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Ethereum’s Constantinople Hard Fork Backed by Market Participants

· 11 Jan 2019 in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Ethereum’s upcoming hard fork is already backed by several companies in the market. These include 19 crypto exchanges that offer support to Ethereum (ETH). The third largest cryptocurrency by market capitalization is going to experience a hard fork called Constantinople on January 16.

Ethereum’s Constantinople Hard Fork Backed by Exchanges

Ethereum is going to experience a new hard fork as soon as January 16, exactly when the block 7,080,000 is mined. This is the second update of the Metropolis hard fork. Although it is planned for January 16, it should have happened back in August 2018.

At the moment, there are 19 different cryptocurrency exchanges that have confirmed support for this upcoming hard fork. Two of them are the popular digital asset exchange OKEx and Huobi. OKEx announced that they would be taking a snapshot of all the accounts in the platform at block height 7,080,000.

CEX.IO is also going to be supporting this hard fork. They will be suspending ETH deposits and withdrawals short time before the hard fork. This would ensure that all the funds are secured and protected. Bittrex decided to take a similar path.

If you are a Binance user, the best would be to avoid planning deposits and withdrawals around the date of the hard fork. However, the exchange will be offering all the necessary support for traders.

The current hard fork did not generate divisions among the Ethereum community. However, if there is any group of developers that want to create their own network, they can contact both Binance and OKEx, among other exchanges. That would allow them to give the new coins to users on these platforms.

About it, Binance wrote:

“Should there be any other hard forks or airdrops during the Constantinople hard fork period, we invite these respective project teams to contact us at [email protected] for further discussion.”

The Constantinople hard fork is one more step towards a Proof-of-Stake (PoS) consensus algorithm for Ethereum. This network upgrade will be reducing the block rewards for miners from 3 ETH down to 2 ETH. This has affected Ethereum’s price in a positive way during the last few weeks.

At the beginning of December 2018, the digital asset was traded close to $83. A few days ago, Ethereum was traded close to $160, almost doubling its price in just a few weeks.

Now, Ethereum is the third largest digital asset in the space. It has a market cap of $13.45 billion and it can be purchased for $0.3322.

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