2019 could set in motion the recovery phase for the smart contracts platform Ethereum, as it looks to undergo its highly-anticipated Constantinople hard fork on January 16, 2019. The fork will occur at block height 7,080,000.
Ether (ETH), the cryptocurrency that powers the smart contracts development platform Ethereum had quite an eventful 2018. The digital token established its ATH value of $1,389 on January 14, 2018. This was at a time when ether was the fuel for the majority of the initial coin offerings (ICOs).
However, things have undergone a drastic change since then. Currently, ether is more than 80 percent down from its ATH value, trading at $129 at the time of press. The strict stance of regulatory bodies the world over towards ICOs has further marred the price of ether.
For instance, reports emerged in October 2018, about the correlation between ICOs and ether’s price volatility. These reports were debunked by researchers, however. They claimed that the majority of the ICOs had already cashed out their ether holdings, thus, they had no impact on its price movement.
Nonetheless, with the steady rise of the STO model of crowd-sourcing in the industry, it seems all but certain that the ICO days are nearing their end. The platform has also received stiff competition from rivals such as EOS and Tron throughout the year. Heated back and forth between Justin Sun and Vitalik Buterin on Twitter was not uncommon.
Regardless of the roller coaster in 2018, the Ethereum community continues to believe in the project and sees the upcoming hard fork as a fresh start. With that said, it’s important to examine some of the features of the Constantinople hard fork, and their long-term implications on Ethereum’s future.
Not a Contentious Hard fork
The term “hard fork” usually carries negative connotations with it, which should not come as a surprise. The recent hullabaloo regarding the Bitcoin Cash hard fork created more than sufficient drama within the crypto community, with Roger Ver and Craig Wright locking horns on social media.
This implies that the hard fork was not unanimously supported by every major figure within the BCH ecosystem, which resulted in the creation of two separate camps or blockchains, namely BCHABC and BCH SV.