Ethereum founder Buterin announces the upcoming new upgrade to Ethereum…Details here


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New Ethereum update:

In early November, it was announced on the Ethereum Foundation blog that the Ethereum network would receive a new update in block number 13773000.

This update, called “Arrow Glacier,” will likely run on Wednesday night (UTC), December 8th.

However, given the increased volatility in the crypto market, the network may receive the update a little later than expected.

About the “Arrow Glacier” upgrade:

The only real goal of the update is to change the parameters and degree of difficulty on the network, a unique mechanism designed to increase mining difficulty.

Arrow Glacier will raise the difficulty rating for several months and will only affect PoW networks.

Proof of Work networks are only present on the main network and the “Ropsten” test network.

The Ethereum network is currently moving to the PoS network, which is why the Ethereum Foundation has decided to delay adjusting the difficulty rate until they can convert the entire testnet to PoS before stopping the hard rate token called the “bomb.”

The alternative name for the difficulty bomb is Ice Age, so named because, once released, miners won’t be able to issue new cryptocurrencies to the Ethereum network because they won’t be able to decipher the new blocks.

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Vitalik Buterin outlines a potential roadmap for Ethereum 2.0, as the Ethereum co-founder published a post on Monday called “Endgame” offering some thoughts on how he envisions the future of the second largest cryptocurrency.

Here are some of Buterin’s main suggestions:

There must be a second level of storage, with low resource requirements, in order to perform distributed block validation.

The fraud protection feature or “ZK-SNARKS” will allow users to check the validity of the ban directly (and inexpensively).

Buterin believes that with the above updates, block production will remain focused on the chain, however, block validation will be highly unreliable and centralized, while a specialized anti-censorship algorithm will prevent block producers from being censored.

Read also:

Colombia’s largest bank collaborates with Gemini to provide crypto services to customers

OpenSea appoints a new chief financial officer amid expectations that it is preparing for an IPO

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