As you are certainly aware, the Ethereum network is preparing to carry out an important update that will take it to a new and very interesting stage for the future of this blockchain.
In this article, we will provide you with answers to the question we have been hearing everywhere in recent days: "Will I receive crypto for free following Ethereum's hardfork?"
First of all, is there a reason to wait for free crypto currencies to be deposited in your wallet as it was the case in the past for some major hard fork ?
What is Constantinople ?
Constantinople is a very important step on the way of the Ethereum team to the state of Serenity, the final update defined for the project.
Serenity will transfer the network to the Proof of Interest (PoS) system, as well as a 1000-fold increase in scalability. This will make the Ethereum blockchain faster, less energy intensive and more secure.
To give you an idea of how Constantinople will push the project towards Serenity, take a look at these 4 phases on the Ethereum roadmap:
This is the first implementation of Ethereum, which was launched in July 2015.
This version was intended to stabilize the network and facilitate the increase in its functionality and efficiency.
This is the current state of Ethereum's network, which includes the Constantinople hard fork and targets security updates, as well as more automation opportunities and better scalability.
Serenity, 2020 ?
This is the last step in the evolution of Ethereum.
Serenity aims to solve the complex problems of introducing Sharding into the Ethereum blockchain. It will also move the transactions validation system from Proof of Work to Proof of Stake. This will have enormous consequences on the speed of processing as well as on the energy consumption of the network.
Will you receive free crypto thanks to Ethereum's hard fork?
In fact, it is very unlikely that you will be able to benefit from such an advantage.
If all Ethereum miners agree to switch to the new version of the Ethereum blockchain, the Constantinople hard fork will be the only active version. for this reason, the term "hardfork" is misused in this case.
The old chain will collapse, and there will be no coins.
During the various meetings that took place, one developer suggested using the term "Constantinople Update" rather than "Hard Fork", which means that you will not receive free crypto.
This does not mean that you will never be able to receive tokens for free again. Crypto-Addicts Airdrop will always be there and looking for the best opportunities for you.
Unfortunately, you will not be able to accumulate free crypto when you move to Constantinople.
What's new with the Constantinople update?
Constantinople will make five proposals for improvements to the Ethereum network (EIP). These proposals were discussed and agreed upon by the main Ethereum developers.
1. EIP 145: Bitwise shifting instructions in EVM
EVM is lacking bitwise shifting operators, but supports other logical and arithmetic operators. Shift operations can be implemented via arithmetic operators, but that has a higher cost and requires more processing time from the host. Implementing SHL and SHR using arithmetics cost each 35 gas, while the proposed instructions take 3 gas.
2. EIP 1052: EXTCODEHASH opcode
Many contracts need to perform checks on a contract’s bytecode, but do not necessarily need the bytecode itself. For instance, a contract may want to check if another contract’s bytecode is one of a set of permitted implementations, or it may perform analyses on code and whitelist any contract with matching bytecode if the analysis passes.
Contracts can presently do this using the EXTCODECOPY opcode, but this is expensive, especially for large contracts, in cases where only the hash is required. As a result, we propose a new opcode, EXTCODEHASH, which returns the keccak256 hash of a contract’s bytecode.
3. EIP 1283: Net gas metering for SSTORE without dirty
This EIP proposes net gas metering changes for SSTORE opcode, enabling new usages for contract storage, and reducing excessive gas costs where it doesn’t match how most implementation works.
This acts as an alternative for EIP-1087, where it tries to be friendlier to implementations that use different optimization strategies for storage change caches.
4. EIP 1014: Skinny CREATE2
Allows interactions to (actually or counterfactually in channels) be made with addresses that do not exist yet on-chain but can be relied on to only possibly eventually contain code that has been created by a particular piece of init code. Important for state-channel use cases that involve counterfactual interactions with contracts.
5. EIP-1234: Constantinople Difficulty Bomb Delay and Block Reward Adjustment
The average block times are increasing due to the difficulty bomb (also known as the "ice age") slowly accelerating. This EIP proposes to delay the difficulty bomb for approximately 12 months and to reduce the block rewards with the Constantinople fork, the second part of the Metropolis fork.
What exchanges will support this update?
At the moment, some trading venues such as Binance, OKEx, Huobi, OKCoin and CEX have already announced that they will support Constantinople.
Other less popular platforms have also announced their support with Constantinople:
This update of the Ethereum network will not allow you to obtain crypto for free, but it is not dangerous for your ETHs.
In addition, it will make interesting improvements and continues to set the stage for the final update of Serenity.