Ethereum Major Network Update Announcement; Do You Need to Worry?

Ethereum Major Network Update Announced

The Ethereum Network will undergo major improvement for the existing chain. The old network chain will be upgraded to the newer version of Ethereum network software.

Since the delayed of the past Constantinople network update uttering in January 2019 on Ethereum blockchain, now finally be upgrading to the network with minor changes.

This newer update has been renamed from just the “Constantinople Update” to “Constantinople and St. Petersburg”.

 

What is Network Update?

Network update is a change in the underlying existing protocol of the network. In blockchain, the community of developers and miners come together for the consensus to propose a newer version to the chain for the betterment of the network and to all peoples.

Which block this is happening?

The Ethereum network will be undergoing a scheduled upgrade at block number 7,280,000.

When the Upgrading is going to happen?

Though the exact dates have still not be decided. It is predicted that the update will be going to occur on Thursday, February 28, 2019.

What is Constantinople and St. Petersburg?

Constantinople and St. Petersburg are the names given to this network upgrade. Previous network upgrades have been given other names such as Spurious Dragon and Byzantium. The reason that this network upgrade has two names is because the original Constantinople network upgrade was postponed and two protocol upgrades will need to occur on the same block number in order to fix issues on various Ethereum test networks.

Do I need to Worry About this?

No, you don’t need to worry about anything as a holder of a wallet or Ethereum coin. Only Miners and network maintainers need to worry about upgrading to a newer version.

Exchanges like Coinbase, Kraken, or Binance etc. will inform and update to the network automatically. You do not need to do anything unless you are informed to take additional steps by your exchange or wallet service.

This is important to note that you do not need to share your private keys to anyone pretending to give you new ethereum coin or anything.

Is this a HardFork? Will I get 2 Coins?

This is not a type of Hard fork you might be expecting. This is just the network update on the Ethereum and it is not expected of the chain split. Though there are chances of Chain split only if the miners keep on mining on the old chain. 

Though it is expected that all the miners and network maintainers will sync to the new network for fast and efficient results. So you will not get 2 coins in this update. 

You might be interested in:

Everything About Ethereum Constantinople Hard Fork

10 Best and Most Reliable Ethereum Wallets [2019 edition]

Ethereum official announcement 

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Prashant Gupta

Prashant Gupta

Hey Forks! It's me Prashant, I am a college student pursuing Computer Science degree. I am a Crypto Enthusiast and Tech Geek — ♥ Love to learn and Code and I am here to empower peoples towards Technology and cryptocurrency.

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