Ethereum, the world’s second-largest cryptocurrency by market capitalization, just completed a long-awaited software upgrade.
The Ethereum network was officially upgraded to version 2.0 at around 12:45 pm UTC on Tuesday, following a final hard fork at block 11,200,000. The upgrade, which has been in the works for over two years, is the largest and most complex change to the Ethereum protocol to date.
What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is a public blockchain-based distributed computing platform, featuring smart contract functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.
The native cryptocurrency of the Ethereum network is ether (ETH). It is used to pay gas fees and transaction fees. Gas is a unit of measurement that denotes the amount of computational effort that is required to execute a transaction or a smart contract.
What is the significance of this software upgrade?
The significance of this software upgrade is that it helps to improve the scalability of the Ethereum network. This is achieved by introducing a new data structure called a “shard”. Shards essentially break up the blockchain into smaller pieces, which can be processed in parallel. This should help to reduce congestion on the Ethereum network and make it more scalable.
One of the major benefits of this upgrade is that it will help to improve the efficiency of smart contracts. Smart contracts are often very resource-intensive, and this can lead to congestion on the Ethereum network. By breaking up the blockchain into smaller pieces, it will be easier for smart contracts to be processed in parallel, which should help to reduce congestion and improve efficiency.
How will this upgrade affect users?
Ethereum’s long-awaited Constantinople software upgrade went live on Thursday, bringing a number of changes to the world’s second-largest blockchain.
The most notable change is a reduction in the amount of ether that can be created each year. While this may not have an immediate effect on users, it’s a major change for Ethereum and could have long-term implications for the cryptocurrency’s price.
In addition, the upgrade includes a number of other improvements that should make Ethereum more efficient and user-friendly. For example, one change will make it easier for developers to create smart contracts that can be used to automate transactions.
Overall, the Constantinople upgrade is a positive development for Ethereum. It’s a sign that the Ethereum community is continuing to move forward with its plans to improve the platform.
What other upgrades are planned for Ethereum?
Ethereum’s massive software upgrade has just gone live, and it’s a big one. The upgrade, called Metropolis, is the largest ever for the Ethereum network. It brings with it a number of significant changes, including a new way to fund smart contracts called “Ethereum Improvement Proposals” (EIPs). Metropolis also lays the groundwork for future upgrades, including the long-awaited “Casper” update that will introduce proof-of-stake to Ethereum. Casper has been in development for over a year now, and it’s still not clear when it will be ready for deployment. But with Metropolis out now, it’s only a matter of time before Casper goes live.
Conclusion
The long-awaited Byzantium software upgrade for the Ethereum blockchain has finally gone live. This is a major milestone for the Ethereum network, and it paves the way for even more ambitious upgrades in the future. For now, though, Byzantium brings with it a number of important improvements, including increased security and efficiency. The most notable change is a reduction in the amount of ether that can be created each year. While this may not have an immediate effect on users, it’s a major change for Ethereum and could have long-term implications for the cryptocurrency’s price. In addition, the upgrade includes a number of other improvements that should make Ethereum more efficient and user-friendly. Overall, the Byzantium upgrade is a positive development for Ethereum.
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