Bitbox to Support Ethereum's Upcoming Constantinople Fork

Bitbox, the cryptocurrency exchange of the popular messaging platform Line, has announced support for the upcoming Constantinople hard fork of Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term.

The fork is set to occur at the decided block height 7,080,000 which is expected to be achieved between January 10 and 16. Bitbox will handle all the technical issues associated with the hard fork.

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Constantinople is one of the much anticipated hard forks of Ethereum. This major upgrade of the network was finalized by Ethereum developers during a bi-weekly meeting held on December 7, 2018. This fork will implement five different Ethereum Improvement Proposals (EIPs) which will permanently alter the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term with a host of new backward-incompatible upgrades.

This will force all Ethereum nodes to upgrade to the new software or run a completely separate blockchain based on the older version - a similar plan which resulted in the creation of Ethereum Classic after the DAO hack.

Keeping the possibility of chain split in mind, Bitbox assured that its users will be eligible for any airdrops during the hard fork period.

However, this upcoming hard fork will not change any services provided to end-users, as it’s mostly a “maintenance and optimization upgrade," according to Ethereum developers. The fork will change the blockchain’s economic policy and fee structure, paving a simpler way towards its goal to be a highly scalable platform.

Impact on ETH Trading

The approaching hard fork has made a huge impact on the coin’s trading volume in the last couple of weeks. Ethereum gained around 80 percent of its value since early December and the trend is going bullish - currently, ETH is trading at $153.5, as per Coinmarketcap.com. It has even toppled Ripple to regain its position to be the second largest coin with a market worth of almost $16 billion.

Other major exchanges listing ETH will also support the fork as Binance, one of the largest crypto exchanges recently announced the same.