The hard fork of Ethereum Constantinople is almost there and ETH is up 9% as the market looks green. However, this system upgrade, which Weiss Ratings says is geared towards speed, low cost and efficiency, is a classic case of “buy the rumor, sell the news”.
Ethereum Jumps 9% Amid Green Market
Constantinople, the hard fork of Ethereum, is only a day away and the third largest cryptocurrency is finally seeing its price spike. With the market going green and growing between 2 and 5 percent, Ethereum has risen 9 percent in the past 24 hours.
However after Weiss RatingsThis will not help Ethereum regain its momentum as it is just “buy the rumor and sell the news”.
“The hard fork and network upgrade of the ETH in Constantinople is planned for this Wednesday. Unfortunately, this doesn’t help ETH regain its lost glory. This is the classic case of “buy the rumor, sell the news”.
Some agree when a Twitter user commented, “100% true. Ethereum strategy: first start without stability, promise the future. Repeat. “While another said,” Right, doesn’t sound too impressive … “
However, many are optimistic when one enthusiast says, “I think it’s great that Ethereum is evolving itself.”
Realize the full potential
Constantinople, the name of Ethereum’s January 16 hard fork upgrade, is a multi-stage journey that implements protocols like Proof of Stake. The system upgrade is implemented in block 7,080,000.
This hard fork will not see a currency split as it did at the time of Ethereum Classic as the Ethereum community generally supports Constantinople. A brief overview of the 5 Ethereum Improvement Proposals (EIPs) includes:
EIP 145; Bitwise Shift Instructions for Efficiency and Speed - This upgrade means doing shifts in smart contracts is 10x cheaper.
EIP 1052: Smart Contract Review for Speed and Energy – This enhancement allows the smart contract to review each other by just getting the hash of the other smart contract.
EIP 1014: CREATE2 for Scalability was developed by Vitalik Buterin. This improvement serves to enable Status channels.
EIP 1283: SSTORE – This proposal aims to reduce gas costs by allowing multiple updates to be performed more cheaply within one transaction.
EIP 1234: Block Rewards and Difficulty Bomb Delay is the most discussed and anticipated upgrade. The block reward reduction reduces the reward from 3 ETH to 2ETH after the fork, further reducing inflation. Delaying the difficulty bomb, when activated, would increase the energy required to mine a block until no more blocks can be mined.
With these improvements aimed at lower costs, speed and efficiency, Ethereum can reach its full potential.
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I have a written background, have worked on a variety of industry topics, and recently entered the world of blockchain and cryptocurrency.