Upcoming Ethereum Hard Fork: Postponing the Difficulty Bomb No Action for Users

According to the official announcement of the Ethereum Foundation, the Ethereum mainnet (ETH1) will undergo a Gray Glacier hard fork upgrade at the end of June, which is also the twelfth hard fork upgrade in the history of Ethereum.

The Gray Glacier hard fork upgrade has only one proposal, EIP 5133. The main content is to delay the “difficulty bomb” by another 700,000 blocks, about 100 days to mid-September 2022; this upgrade will be carried out at block height 15,050,000, about At 18:00 on June 30, Beijing time.

Upcoming Ethereum Hard Fork: Postponing the Difficulty Bomb

(Upgrade countdown: https://etherscan.io/block/countdown/15050000)

In order to cope with the upcoming upgrade, node operators or miners must download the latest version of the Ethereum client, otherwise they will be left on the old chain, and subsequent on-chain operations cannot be performed; as an Ethereum user (ETH holder), if Your assets are in an exchange, web wallet, mobile wallet service, or hardware wallet, and no action is required unless the exchange or wallet service informs you to take additional steps.

At present, FTX, Binance, OKCoin and other platforms have issued announcements to remind users to complete ERC20 token transfers and other operations before the upgrade, and will suspend deposits and withdrawals on the 29th until the mainnet upgrade is completed. According to past practice, the exchange will open deposits and withdrawals at most one hour after the upgrade, when the network becomes stable.

Upcoming Ethereum Hard Fork: Postponing the Difficulty Bomb

Since the birth of Ethereum, the difficulty bomb has been written into the genetic sequence. A difficulty bomb is a set of codes added to the Ethereum mainnet blockchain. Once it explodes, the Ethereum mining difficulty will increase exponentially, forcing miners to stop mining and the entire network eventually shifting from POW to POS.

Delaying the difficulty bomb is also one of the common proposals in the past hard fork upgrades. In the “London Upgrade” last August, considering that ETH1 and ETH2 may be merged at the end of the year, the difficulty bomb was postponed to December of that year; but the actual merger progress was much lower than expected, so the Arrow Glacier hard fork was carried out again in December. The upgrade pushed the difficulty bomb back to June of this year.

This Gray Glacier upgrade, which once again postponed the difficulty bomb to September, is also related to the Ethereum merger (ETH1 & ETH 2) process. At present, the merger process is only carried out on the testnet, and only the Ropsten testnet (June 9) has been completed. The real mainnet merger will only begin when the remaining two testnets (Goerli and Sepolia) transition to POS.

According to the prediction of Vitalik Buterin, the founder of Ethereum, if all goes well, the merger may take place as early as August; if other circumstances arise, it may also be delayed to September or October. Ethereum is expected to merge between late August and November, and only a catastrophic event or failure could prevent a merger this year, said Ethereum developer Tim Beiko; it’s nearly impossible to give exactly how the merger will happen due to the technical issues involved date.

In any case, those familiar with Ethereum are still optimistic about the future merger: Although the “bounce” for many years, Ethereum has finally made steady progress towards the established goal.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/upcoming-ethereum-hard-fork-postponing-the-difficulty-bomb-no-action-for-users/
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