Gray Glacier on June 30 for ETH Fans

This is an important year for Ethereum (ETH-USD). Since its inception in 2015, this network has steadily grown to become the largest and most well-known layer-1 decentralized application network in the entire globe. Despite the fact that it has attained this position, customers have been looking for anything additional. Now, ETH is in a position to give that something, which will be an update more significant than anything the market has seen before. This upgrade is getting an important new feature this week thanks to the hard work of the developers. Those that have ETH should feel a sense of excitement.

The significant progress that is being referred to here is, of course, the upgrade to Merge. The Merge, which has been speculated about for years, will be a significant upgrade to Ethereum. The proof-of-work consensus process, which has been criticized especially as more people realize how energy-intensive crypto mining techniques are, will be removed from the network as a result of this change, which is the most important aspect of this.

This consensus process will be replaced with a proof-of-stake alternative that is considered to be “greener” after the Merge upgrade is completed. Because of this, the update will also result in a significant improvement in the performance of the network. Transaction times will be cut in half, and gas costs will decrease. The network’s performance will continue to improve as a direct result of further initiatives aimed at the implementation of data-sharing technology.

However, there are some drawbacks that are associated with an improvement of this magnitude. The Merge project has been plagued by multiple holdups over the course of the past two years. The most recent announcement made by the developers was that the release of the upgrade would be delayed until the end of the summer rather than in June. Because of this most recent setback, the developers working on ETH will need to solve the “difficulty bomb” yet again.

The ETH Cryptosystem Will Undergo an Upgrade on June 30

Those who have held ETH for an extended period of time are probably familiar with the difficulty bomb. It is something that is brought up each time there is an additional delay with the Merge. Due to the fact that the developers have forced this (hopefully) final delay, they are going to have to deal with the bomb once more.

A section of code in the Ethereum protocol is referred to as the difficulty bomb. When the network was first being developed, the developers planted the bomb there. These creators had always intended to make a transition to proof-of-stake later on, and the difficulty bomb was the means by which they ensured that they would be successful in making the transition. The bomb will “detonate” when it detects that the Ethereum blockchain has reached a particular block that it has predetermined. When this takes place, the mining process becomes insurmountably difficult, rendering it unable to extract any additional blocks.

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The creators will postpone the explosion of this bomb until after the Gray Glacier upgrade, which was scheduled to take place on June 30. Because of this, they will have more time to complete the Merge upgrade and finally release it. Even though it’s a pretty tiny update, crypto investors in ETH who are starting to grow antsy should be excited about it nonetheless.

The price of ETH continues to fall as holders of ETH cryptocurrency wait for the Gray Glacier upgrade. The value of the coin has dropped by more than 4 percent as of this writing.