact that the team took notice of the vulnerability hours before the upgrade or concluded that the community was centralized.
To add on, if it weren’t for the Reentrancy attack, the upgrade would have taken place earlier today on block #7080000. At present, the details pertaining to the next schedule of the hard fork and the block it would occur on would be decided during the next Ethereum dev core meeting, which would be taking place towards the end of the week.
There is speculation related to the hard fork doing its rounds in the market. Some in the community believe that the hard fork would be taking place on January 21, 2019, on Monday. However, one of the core developers of Ethereum, Afro Schoedon has stated that the next hard fork would take much longer time.
He said on Twitter:
“It’s not happening on Monday. I don’t know who was seeding this. It’s more like 2-6 weeks.”
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Source: AMB Crypto

Ethereum: Analysts Believe Upcoming Constantinople Fork Will be Bullish Despite Delay

Although Ethereum is currently seeing a price drop due to its highly-anticipated Constantinople hard fork being delayed, it will still likely prove to be a positive event for the cryptocurrency’s price once the security flaws are smoothed out and it is implemented. Investors will not know until Friday when the new scheduled date for the hard fork is.
The term “hard fork” is typically seen as being a negative event for cryptocurrencies, and this is in part due to previous forks that have badly burned investors, like the recent Bitcoin Cash hard fork that split the community and led the cryptocurrency’s price to plunge.
Despite this, prominent analysts seem to agree that Constantinople may have bullish implications for Ethereum in the long run, mainly due to its network improvements and its supply reducing upgrade that will reduce the new supply of ETH by 33%.
Ethereum Hard Fork Unlikely to Burn Investors Long-Term
One of the greatest risks posed by hard forks is when they split the cryptocurrency into two versions. This can greatly impact the crypto’s price action, and it can split the community while driving fearful investors out of their positions. It is important to note that this is not the case with the upcoming Constantinople fork, which will not be splitting ETH and should offer some great benefits to the network.
Mati Greenspan, the senior market analyst at eToro, discussed the contentions hard forks can cause in a recent email, saying:
“Sometimes, when there is a disagreement among the community about the upgrade, some members will choose to keep the old version of the blockchain alive and we see a split. The most famous cases of this was when Bitcoin Cash split off of Bitcoin on August 1st 2017 and when Ethereum split with Ethereum Classic back in 2016,” he explained.
Ethereum core developer Lane Rettig spoke to Bloomberg earlier today about the upcoming fork, noting that it is one of the least eventful the network has seen in its history.
“I really can’t imagine a less contentious hard fork, to be honest… Of all the hard forks in the history of Ethereum, it’s probably the least eventful one,” Rettig said.
Now, however, the fork is seeing increased drama and scrutiny due to the recently discovered security flaw that, if it had been implemented, would have allowed nefarious actors to exploit a loophole in the coding that would have essentially allowed them to continuously withdraw innocent user’s funds.
Analysts Believe Constantinople is Bullish for ETH Price
In addition to offering some simple improvements to the network, analysts do believe that ETH investors will see benefits incurred from the hard fork, specifically due to the block rewards reduction that will reduce the supply of new Ether output, possibly offering the crypto more stable growth in the long-run.
Greenspan bullishly concluded that once the fork is completed, the markets will have a new Ethereum that is “faster, cheaper, and has 33% less inflation.”
Michael Moro, the chief executive officer of Genesis Global Trading, also spoke optimistically about the fork, specifically citing how the reduction of supply will reduce selling pressure.
“Being that the inflation rate will drop by a third, it could potentially reduce selling pressure that could come from the miners’ reward,” he explained.
Featured image from Shutterstock.
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Ethereum: ETH Price Plunges as Constantinople Fork is Delayed Due to Security Flaw

