Ethereum Upgrades as Hard Forks Activate on Blockchain

Ethereum Upgrades as Hard Forks Activate on Blockchain 1

Two long-anticipated upgrades appear to have officially activated on the ethereum blockchain, the world’s second-largest by market value, without incident.

At 19:57 (UTC), the sixth and seventh system-wide upgrades to the software, dubbed Constantinople and St. Petersburg, respectively, rolled out on the main network at block number 7,280,000. As seen on blockchain monitoring website Fork Monitor, there is so far no evidence of a chain split that would suggest a portion of ethereum users are still running an older ethereum software.

Past hard forks of the ethereum blockchain have encountered such setbacks, most notably in 2016 with ethereum classic, a group that continued running an older software instance when a controversial upgrade was introduced.

As background, before any system-wide upgrade, or hard fork, miners and node operators are required to install new client software that automatically updates at the exact same block number. This prevents two concurrent and incompatible versions of the same blockchain from splitting the wider network.

With the apparent activation, the St. Petersburg code has also disabled part of the Constantinople code deemed back in January to host security vulnerabilities that could be used by attackers to steal funds.

“With the blockchain, everyone has to upgrade in order for everyone to be able to use [the new] features,” explained Taylor Monahan – CEO of blockchain wallet tool MyCrypto.

“About two weeks before the fork, everyone upgrades the software but none of the new features are enabled,” said Monahan to CoinDesk. “Then, on that block number, everyone at the exact same time starts using the new features. So, that’s how we prevent differing states from existing simultaneously. It’s [also] called a consensus issue or a consensus bug.”

MyCrypto presently runs 10 to 15 computer servers also called nodes all running on the most updated version of the Parity ethereum client.

With today’s release of Constantinople and St. Petersberg, four different ethereum improvement proposals (EIPs) have been officially activated on the ethereum network – one of which does introduce a new “corner case” affecting smart contract immutability.

As of press time, the market price for ether – the main cryptocurrency of the network – has seen a small jump from $135.14 shortly prior to release. It presently sits at $136.99, according to CoinDesk data.

For more on the upgrades, read our full coverage here:

Constantinople Incoming: Today’s Two Ethereum Hard Forks Explained

Railroad tracks image via Shutterstock

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

What Are E-stablecoins And How Do They Operate?
What Are E-Stablecoins And How Do They Operate?
August 11, 2022
How to Choose a Legit Crypto Casino?
August 5, 2022
Spend Crypto
5 Ways to Spend Crypto
August 2, 2022
What Is A DAO LLC?
What Is A DAO LLC?
August 2, 2022
Can Running A Lightning Node Earn You Passive Income?
Can Running A Lightning Node Earn You Passive Income?
July 5, 2022


CryptoCurrencyUSDChange 1hChange 24hChange 7d
? --- 0.00 % 0.00 %

bitcoin
Bitcoin (BTC) $ 24,677.00
ethereum
Ethereum (ETH) $ 2,001.14
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 328.51
cardano
Cardano (ADA) $ 0.586153
xrp
XRP (XRP) $ 0.389356
binance-usd
Binance USD (BUSD) $ 0.999628
solana
Solana (SOL) $ 47.01
polkadot
Polkadot (DOT) $ 9.44