The Ethereum network is scheduled to undergo an upgrade dubbed “Gray Glacier” upgrade meant to postpone the difficulty bomb.
Wednesday, June 29, 2022, will be an important day for the Ethereum network and its community. This is the day that the Gray Glacier upgrade is expected to be implemented under IEP-5133.
What Is It?
The Gray Glacier upgrade is designed to push back the estimated time for the next difficult bomb by 700,000 blocks. This means that the bomb will be delayed by around 100 days. Basically, the Ethereum difficulty bomb is the mechanism that hardens the mining algorithms to make them more difficult to solve.
This has the effect of lengthening blocks and block times. In effect, fewer rewards are given. From a more critical perspective, the Ethereum difficulty bomb can be compared to Bitcoin’s network rewards halving where rewards are slashed by half.
The Gray Glacier upgrade is expected to take place at 15,050,000 on the Ethereum network. According to an announcement posted by the Ethereum Foundation, this isn’t the first such upgrade to happen on Ethereum. A similar change was implemented during earlier upgrades including Byzantium, Muir Glacier, Arrow Glacier, London, and Constantinople. The Gray Glacier upgrade will be implemented directly into the mainnet as opposed to the testnet since it only makes changes to the mainnet.
How To Prepare For The Upgrade
Users are advised to be prepared for the upgrade. Those running Ethereum nodes are required to upgrade to the new versions compatible with the upgrade. As such, there are now new client versions of Besu, Erigon, geth, and Nethermind.
Miners and node operators who don’t install the new client versions before the upgrade risk being left behind in the old network rules. Basically, a network upgrade updates the rules and parameters for nodes, meaning that any nodes not updated will be stuck in the old system and will therefore be incompatible with the new system.
As for the ETH holders using exchanges or wallets, no action is needed since the upgrade doesn’t affect how ETH tokens work.
Binance To Support:
Binance is going to support the Ethereum upcoming upgrade.
According to the exchange, “the ETH network upgrade will occur at the Ethereum block height of 15,050,000, or approximately at 2022-06-29 10:43 (UTC). Deposits and withdrawals of ETH and ERC-20 tokens will be suspended starting from 2022-06-29 09:43 (UTC).”
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