The wait is now over as Ethereum plans to launch their network upgrades Constantinople and St. Petersburg later this week. Getting more specific, the update may go live during Ethereum’s 7,280,000 mined block. It is more likely expected that the block may be mined on 28th February. Although this is just a prediction.
The mining completely depends on speed. Suppose if the speed is low or high, the projected date may vary. As per the official announcement,the users holding ETH on an exchange or through some common mobile and hardware wallets need not take action to ensure the upgrade works smoothly.
If you use an exchange (such as Coinbase, Kraken, or Binance), a web wallet service (such as Metamask, MyCrypto, or MyEtherWallet), a mobile wallet service (such as Coinbase Wallet, Status.im, or Trust Wallet), or a hardware wallet (such as Ledger, Trezor, or KeepKey) you do not need to do anything unless you are informed to take additional steps by your exchange or wallet service.
The Constantinople implementation will bring multiple improvements in the efficiency of network. This results in “difficulty bomb” and Ethereum’s block reward to decrease. Basically, the difficulty bomb ensures full migration of miners to Ethereum’s new Proof of Stake based consensus algorithm. This signals a landmark shift in the currency away from its current Proof of Work protocol.
The Point of Stake implementation may delay beyond the scheduled Constantinople upgrade, necessitating the Ethereum developers will also delay the difficult bomb, avoiding the halt of the current blockchain.
The Constantinople update will bring the Create2 function on Ethereum. This was actually believed to have an attack vector for ETH. Whereas St. Petersburg will delete ETH Improvement Proposal 1283, a former update from test networks ETH.