The most in vogue news in the cryptocurrency industry this month is the much expected Ethereum Constantinople Hard Fork, which promises to be one of the most important Ethereum hard fork 2019 but it is only one of three hard forks happening for Ethereum this month. Following is a short recap of everything you need to know for the Ethereum hard forks of January.
What is Ethereum Hard Fork?
As previously mentioned, the Ethereum hard fork this time is, in fact, a series of three hard forks that will take place in the span of 9 days. The three hard forks are:
- Ethereum classic vision, it aims to provide a truly decentralize cryptocurrency with an emphasis on individual mining, a 40x faster transaction speed, better staking potential, back and front-end development tools.
- Ethereum Nowa is the second hard fork that is planned to happen. However due caution should be taken regarding this hard fork as many have warned of a possible scam and little credible information has been found regarding that particular hard fork. Some of the signs to look out for including the fact that the hard fork was only announced a few months ago, giving them little time to program an actual hard fork; the official website portrayed pictures purchased from an image website as its team; the ticker used for the cryptocurrency is already used; the fork requires users to give out their private keys to receive the newly created coins, and the team promised to offer coins at a “bargained price” at the beginning. Many of these are indicative of a phishing attempt often used in scam airdrops often used on Twitter in the past.
- Ethereum Constantinople hard fork is the third and last hard fork, originally planned in August 2018 it was rescheduled as some errors were found during the testing phase. The new hard fork would reduce the miners’ rewards from 3 to 2, make smart contracts cheaper by reducing the gas needed by 10x, shift the network from a Proof of Work to a Proof of Stake (Casper update) making the blockchain more efficient and cheaper to operate, and finally a delay of the difficulty bomb which if triggered would make the mining of Ethereum impossible forcing miners to update every time as the bomb would be simply delayed every-time.
When is the Ethereum Hard Fork Date?
As previously mentioned Ethereum will have three consecutive hard forks who will happen in the following order:
- The Ethereum classic vision hard fork will start on January 11, 2019
- The Ethereum Nowa hard fork will happen on January 12, 2019
- The last hard fork entitled Ethereum Constantinople hard fork is expected to take place on January 19 during the mining of block 7080000.
Traders are advised to take the appropriate measures, such as transferring their ETH to wallets and exchanges supporting the hard forks, to ensure they don’t miss out on the new coins being created.
What are the Ethereum Hard Fork New Coin?
As always each hard fork will create new coins for every holder of the previous coin, in this case ETH, but not always in a 1-to-1 ratio. Ethereum classic vision will distribute 3 ETCV for every ETH, while both ETN and the new ETH will distribute one coin for every ETH held.
Now the question is whether how these hard forks will affect the crypto markets as the Bitcoin Cash hard fork of last November is still fresh and resulted in a massive drop of nearly all coins. The outlooks are, however, positive as far less controversy is surrounding the Constantinople hard fork and most, if not all, of the industry will be following it.
This concludes today’s article about the upcoming Ethereum hard fork, its date, things to look out for, and the new ETH tokens being distributed. We hope you learned a lot, enjoyed the read, and stay tuned for more great content.