Singapore, SINGAPORE – Cryptocurrency exchanges OKEx and Huobi have indicated that they will support the Ethereum (ETH) Constantinople hard fork that will likely take place sometime next week. According to Cointelegraph, this is a hard fork that will update the entire ETH blockchain as it gradually transitions from proof-of-work (PoW) to proof-of-stake (PoS) as a consensus algorithm that relies on sharding. Vitalik Buterin has said that this will make the network much for efficient.
And indeed, in theory, for creating DApps, while also fixing scalability and mining issues with ProgPow to increase the efficiency of GPU-based mining on the network, this is true. This, as opposed to ASIC-based mining that will be postponed indefinitely, will be crucial moving forward in 2019.
Both exchanges have advised users to deposit their ETH before the block height reaches 7,080,000. ETH prices have been recovering well recently as it has reclaimed its spot as the number two cryptocurrency and largest atcoin by market capitalisation by fending off supposed ETH-killers such as EOS (EOS) and TRON (TRX), which has been written off by many as a dubious pretender more than once since TRX’s inception.
And given how Circle reporting a notional volume of US24 billion in trades on its OTC desk last year, we can assume that a lot of ETH as a medium of exchange has not been accounted for. Many such as Coinbase CEO Brian Armstrong will profess his first love of Bitcoin (BTC), nevertheless, ETH is still a vital organ in the ecosystem.