Update on the Ethereum (ETH) Fork
Today, we wanted to update you on Ethereum’s Constantinople upgrade scheduled for January 16. Important Note: No action is required on your part. We’re sending this notice to let you know the details of the upgrade—and that you don’t have to do anything. Please ignore any phishing emails that try luring you into action.
It bears repeating: NO ACTION IS REQUIRED ON YOUR PART.
Constantinople will go a long way in helping Ethereum scale. It’s a massive upgrade that will increase the network’s efficiency, reduce the mining reward, and delay the “difficulty bomb.” The difficulty bomb was code put into Ethereum to force it to move from Proof-of Work (PoW) to Proof-of-Stake (PoS). (PoW and PoS are methods of validating blockchain transactions.)
The upgrade will cause a “hard fork” of the Ethereum blockchain. That means older versions of the software will be incompatible with the new version. Miners, wallet providers, and exchanges will upgrade their software in anticipation of the fork. Upgrades such as these are common in the blockchain space and Constantinople has been planned for over a year. This hard fork is not contentious. That means it won’t create a new coin when it’s completed.
Token holders don’t need to do anything. Continue to hold your ether (ETH) in wallets such as Ledger or MyEtherWallet. We also suggest you don’t trade ETH on or around the hard fork date of January 16. Be alert for scammers. Anyone who tells you that you need to take action prior to the hard fork is trying to scam you. Ignore these requests.
Action to Take: Continue to hold ETH in your wallet and avoid trading around the fork date of January 16.