Over the past several weeks, Ethereum has seen consistent price gains that can be largely attributed to investors anticipating its Constantinople hard fork. This fork was widely viewed as being bullish due to it reducing the future supply of ETH by 33%.
Now, Ethereum’s price is plunging due to Constantinople being delayed as a result of a security vulnerability that, if it were to be implemented, could result in a loophole that provides attackers with the ability to exploit the code and steal user’s funds.
Ethereum Constantinople Hard Fork Delayed
Earlier today, news broke that smart contract security audit firm, ChainSecurity, noticed a flaw within one of the proposed improvement upgrades included in the hard fork, which could allow funds to be easily stolen by nefarious actors.
In a conference call, Ethereum’s lead developers discussed the flaw, noting that the hard fork will be delayed for an unforeseeable amount of time while they fix the issue. The new date for when Constantinople will be implemented will be released in another conference call this Friday.
ChainSecurity discussed the fork’s vulnerability in a recent Medium post, calling it a reentrancy attack that allows bad actors to reenter the same function multiple times without the network updating to account for the actions they took, essentially allowing them to continuously withdraw funds.
“The upcoming Constantinople Upgrade for the ethereum network introduces cheaper gas cost for certain SSTORE operations. As an unwanted side effect, this enables reentrancy attacks when using address.transfer(…) or address.send(…) in Solidity smart contracts. Previously these functions were considered reentrancy-safe, which they aren’t any longer,” ChainSecurity explained.
ETH Price Drops on News of Delay 
Ethereum’s price plunged on news of the Constantinople delay, and it is trading down 6% at its current price of $121. ETH is presently trading just above its weekly low of $116, which was set this past weekend when the overall crypto markets dipped.
Ethereum has seen a relatively consistent price rise since it set its 2018 lows of $80 in mid-December, rising to highs of nearly $160 before dropping to its current price levels. It is unclear as to how much of this price rise is the result of expectations regarding Constantinople, as the entire crypto market has posted a decent recovery from its mid-December lows.
Although ETH dropped on the news of the delay, The Crypto Dog, a popular cryptocurrency analyst on Twitter, said that he is buying the relatively minor price dip, which he sees as being the result of an “emotional reaction.”
“Reasonings for buying this: It was at support, easy invalidation if I’m wrong… ETH is leading, dumping due to Constantinople delay – this is an emotional reaction that may be quite shortlived [sic],” he explained.
How Ethereum’s price responds to the fresh news regarding the delay in the coming hours and days will gage how important traders see Constantinople being for ETH’s price.
Featured image from Shutterstock.
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Expert Opinion: Bakkt Moves Ahead Despite US Government Shutdown, World Gets Ready For The Ethereum Fork

“This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro”
Key Highlights:

Bakkt to move ahead despite US Government Shutdown
Vontobel has announced their own crypto custodial service and digital asset vault
Ethereum to undergo hard fork tomorrow night

Bakkt moves ahead as scheduled while Vontobel announces crypto custodial services
So the delay of Bakkt because of the US Government Shutdown seems to have disappeared as for now. The Wall Street-backed service, which plans to allow clients to store and spend crypto in a user-friendly and secure way, has clearly demonstrated that they are going ahead despite delays caused by the partial US government shutdown. While all stand still due to shut down, Bakkt CEO Kelly Loeffler announced their first strategic acquisition. To advance its effort, towards building a secure, scalable platform for transacting with digital assets, the upcoming Bakkt has entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG), an independent futures commission merchant with nearly 100 years of earning clients’ trust.
In December, RCG had announced the sale of all its customer accounts to Marex Spectron, one of the world’s largest commodity brokers. As part of that transaction, Bakkt’s aim was to purchase certain valuable assets related to its platform so the development work can happen quicker. The company expects to close the transaction in February, and are excited to welcome members of the RCG team to Bakkt.
Meanwhile across the Atlantic, in Europe, another financial giant has announced its entry into the crypto- industry. In Switzerland, a country that is way ahead of the curve on crypto adoption, Vontobel has announced their own crypto custodial service and digital asset vault, which is available for their clients now. By this launch, financial intermediaries such as wealth managers in Switzerland, banks and asset managers can – without any significant investment in their own infrastructure – offer their clients an integrated solution for digital assets.
Ethereum to get Constantinople upgrade
Somewhere tomorrow night, At block #7080000, the Ethereum network will undergo a hard fork. Hard forks might seem difficult to understand because of our concentration on to centralized computing, but in a decentralized world, the only way to make a major upgrade is to fork it. To explain by way of an example, when Microsoft wants to upgrade from Windows 9 to Windows 10, they have their dev team write the code, and then users upgrade one by one in their own time. In decentralized computing, the entire network needs to upgrade together.
A hardfork is like a copy-paste action, where a new blockchain is born and if all goes well, the old one dies. Sometimes, when there is a disagreement among the community about the upgrade, some members will choose to keep the old version of the blockchain alive and we see a split. The most famous cases of this were when Bitcoin Cash split off of Bitcoin on August 1st, 2017 and when Ethereum split with Ethereum Classic back in 2016.
However, the Constantinople upgrade has already received widespread backing from the entire community and so one can hope everything to move smoothly. It’s important to note that there is no action required by the end users. If any investors are holding ETH on any wallet or exchange, the upgrade would be implemented automatically.
Fingers crossed for the upcoming few weeks. 
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Source: CoinGape

