Two Forks to Be Conducted on One Block in the ETH Blockchain Two Forks to Be Conducted on One Block in the ETH Blockchain

Next week, two forks, the 6th and 7th system-wide code updates, will be conducted in the second largest blockchain in the world.

The Constantinople and St. Petersburg hard forks will be activated on the 7.28-million block. Moreover, the second update will disable part of the code of the first fork due to the vulnerability of smart contracts which was found in it.

The developers call Constantinople an update to upgrade and optimize the Ethereum blockchain. According to them, users will not notice any special changes, as most of them are aimed at introducing new mining rules and will be noticeable only to miners.

Thus, in a couple of days, the mining award will be reduced from 3 ETH to 2 ETH. After the price of cryptocurrency has decreased, the miners are hard hit. We would like to remind you that this is a temporary measure.

The ATBCoin team monitors the news of the cryptocurrency market, therefore we are reminding you that the main goal of the ETH developers is to switch to a new type of mining, while Constantinople and St. Petersburg make only intermediate changes to the code.

The following fork, called Serenity, will replace the miners with new validators:

  • The main goal is to reduce the level of cryptocurrency inflation. Now this figure is 7.5%, while the upcoming updates will reduce this number to 4.5%.

  • The additional goal is to make the development of decentralized applications based on the Ethereum blockchain more cost-effective.

We cannot predict whether the update will be easily accepted by market participants, but we are observing this process with great interest. After all, ETH is the second largest blockchain in the world, which is the basis for launching new projects which deserve attention!