With the network upgrade for Ethereum planned for mid-January, developers are keenly looking into the future of the Ethereum Blockchain. The Constantinople upgrade of the Ethereum Blockchain is agreed at Block 7,08,000, which will approximately take place sometime in January 2019.
The hard fork is slated to bring many improvements to life, such as bringing down the Block reward from three to two. The hard fork will also result in the delay of the difficulty bomb. The meeting where the Constantinople upgrade was decided also saw decisions being taken on ensuring that Ethereum is ASIC-resistant, thus making Ethereum mining-friendly for home miners.
Ewasm Virtual Machine
A virtual machine focused on faster smart contract code processing; the Ewasm Virtual Machine will facilitate Smart Contract deployment. Combined, all the updates will give the much-needed boost to the Ethereum Blockchain. However, they are just another milestone to reach till the Ethereum 2.0 in 2020.
If different proposals are activated in time, then the Ethereum 1x could come into existence as soon as June of 2019. The proposals include archiving old information, charging fees to users who store the smart contracts data on the Blockchain, etc. All of these changes will make Ethereum a lightweight Blockchain.
Ethereum 2.0 is slated to transition Ethereum’s working model from PoW to PoS. Ethereum 2.0 will also support the updated Ethereum Virtual Machine as well as deploy sharting. It will enable the Ethereum Blockchain to scale for the future Dapps. Presently, eight teams are working together to develop the future Ethereum.
Vitalik Buterin and his team are working hard towards transitioning the Ethereum Blockchain so it can deliver real value. The Ethereum network plans to move beyond being mere fuel for ICOs to a place which facilitates the development of massive communities with Blockchain technology. And while projects like TRON are already working on the said transition, it remains to be seen whether Ethereum can transition in the designated timeline.