Your favorite crypto news blog

Ethereum Istanbul Update: Less Than 4 Hours Left, What’s Happening

Altcoins 2019/12/07 21:24 by Christine Vasileva
ethereum istanbul update

The long-awaited Ethereum Istanbul hard fork will take place at 12 AM GMT on December 8. Once again, most ETH nodes are waiting until the last moment to upgrade.

Ethereum Nodes Wait to Upgrade Until Last Moment

Based on Ethernodes, the percentage of nodes that had not upgraded with the Istanbul version was pegged at 51.2% of the total just hours before the event. The readiness remained low for days, with about 10% of nodes upgrading in the past day. The fork had less than three hours to go to the designated block.

The Istanbul hard fork may be delayed slightly, if there is a lack of readiness, just like the past when Ethereum pushed back few upgrades. On other occasions, the nodes managed to run the new version just before the fork.

The eighth upgrade of the Ethereum protocol shows the network has walked a long path, but is not much closer to staking. Once again, proof-of-stake is envisioned to arrive within 18 months – one of the long-running promises of Ethereum.

The arrival of Istanbul was slower than expected due to the sluggish production of blocks. The mining “ice age” mechanism is gradually increasing difficulty and slowing block discovery.

Additionally, miners have gradually abandoned the network, lowering the hash rate over the past months.

Exchanges Freeze ETH, Token Transfers

The Istanbul hard fork, which will introduce anti-spamming protocols and again disable the difficulty time bomb, will also affect the entire token ecosystem. Exchanges are warning that disruptions may be expected at the time of the fork.

The best approach is to avoid transactions in ETH and ERC-20 tokens, until the network has stabilized. The Ethereum network now holds higher stakes, as it supports ERC-20 versions of more than 2 billion USDT tokens. Additionally, decentralized finance depends on the smooth functioning of smart contracts and the achievement of consensus.

Pools, exchanges, and other services have warned they will support the fork, while waiting out for network stability.

The biggest risk is that Ethereum nodes will still run incompatible versions, and the chain may split. At this point, some transactions may be lost when the final consensus is achieved.

The countdown to the hard fork has remained neutral for the ETH market price. The asset traded at $148.92 on Saturday, with sinking volumes down to $5.8 billion in 24 hours. The hard fork may slow down trading across multiple markets, by freezing temporarily ERC-20 USDT transfers.

What do you think about the Ethereum Istanbul hard fork? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter: @JordiMorris1, @HuobiGlobal, @f2pool_official

The post Ethereum Istanbul Update: Less Than 4 Hours Left, What’s Happening appeared first on Bitcoinist.com.

0 Like(s)

You should also read...

Altcoins 03/12/19 06:00 by Martin Young
Ethereum Network Activity, DeFi Still Growing, When Will ETH Prices Follow?
Fundamentally Ethereum is going from strength to strength. Network activity is up, development is on track, an upgrade is imminent, and DeFi is hitting record figures. Yet ETH prices have fallen again...
Read More
Altcoins 07/12/19 08:58 by Nick Chong
Ethereum Istanbul Blockchain Upgrade Under One Day Away; What’s Changing?
It seems that Christmas is coming earlier for users of Ethereum. The blockchain behind the second-largest cryptocurrency is about to see what is known as the “Istanbul” hard fork or blockc...
Read More
Bitcoin 14/12/19 09:35 by Martin Young
Bitcoin Volatility Dwindling, Has BTC Taken an Early Vacation?
Bitcoin and cryptocurrency markets are slowing down. There has been very little activity over the past week as volumes and volatility decline. Technical indicators are also lining up which could indic...
Read More
Altcoins 14/12/19 14:35 by Brenda Ngari
Ethereum Volatility Sinks To Historic Lows – Intense Price Breakout Coming?
The crypto market has grabbed the headlines for its volatility, which has resulted in parabolic movements and wild price swings which subsequently result in immense profits or losses. This has, howev...
Read More
Altcoins 05/04/20 00:15 by Cole Petersen
The Last Time Ethereum Saw Exchange Balances This High It Rallied 4,600%
Ethereum has been caught within a tempered uptrend in the time following its recent rally from sub-$100 lows, with the cryptocurrency forming a very strong correlation to Bitcoin – which has been fi...
Read More