The “Gray Glacier” update, which took place on June 30 at block 15,050,000, had the sole purpose of altering the settings of the network’s difficulty bomb, delaying it by 700,000 blocks, or around 100 days.
Every day, Ethereum, the largest smart contract platform in the world, receives an upgraded platform recently released a brand-new significant upgrade.
About the new update
If you are using an Ethereum client that has not yet been updated to the most recent version, “your client will sync to the pre-fork blockchain whenever the upgrade occurs,” the Ethereum Foundation noted in a blog post earlier this month.
In other words, operators won’t be able to transmit transactions or conduct operations on the post-upgrade Ethereum network because non-updated clients are locked on an incompatible chain that adheres to the previous regulations.
Since the Gray Glacier update involves a network hard fork, node operators and miners must download the most recent version of their Ethereum clients in order to take advantage of the new rules that will be implemented to enhance the system.
Furthermore, just 65% of clients were completely prepared for the Gray Glacier update, according to statistics from Ethernodes, indicating that not all node operators and miners followed the advice.
The second-largest customer on the network, Erigon, was the only one to have all 164 of its clients updated.
Geth, the most used client on the network, was just 67 percent prepared, and as many as 448 users were still using out-of-date software. Besu and Nethermind both had 78 and 76 percent of their clients updated, respectively.
Concerns in Ethereum
As the network switches from its current proof-of-work (PoW) algorithm to a proof-of-stake (PoS) consensus model, the difficulty bomb, which has been a part of Ethereum since day one, is a piece of code that exponentially increases the difficulty of mining Ethereum (ETH), the network’s native cryptocurrency.
Detonating the hard bomb would indicate that the real changeover, also known as The Merge, would be approaching soon.
The Merge’s implementation went live on Ethereum’s Ropsten testnet at the start of June, and according to Vitalik Buterin and other developers, the switchover may take place as early as August this year “if all goes according to plan.”
However, delaying the difficulty bomb for an additional 100 days makes it doubtful that the deadline will be reached; instead, the modified EIP-5133 proposal now suggests that the mechanism’s implementation should take place by mid-September.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.