Ethereum [ETH] Constantinople Rinkeby Testnet fork successful, says core developer

Ethereum [ETH], the second largest cryptocurrency by market cap and the leading smart contract platform, seems to be all set for the upcoming hard fork, Constantinople. The team has been working on the hard fork for over a year and the hard fork that was supposed to be launched towards the end of 2018. It is now scheduled to take place around January 16, 2019 on block #7080000.
The Rinkeby Testnet fork was scheduled for today, November 9, 2019. One of the core developers and team lead at Ethereum Foundation announced that the Testnet has successfully forked over to Constantinople.
Peter Szilagyi, core developer of Ethereum announced on Twitter:
“Rinkeby #Ethereum testnet successfully forked over to Constantinople! All signers, bootnodes, faucet online and working well. Clean split between new and non-upgraded nodes (please update!).”

Rinkeby Testnet is one of the three Testnets of Ethereum, the other two being Ropsten and Kovan. The Testnet is similar to the production chain of Ethereum, and Rinkeby Testney is a Proof-of-Authority blockchain.
The successful fork of the Testnet could be considered as the notable one for the upcoming hard fork, taking into consideration that the 2018 launch was delayed because of the failure of the Ropsten Testnet, which resulted in a three-way fork. The reason for the failure was stated to be a consensus bug found in the Parity implementation of Ethereum, and the lack of miners on Parity, Geth or Aleth. The difference with Geth and Parity were also pointed out by Lane Rettig, a Ethereum developer, in the post-mortem report.
Recently, during the Ethereum core devs meeting, the team decided to go ahead with the ProgPOW [Programmatic Proof-of-Work] implementation, with the aim set at keeping ASIC mining at bay. The implementation will go live in the upcoming months, unless the team encounters a major problem during the testing rounds.
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Source: AMB Crypto

Ailing Ethereum Receives a Boost, Huge Community Support for Upcoming Hard Fork “Constantinople”

Ethereum is all set to have a Constantinople Hard Fork between January 14-18, 2019. Since the major announcement appears on bulletins, Ethereum which was standing on the third largest position from Mid November 2018 has reclaimed its position this year. Consequently, at the time of writing, Ethereum is the second largest cryptocurrency with the total market capitalization of $16,442,161,966 USD.

The Constantinople Hard Fork was publicized in early December 2018 in a bi-weekly meeting by Ethereum’s developer. Following this, the hard fork received huge support from the community including trading platforms like OKEx, Binance, Huobi cryptocurrency exchange as well as individual members in a crypto space.

Major Cryptocurrency exchanges Support the Ethereum hard fork Constantinople
Binance with more than $1 billion trading volume per day is supporting the Ethereum’s upcoming Constantinople hard fork. By addressing Ether holders, the blog reads it as follows;

Beside Binance, OKEx, one of the largest cryptocurrency exchange has also announced to support ETH’s Constantinople hard fork. OKEx assures to ‘handle all the technical requirements of the hard fork’.

Huobi Exchange is also following the footstep of OKEx and Binance. It advises clients to have their Eth funds deposited into Huobi Global and expects the hard fork at block height 7,080,000. The team further guarantees that they look out for possible technical issues.

It’s an upgrade for Ethereum, no coin until community on the same page
Nevertheless, with the support, there are critics too. Ethereum had a hard fork in 2016 which has resulted into Ethereum classic and Ethereum – due to the fact that the developers were not being happy with security constraints of it. However, the case of this fork is different than what has happened in 2016.
As revealed, the fork will bring Five improvement protocols (Ethereum Improvement Proposals) into Ethereum’s blockchain wherein four of which are focusing on short-term scaling and aims to shift from proof-of-work (PoW) to the more energy efficient poof-of-stake (PoS) consensus algorithm.
It’s more about upgrades or EIPs that developers feel to implement. Since the upgrade is significant, it requires ‘a hard fork’. As such, it is important to note that whenever there is a fork of currency, there would be a new coin produced but since the Constantinople is an upgrade, a split is not a very probable outcome. Similarly, Mati Greenspan, eToro’s senior market analysts remarks and expects to have a smooth upgrade.

