OKEx and Huboi Global have announced their support towards the upcoming Constantinople hard fork in Ethereum (ETH) which is planned between January 14-18, reports crypto media outlet Cointelegraph on January 5.
The hard fork is planning to change the Ethereum blockchain fundamentally with the synchronous nodes update of the whole system. It will enclose the different Ethereum Improvement Proposals (EIPs) to soften the blockchain’s transition to energy efficient proof-of-stake (PoS) consensus from the existing proof-of-work (PoW) algorithm.
Citing a press release shared with them, Cointelegraph mentions that OKEx will take snapshots of all the existing accounts at the block height 7,080,000, where ETH developers have agreed to initiate the hard fork last December. Currently, the exchange is inviting the traders to deposit their ETH tokens into the exchange as they will administer the requirements related to the hard fork.
Similarly, the report mentions that Huboi will also support the hard fork and asking users to deposit ETH.
Ethereum was designed and launched as a platform for decentralizing applications (DApps) and in its development four main upgrades have been laid out to enhance the network and its purpose. The main plan of ETH is to follow its founder Vitalik Buterin’s vision and migrate to a PoS protocol from PoW to deal better with the problems associated with scalability and mining.
Upon release, this upgrade will change the way Ethereunm’s blockchain works and will prevent any kind of backward compatibility, which means the nodes have to update synchronically with the entire system or have to carry on as a separate entity in the blockchain.
Core developers of Ethereum today reached a tentative consensus in order to implement the new PoW algorithm termed as “ProgPoW” which will increase the GPU-based minings efficiency on the network. The developers will roll out the ProgPoW sometime around the launch of Istanbul, as a system-wide upgrade but stand-alone upgrade. Meanwhile, the discussion on the exact timing for the same is under discussion.