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Ethereum Government News

Ethereum Istanbul is Live and Enjoying Support from Major Crypto Platforms

Ethereum’s Istanbul hard fork was successfully completed and is now live. The network update is also enjoying solid support from several major crypto exchange platforms.

The Ethereum network completed its month-long systemwide update on Sunday, thanks to the collaboration between miners and node operators. But even before the update commenced, several exchange platforms already sent out messages of support and their intentions to update.

Announcement from Binance

Binance was one of the first to announce its backing of the endeavor. The company made the announcement on December 5, with its American subsidiary following suit the day.

Coinbase tweeted on Sunday that the node improvement has been completed. It also mentioned the resumption of ERC20 and Ethereum deposits and withdrawals on its platform.

A Kraken-dedicated site also indicated that the exchange already underwent the scheduled maintenance to upgrade its nodes while the Poloniex platform tweeted their support of Istanbul.

Meanwhile, Bitfinex stated on December 6 its plan to support Ethereum’s latest hard fork. The crypto trading firm is closely connected to stablecoin company Tether.

All in all, the Ethereum Istanbul hard fork has seen extensive adoption by the cryptocurrency community. There were also no reports of major negative events.

The Istanbul hard fork is the network’s third update of the year, following St. Petersburg and Constantinople. It’s an iteration of the Ethereum 1.x and the network’s eight hard forks. The first code changes were given the green light in June 2019. It also has the previously raised Muir Glacier hard fork, which was designed to address the reported Ethereum Ice Age.  

ETH 2, the system’s major conversion to proof-of-stake (PoS) is set to happen in 2021.

Istanbul settled at block number 9,069,000 and carries six Ethereum Improvement Proposals (EIPs). These are specific changes to the Ethereum protocol code. It includes the EIPs 152, 1108, 1344, 1844, 2028, and 2200.

News from ConsenSys

A blog post from ConsenSys revealed that the six EIPs would address main issues like Interoperability with proof-of-work (PoW) crypto based on equihash like zcash and gas costs. It will also correct Denial-of-Service (DDoS) attack resilience.

The 1344 EIP wasn’t included in the upgrade initially, but a last-minute scare with ETH client Parity led to its inclusion. Parity sent an urgent message to its users to undergo a patch before Istanbul started. Otherwise, Parity clients might find a new chain developing and causing double spends. Fortunately, the fix was simple enough.

However, there are still some lingering concerns about how the hard fork will affect some smart contracts and the transmission of funds between decentralized autonomous organizations (DAOs).

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