Binance Supports Ethereum Constantinople Hard Fork

Binance Supports Ethereum Constantinople Hard Fork

The Ethereum blockchain prepares to hard fork in a few days. As is always the question when a world-leading blockchain forks its software: will Ethereum’s global users get behind these new changes?

Fortunately for Ethereum, there seems to be nothing but consensus for the January 16 Constantinople upgrade. Nor should we expect anything less; Ethereum has had this hard fork pencilled into its long term roadmap for years.

But this is blockchain, and no amount of prior notice has saved certain prominent hard forks from contention. Ethereum itself lost a not insignificant portion of its community at the Ethereum Classic hard fork of a couple of years back.

The Constantinople hard fork is different. This fork is not the result of crisis, but of the implementation of blockchain improvements that have been on the table for months. Important community members, developers, and miners have all had their say, and significant third parties are giving their full support.

Ethereum hard fork Constantinople approaches

“Ethereum Cryptocurrency & Decentralized Security” – Descryptive.com via Flickr (CC BY-SA 2.0)

One of the biggest examples of institutional support is Binance. The Binance platform remains the world’s largest cryptocurrency exchange, even after 12 consecutive months of crypto price decline. Binance has been clear that it will implement the new version of Ethereum’s software, as one would hope of an exchange which hosts Ethereum ETH buying and trading at such a high level.

Binance has made it clear to its ETH users that there may be delays at the time of the Constantinople hard fork. This is sometimes the case, as every Ethereum miner must adopt the new software, and not everyone does so at the same moment. The hard fork will actually take place at the Ethereum block height 7,080,000. This could occur on, before, or after January 16, so people who depend on Binance for Ethereum transactions (or Ethereum transactions in general) should keep an eye on block height as the date approaches.

Binance will also make available any airdrops or coin forks that may come into being as a result of the hard fork. It’s not expected that any significant factions will break off from Ethereum (as they did with the Ethereum Classic hard fork), but one never knows until the fork is complete. In the event that new coins do come into being, these will be distributed in the days and weeks following the fork.

Ethereum has experienced a price revival following this news, and this price trend may continue following the beginning of the Constantinople era.

(*Information in this article should not be taken as investment advice.)

Featured image: “Mann hält eine Lupe über dem Binance-Logo” – Marco Verch via Flickr (CC BY-SA 2.0)

 

 

Additional resources:

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.