The date for the Constantinople upgrade of the Ethereum network has been officially established. Constantinople will implement a number of improvements to, among other things, improve the efficiency of the Ethereum blockchain.
Constantinople would originally be activated in January, but a vulnerability was discovered in the code. As a result, a hacker could constantly request ETH from a smart contract by giving false information about the balance of his ETH wallet to the smart contract. This is also called a reentry attack.
The code of the hard fork has now been checked by a third party, and if it is good it is completely waterproof. Before the upgrade actually goes live, it is first tested on the test network. After that, the upgrade will be activated on the mainchain. Large exchanges such as Binance and Huobi will monitor the process together with Ethereum to ensure that Constantinople runs smoothly.
The difficulty bomb is also postponed by the upgrade for 12 months. The difficulty bomb will ultimately ensure that miners can no longer continue to work as soon as Ethereum switches to the Proof-of-Stake (PoS) algorithm. Since this algorithm is not yet implemented with Constantinople, the bomb is postponed for 12 months.
Another adjustment that is made is the adjustment of the block rewards. They go from 3 ETH to 2 ETH.
Those who have ethereum in their wallet do not have to do anything. The large exchanges will upgrade their nodes to the latest software and ETH holders will therefore not notice anything. If you have a node yourself, you need to upgrade the software.