Ethereum Got Another Upgrade And Here’s What You Need To Know

Ethereum got another upgrade dubbed Arrow Glacier which could delay the “difficulty bomb” until the 2.0 launch so let’s learn some more about it in today’s Ethereum latest news.

Ethereum got another upgrade while the last one known as Altair happened in October. The developers were asking the users to update their nodes recently as the devices that run the network software and store the immutable ledger of transactions. They are it again now and this time to delay the difficulty bomb takes full effect with the network transitioning to a proof of stake consensus model which does away with mining.

Unlike the London hard fork which chained the entire fee structure for Ethereum and brought deflationary pressure to the network, the Arrow Glacier update slated this week is not as drastic. In fact, is not even as cool as Altair which prepped the beacon chain that started the point for ETH’s switch to proof of stake for its prime time. Arrow Glacier has a purpose to stop a bomb from going off and give the developers some more time to move to ETH 2.0. without this upgrade, the current network could be harder to use.

This has been preparing since 2015 when the developers started creating the Ethereum network. The creators hoped to move past the BTC consensus mechanism, proof of work that incentivized people to contribute to the computing power and run and secure the network by giving them their newly minted coins. The proof of work creates an arms race for each computing power which is not great for the environment and this is why the network has been transitioning to proof of stake. The coin holders can lock up their ETH in the network to secure the blockchain and they can receive the newly minted ETH in proportion with the contribution even if they don’t have the best hardware.

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Knowing early where to steer Ethereum which is away from proof of work, developers hardcoded an incentive inside the blockchain to make sure that they do so in the future. The code or the difficulty bomb would make it harder for people to mine ETH and to slow down the network as long as it remained proof of work. The London Hard fork in August delayed the detonation similarly to what other upgrades did as developers had to come back to the table and delay it once more.

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