The upcoming Ethereum (ETH) network hard fork is part of scheduled protocol upgrades. The hard fork is approximately scheduled to happen on January 16, 2019, at block #7,080,000. Constantinople is one of the key milestones in Ethereum’s roadmap.
The changes in this upgrade will lay the platform for Ethereum's protocol to move from proof-of-work (PoW) to proof-of-stake (PoS). Upgrades are integral to Ethereum’s long-term strategy of increasing network capacity while decreasing energy consumption from mining.
This hard fork is non-contentious and will not create two different cryptocurrencies. This is a mandatory upgrade for the ETH/ERC20 tokens to be valid on the ETH mainnet.
The upgrade introduces the following improvements to the Ethereum mainnet:
EIP 1052 - introduces a new opcode for generating specific types of address hashes.
EIP 1234 - Delays the intensity of the mining “difficulty bomb” and reduces the reward for finding blocks.
EIP 145 - introduces a native bitwise shifting operation, which allows dApp developers to optimize certain operations to save gas.
EIP 1014 - allows users to interact with addresses that haven’t yet been initialized on the blockchain.
EIP 1283 - proposes gas metering changes on the existing ‘SSTORE’ opcode, which will also enable new functions and reduce gas cost.
We will ensure the following steps are completed prior to January 16th, 2019 at 06:00 AM EST
• We will ensure all the nodes (ETH/ERC20) should be upgraded to parity version v2.1.10.
• All ETH deposits and withdraws are completed
• Deposits/Withdraws are disabled
The upgrade process should take a few hours. Once the upgrade is complete, we will evaluate the outcome of the fork and ensure the network reaches consensus (~25 blocks are generated with the new consensus rules) before enabling deposits and withdraws.
The funds that are stored in the wallets are safe and will not have any issues. A snapshot of all the customer account balances will be taken prior to the network upgrade. In the unlikely event that multiple viable chains persist after the fork, we will evaluate the new altcoin and update customer balances for each chain.
The operational changes will be done after the new version of Parity Node is deployed & tested by NDAX’s QA. QA testing will be done prior to the scheduled network upgrade. Once QA has approved the new wallet version, the new version of Parity can be deployed (ETH and ERC20 servers primarily).
1. Ethereum’s Hard Fork Constantinople: What You Need to Know Before January 16th
2. Parity Ethereum 2.1.10-stable
3. Constant (v1.8.20)
For any questions or concerns please contact us at firstname.lastname@example.org