The anticipated Ethereum Constantinople hard fork update is going to start functioning globally in the near future. Thus, today, we would like to provide you with more information about the upcoming fork and how it will affect Ethereum trading on Bankera Exchange.
What is Ethereum Constantinople hard fork?
Constantinople hard fork can be regarded as the latest update of Ethereum blockchain and the fifth system-wide upgrade ever. This update will split the blockchain into two forks, with the old one almost immediately becoming disused. All Ethereum transactions will be instantly relocated to the new part of the blockchain.
Constantinople hard fork will provide two main updates beneficial to ETH traders and holders. These updates are focused on reducing costs and improving transaction speed on the blockchain.
The first of the upgrades will prove beneficial to the traders who tend to frequently move their funds between wallets. The update named EIP 1283 will focus on readjusting some codes in the blockchain to cut down gas costs when sending transactions on the Ethereum blockchain.
The second update, bearing the name EIP 1014, is designed to improve transaction speed on the Ethereum blockchain. As the main chain can only confirm up to 15 transactions per second, there has been an active ongoing search for alternatives in order to make it more powerful. The EIP 1014 provides a solution to this problem. It allows users to set up new types of state channels – off-chain solutions that act as a new place to make payments between two parties without the need of on-chain confirmation. This new update will reduce the load on the main Ethereum chain, consequently making the transactions faster and the transactions costs lower.
Is Bankera Exchange ready for the new fork?
To answer shortly – yes, it is. Bankera Exchange has been prepared to support the new Constantinople fork and will have no maintenance breaks in order to implement it. Ethereum trading, deposits and withdrawals are available and will be available through the whole process of Ethereum fork split – it will have no effect on user assets or trading experience.
UPDATE: Ethereum Constantinople hard fork upgrade, initially planned to start functioning between 16th and 17th of January, has been delayed globally by the Ethereum community. The newly scheduled date for the upgrade is February 27, 2019, when block 7280000 is reached on the Ethereum blockchain. We will keep you up to date regarding the latest developments on this matter.
If you have further questions regarding the Bankera Exchange support of Ethereum Constantinople hard fork, please contact us at [email protected].