The coming Ethereum hard fork is not a split it's an upgrade. Unless some big player decides they don't like the upgrade, there will be no new coins produced.
Constantinople will make Ethereum cheaper & faster and will decrease the reward for mining a block from 3 ETH to 2 ETH.
— Mati Greenspan (@MatiGreenspan) January 4, 2019

What do you think of upcoming Ether’s Constantinople hard fork? How will it affect the prices? Let us know in your comments. 
The post Ailing Ethereum Receives a Boost, Huge Community Support for Upcoming Hard Fork “Constantinople” appeared first on Coingape.
Source: CoinGape

Ethereum’s Next Hard Fork Constantinople gets Delayed as Developers Find Bugs in the Code

Ethereum’s next hard fork, dubbed Constantinople which was on track for November release has been delayed for early 2019. The same was confirmed by developers in a meeting as they found several bugs that were released on a test network.
Constantinople plans delay other proposed changes as well
The Constantinople hard fork, upon successful implementation, was expected to increase the network’s efficiency and was a system-wide update of the Ethereum network. Made up of five updates, this update was to help in shifting the network away from a Proof-of-Work consensus model, lay the groundwork for ETH’s scaling solution, and bolster and support its smart contract infrastructure.
With bugs in the code, now developers are aiming for some time in late January or February, developers on the call Friday agreed that moving ahead with the hard fork next month would be unwise.
Speaking to this during the live-streamed meeting, developer Afri Schoedon remarked:
“I keep getting the feeling that we’re trying to rush this and I would second that we should breathe and see what happens.”
A few days back, a key tweet from Infura, which is an Ethereum blockchain infrastructure firm, revealed a bit of the detail of the bug. According to the tweet a supposed “consensus issue” in the trailing of Constantinople, has rendered a testnet useless. The report also stated that the trial unexpectedly resulted in a “consensus issue on ropsten.” The information was revealed by Afri Schoedon, lead Ethereum developer, through a series of tweets. Schoedon has also pointed out that there would be “no Constantinople in 2018,” as the team would be busy investigating the reason for the problem.

Due to a consensus issue with the Constantinople fork, Ropsten is currently not usable. The Ethereum dev community is investigating. Until further notice please utilize one of the other Ethereum testnets
— Infura (@infura_io) October 13, 2018

Afri Schoedon tweet on the same

no constantinople in 2018, we have to investigate
— 𝙰𝚏𝚛𝚒 𝚂𝚌𝚑𝚘𝚎𝚍𝚘𝚗 (@5chdn) October 13, 2018

between geth and parity, we have a three-way fork now.
— 𝙰𝚏𝚛𝚒 𝚂𝚌𝚑𝚘𝚎𝚍𝚘𝚗 (@5chdn) October 13, 2018

consensus issue on ropsten
— 𝙰𝚏𝚛𝚒 𝚂𝚌𝚑𝚘𝚎𝚍𝚘𝚗 (@5chdn) October 13, 2018

Arfi finally announces a delay

consensus: earliest constantinople hardfork date end of january 2019
— 𝙰𝚏𝚛𝚒 𝚂𝚌𝚑𝚘𝚎𝚍𝚘𝚗 (@5chdn) October 19, 2018

The delay could have implications for other proposed changes as well. Martin Holste Swende, security lead at the Ethereum Foundation, said there could be time then to add code for another proposal, dubbed “ProgPow,” into Constantinople.
ProgPow is aimed at shoring up Ethereum’s resistance to the specialized mining hardware, which many think could price out smaller mining operations that use GPUs to mine – and could trigger some centralizing effects.
According to Swende, as he quotes,
“I’m going to go out on a limb here and say that if we do decide that Constantinople isn’t until January or February, then I would probably try to push for including ProgPoW into Constantinople,”
Hudson Jameson, the communications officer for the Ethereum Foundation, said Friday that developers already had a lot to do to prepare the network for the main net – or live blockchain – release of Constantinople. Highlighting one of these items, he said:
“We need to coordinate more with miners on when we switch over hash power and that also includes mainnet.”
Nothing seems to be falling in place for Ethereum. Constantinople which was to change fortune for Ethereum now stands delayed. Hope this delay doesn’t cost Ethereum its second position on the list of cryptocurrencies by marketcap.
How much impact will this Constantinople update delay hurt Ethereum? Do let us know your views on the same.
The post Ethereum’s Next Hard Fork Constantinople gets Delayed as Developers Find Bugs in the Code appeared first on Coingape.
Source: CoinGape