Ethereum is a prominent project in the blockchain space- second only to Bitcoin by market cap. However, as blockchain technology improves and new platforms join the market, serious competition has arisen.

Ripple ousted Ethereum in the №2 position with Ethereum only recently recovering from the scare. At the core of the problem was the outdated blockchain system Ethereum was using which limited the extent to which d’Apps are utilized over Ethereum’s platform. Ethereum, nevertheless, stuck to their four-stage plan that would see their platform increase in robustness with seamless operations.

The Constantinople Hardfork

According to CoinDesk, initially set for release at block 7,080,000, the Constantinople hardfork was to lead the third stage of Ethereum’s revolution. However, some bugs were identified a day before its release which meant that the upgrade had to be postponed. Communication was one of the significant challenges the Ethereum community faced, especially communication to the miners.

The Constantinople hardfork was to introduce five new Ethereum Improvement Proposals (EIPs) which would see Ethereum become more efficient in its day to day operations. The proposed changes included:

• EIP 1014 introduced by Vitalik Buterin, leverages state channels and helps in communication with off-chain addresses.
• EIP 1052 for optimization of large-scale code execution on the platform.
• EIP 1283 to reduce the number of gas developers require to run smart contracts.
• EIP 1234 reduces the difficulty bomb and initiates the ‘thirdening’ as referred to by some Ethereum participants. It would reduce the ETH miners receive for successful blocks from 3ETH to 2ETH. EIP 1234 was the most controversial update in the Constantinople package.
• EIP 145 introduces bitwise shifting in the platform.

The set changes would also lead to a shift from the drawback-filled PoW mechanism to the PoS mechanism which is likely to result in a more efficient platform.

These changes were to take Ethereum to a higher level allowing Ethereum to compete favorably in the ever-evolving blockchain scene. However, the bug on EIP 1283 led to the delay of deployment of the hardfork by 200,000 blocks to block 7,280,000. Correction of the delay and subsequent deployment of the planned Constantinople would have led to further delays in the hardfork.

The ‘Petersburg’ hardfork was introduced as a means of dealing with the setbacks of the Constantinople hardfork. Petersburg was deployed successfully in a network similar to Ethereum live. Petersburg specifically targets the removal of the EPI 1283 in the Constantinople update. The planned update was then done at the end of February with the Petersburg update coming in concurrently with Constantinople resulting in a more stable network.

More on the hardfork can be read here.

Ready Support

Ethereum’s update was on the right track from the beginning as it received enough support from some of the major players in the Ethereum network including the likes of Binance, KuCoin, and BitForex with some of the supporters even stating that they would handle the technicalities that would arise from the changes implemented.

Before the release of the Constantinople hardfork, Ethereum saw its market value increase. The proposed changes saw the price of Ethereum surge with its market cap doubling in value over a very short period. With the changes that come with Constantinople, investors are likely to line up for the next phase of Ethereum. For holders, this is excellent news. Their gamble may finally pay off.

Consequences for The Crypto Market

It is likely that the value of Ethereum will keep on shifting for sometime before finally settling after the period of volatility. The volatile phase may have some consequences on the cryptocurrency market. Ethereum’s rise will come at a cost which other cryptocurrencies will likely pay for. The excitement surrounding the update will create a buzz that may encourage more people to trade via ETH which will affect the current market situation.

Is Constantinople successful?

The success of Constantinople can be measured on two fronts; in monetary terms and technical terms. The initial response by the cryptocurrency exchange market to ETH after the implementation of Constantinople has not been as positive as expected with ETH prices stagnating compared to prices before the implementation of the hardfork. However, it has been approximately one month since the implementation, so there is still some room for better prices.

On the technical front, block time has reduced to approximately 13 seconds, but Ethereum is still underperforming compared to platforms such as BTC, TRON, and EOS.

However, it is still important to acknowledge the fact that Constantinople has improved the services of Ethereum in numerous ways. Users’ statistics still show that d’Apps based on Ethereum have fewer users compared to those of TRON and EOS. In as much as Ethereum has improved technically through Constantinople, they still have a long way to go to compete with the likes of TRON, EOS, and Aelf. Constantinople came a bit late, and it will take sometime before Ethereum catches up with blockchain 3.0 and higher.

Better Options?

Ethereum has lost a lot of its market share to EOS, TRON and Stellar most recently, however, another project- Aelf is considered by many as the better option compared to Ethereum even after the Constantinople update. For TRON and EOS, they represent the new breed of blockchain that ushered in the era of massive transfer speeds improving on scalability and latency. However, TRON and EOS lack the cutting edge in practicality and usability that is seen in the Aelf platform.

Ethereum may have improved their speeds, but they are still technically behind in terms of what is practical and usable for most clients. In platforms like Aelf, the single application sidechains create greater efficiency and improves on latency. The usability of Ethereum compared to Aelf is less than satisfactory with aelf hitting almost 15,000 TPS. With an increase in usage of the Ethereum platform, a slow-down may likely ensue whereas Aelf may comfortably handle any traffic that may come its way as a result of the side chain format it adopted.

Ethereum has come a long way. Over the years, it has achieved a lot that would bear witness to the fact that the Ethereum camp has been dedicated, innovative and hard working. However, there are better options compared to ETH in the market, each with their drawbacks. Nonetheless, they are still better than Ethereum as they can scale better and offer more efficiency. Ethereum has to stick to its plans to catch up with the tech available in the blockchain industry.

To learn more ælf about please use this link.

#aelf #DPoS #blockchain #stablecoin

This article was originally published on medium.

Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advice in any situation. 
Please remember to DYOR before making any decisions.

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