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The main developers of Ethereum have successfully implemented Hard Fork Gray Glacier, an update to the Ethereum network to enable it to function. At the height of 15,050,000 blocks, Ethereum Improvement Proposal (EIP) 5133 was deployed.
According to a statement released by Nethermind, the Ethereum nodes of client software companies in the execution layer, such as Nethermind and Geth, are required to be updated in order to support the Gray Glacier hard fork.
It is anticipated that the implementation of the so-called “Difficulty Bomb” would be pushed back by one hundred days as a result of the upgrade, taking place in the middle of September. In roughly the same amount of time, the network will make the transition to proof-of-stake.
Your capital is at risk.
More about “Difficulty Bomb” of Ethereum
The Difficulty Bomb is a function that guarantees a seamless transition from proof-of-work to proof-of-stake Blockchain when Ethereum is merging with another Blockchain. The mining of Ethereum blocks is made more difficult by this approach.
As a result, the motivation for miners to participate in the forking chain during the period of Ethereum history dubbed as the Ice Age is diminished.
Why is Difficulty Bomb Being Pushed Back?
The core developers of Ethereum had originally planned to unleash the Difficulty Bomb on June 29. At the time, they anticipated that the merge would take place around this time. However, due to the delay in the merging, the launch of the difficulty bomb had to be pushed.
To add insult to injury, prematurely igniting the difficulty bomb might make the blockchain move at an unreasonably snail’s pace.
Your capital is at risk.
According to Etherscan, the block durations on Ethereum have started to climb, going from 13 seconds to 16 seconds.
Since the difficulty bomb has been removed, there is now the possibility that the block times may return to their regular levels.
Read More:
- How to Buy Ethereum at Low Fee – InsideBitcoins Guide
- Complete Guide to Earning Passive Income with Crypto Staking
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