In Brief:
- Ethereum network will undergo a scheduled upgrade at block number 13,773,000.
- The upgrade would take place between Dec. 8 to Dec.10 2021.
- The upgrade would be called the Arrow Glacier network upgrade.
Ethereum network will undergo a scheduled upgrade at block number 13,773,000 in between, December 8 to December 10, 2021. This upgrade would be called the Arrow Glacier network upgrade.
The Arrow Glacier network update alters the parameters of the Ice Age/Difficulty Bomb, pushing it back several months. This was also done in the network upgrades in Byzantium, Constantinople, and London. Arrow Glacier does not include any further changes.
The upgrade is coming with a single EIP i.e., EIP-4345. This upgrade delays the Difficulty Bomb until June 2022.
The difficulty bomb is a piece of code that gradually raises the difficulty of Ethereum’s proof-of-work mining to lower block generation times until the chain breaks down.
Cryptocurrency exchange Binance will support the Ethereum (ETH) network update and hard fork.
Starting around 2021-12-09 19:55, all token deposits and withdrawals on the ETH network will be suspended (UTC).
Before this upgrade, the long-awaited London Hard Fork took place on August 4 between 13:00 and 17:00 UTC, with block 12,965,000 being the starting point. In this upgrade, five Ethereum Improvement Proposals (EIPs) were included most notably of EIP-1559 and EIP-3554.
It is to note that ETH and other ERC-20 tokens will continue to trade unaffected throughout the upgrade.
Also, deposits and withdrawals for ETH and other ERC-20 tokens will resume once the improved network is stable.
Also Read: Vitalik: Ethereum Foundation Undergoing Leadership Changes
