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- According to a post, an upgrade is meant and programmed to be launched at block 15,050,000 on the Ethereum blockchain.
- Before Monday, June 27, Node advisors were advised to update their nodes to account for all the variable block times.
- This launch has created hope in the minds of a large user base that finally, the Merge is kicking in.
Gray Glacier Upgrade
On June 16, an upgrade was announced in a blog post by the developer and Community manager at Ethereum Foundation.
I am talking about the Gray Glacier upgrade, posted by the Manager, Tim Beiko.
He mentioned in that particular post that the upgrade is meant and programmed to be launched at block 15,050,000.
According to their calculations. This is supposed to be happening on June 29.
They have also said that this date may change according to the time zones and block times. The Difficult Bomb or Ice Age parameters are meant to be adjusted by this upgrade.
Ethereum aims to adjust this back by 700,000 blocks. This means approximately 100 days. Before Monday, June 27, Node advisors were advised to update their nodes to account for all the variable block times.
This block of 15,050,000 happened on June 30. This was when the upgrade was pushed into the system.
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Shift Towards Ethereum 2.0
According to the post: Ethereum users don’t have to initiate any action or tasks towards this update. This will be changed if the exchange or wallet service prompts them to take additional steps.
This Gray Glacier upgrade, which has difficulty adjusting, will only affect the mainnet.
The Ethereum difficulty bomb employed by the Ethereum team is a measure to disincentivize miners, causing problems in mining profits. This is done by the bids, which aim to reduce the mining activities due to the network shifting from PoW to PoS.
This launch has created hope in the minds of a large user base that finally, the Merge is kicking in.
This Merge, which we are talking about, is the ultimate network upgrade that will shift Ethereum from its base model to Ethereum 2.0 This Merge will shift the whole blockchain from PoW consensus to the PoS protocol.
This is the most awaited event in the history of blockchain and Web3.The Ethereum community has clarified that this Merge will be launched in the 3rd or 4th quarter of this year.
The upgrades, though, are taking place, which is shifting the ecosystem towards Ethereum 2.0
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.
