The Ethereum network is scheduled to undergo the Gray Glacier upgrade to a block height of 15,050,000, which is expected to occur on June 30 at approximately 11:00 BST.

During this time, exchanges will temporarily stop Ethereum and some ERC-20 services for a short period, including deposits and withdrawals. Holders should consult their exchange for specific cuts.

What is the Ethereum Gray Glacier?

The Ethereum Gray Glacier upgrade is a critical component in moving to ETH 2.0 Proof-of-Stake (PoS). It relates to delaying the difficulty bomb by an additional 700,000 blocks, meaning it won’t detonate until around October 2022.

“The Gray Glacier network update changes the parameters of the Ice Age/Difficulty Bomb, delaying it by 700,000 blocks, or approximately 100 days.”

Node operators and miners will need to update to the latest client list. Failure to upgrade will mean getting stuck in the old pre-fork chain that will not support operations on the newly upgraded network. Holders are not required to take action unless instructed.

The Bomb Difficulty/Ice Age

The difficulty bomb increases mining difficulty exponentially over time until the Ice Age occurs. The network will become so difficult to mine at this point that it will stop producing blocks.

“Ethereum’s ‘difficulty bomb’ refers to a mechanism that, at a predefined block number, increases the difficulty level of puzzles in the proof-of-work mining algorithm, resulting in longer block times.” than normal (and therefore less ETH rewards for miners).”

Its purpose is to force miners to gradually stop mining the Ethereum 1.0 proof-of-work (PoW) chain as the network moves towards the updated PoS.

This process should be coordinated with the launch of the Merge mainnet, in which the PoW and PoS chains will be merged to become a single chain.

Delaying the difficulty bomb means that the developers are not ready for the merge and should postpone the explosion of the difficulty bomb. Otherwise, the network will not be able to be mined before ETH 2.0 is ready. Devs had previously delayed the difficulty bomb to December 2021.

The constant delays in ETH 2.0, in general, have taken their toll. a Twitter user He commented that the incumbents are angry and frustrated by the continuing setbacks.

Most of what I see below the comments is anger, complaints and abuse, which shows the deep anticipation and hatred of the market for the ETH merger, postponed time and time again.

Other called for a “restructuring” of the team, calling the delays disrespectful to the ETH community.

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This post What does the Gray Glacier update mean for Ethereum Merge?

was published first on https://cryptoslate.com/what-does-the-gray-glacier-upgrade-mean-for-the-ethereum-merge/

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