Huobi and OKEx Are Prepared to Support Ethereum's Constantinople Hard Fork

  • OKEx and Huobi to manage all technical requirements for ether (ETH) holders related to upcoming Ethereum hard fork.
  • Hard fork to go live at block height 7,080,000 which is expected to mined between Jan 14th and 18th.

Hong Kong-based digital asset exchange OKEx, and Singapore-headquartered crypto exchange Huobi Global will be supporting the upcoming ethereum (ETH) Constantinople hard fork upgrade.

As CryptoGlobe reported in December 2018, Ethereum’s development team said that Constantinople would go live between January 14 and 18. Consisting of five different ethereum improvement proposals (EIPs), the Constantinople update will reduce miner rewards from 3 ETH to 2 ETH, and make other fundamental changes to the network’s codebase - which are aimed at improving the overall efficiency of the Ethereum blockchain.

In a press release shared with Cointelegraph, OKEx’s management team noted that the exchange would be taking a snapshot of all its accounts at block height 7,080,000, the point at which Ethereum’s developers have decided to activate Constantinople. OKEx has asked all its customers to deposit their ETH tokens on the exchange’s trading platform as it will manage the technical requirements for Ethereum’s network upgrade.

Handling All Technical Requirements

Huobi will also support the Constantinople update as the cryptoasset exchange operator has advised its clients to deposit their ETH holdings onto its platform. Similar to OKEx, Huobi’s team will be managing all technical issues related to Ethereum’s hard fork.

As the world’s first smart contract-enabled decentralized application (dApp) development platform, Ethereum’s Constantinople upgrade is aimed at helping it gradually transition from the current proof-of-work (PoW)-based consensus system to a proof-of-stake (PoS)-based network management protocol.

Once the backwards-incompatible Constantinople upgrade has been activated, the Ethereum network’s transaction validating nodes will all have to update synchronically with the cryptocurrency platform’s blockchain. Notably, Ethereum’s core developers are also considering using a new type of proof-of-work (PoW) algorithm called “ProgPoW” which is designed to improve the efficiency of GPU-based mining on the network.

Replacing Ethereum's Current PoW

As a standalone (independent) and system-wide update, programmatic PoW has been designed to prevent ether miners from using specialized mining hardware such as high-end ASICs. This should give all the network’s participants an equal opportunity to mine blocks . During the next bi-weekly meeting (on January 18) between Ethereum’s developers, the team might announce if/when they will be activating ProgPoW.

As CryptoGlobe reported on January 3, Malta-based crypto exchange Binance has announced it will be supporting Ethereum’s Constantinople update. Via an announcement on its official Binance website, the cryptocurrrency exchange stated it will be handling “all technical requirements” related to the hard fork . Although it likely won’t happen, there’s still a possibility that a group of network validators could choose not to support Constantinople. This would result in two separate blockchain networks and coins (after the fork).

No Visible Changes To End Users

If there’s a chain split and/or airdrops are conducted during the hard fork, Binance has requested projects to contact its support team in order to discuss how to manage the process. Presumably, the exchange company might look into whether it’ll list any new tokens created, and how it may safely conduct airdrops

As noted by Ethereum’s core developers, the Constantinople hard fork will not feature many visible changes for end users. It’s reportedly a “maintenance and optimization upgrade” aimed at changing Ethereum’s economic policy while also postponing its difficulty bomb, which will activate its “Ice Age.”

Ethereum’s native token ether (ETH) is up 0.71% in the past 24 hours and is currently trading at $157.52, according to CryptoCompare data. The cryptocurrency’s price has surged over 80% after recording a low of $82 in December 2018.

Token Listing Guidelines for Binance DEX

On Thursday (April 25), Binance unveiled guidelines for listing tokens on Binance DEX, its new decentralized exchange, and said that these guidelines would enable Binance DEX "to facilitate a larger number of crowd-vetted projects, hopefully listing 10x more tokens than currently listed on Binance.com."

Despite what some people think, issuing a token on Binance Chain does not mean that the new token will automatically get listed on Binance DEX. Binance, which has been criticized like most other centralized exchanges for having an opaque listing process, is hoping that the new "transparent and community-driven" listing process for Binance DEX will finally satisfy most if not all of its detractors.

The Binance DEX listing process consists of the following steps:

  • 1. Proposal
    • "It is recommended that Token Issuers first create a thread under the “Token Issuance & Listings” category in the Binance Chain Community Forum."
    • "It is recommended that this public thread contain full answers to the Binance DEX Token Listing Submission Criteria..."
    • "Token Issuers must initiate an on-chain Proposal Request (fee of 10 BNB) to list a trading pair for a token."
    • "Token Issuers must request BNB as the quote asset for their first trading pair. For example, ABC/BNB."
    • "Once the proposal request is submitted, Token Issuers must post the Proposal ID to their proposal thread in the forum as a ‘reply’."
  • 2. Deposit
    • "Once the proposal request is sent, Token Issuers will need to deposit at least 1,000 BNB within 2 days."
    • "Proposals that do not receive sufficient deposits within this timeframe will not be able to move on to the voting stage and their deposit will not be refunded."
    • "If the Vote passes in Step 3 (majority 'Yes'), the 1,000 BNB deposit will be refunded."
  • 3. Vote
    • "At least half of the voting power is required to vote 'Yes' for the proposal to be accepted."
    • "Binance Chain Validators can vote for either 'Yes', 'No', 'NoWithVeto', or 'Abstain' within the time period specified in the proposal request."
    • "The 1,000 BNB deposit will be refunded if the majority of Validators vote for 'Abstain'."
    • "Proposals are denied if one third of the Validators vote 'NoWithVeto' or if half of the Validators vote 'No'."
    • "Denied proposals will lose all the funds deposited, however this result will only occur in rare circumstances when there is relatively clear fraud, scam or spam."
  • 4. List
    • "If the vote is passed, the Token Issuer will need to initiate a 'List' transaction on-chain (2,000 BNB fee) within the timeframe specified in the proposal, while the previous 1,000 BNB deposit will be refunded back to the proposing user."
    • "The trading pairs will be live immediately after this request is completed."

Binance DEX Listing Process Workflow Screenshot.png

Binance says that the "listing application, project information, vote results and all community interaction will be public on the Binance Chain Community Forum," that the decisions of the Binance Chain Validators (who are the only ones with the power to vote) are "purely based on public information in the forum," and that there is no other way "for projects to contact Binance Chain Validators."

One interesting thing to point out is that although the Binance DEX listing fee has been set to 2,000 BNB (currently, according to CryptoCompare, worth around $45,580), originally Binance CEO Changpeng Zhao (aka "CZ") was thinking of making the listing fee on Binance DEX be around $100,000, as he mentioned in his first Ask Me Anything (AMA) session on February 7:

"There will be a listing fee on the DEX. I actually deliberately want to set that a little bit high, just so we reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX. So there’s a fee, I think the fee will be probably close to $100K US, so we’ll see. But the fee is adjustable over time, it’s quite easy to change."

Earlier today, Mithril, the first crypto project to migrate its token (MITH) to Binance Chain, got listed on Binance DEX:

 

All Images Courtesy of Binance