Core developers for Ethereum have come to a consensus to carry out a hard fork test next month, October. It is likely that this test would be done on the ninth day of the month.
The hard fork is called the Constantinople and it aims to provide a way around the Blockchain’s block difficulty. If this eventually happens, the Ethereum Blockchain would have a different configuration and algorithm. A cross-client testnet called Rospen would be used to activate this test – Rospen mimics the conditions of the Ethereum network itself and as such it is just apt that it be used to pilot the hard fork before the real deal is executed – the effective date for the hard fork on the main Ethereum network is yet to be publicly communicated, but speculations are that it would happen by December.
One significant benefit of this Hard Fork to reduce the cost of Ether-based transactions and also improve network efficiency and capacity. This hard fork is coming on the back of a meeting of the core developers in May this year when they agreed on an Ethereum Improvement Proposal (EIP). Aside the Constantinople hard fork, other major upgrades have been proposed for next year as Ethereum looks to move from its current Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS) algorithm.
Slashing of Ether’s Issuance by 33%
Another interesting development that is to accompany the Ethereum Blockhain hard fork would be the slashing of ether’s issuance to 2 per block from the current 3 – it translates to a 33% reduction. This move is expected to reduce ETH’s inflation rate and give more value to holders of the cryptocurrency.
An overwhelming section of the Ether community are in agreement with this issuance reduction since it will not only go to improve the value of their bag holdings, but also help to improve the network’s efficiency.