Key features hard fork Ethereum Istanbul⚙on!!!

Key features hard fork Ethereum Istanbul⚙on!!!

On 18 February, the Creator of the cryptocurrency Ethereum (ETH) acne Buterin officially announced the name of the next hard fork of the blockchain - Istanbul. At the beginning of March appeared the first information about the upcoming upgrade of the network ETH, so we decided to look at the key features of the hard fork.

The plan of work on the project to implement a hard fork Ethereum Istanbul.

Development and activation of a hard fork Istanbul will be conducted in four stages:

  1. To 17 may, the team will accept applications from members of the crypto community and generate the content of the hard fork. Proposals for changes to the blockchain ETH will be considered in open meeting.
  2. In the period up to July 19 will be developed software Istanbul, compatible with all major clients Ethereum.
  3. 14 Aug hard fork will be activated in a test network.
  4. Implementation of Istanbul in the blockchain Ethereum is scheduled for October 15, 2019.

Some of the updates will be a hard fork Istanbul?

The Ethereum developers have not yet built the list of updates that will be implemented into a hard fork. However, the main candidate for inclusion in Istanbul was an upgrade EIP 1418, proposed by William Entriken. This update, entitled "Lease payments in Ethereum" adds the option of renting units of memory in the blockchain by the following formula: byte*time.

How will the rental system memory in the Ethereum blockchain?

Lease function memory will consist of three concepts:

  1. The rent words (RENT_WORD_COST) - 4.000 Wei for one word.
  2. STOthe cost of rent account (RENT_ACCOUNT_COST) - 4.000 Wei for one account.
  3. The rent for unit of time (RENT_STIPEND) - 360 days*4.000 Wei*number of words/accounts.

The rent will be the same for all users of the blockchain. The developers plan to set a fixed amountthat will not change over time.

Disadvantages of the leasing program in the Ethereum blockchain.

The main drawback of EIP 1418 is that the user can lease the memory of only 360 days, no more and no less this time. The concept of leasing at the moment is quite complex, so not all users of cryptocurrency will be able to understand the scheme of work is in rental program and will not to use it.

Programmer Alexey Akhunov expressed his opinion about leasing payments: "After the implementation of the proposal EIP 1418 code most smart contracts will have to change and enter new data. But we have no choice: we can either rewrite smart contracts, or the platform will die".

According to the developers, the concept of leasing will help you to improve the scalability of the blockchain, but it will bring additional challenges to network users. Fortunately, the developers still have time to discuss the hard fork Istanbul. It is likely that at the stage of creation of the software rental system memory will be processed so that correct the main shortcomings.

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