The Ethereum developers have postponed the Constantinople update to the next year. Although earlier on, they plan to finish it December. The decision was made due to an error while the update was tested in the test network.
The Problems Faced By Ethereum
The problems faced by the Ethereum developers when the tested the Constantinople update. At first the blockchain got frozen which was most likely an unknown bug occurrence and the blockchain did not process transactions. It was the most natural sabotage on the part of the miners who simply did not update their software. The developers even had to ask them to proceed with a new update.
Constantinople is an interim update and after it's implementation the Ethereum network will remain it's usual proof of work mining algorithm. The difference is that the mining reward will drop from three to two Ethereum. However, the miners didn't welcome these features.
Conclusion
It's hard to predict how many bugs the Ethereum developers will have to fix before the network is updated with Constantinople hardfork and then Casper. That is because no one has done anything like this on the scale of such a popular cryptocurrency but the hardfork is to be and all that can change is it's timing.
As for miners, they cannot go against the entire community and cancel the transition to proof of stake algorithm. However, they are guaranteed to try increasing their importance in the Ethereum ecosystem and make it so that they become to switch to a new mining method.
Follow @aftabkhan10
OTHER READS
- Does GDP reflects the Real Wealth Of the Country?
- $200,000 worth of EOS was stolen from the Platform due to an issue in the Smart Contract
- The Karakoram & the World's 2nd Largest Mountain
- Vote For Steem on Coindeal Crypto Exchange (Global partner of English Premier League)
- NASDAQ Has Confirmed That They Will be Launching Bitcoin Futures
- Assessing Stellar by It's Advantages and Downside
- A Little More About Stellar
- Is it Possible to Take One Centralized Cryptocurrency XRP and Turn it Decentralized?
- Major U.S Hospital to Use Blockchain | Crypto Lending Services in Australia | Coinbase Offers Zcash Trading
Congratulations @aftabkhan10! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board of Honor
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Here's another Great explanation of how and what will be the effect of the ethereum constantinople upgrade in the blockchain industry and the cryptospace!
You got a 16.59% upvote from @joeparys! Thank you for your support of our services. To continue your support, please follow and delegate Steem power to @joeparys for daily steem and steem dollar payouts!