Binance Will Support Constantinople Hardfork

With just about a week to go to Ethereum’s most awaited hardfork, exchanges are coming out in support of it. The most recent exchange to come out in support today, was the world’s largest exchange Binance.

In an email blaster and announcement that they made on their website, the cryptocurrency exchange has said that they wish for it to be known that they will be supporting the Ethereum Constantinople Hardfork.

Binance Supports Hardfork

In an email blaster that Binance sent earlier on to all of their customers and an announcement that they put up on their website, the cryptocurrency exchange made it clear that they were supporting Ethereum’s hardfork which is an in-situ network upgrade for Ethereum.

And has also asked its users and Ether holders to provide sufficient time to process deposits, withdrawals, etc. here is what Binance had to say;

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What is The Constantinople Hardfork?

The Constantinople Fork is one of the most awaited hardforks of Ethereum. The discussion for Ethereum Nowa started back in August 2018 and the launch has been postponed multiple times since.

Constantinople Fork has proposed 5 changes or Ethereum Improvement Proposals (EIPs). And is a network-wide upgrade for the Ethereum Network. The five changes that the Ethereum Nowa is implementing in their hardfork are; efficient information processing, optimisation of code execution, more affordable data storage, promote scalability and reduction of mining reward.

Another big change that the Constantinople Fork is implementing is the change from Proof-of-work protocol to proof-of-stake. The Constantinople hardfork is set to take place at a block height of 7,080,000.

The Constantinople Hardfork is going to be one of Ethereum’s biggest game-changers. Because the coin itself has been having a very bad 2018. But in the first few days of 2019, Ethereum has regained its second largest cryptocurrency title and has also managed to recover some of its losses.

The Constantinople Hardfork may just be what Ethereum needs to come out of its 12-month long downward spiral. Constantinople hardfork is scheduled for the 16th of Jan.