New Ethereum network update expected on January 1

New Ethereum network update expected on January

Ethereum is the second-largest name in the world of cryptocurrency, closely following all-time favorite Bitcoin. In order to provide customers with top-notch service, the Ethereum network is going to get a New Year’s update called “Muir Glacier”.

Ethereum network

According to an official announcement released by the Ethereum Foundation, the network will undergo a block update on the first Wednesday of the new year. The update is called “Muir Glacier” because of its significance for the overall operation of the network.

The network recently benefited from the newly released Istanbul Hard Fork, which is also intended to boost productivity and capabilities.

The “Muir Glacier” update consists of a single improvement proposal called EIP 2384, unlike the Istanbul Fork, which covered more than eleven different proposals.

The main goal behind the update is to take care of a difficulty bomb which has been causing a slowing down in block reaction times. While the Ethereum Foundation planned to release the Istanbul update in 2020, in order to deal with this slowing down, the network needed a more recent update. This is why both the Istanbul Fork and “Muir Glacier” are introduced much earlier.

What does that mean for users?

While for people who are only using Ether to trade on exchanges, this update does not have any significance, it is essential for people using the Ethereum blockchain. 

Anyone who is using an Ethereum node is going to have to update their version, so they have the latest release, and this should happen before 30 December 2019.

Featured Image by Pixabay

Tina Yordanova

Tina Yordanova

Back from her stint with European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International, Tina rejoins Cryptopolitan with a deeper insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. She is eager to share her rounded perspective honed from the biggest media analysis companies on the Balkans.

Related News

Hot Stories

Bitcoin, Ethereum, Waves, and Stacks Daily Price Analyses – 16 August Roundup
Cardano price analysis: ADA holds uptrend intact above $0.55 support
Bitcoin price analysis: Bulls defend $24k as consolidation reigns supreme
Dogecoin price analysis: DOGE sharply breaks higher, reacts below $0.09
How can Bitcoin affect Hugo Boss?

Follow Us

Industry News

Best Twitter thread of the day - August 16th
Top tweets of the day - August 16th
Crypto lender Hodlnaut appeals for creditor protection in Singapore
Best Twitter thread of the day - August 15th
Gold tokenized in Brazil: Legislative official proposes crypto project