Coins PH and Leading Exchanges Reveal Ethereum Constantinople Plans

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2nd Update: Coins.ph announced its final plans on the upcoming Constantinople Hard fork. The original story has been updated.

1st Update: Colin Goltra, Head of Cryptocurrency at Coins.ph said the company is currently in the process of updating their plans for the upcoming Constantinople Hard Fork. 

January 14, 2019: Upcoming changes to the Ethereum network will not disrupt any of Coins.ph services, revealed by the company in a support article on its website. Additionally, Coins PH and a majority of exchanges around the world has announced plans to handle Ethereum’s Constantinople Upgrade.

Ethereum has a 4-stage upgrade plan to transform it into a true permissionless blockchain that will be able to process thousands of transactions per second. The next upgrade due any time this week is “Constantinople”, which is a step towards Serenity, said to be the true affirmation of arguably one of the world’s largest public blockchain.

The hard fork dubbed “Constantinople” will implement a number of improvement proposals that can solve issues related to ethereum’s speed, cost, and even miner issues. One of these proposals – EIP 1052: Smart Contract Verification – will allow smart contracts to verify amongst themselves by simply pulling the hash of the other smart contract. This is different in the past, where smart contracts have to pull entire smart contact codes in order to verify.

A number of exchanges around the world have announced their plans regarding the upcoming Constantinople upgrade. In the Philippines, Central Bank-licensed Coins.ph said it will be stopping all ETH wallet activities on January 16, 2019 from 8:00 am to 10:00 am. Activities include sending, receiving, and converting ETH funds on Coins.ph and Coins Pro platforms. It assures customer funds will be unaffected by the upgrade.

Leading exchange Bittrex said it is already prepared for the eventual hard fork while top crypto exchange Binance said it will handle all technical requirements related to the event.

It should be noted that Ethereum announced via a blog post that any ether holder or Ethereum user does not need to do anything unless their exchange, wallet, etc, has announced additional steps to take during the upgrade.

Because a large majority of the Ethereum community supports the upcoming Constantinople hard fork, there won’t be currency splits, like what happened in 2015 when a hard fork divided Ethereum and introduced “ethereum classic”.

This article originally appeared at BitPinas.com: Coins.ph Reveals No Downtime for ETH Transactions Despite Constantinople Hard Fork

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A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]