- Bullish vs Bearish - 70%70%
- Long Term vs Short Term - 70%70%
After the planned activation of Constantinople in January was delayed, many were worried about the future of this promising upgrade. It looks like the wait will be extended for another month after the Ethereum developers rescheduled the activation to late February.
Constantinople is a system-wide major upgrade, also known as a hard fork. The update was scheduled for mid-January, but it has now been postponed to February after an apparent security concern after review by the audit firm ChainSecurity.
The audit came up with some alarming findings that included security vulnerabilities. The security issues found in one of the EIPs (Ethereum Improvement Protocols) can affect smart contracts on Ethereum.
Constantinople consists of 5 EIPs, also called Ethereum Improvement Protocols, that are designed to permanently change Ethereum’s blockchain. The five EIPs can also end the dependence of Ethereum on its previous upgrades that are backward-incompitable.
The latest announcement came from one of the core developers, Peter Szilagyi, who tweeted about the rescheduled date that is now the 27th of February. Apparently, the new date was decided in a phone conference between all top Ethereum developers including Afri Schoedon, Lare Retting, Martin Swende, Peter Szilagyi, Hudson James, and the co-founder of Ethereum, Vitalik Buterin.
In his tweet, Peter Szilagyi also revealed the block number for the update, 7,280,000. According to the sources, the activation will not feature the EIP that was found with issues as developers need more time to test and redevelop the EIP, which is called EIP 1283.
Since the upgrade is designed to improve Ethereum network speeds and reduce node costs as well as gas costs, the long term impact on Ethereum prices should be positive. However, if additional security vulnerabilities are found and Constantinople has to be delayed another time, it will undoubtedly pushes the prices down in the short term.