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.

Crypto Investors Buy Bitcoins at $0.32 as Amazon Cloud Outages Affect Exchanges

Update 10:32 UTC - It soeems some cryptocurrency traders were also able to buy Ethereum's ether at $0.33 per coin as cryptocurrencies seemingly flash-crashed on BitMax.

The exchange hasn't yet commented on the incident and has only made it clear withdrawals are halted on its platform. Rolling back the trades may be a possibility.

Cryptocurrency investors were able to buy bitcoin for as little as $0.3 worth of USDT after Amazon‘s cloud service, AWS, suffered an outage that affected various crypto exchanges.

According to Founding partner at Primitive Ventures Dovey Wan, an unnamed Asian exchange saw price instability affect in a way that some trades were executed and allowed investors to buy bitcoin, which was trading at around $10,200 at the time, for less than $1 in Tether’s stablecoin.

The image Dovey Wan posted reportedly came from a Telegram group related to BitMax. The order book data, however, may not have come from BitMax itself as the exchange isn’t certain it's from its own platform. Since the outage, however, it has halted withdrawals.

Other cryptocurrency exchanges were notably also affected by AWS’ outage. Binance, one of the world’s leading crypto exchanges in terms of trading volume, revealed the outage affected some of its users throughout the world. As its CEO Changpeng Zhao tweeted:

KuCoin, another popular Exchange, posted a notice on its website revealing that “due to the overheating of part of our chassis in the machine room we deployed in AWS, Tokyo, part of our services might become unavailable.” It added its engineers were looking o deploy resources to deal with the problem.

On its status page, AWS reports its facilities in Tokyo have been facing problems, but the company has claimed it found the root cause of the problem and working to recover from the problem.

AWS' status pageSource: AWS

Amazon Web Services notably controls a large part of the cloud market, and runs the backend of various popular websites – including Netflix, Pinterest, Spotify, and Slack. It faced other services outages in the last few months and when it did, a large part of internet-based services relying on it went down.